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Socal ... I marked my calender, waited patiently with my list of those in need and ...
NADA
I have 2 words for Obama and his Fannie Mae 105% bail out plan ...
OPTION ARM!
Call Me Obama ... we need to talk!
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You always agree with me Andrew ... you either say so explicitly or your silence speaks volumes!
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More often than not...you are correct about my silence.
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What Benefit is Refinancing Under the Stimulus Plan?
socal_engr
Contributions: 830
Zillow All-Star
Since November 2009
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From what I've seen, the majority of the refi benefit under the plan (a) is only for the first, and (b) is restricted to those with firsts no-more-than 105% of LTV. What good is this really going to do?
Many of the people who are in trouble jumped in with less than 10% down, or an 80-20 or 80-10-10 or some other aberation of a financing Gordian knot.
In the case of minimum downs and high LTV firsts, what is the realistic chance that these owners are going to meet the 105% LTV requirement?
In the uber-creative 80-20 or 80-X-X situations, what real benefit will be achieved if it's the rates/terms of the 2nd/3rd that are going to drive the owner under? Or, given that the holders of the 2nd/3rd are likely to get nothing when the owner defaults anyway (since refi of the first is only a portion of addressing their overall financial situation), why shouldn't the lenders simply refuse to re-subordinate and hope for a miracle?
Even though I am generally against the USG bailouts, I think (hope?) that some homeowners will be helped by the ability to refi at 105% LTV. However, I really think that most either (a) won't qualify, or (b) will go under anyway due to an inability to address their piggyback loans. About the only "good news" is that some in the mortgage business will get to make money off of loans that can now be approved under these relaxed guidelines (hmmm...sounds vaguely familiar).
Thoughts from the pros?
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