Borrowers in the first part of the program won’t be charged to modify their loans, while homeowners refinancing through Fannie and Freddie would be responsible for some costs...
ARE YOU EFFING KIDDING ME!
The modifications would allow a lender to drop the interest rate to as little as 2 percent to achieve the ratio, and if necessary, extend the term or amortization of the loan to as long as 40 years.
WTF?
ReplyDeleteWith a 2% rate, I could have bought a $550,000 house and had about the same mortgage payment.
How is this fair to the rest of us?
Nobody should get these kinds of handouts. Especially for being irresponsible.
What was I thinking buying a house that I could afford. Biggest mistake of my life.
Rewarding Failure: The New American Way
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