I'm ok with it as long as I can vet fantasy football trade offers as well.

I need an 800 number that tells me how to fill out my own transaction documents instead of having to pay $10000 to some realtor.

That government be the last entity I'd ask for housing market advice.

Actually, with all the subprime loans banks were all too happy to give out to less-than-knowledgeable consumers, this might not be a bad idea.

Wait.. Somebody who gets his news from Fox is calling other people stupid!!??


Here's your sign

utahraptor2: Actually, with all the subprime loans banks were all too happy to give out to less-than-knowledgeable consumers, this might not be a bad idea.

People who accept subprime loans will be too stupid to know there's a number to call anyway.

nytmare: I need an 800 number that tells me how to fill out my own transaction documents instead of having to pay $10000 to some realtor.

It really isn't all that hard to find the documents and information. Did it on my last house and saved the seller's commission. Sometimes it isn't worth the effort, like buying a foreclosed house from FHA. FHA only wants to deal with agents.

meat0918: I want to refinance.

I have a 5.5% right now, and the loan is relatively new, so a 1% reduction would save me a buttload in interest.

However, I'm fairly certain the loan is underwater about 10-15K

What to do...

Nothing. Sit there and enjoy the house at the price you obviously thought was fair in the 1st place.

meat0918: I want to refinance.

I have a 5.5% right now, and the loan is relatively new, so a 1% reduction would save me a buttload in interest.

However, I'm fairly certain the loan is underwater about 10-15K

What to do...

I qualified for one of the refinances of a Fannie backed underwater mortgage a year ago and the bank kept giving me the run around, telling me I wasn't eligible and would never say why or send me anything in writing (yeah, one of the "big banks" that bought my mortgage previously). Eventually I got in with the help for homeowners people and one of their agents called the bank with me. Nothing beats the pause and quick transfer from the bank rep when a government person was on the line with me.

Needless to say the refi was wrapped up in days, and I got 1.25% knocked off my rate.

Way I see it, the banks made money hand over fist on bailouts and Fed actions, so I don't feel guilty in the slightest.

meat0918: I want to refinance.

I have a 5.5% right now, and the loan is relatively new, so a 1% reduction would save me a buttload in interest.

However, I'm fairly certain the loan is underwater about 10-15K

What to do...

Enjoy your mortgage interest deduction and be happy in the knowledge that your situation will improve with time.

Shame we don't really teach math anymore in this country. That would eliminate most of the need for such a program.

Yeah, the people who bought my place in California had a payment that was bigger than their GROSS income. Country Wide was stupid enough to send some of the documents to my house, not the buyer's. I cashed the check and ran!

Sounds like a good idea... Hopefully people make use of it.

So when is the govt going to set up a hotline so I can finally learn, wipe front to back or back to front? I have actually gotten so worried about it I just stopped.

Govt has been spending a fortune to push people into the RE market, all in the name of "market stabilization" (reinflating the housing bubble). FFS, the only risky loans being peddled these days are through GSEs/FHA.

Call my a cynic, but WTF reason should anyone have for getting the govt's opinion on a mortgage or home purchase? The advice is going to be somewhere between "do it" and "you can afford more", and no more helpful than asking a realtor if it's a good time to buy.

watson.t.hamster - you keep dreaming for a world in which people behave perfectly and never make a mistake. I'll stick to reality, thank you very much.

seriously though - if your ideas for how to run the world require people to behave perfectly, how do you ever expect them to work?

Also, speaking of realtors, the day that this program is effective or helpful to the consumer is the day that it will die a quick death. All it's going to take is a loss of commission and home sales before evil lobbying groups like NAR and NAHB convince Obama and Congress to terminate the program. They have fought tooth and nail to remove any obstruction for people buying houses.

Dinki: oryx: That government be the last entity I'd ask for housing market advice.

Yeah I'd much rather ask the mortgage broker, bank attorney or real estate agent. None of them have any skin in the game and I'm sure will give me unbiased information.


Govt leaders have just as much skin in the game. They WANT us to buy houses. How can you logically acquiesce to govt setting up program and advising us whether our loans/purchases are wise because realtors and banks are self-serving? Much less, how do you use that to counter a point that govt isn't trustworthy?

Cynicism is fine, but not when you are without principles. Nothing more insulting than the tired excuse of One Evil Justifies Another.

Does the call include a bailout guarantee?

To expand a bit - I'm really *not* trying to be a snarky jerk, but we know the human brain is flawed in a number of ways when it comes to reasoning. In some ways it's like hacking a computer - except nobody "blames the victim" in that case...

YoungLochinvar: watson.t.hamster - you keep dreaming for a world in which people behave perfectly and never make a mistake. I'll stick to reality, thank you very much.

seriously though - if your ideas for how to run the world require people to behave perfectly, how do you ever expect them to work?

