You've heard of QE, TARF and TARP, but did you know about HARP, the Homeowners Affordable Refinance Program? Got a Fanny or Freddie owned mortgage? Been caught out in the credit crunch? HARP is here to help you, by re-financing up to 125% of the value of your shack home:
"If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply."
But be careful!
"Foreclosure rescue and mortgage modification scams are a growing problem. Homeowners must protect themselves so they do not lose money—or their home.
Scammers make promises that they cannot keep, such as guarantees to “save” your home or lower your mortgage, oftentimes for a fee. Scammers may pretend that they have direct contact with your mortgage servicer when they do not.
The Federal government provides free resources to get you the help you need. Homeowners can call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673) for information about the Making Home Affordable © Program and to speak with a HUD-approved housing counselor. Assistance is available in English and Spanish, and other languages by appointment."
Only in America!
Forbidden Bible Verses — Genesis 42:18-28
8 hours ago
7 comments:
Because subsidy always makes something more affordable...
AC1 with borked google account.
Freddie and Fanny (there's a couple of names), by advancing loans that not only were 6 or 7 times the borrowers annual income but added an extra 25% because they assumed that house prices would continue in the upwards direction for ever and ever, were the cause of the problem.
Both institutions were set up during the Clinton years with express orders to loan money to people that "would not ordinarily be able to afford a house of their own", the sub prime mortgage was born.
To claim that they are now the "saviours" of the borrowers makes me fall off my seat in convulsions of laughter.
oh, it's even more extreme than that - take a look at this
turns out, US banks have lost a vast % of mortgage docs (in the process of gaily securitising them) - so they have gone into industrial-scale documentation forgery to fill in the gaps ! with specialist firms doing the dirty-work - it's an industry !!
bloody amazing
@ND
quote from youtube vid "Throw people out of THEIR homes?"
What? Once you sign a cheque even if it bounces the goods are yours...
Interesting video Nick! Might post it up here tomorrow while I'm too busy to impersonate MW while he's on his hols!
There really are two Americas, aren't there. The land of the free, of personal responsibility and good Christian virtues; and the quasi-communist one where the state owns most of the housing.
Not even Gordon Brown would have dared to propose something like this!
"Only in America!"
Let us hope this turns out to be so.
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