Republicrat asked:


http://news.yahoo.com/s/ap/20090727/ap_on_go_co/us_senators_mortgages;_ylt=Ah5RjnJQKby2_OV7wAGQzxoGw_IE;_ylu=X3oDMTJvMXNnZGE4BGFzc2V0A2FwLzIwMDkwNzI3L3VzX3NlbmF0b3JzX21vcnRnYWdlcwRjcG9zAzEEcG9zAzEEc2VjA3luX3RvcF9zdG9yaWVzBHNsawNhcGltcGFjdGRvZGQ-

WASHINGTON – Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from the start they were getting VIP mortgage discounts from one of the nation’s largest lenders, the official who handled their loans has told Congress in secret testimony.

Both senators have said that at the time the mortgages were being written they didn’t know they were getting unique deals from Countrywide Financial Corp., the company that went on to lose billions of dollars on home loans to credit-strapped borrowers. Dodd still maintains he got no preferential treatment.

Dodd got two Countrywide mortgages in 2003, refinancing his home in Connecticut and another residence in Washington. Conrad’s two Countrywide mortgages in 2004 were for a beach house in Delaware and an eight-unit apartment building in Bismarck in his home state of North Dakota.

Robert Feinberg, who worked in the Countrywide’s VIP section, told congressional investigators last month that the two senators were made aware that “who you know is basically how you’re coming in here.”

http://www.nytimes.com/2009/04/18/nyregion/18dodd.html

“Chris is going through a rough patch,” Mr. Obama told The Globe. “He just has an extraordinary record of accomplishment, and I think the people in Connecticut will come to recognize that.”

The president added, “He always has his constituencies at heart, and he’s somebody I’m going to be relying on and working very closely with to shepherd through the types of regulatory reforms we need.”
I see you are all disregarding the fact that Obama supports corrupt Senators for reelection. That’s great. Way to be non-partisan and help get the country back on track! lol, oh man…

Albert

momwithabat asked:


It appears pretty lopsided to me as to what the lenders get versus how many homeowners could benefit. Why does it look like the lenders are going to make money off this deal?

“The president’s proposal would pay lenders $75 billion in subsidies to reduce mortgage rates for families facing foreclosure. It would change the rules to allow Fannie Mae and Freddie Mac to refinance homes worth less than their mortgages.
As many as 9 million people could receive help.”"”

Does anyone know how this would work?
for Cattitude………me either. I don’t think I would have ever been conned into buying more house than I felt I could comfortably afford.
What I see is $75 BILLION going to freddy and fannie just to give a temporary reprieve to 9 MILLION over extended homeowners. Good old Freddy and Fannie can have a grand time with that kind of money handed over.

Cheryl

Sean asked:


Granted you’re supposed to do your own research but what happens when a mortgage company convinces you that your fears and your worries are unfounded. Many people did have reservations about refinancing and purchasing homes with these sub prime mortgages, however these lenders really made it their business to prove it was a good move. Why would you take advantage of people regarding something this serious?
Jessica: looks like you were absolutely right! lol Good call.

SANTIAGO

Bob asked:


PHOENIX – President Barack Obama’s plan to tackle the foreclosure crisis will spend $75 billion in an effort to prevent up to 9 million Americans from losing their homes.

The plan, which Obama is releasing later Wednesday, is more ambitious than initially expected — and more expensive. It aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.

The initiative is designed to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure.

http://news.yahoo.com/s/ap/20090218/ap_on_go_pr_wh/obama_home_foreclosures

One of my properties appraised at $230,000 last year. A comp home sold for $175,000 due to foreclosure. My loan is greater than $175,000 and less than $230,000. Do I now qualify for mortgage assistance? If I do, should I take it?
I just want the program to be fair. If I can get a new mortgage from 6% to 4% or less, I will do it in a heart beat.

So should I stop paying my bills so I qualify?

JAKE