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Has Obama's housing policy failed?
To be eligible for the new refinancing program, borrowers must not have missed a mortgage payment for at least six months and have no more than one late payment in the six months prior to that. They also must have a credit score of 580 or better, a threshold that the administration says 9 out of 10 borrowers meet.
Their mortgage balance also cannot exceed the loan limits for FHA-insured loans in their communities, which range from $271,050 in low housing cost areas to $729,250 in high-cost ones. They also must own and occupy the home covered by the loan.
Obama proposes home loan refinancing plan - Feb. 1, 2012
Seeded on Wed Feb 1, 2012 1:48 PM EST
Article Source: CNN- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (2)
WHY didn't OBAMA do this when he came to office as he promised in 2008?
What is this guy thinking???? Or is it his handlers at Goldman Sachs?
People have been talking about doing this to solve the Foreclosure crisis since it started in 2007...Where has Obama been?
Vote out all of them and start over....
- 3 votes
#1 - Wed Feb 1, 2012 1:50 PM ESTThis article didn't address a couple of things - Mortgage Insurance, and loan to value. It briefly mentioned 140% but didn't say what that number meant.
Dropping to a 580 credit score is a mistake. THAT is "sub-prime" territory and we saw where that got us!
And as far as FHA paying closing costs - that's going to put more debt in our pockets. They are just getting to the point where their toxic loans are pretty well weeded-out and the good loans are providing operating capital and (dare I hope) soon, PROFIT.
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