Well, I think it'll help me if my pending appraisal comes back and I end up owing more than 97% of my house's worth.

More exonomic terrorism. Huzzah.

As a homeowner, I'd like it please if someone, ANYONE, would let me and my wife refinance to these awesome rates that everyone seems to "have" but nobody seems to actually be "getting".

We're not underwater.
We've never missed a payment.
We both have pretty good credit.
My wife and I are gainfully employed with a combined income well into the 6-figure range.
But our Loan-to-value isn't awesome and our current mortgage isn't fanny/freddy backed, so nobody seems willing to deal... Ugh!!!

Almost three years into his term, Obama has failed to halt the slide in home prices and the rising tide of foreclosures that began in 2007 and reached a record 2.9 million filings last year.

And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

xanadian: Please don't tell me the Obama administration actually used that turn of phrase....

:-/

Not that I can see, no.

TFA: "To have true shock and awe that would jump-start the economy you need a lot more than 600,000 additional refis," said Jaret Seiberg, a Washington-based financial policy analyst with MF Global Holdings Ltd.

xanadian: Please don't tell me the Obama administration actually used that turn of phrase....

:-/

Nothing in the article indicates so, so I'm going to assume that they didn't until I see a direct quotation rather than succumb to more narrative framing.

So the plan here is to give banks government guarantees on high risk loans?

Herbie555: As a homeowner, I'd like it please if someone, ANYONE, would let me and my wife refinance to these awesome rates that everyone seems to "have" but nobody seems to actually be "getting".

We're not underwater.
We've never missed a payment.
We both have pretty good credit.
My wife and I are gainfully employed with a combined income well into the 6-figure range.
But our Loan-to-value isn't awesome and our current mortgage isn't fanny/freddy backed, so nobody seems willing to deal... Ugh!!!

Seriously, what's the incentive for them to let you refinance?

/going through a similar situation right now, though we're only barely into the 6-figure range and much of it goes toward paying off student loans and medical bills

Herbie555: As a homeowner, I'd like it please if someone, ANYONE, would let me and my wife refinance to these awesome rates that everyone seems to "have" but nobody seems to actually be "getting".

We're not underwater.
We've never missed a payment.
We both have pretty good credit.
My wife and I are gainfully employed with a combined income well into the 6-figure range.
But our Loan-to-value isn't awesome and our current mortgage isn't fanny/freddy backed, so nobody seems willing to deal... Ugh!!!

I checked into that, as I have the capital to swing a REFI at the moment. Current Loan is FHA, so I have PMI. When I originally got the Loan, PMI was 50% of a point, paid over a year, it equates to something like $72 a month. If I wanted to REFI now, I could, BUT the PMI has changed to 150% of a point a year. I'm at 6% right now, I could refi to 4%. But my PMI would go up $145 a month, for a net savings of........$30 a month.

Should've waited and not gone FHA.

Oh, I think it'll shock-and-awe the economy, all right. I'm just using a different end of the original shock-and-awe tactic as my basis for metaphor.

blahpers:
Seriously, what's the incentive for them to let you refinance?

/going through a similar situation right now, though we're only barely into the 6-figure range and much of it goes toward paying off student loans and medical bills

I naively assume that more than one bank/lender would want to compete for my business. Sure, my CURRENT bank has no direct incentive to refinance me to a lower rate, but I'm surprised all of the other lenders out there wouldn't rather have me paying 4.5% to one of them rather than 6.325 to my current bank... But the obvious lack of interest in my business means that my current bank doesn't need to "compete" to keep my business. Bummer.

If *we're* considered a high-risk loan, I'm not sure who's a "safe" bet other than people who don't actually NEED the money.

I really want to know what his student loans relief ideas are.

Those are relevant to my interests.

FTA: Lawmakers and analysts briefed on plans by the independent Federal Housing Finance Agency estimate they will help less than 1 million borrowers -- and perhaps as few as 600,000 -- of the 11 million whose mortgages are higher than the value of their homes.

So because it only helps about 5-10% of these people it shouldn't be done at all. Got it. Awesome.

If somebody won't let you refinance, stop sending them checks. The next time you call, they'll let you refinance. Trust me.

Doctor_TeethMD: FTA: Lawmakers and analysts briefed on plans by the independent Federal Housing Finance Agency estimate they will help less than 1 million borrowers -- and perhaps as few as 600,000 -- of the 11 million whose mortgages are higher than the value of their homes.

So because it only helps about 5-10% of these people it shouldn't be done at all. Got it. Awesome.

No it shouldn't. A real solution would help more people. 5-10% is a good place to start. Now look for ways to do it better.

