Thursday, February 2, 2012

President Obama Proposes Another Mortgage ReFi Plan That Won't Be Approved By Congress

Latest Idea: keep prices and the housing market propped up with, among other things, refi'ing homes at 140% loan to value--that is, underwater--no appraisal necessary.  This is not the way to fix the ongoing housing disaster, which in the Charlottesville Area and the United States is nowhere near its bottom.

There's a 30 second commercial before HUD Secretary Shaun Donovan details how this plan can keep 3.5 million mortgage debtors trapped in their depreciating assets.

1 comment:

Art Nesten said...

But it will allow the federal government to get more revenue through the hidden tax in new mortgages and refis: http://www.cbsnews.com/8301-505263_162-57371781/home-buyers-left-holding-bag-for-payroll-tax-cut/