Yep. Just like at the end of Econ 101: "These theories all work perfectly where everyone is a rational actor. Unfortunately, none of these theories can be put to use because humans suck at being rational actors."

Oh man. Realtors are going to hate this. Of course, that means it's probably good.

wolvernova: Cynicism is fine, but not when you are without principles. Nothing more insulting than the tired excuse of One Evil Justifies Another.

Ah, right. Yeah. I'm most certainly going to be outraged now. I mean, fark torture, Gitmo, and executing citizens via drone strike. The government is trying to advise potiential homeowners whether or not they can afford their purchase. Most evil EVER!

Dinki: oryx: That government be the last entity I'd ask for housing market advice.

Yeah I'd much rather ask the mortgage broker, bank attorney or real estate agent. None of them have any skin in the game and I'm sure will give me unbiased information.

Cluelessness or mendacity.... hmmm... which one to choose?

Dinki: oryx: That government be the last entity I'd ask for housing market advice.

Yeah I'd much rather ask the mortgage broker, bank attorney or real estate agent. None of them have any skin in the game and I'm sure will give me unbiased information.

Never go to a mortgage broker. Go to a bank.

What kind of information will the government be giving you?

"Umm, yeah I got approval for a $300k refi on my house for a 30-year loan at 4.625% and $3,000 in closing costs.. My previous loan rate is 5%. Is this a good deal"

"Well, have you checked out Midwest Federal? They're offering a 3.5% 15-year loan with no closing costs"

Is the govt going to be a mortgage broker, or is this going to be just a way of telling people they're getting ripped off by payday lenders (which would actually be worthwhile if they can convince enough people).

Is it the same number bankers used to get their tax payer funded bonuses?

How dare the government spend a small amount of money educating and assisting its citizens!

You're an ass, subby. I have a lot of education and consider myself somewhat savvy but have been totally overwhelmed by trying to refinance my mortgage because my home is underwater. The federal HARP (program) is a godsend. It allows people to refinance even if they don't have 20% equity in the property to do a standard refi. Even now, however, lenders are trying to gouge me.

A certain lender which rhymes with "GMAC" told me the best they could with that program at a 30 year fixed rate was 4.99% and it would be the same everywhere because Fannie Mae sets the rates for the program. After making a call to a local broker, I was able to get a rate at 4.125% through HARP, which will save me thousands of dollars per year.

Why, oh why do conservatives hate oversight of known criminals just because they wear suits?

Just rent a nice place. Who wants to worry about this kind of shiat?

No matter how good of a deal you get, if you're paying interest over 15 or more years, you're screwing yourself more than anyone else is screwing you. Worst case, I have 55 percent equity after 3.5 years. Money I will not pay interest on for 11.5 years.

Lose $15k on the sale? How much interest have you paid since you bought it?

Dinki: oryx: That government be the last entity I'd ask for housing market advice.

Yeah I'd much rather ask the mortgage broker, bank attorney or real estate agent. None of them have any skin in the game and I'm sure will give me unbiased information.

Its a chance for the government to set their own opinion on the market as well to possibly favor whatever deal for political gain. you are still left with relying on yourself, but now tax dollars support a new phone line and guy to answer it.

Could be worse, you could have a credit rating as bad as mine & NOT have taken advantage of the "easy money" & now be stuck in a rental with landlords that make meth heads look stable.

/nothing like seeing a market collapse coming & being unable to take advantage of it
//you can call it a depression, but not too loudly

fifthhorseman: wolvernova: Cynicism is fine, but not when you are without principles. Nothing more insulting than the tired excuse of One Evil Justifies Another.

Ah, right. Yeah. I'm most certainly going to be outraged now. I mean, fark torture, Gitmo, and executing citizens via drone strike. The government is trying to advise potiential homeowners whether or not they can afford their purchase. Most evil EVER!

I wasn't subtle in pointing out the dishonestly and shameful use of One-Evil justifications, so I'm going to be kind and assume this is clever sarcasm rather than an admission of stupidity.

jafiwam: Oh man. Realtors are going to hate this. Of course, that means it's probably good.

If this is good for us, they will kill it immediately. Read their propaganda and statements made on the Hill. Every time the govt does anything that leans in the direction of prudence or consumer protection, these motherf*ckers annihilate it. FHA took fire for raising DP requirements from 3 to 3.5 percent. Talks of killing the mortgage interest deduction provoke outright hostility, yet it's the single smartest thing we could do to improve our tax code.

Anything that realtors hate = good for the public = NAR will stop it.

Boxcutta: I have a lot of education and consider myself somewhat savvy but have been totally overwhelmed by trying to refinance my mortgage because my home is underwater.

No offense, but you aren't savvy or educated about home ownership. People who think they are smart yet exist within their own incurious bubbles are why we need to coddle to the LCD.

Boxcutta: The federal HARP (program) is a godsend. It allows people to refinance even if they don't have 20% equity in the property to do a standard refi.