Herbie555: As a homeowner, I'd like it please if someone, ANYONE, would let me and my wife refinance to these awesome rates that everyone seems to "have" but nobody seems to actually be "getting".

We're not underwater.
We've never missed a payment.
We both have pretty good credit.
My wife and I are gainfully employed with a combined income well into the 6-figure range.
But our Loan-to-value isn't awesome and our current mortgage isn't fanny/freddy backed, so nobody seems willing to deal... Ugh!!!

They know the value is going to keep dropping faster than you can make payments.

Why dont I ever qualify for these government bailouts. Should have bought a McMansion instead of this itty bitty condo. :P

hurdboy: Harvey Manfrenjensenjen: And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

Progressive economics -- you fail it.

1. Stop the slide.
2. Get prices growing again at less than the rate of inflation.
3. Eliminate interest deductions for big loans.
4. Watch the market equalize, and fewer people get hurt.

Or something like that. Does rely upon dollars getting cheaper. Difficulty? Interest rates have to remain in the toilet to keep the budget defecit from doubling GDP (due to the interest payments on the debt).

I'll take that as a compliment, much as I would if someone told me that I don't understand the first thing about astrology. Must be tough for you all when reality keeps coming in and messing things up for your theory. Doubly so when your theory contains several mutually exclusive actions and goals.

Herbie555: I naively assume that more than one bank/lender would want to compete for my business. Sure, my CURRENT bank has no direct incentive to refinance me to a lower rate, but I'm surprised all of the other lenders out there wouldn't rather have me paying 4.5% to one of them rather than 6.325 to my current bank... But the obvious lack of interest in my business means that my current bank doesn't need to "compete" to keep my business. Bummer.

Yep, I think you nailed it.

If *we're* considered a high-risk loan, I'm not sure who's a "safe" bet other than people who don't actually NEED the money.

Yep, I think you nailed it again. Megarich patting each other on the back.

Stop helping.

xanadian: Please don't tell me the Obama administration actually used that turn of phrase....

:-/

how do you turn a phrase?

Expand it beyond Fannie and Freddie held notes and you have a winner. Otherwise this is just drumming up talking points for the next election.

AcneVulgaris:
They know the value is going to keep dropping faster than you can make payments.

Luckily not true in my market. The drop after the bubble burst has stabilized, and things have actually started to come back up since this time last year. If they HAD continued to drop, THEN I'd be underwater, and in a different situation.

We're still trying to bail out the banks? Seriously?

Why doesn't Obama go down to Occupy Wall Street and personally spit on the protesters?

It's gonna be shock and awesome!

Lackofname: I really want to know what his student loans relief ideas are.

Those are relevant to my interests.

If he gives student loan relief, I demand relief on my auto loan. No one forced you to take thousands out in student loans to get a POS liberal arts degree. Just like no one forced me to purchase a nice vehicle.

But since I actually work for living and take no liberal handouts, I'll be proud to make my payments.

TIKIMAN87:
If he gives student loan relief, I demand relief on my auto loan. No one forced you to take thousands out in student loans to get a POS liberal arts degree. Just like no one forced me to purchase a nice vehicle.

But since I actually work for living and take no liberal handouts, I'll be proud to make my payments.

Just for giggles, I dare you to go find a serviceman, preferably a hulking Marine, who is using the GI Bill to educate himself in order to better serve his country and his life beyond the service, and tell him that he's taking a "liberal handout".

Yes, I know it's a different case because he's trading service for education, but since many of the "privately educated" serve their communities without compensation for their education, it isn't off the wall, either. Plus, I just want to see you get punched in the nose for using a stupid trollphrase like "liberal handout".

Harvey Manfrenjensenjen: Almost three years into his term, Obama has failed to halt the slide in home prices and the rising tide of foreclosures that began in 2007 and reached a record 2.9 million filings last year.

And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

They've pumped a ton of borrowed money into propping up prices and trying to reinflate the bubble. This should come as no surprise. Round 1 of populist gimmicks, gearing up for a great 2012. Why did homeowners become such a priority in this country? You have millions of people out there struggling for jobs and to climb the socio-economic ladder, and we're stuck with a President and Congress taking turns in subsidizing homeowners like they are the needy (though lately they seem to "need" everything, at others' expense).

How much you wanna bet that there's not a single provision in this refinance scheme that makes it harder for the borrower to default? God forbid we reduce the costs, or lessen the risk to taxpayers. That would be unfair to the debt-ownership class.

