Relief Starts to Trickle to Troubled Homeowners

cap interest rates, credit card rates

we see the banking industry, and credit card companys, charging rates that are comparable to loan sharking, when the fed is at 1%, and the banks are charging 6,7, and 8%, thats 800% profit plus all of the refinancing charges, between 6 and 10 thousand dollars per instance, even if you stay with the same bank, if they cap the maximum interest rates at 3%, on a mortgage of $200,000.00. that would still be $6000.00 dollars a year profit, whereas at 6% that is $12000.00, anually, that would leave current mortgae holder $6000.00 a year to put back into the economy, making the economy stronger a lot faster,thus stopping a lot of foreclosures, bankrupcys, and making new home sales more inviting to consumers.

I they looked at credit card interest rates and see that 29.9% interest is downright theft, and rapeing consummers, if you have %10000.00, in credit card debt your paying $3000.00 a year just in interest, thats almost 300. a month, with nothing going to the principle, cap them both at 3%. help the american public get caught up. maybe the bankers can try to live of a reasonable income, instead of hundred milion dollar a year salaries, they put us in this mess, buy giving loans to people that they knew couldn't afford them from day one just to fill their pockets, let them pay back americans, by cutting our bills currently the ones who did this insanity, are the ones who are still making money at no expence of thier own, and thats just stupid

terry burgess of MD @ Dec 12, 2008 12:16:17 PM

Sir:

You may apply for a reverse mortgage, where your mortgage co pays you a monthly mortgage until death. If you are not planning on leaving the property to anyone, I think a reverse mortgage will ease your mind in this economical climate.

Hope I was helpful.

Hortie of GA @ Dec 04, 2008 10:36:38 AM

Richard of CA

Since you lived in the house for 15yrs and still paying, I am assuming it is a 30 yr mortgage. A 30 yr mortgage for 2100.00 /month, must be a real nice home, I see why you would want to keep it. With your declining income you should qualify for an FHA loan. This will lower the interest rate, and you will get to miss one payment. If you already have an FHA loan, I would suggest getting it streamlined to a lower interest rate. Any financial institution will be able to work with you and your situation.

amy of FL @ Nov 17, 2008 15:40:39 PM

root cause?

this all started with decline in home values, why not increase the tax deductibility of mortgage interest, thereby lowering the after-tax (true cost) increasing demand and thus increasing appreciation...??

at the same time we should outlaw insurance without the funds to back it up (credit default swaps) and eliminate new loans with less than 10% down and re-institute strict loan to income ratios

brian of FL @ Nov 17, 2008 07:28:54 AM

why not solve the root cause?

this all started with decline in home values, why not increase the tax deductibility of mortgage interest, thereby lowering the after-tax (true cost) increasing demand and thus increasing appreciation...??

at the same time we should outlaw insurance without the funds to back it up (credit default swaps) and eliminate new loans with less than 10% down and re-institute strict loan to income ratios

brian of FL @ Nov 17, 2008 07:28:22 AM

why not solve the root cause?

this all started with decline in home values, why not increase the tax deductibility of mortgage interest, thereby lowering the after-tax (true cost) increasing demand and thus increasing appreciation...??

at the same time we should outlaw insurance without the funds to back it up (credit default swaps) and eliminate new loans with less than 10% down and re-institute strict loan to income ratios

brian of FL @ Nov 17, 2008 07:27:13 AM

why not solve the root cause?

this all started with decline in home values, why not increase the tax deductibility of mortgage interest, thereby lowering the after-tax (true cost) increasing demand and thus increasing appreciation...??

at the same time we should outlaw insurance without the funds to back it up (credit default swaps) and eliminate new loans with less than 10% down and re-institute strict loan to income ratios

brian of FL @ Nov 16, 2008 14:51:14 PM

I am a realestate appraiser

I am 70 year old retired (working appraiser). I have to work in order to cover my mortgage ($2100.00) per month, plus medical and living expenses! With the realestate market in the dumper, I am not receiving appraisal assignments. I need to work in order to keep up with my bills! I can not surrive on my income ($1700.00) per month. I am not trying to get a handout! I need some assistance to keep alive. I don't want to put my life in jeporady by NOT paying my mortgage and going 3 months in arrears! How may I receive assistance until I can start to receive appraisal orders? What hppens to peple like me good, honest, a hard working man who has no way of earing a living. The Lenders/Brokers have all but vanished. 60% to 70% of this group have gone out of business. What can a man like me do??? I am too old to be forced to sell my home I have lived in for 15 years! Can you help???

Richard H. Marchese of CA @ Nov 16, 2008 07:25:46 AM