Godsend to whom? It's a huge cost to taxpayers, people who might be facing actual hardship. Assuming your payment isn't choking you, should they be on the hook and further-subsidizing your loans? Are they responsible because you bought with little or no DP in an obviously over-inflated market?

Not trying to be mean, but I cannot stand this self-entitlement garbage.

Boxcutta: Why, oh why do conservatives hate oversight of known criminals just because they wear suits?

You participated in and contributed to this mess and are now begging for others to subsidize your future profitability, so how would you not include yourself in this group of blame? Because you weren't wearing a suit at at the closing table?

Wow, wolvernova. I'm glad I have your hindsight to let me know that I shouldn't have bought a home in 2006. I guess I should have put my life on hold for 6 years just in case the market was going to collapse. "Sorry, honey. We can't buy a house and start a family. Some asshole from the future thinks it's a bad idea."

You have no idea what you are talking about and sound like you have some serious issues. Not that it's any of your business, but I pay my mortgage on time every time. I put 20% down. Now my home is worth less and the banks won't let me refinance because, surprise, the private sector failed me. The government has allowed people like me who make their payments to stay in their home and refinance. It's good public policy. I played by the banks' rules and you have the nerve to call me a criminal? fark you.

Your comments about HARP costing taxpayers money further demonstrates your ignorance. The housing market is the primary thing holding our economy back. I do enjoy your comments about me living in an incurious bubble while you make incorrect and ignorant comments about me and the housing market in general without any sense of irony.

Boxcutta: Wow, wolvernova. I'm glad I have your hindsight to let me know that I shouldn't have bought a home in 2006. I guess I should have put my life on hold for 6 years just in case the market was going to collapse. "Sorry, honey. We can't buy a house and start a family. Some asshole from the future thinks it's a bad idea."

You have no idea what you are talking about and sound like you have some serious issues. Not that it's any of your business, but I pay my mortgage on time every time. I put 20% down. Now my home is worth less and the banks won't let me refinance because, surprise, the private sector failed me. The government has allowed people like me who make their payments to stay in their home and refinance. It's good public policy. I played by the banks' rules and you have the nerve to call me a criminal? fark you.

Your comments about HARP costing taxpayers money further demonstrates your ignorance. The housing market is the primary thing holding our economy back. I do enjoy your comments about me living in an incurious bubble while you make incorrect and ignorant comments about me and the housing market in general without any sense of irony.

I dislike wolvernova in general but you are mostly wrong. The private sector didn't fail you, you made a bad choice.

aneki: meat0918: I want to refinance.

I have a 5.5% right now, and the loan is relatively new, so a 1% reduction would save me a buttload in interest.

However, I'm fairly certain the loan is underwater about 10-15K

What to do...

I qualified for one of the refinances of a Fannie backed underwater mortgage a year ago and the bank kept giving me the run around, telling me I wasn't eligible and would never say why or send me anything in writing (yeah, one of the "big banks" that bought my mortgage previously). Eventually I got in with the help for homeowners people and one of their agents called the bank with me. Nothing beats the pause and quick transfer from the bank rep when a government person was on the line with me.

Needless to say the refi was wrapped up in days, and I got 1.25% knocked off my rate.

Way I see it, the banks made money hand over fist on bailouts and Fed actions, so I don't feel guilty in the slightest.

Getting the run-around from chase right now. The guy at the bank tells me i wont save any money even dropping one percent from my 5.25% mortgage because the mortgage insurance has doubled since i got my loan.

"So how much would the mortgage insurance be?"

"Uh, i dont know"

Knob_Gobbler: Just rent a nice place. Who wants to worry about this kind of shiat?

This. Just moved into a 2000 sq ft house for $800 a month. Great landlord who fixes or installs anything I want without question. That being said... They were my landlords in my previous apartment for the last 2 years... they tell me all the time they love having me as a renter. I guess it helps when you pay your rent on time and don't complain or destroy the place. I wouldn't buy a house for anything right now.

the stupidity of this idea hurts. So much. so, so much.

And how is the minimum-wage retard who answers the phone supposed to know what is or isn't a good deal?

Boxcutta: Now my home is worth less and the banks won't let me refinance because, surprise, the private sector failed me.

With all due respect, why is it some great tragedy that you can't refinance? You went in knowing what your monthly payment would be, you thought it was worth it, you went for it, and you've been able to pay ever since. I realize that if you see the price of something go down after you bought it, it's natural to want the difference, so obviously you should try. But why do you feel wronged just because it isn't going so smoothly? Disappointed, sure, but wronged?

The loan agents are still predatory. I know, I just bought a house, but you know what? It was the only way I could get one. It makes the wife happy, got me where I wanted to be and I can refinance in a couple of years hopefully and get my payments down a bit. If not, it will still be cheaper than rent in the long run (I know this because the apartments across the way from me are renting for more than my mortgage payment) and I can tell everyone to get off my lawn if I so choose.