Harvey Manfrenjensenjen: And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

Harvey Manfrenjensenjen: And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

Harvey Manfrenjensenjen: And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

Harvey Manfrenjensenjen: And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

Harvey Manfrenjensenjen: And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

Harvey Manfrenjensenjen: And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

Harvey Manfrenjensenjen: And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

Harvey Manfrenjensenjen: And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

Harvey Manfrenjensenjen: And that's the problem, they keep trying to sustain the bubble and keep the banks happy. Just stop. We're not any better off for all the meddling, and we shouldn't keep paying for the privilege.

This cannot be said too often or too many times. "Stopping the slide" is just more messing with the market, which is what got us here in the first place.

MrEricSir: We're still trying to bail out the banks? Seriously?

Why doesn't Obama go down to Occupy Wall Street and personally spit on the protesters?

WASHINGTON -- The Obama administration is introducing a new program on Monday designed to lower monthly mortgage payments for more troubled homeowners.

But a key new condition in the plan would shift the financial liability for refinanced loans from Wall Street banks to the American taxpayer.

What do you expect from an administration whose Chief of Staff came directly to the White House from Wall Street's second largest bank?

Let's just keep on bailing out the one percent and shifting the bad debt to the 99%.

Meanwhile, we'll keep on claiming we are doing it for the benefit of Main Street.

mavexe: Herbie555: As a homeowner, I'd like it please if someone, ANYONE, would let me and my wife refinance to these awesome rates that everyone seems to "have" but nobody seems to actually be "getting".

We're not underwater.
We've never missed a payment.
We both have pretty good credit.
My wife and I are gainfully employed with a combined income well into the 6-figure range.
But our Loan-to-value isn't awesome and our current mortgage isn't fanny/freddy backed, so nobody seems willing to deal... Ugh!!!

I checked into that, as I have the capital to swing a REFI at the moment. Current Loan is FHA, so I have PMI. When I originally got the Loan, PMI was 50% of a point, paid over a year, it equates to something like $72 a month. If I wanted to REFI now, I could, BUT the PMI has changed to 150% of a point a year. I'm at 6% right now, I could refi to 4%. But my PMI would go up $145 a month, for a net savings of........$30 a month.

Should've waited and not gone FHA.

If you have built enough equity in your house, such as through renovation, you might qualify for a loan without PMI. As long as your house is worth more than what you owe, the bank might be willing to work with you. I'm going to give it a try soon, based on the city appraisal of my home, which came out about 20% above what I paid, along with the renovation that's been done, I might just come out on top. Either that, or I will go to the city and demand that they drop my property tax, based on them overvaluing my home.

I'm sure the city will be receptive to my proposal...right? They will probably just ignore my calls until I give up, just like they've done in the past.

Here's a bit more information on what is really going on here behind the rhetoric that we are "Helping main street soooo very much!!11!!!"

The newly expanded program would expunge legal liabilities associated with mortgages refinanced through the program for the original lenders of the mortgages. Each time a bank sent a loan to Fannie and Freddie, it certified that the loan met Fannie and Freddie's safe lending criteria. But many loans sent to the mortgage giants did not, in fact, meet those criteria. Currently, when borrowers default on those ineligible loans, the mortgage giants can "put back" the resulting losses onto the banks that pushed the loans.

Under the modified plan, "put back" liability at banks will be erased for any underwater mortgage that is refinanced through HARP, eliminating Fannie and Freddie's ability to sack lenders with losses in the event that the mortgage does not pan out.

Yes, this is just another bailout for the banks.

BullBearMS: Here's a bit more information on what is really going on here behind the rhetoric that we are "Helping main street soooo very much!!11!!!"

The newly expanded program would expunge legal liabilities associated with mortgages refinanced through the program for the original lenders of the mortgages. Each time a bank sent a loan to Fannie and Freddie, it certified that the loan met Fannie and Freddie's safe lending criteria. But many loans sent to the mortgage giants did not, in fact, meet those criteria. Currently, when borrowers default on those ineligible loans, the mortgage giants can "put back" the resulting losses onto the banks that pushed the loans.

Under the modified plan, "put back" liability at banks will be erased for any underwater mortgage that is refinanced through HARP, eliminating Fannie and Freddie's ability to sack lenders with losses in the event that the mortgage does not pan out.

Yes, this is just another bailout for the banks.

What a wonderful FARK YOU AMERICAN TAXPAYERS that one is.

Benni K Rok: What a wonderful FARK YOU AMERICAN TAXPAYERS that one is.

Except for those who are having their payments and interest subsidized. Heads: bank wins, taxpayer loses. Tails: home gambler wins, taxpayer loses.