Mortgage Bailout

Wednesday, March 4, 2009

Mortgage Bailout

So some of the details regarding this "housing rescue" came out today. As we had said, for those of you expecting help who are not deliquent or in foreclosure you are out of "luck" (although you should be very grateful that you are not in these situations).
It will be interesting to see how this works out. The servicer will get the DTI (Debt To Income ratio) to 38% (% of your income that goes to pay debt). The government will then pay to get it to 31%. But with rates so low there will be instances where they could not lower the rate enough. I guess they just adjust the loan amount? But, again, it is frustrating because those in these situations are being rewarded where as those of us who have paid the house are being penalized. There are cetainly people who will "deserve" this. But I also guarantee there are those working the system for this. We shall see...

Visit msnbc.com for Breaking News, World News, and News about the Economy

No comments:

Post a Comment

How To Best Uitilize This Blog

What We Do?

We are a residential lender who is tired of seeing people get hosed, mislead or not lead at all by other lenders and brokers. This, unfortunately, is pervasive in our industry. So we are here to educate you with as much info as possible on mortgage, credit, financial and economic issues that will directly affect you or people you know.

We are a sounding board. If you have a situation that you need council, opinions or education on then we are here to walk you through it. So instead of blindly trusting just anyone, let us tell you (bluntly and honestly) whether it is legit or not. We'll take the guess work out.

How We Do?

Drop us an email and we will get back with you. Or you can always call us. Give us as much detail as possible so we can give you the best advice possible.

What You Do?

Spread the word. We don't care how you do it, but get the word out to people before they find themselves in a situation they regret. Let them know that we are here to offer honest, professional and trustworthy advice for those thinking about starting, who have started, or do not know whether to start the process of buying or refinancing a home.