Combined with Fannie Mae and Freddie Mac

Archy1 | Dec 26, 2012 02:27 PM ET Comments such as: shut down Fannis and Freddie, Obama as a Free Ride, free money forever, I want my free house. All show one thing. Many have been fooled by the bank\`s and Wallstreet\`s propaganda Kool Aid. The place where blame should lie is the criminal behavior perpetrated by our financial institutions who figured out how to manipulate our mortgages into credit default swaps, derivatives and worst of all Mortgage Securitization. The poor end user is chastized for not knowing that Wallstreet was profiting from mortgage failure. This was not the worst real estate collapse in US history because of some normal economic cycle. We were duped into the great Amercian mortgage heist and then blamed for it. Wise up fellow commentors.

rk | Dec 26, 2012 02:41 PM ET [\"Combined with Fannie Mae and Freddie Mac, which buy loans and repackage them as securities for investors, Washington\`s footprint in the market has grown to account for nearly nine of every 10 mortgages.\"]_________________________________How can there NOT be a bubble here ? Government GSEs should not be touching 9 out of every 10 mortgages. We need to cut those numbers in half ! How about letting private industry perform these functions. This is a great example of why government can\`t seem to cut spending. These programs just grow and grow and grow. Some social engineering projects are best left to the local communities.

tradereye | Dec 26, 2012 02:50 PM ET JimR441 : I don\`t understand your theory. Refinance a mortgage at a LOWER rate than what was taken out originally....and you are presuming that the bank will accept a lower rate of interest on their note? Who is going to go along with that? I don\`t see any banks lining up to accept a lower rate of interest from ANYTHING....unless of course Uncle Sugar takes up the difference (ie: taxpayers that is). The multitudes of bank CEO\`s VP, Second VP\`s etc would veto anything that cuts into their huge bonuses and salaries.

JimR441 | Dec 26, 2012 03:36 PM ET No - not on their note. The financial institution makes a new loan. The original mortgage is paid off during the refi, and the new mortgage is based on the current rate. The critical factor is the borrower\`s ability to repay, as demonstrated by their credit history, just as in the past the loan was dependent on the value of the collateral. There isn\`t even an increased danger of a foreclosure -- if someone defaults on the new (lower) payment schedule they would have already lost their home based on the older (higher) schedule. You can see banks accepting a lower rate of interest every day, just by looking at current mortgage rates in the newspaper . . .

TEA_BAGGIN_IDIOT | Dec 26, 2012 04:07 PM ET What kind of dummy buys a house....I rent a fine house and Section 8 pays 100% of my rent.....so....I guess you taxpayers are supporting me.....thanks!

MOS250 | Dec 26, 2012 04:09 PM ET my buddy\`s aunt makes $76/hour on the laptop. She has been without a job for 9 months but last month her pay was $12677 just working on the laptop for a few hours. Here\`s the site to read more tiny.cc/w4vkpw

TEA_BAGGIN_IDIOT | Dec 26, 2012 04:09 PM ET oh....thanks for the food stamps and medicaid too.....my pregnant girlfriend thanks you too.....along with all my dependent children....eight right now.....nine is coming.

tradereye | Dec 26, 2012 04:48 PM ET JimR441 : yes, I understand there is a new note. Point is: presumably you would have to extend t he payment time frame to get a noticeable drop in payment (ie: from 360 months 600 months (from 30 years to 50 years, for example). An average 2% drop in rate percentage (3% average from approx 5 or 6) would not make that much difference, if the borrower was already at their income ratio and the closing costs would hurt if added onto the pile. Property taxes are going up everywhere and that would have to be factored in for wiggle room. I just don\`t see that lowering an interest rate ALONE would make that much difference without also adjusting the time frame and I truly don\`t think any bank is going to be happy about doing that. If a lower interest rate was the magic formula, I think






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