Still nibbling around the edges of the problem — but at least it’s addressing the right problem:
The Federal Housing Finance Agency announced on Monday morning new rules that will allow many more “underwater” homeowners – who owe more than their properties are worth – to refinance at today’s ultra-low rates.
FHFA estimates up to a million borrowers will use the program, which was originally rolled out in early 2009 and has fallen far short of the number of people it was supposed to help.
Only mortgages backed by Fannie Mae and Freddie Mac will be eligible.
In the past, borrowers who owed only more than 25 percent more than their homes are worth could participate in the program. Now, there is no cap on how much a borrower owes.
You have no idea how hard it is for the “volatile 1%”. I can hardly see through my tears…
Is not a wonderful Christmas present. It’s borrowing against future needs, and after 30 years of this horseshit, the loan is coming due.
You might want to call and let them know how you feel about this.
The’re running out of money and as you know, American banks have blocked their funds. You can still send checks or donate via Paypal.