jwilson

Fannie and Freddie's Unbelievable Proposals

I agree 100%. The writer of this article obviously has never struggled for anything in his/her life. My wife and I bought a place with around 1% down because we wanted a piece of the american dream. This writer probably made huge profits on their home value over the last 7-8 years and will never have to worry about being upside-down on a mortgage. We're paying 8% interest on a mortgage that we're 40K upside down. Even if I had put 10% down we'd still be upside down! I'm not asking for a freebie on anything but it sure would be nice to have a decent mortgage payment (which we've been on time with for 2 years). Ours is scheduled to go up 650$/month next year and we can't refinance because of the value. There is no idiocy in this, it's not a lowering of the principal balance or a raising of the value, it's just a better term on an already received loan.



On Dec 14 11:41 AM Tom Lindmark wrote:

> If someone is current on their mortgage and demonstrates the ability
> to remain current what difference does it make whether or not they
> are underwater from a valuation point. You would seem to suggest
> that they be denied the ability to take advantage of a lower rate
> even though that action would further ensure their ability to service
> their debt. Denying them the opportunity to refinance is akin to
> cutting off your nose to spite your face.