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#420211 - 02/14/13 07:09 PM Bill to Reintroduce Liar Loans
Traveler Offline
Major Contributor

Registered: 11/14/00
Posts: 2500
Loc: The Coast
From DS News, Two senators, Barbara Boxer (D) and Robert Menedez (D) are trying to make refis easier by lessening restrictions. Here we go again, another round of refi liar loans.

This is absurd.

Excerp:
Quote:
The bill would also expand access to low-cost refinances to borrowers with higher equity and would eliminate employment and income verification requirements for eligibility under the Home Affordable Refinance Program (HARP)...


http://www.dsnews.com/articles/senators-reintroduce-refi-bill-2013-02-11


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#420213 - 02/14/13 07:30 PM Re: Bill to Reintroduce Liar Loans [Re: Traveler]
Mike Hagen Offline
Veteran Member

Registered: 01/02/07
Posts: 956
Loc: Port Jefferson New York
It's called Virtual Equity!

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#420225 - 02/14/13 10:10 PM Re: Bill to Reintroduce Liar Loans [Re: Traveler]
Dodger52 Offline
Member

Registered: 10/14/11
Posts: 266
Loc: Montana
WOW! I am speechless... (that's hard to do)
_________________________
Dodger52 (Chris)
Prudential Montana Real Estate
www.MT-RE.net
www.facebook.com/MissionValleyMTHomes

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#420228 - 02/14/13 11:10 PM Re: Bill to Reintroduce Liar Loans [Re: Traveler]
75Corvette Offline
Veteran Member

Registered: 09/16/05
Posts: 1209
Loc: Ohio
Originally Posted By: Traveler
Two senators, Barbara Boxer (D) and Robert Menedez (D)


You coulda stopped right there grin

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#420230 - 02/15/13 12:01 AM Re: Bill to Reintroduce Liar Loans [Re: Traveler]
clof2001 Offline
Member

Registered: 03/19/09
Posts: 34
Loc: Southern CA
"...would eliminate employment and income verification requirements..."

“This bill is a win-win-win,” Boxer said. “Homeowners will have more money in their pockets, Fannie and Freddie will see fewer foreclosures, and the housing market and economy will continue building momentum."

Yup, sure will. Right up until they stop making their payments.

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#420269 - 02/15/13 07:37 PM Re: Bill to Reintroduce Liar Loans [Re: Traveler]
RecoveringREAgnt Offline
Veteran Member

Registered: 03/26/08
Posts: 1000
Loc: Los Angelesl
Will be a Socialist country soon!

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#420270 - 02/15/13 08:34 PM Re: Bill to Reintroduce Liar Loans [Re: Traveler]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2364
Loc: Outer Banks
I don't understand why you all think this is some type of socialism?

The way it is now, an owner can be current on their payments with a credit score of 800 but they can not refinance their home to today's lower rates because they took a cut in pay last year. It looks like this bill will address this situation where the banks are squeezing home owners simply because they can.

The article said nothing about cash outs. This is just to force the banks to lower the rates for owners who are current with their payments. Remember, the banks are borrowing the money from the gov for 0%.

If owners are current with the higher interest rate, how can they be a risk at a lower rate?
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#420282 - 02/15/13 10:08 PM Re: Bill to Reintroduce Liar Loans [Re: Bigtoe]
cleonard Offline
Member

Registered: 11/04/08
Posts: 473
Loc: new york
Originally Posted By: Bigtoe
I don't understand why you all think this is some type of socialism?

The way it is now, an owner can be current on their payments with a credit score of 800 but they can not refinance their home to today's lower rates because they took a cut in pay last year. It looks like this bill will address this situation where the banks are squeezing home owners simply because they can.

The article said nothing about cash outs. This is just to force the banks to lower the rates for owners who are current with their payments. Remember, the banks are borrowing the money from the gov for 0%.

If owners are current with the higher interest rate, how can they be a risk at a lower rate?


I was going to comment last night but I figured I would of gotten into an idiotic political debate. Obviously they didnt read the article or couldnt comprehend it.
_________________________
Countdown to the Summer of 2014 when I quit BPOs, REOs and I retire to sunny Florida at the age of 43.
http://www.BidAmbassadors.com/workwithleonard

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#420284 - 02/15/13 11:30 PM Re: Bill to Reintroduce Liar Loans [Re: Traveler]
sacbroker Offline
Member

Registered: 10/31/07
Posts: 330
Loc: Sacramento
recoveringREagent- TURN OFF FOX NEWS. Dare to think for yourself!

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#420313 - 02/16/13 12:28 PM Re: Bill to Reintroduce Liar Loans [Re: sacbroker]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2364
Loc: Outer Banks
Originally Posted By: sacbroker
recoveringREagent- TURN OFF FOX NEWS. Dare to think for yourself!


Turn off all the news. There is not one cable news channel that has an investigative division anymore. That's right, no investigative reporters. If they can't find it on the web then it is not news.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#420318 - 02/16/13 03:11 PM Re: Bill to Reintroduce Liar Loans [Re: Traveler]
ditty Offline
Veteran Member

Registered: 12/14/05
Posts: 1358
Loc: Winfield, Mo
smile
_________________________
Beware the barrenness of a busy life...Socrates
Let go...or be dragged...Zen

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