Obama widens mortgage refi program-administration opens up rescue program to MORE homeowners

Here's the problem and the real reason they are doing this.

"In EVERY state if you refinance the resulting mortgage is a recourse loan, which means they can sue you for any deficiency if you subsequently default and come after any other assets (other than retirement funds - which is why you NEVER EVER raid a 401k or IRA to stay afloat!) and even try to get a wage garnishment - and they just might!"

Read more:
http://market-ticker.org/index.php?serendipity[action]=search&serendipity[searchTerm]=refi&serendipity[searchButton]=%3E

M7

I've been keeping track of foreclosure prices in several states for almost a year at hud.gov, and I see them selling much faster and higher priced. Maybe that's due to temporary aid rather than being a sign of a new bubble starting, but I've also heard reports of home builders doing more business recently. Could be that would-be foreclosures, homes that would have been on the market but are not because of aid programs, are driving demand for new homes - which would really cause a crash in prices when these programs are exhausted.

Delinquencies On Prime Mortgages DOUBLE!

John Carney|Jul. 1, 2009, 9:05 AM|comment2
Print
Tags: Economy, Housing Crisis, Housing, Recession, Real Estate, Mortgages

housecollapse tbi

Delinquency rates on prime mortgages, the least risky category, more than doubled in the first quarter from a year earlier, according to statistics released yesterday by the government.

* Prime mortgages 60 days or more past due climbed to 2.9 percent of such loans through March 31. At the same point last year, 60 day deliquencies were just 1.1 percent of all prime loans.
* Two thirds of all mortgages in the US are prime mortgages, so any percentage increase in deliquencies represents a huge absolute number of deliquent mortgages.
* So here are the absolute numbers: 661,914 prime mortgages were at least 60 days delinquent in the first quarter, a jump from 250,986 a year earlier.
* Delinquency is a predictor of foreclosure in the future. And with house prices still falling--nationally, they're now down 30% from the peak--the recovery rates will be far lower and losses by lenders far steeper.
* Prime mortgage deliquencies are now accelerating at a faster rate than any other residential mortgage loan category, faster than subprime and faster than Alt-A. (Of course, that's because these other categories have already fallen so far that prime is just now catching up.)

http://www.businessinsider.com/delinqencies-on-prime-mortgag...

Yet another worthless move by this administration. The government program implemented to "re-fi" has already been plagued with bureaucratic bumbling, postponement, misallocation and generally poor management; I'm sure we can only expect more of the same with this new expanded program as well. I have to wonder just how long it will take the American People to grasp what is really going on and shed their mis-placed trust in this government?

http://www.1776solution.blogspot.com

“There is danger from all men. The only maxim of a free government ought to be to trust no man living with power to endanger the public liberty.”-Adams