What the Fed's Decision Means for Mortgage Rates

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suspect poor |spinal of in,

Mvtccrae of OK @ Oct 27, 2009 11:51:09 AM

turned down

Well the refinancing idea was a good one, and I am told by my lender that my mortgage was bought by the famous Fannie May and Freddie Mack, without my knowledge. I went through the whole red tape issue to get refinanced so that I could lower my house payment to offset the increases in the frivilous things like. Gas to get to work and heat for my home which went from $200- $300 a month, to $500 and $600 a month in the winter months. I am a 60 year old woman that has raised her 5 children without the help of state aide. I worked hard all these years to buy a home and hoped to have a little equity for if and when the time came that I could retire. I went to the bank at their request to apply for refinancing, only to be told I would have to pay for someone to come to my home to appraise it. To my utter dismay, the man I paid to do the appraisal, returned a very disappointing appraisal to the bank. The home I bought on my own almost 18 years ago is now worth $50+K less than it was worth 2 years ago. Hence I paid them to do the paperwork only to get turned down for the loan, because the appraisal came in that I owed 5K more than the house is now worth. Yes I am one disappointed American single mother/grandmother. And do you think the people making decisions about our lives,, futures, really care that all our hard work has been for nothing? Just wait until your next paycheck and see if they forget to take out their fair share for taxes. All I can say is thanks for nothing.

BYT of MI @ Jul 04, 2009 01:01:23 AM

DON GRIFFIN of MI

DON GRIFFIN of MI, Maybe you should have not bought your condo until you were sure you can sell the house before hand. You should have waited until you at least had a contract in the works.

Donald Leatherwood of TX @ Jul 03, 2009 23:51:22 PM

Refinancing

Big Deal. Mr. Obama lets the government offer help on refinancing IF and only IF you happen to be mixed up with Freddie or Fannie. Why do I have to be in bed with those two -- who helped cause this mess -- in order to benefit from Mr. Obama's so-called government help?

Daniel F. Rousseau of FL @ Jul 03, 2009 23:17:41 PM

morgages and refis

Im a senior on a fixed income. 2yrs ago my home was worth 250k, Ive never missed a payment,never been late,have great credit and cant refinance: 1. not enough income 2. my home has now declined in value 5k below what I owe on the loan 3. interest rates are near what mine are (5.875%} 4. Im draining what savings I had just to pay bills. I figure one year and im on the street and lost everything just because I pay my bills before taking care of myself! No insurance health,dental,vision but I have to pay for medicare and cant use it! Now im supposed to help other first time buyers get 8k to buy their homes? I cant even get a hearing aid and go to the dollar store to get magnifiers instead of the glasses I need to read. Something stinks and I cant get rid of the odor!

larry of NV @ Jul 03, 2009 23:13:36 PM

mortgage situation

WHY CAN'T YOU FREEZE THE INTEREST RATES OR LOWER THE RATES AND REMOVE SOME OF THE RIDICULOUS RSTRICTIONS.

I BOUGHT A CONDO TWO YEARS AGO AND GOT STUCK WITH MY ORIGINAL HOUSE BECAUSE I COULD NOT SELL IT . NOW I CAN'T RE-FINANCE MY ORIGINAL HOUSE BECAUSE I DON'T LIVE IN IT AND IT'S NOT 50 MILES FROM MY NEW PRIMARY RESIDENCE, AND I CANNOT RE-FINANCE MY NEW PRIMARY RESIDENCE BECAUSE I AM UNDER WATER ON THE NEW CONDO PURCHASED TWO YEARS AGO. SO WHAT DO I DO?? I AM TRYING TO PAY BOTH MORTGAGES, BUT NEED SOME KIND OF RELEAF UNTIL I CAN SELL MY ORIGINAL HOUSE.MANY PEOPLE IN THIS SITUATION. BANKS WILL NOT LOAN YOU MONEY NO MATTER HOW HIGH YOUR CREDIT SCORE IS. MINE IS 7.8 WHEN INTEREST RATES GO DOWN, POINTS AND PROCESS FEES GO UP SO YOU STILL CAN'T RE-FINANCE.

DON GRIFFIN of MI @ Jul 03, 2009 22:31:43 PM

Our Government, our friend!

One thing that my dad warned me about when I was a kid (I'm 57), the government he said, is your enemy! I always thought dad was really radical but why would a WWll 1st marine corps vet feel this way? I never really understood. But over the course of my life I have seen politicians compromise the interests of the people in order to expand government control. The programs sound really good. The problem is that these programs NEVER create wealth. We the people must shoulder the extra burden of our government's failure to improve the condition of America. We will wake up as a nation after the train wreck occurs. Don't let anyone blame the people. This is the work of our government. The party of hope and change is carrying on the traditions of the previous party. The people will have to learn that it's not democrat vs republican, its government vs the people.

Thomas of OR @ Jul 03, 2009 21:58:27 PM

Taxpayers shouldn't pay $8,000 to people to buy a house!

What a ridiculous transfer payment. Taking $8,000 out of the taxpayers pockets and transferring it into the pocket of a house purchaser - and then immediately to a homebuilder or house seller with a skim off the top for realtors.

What kind of America is this when I have to be taxed more so moeny can be GIVEN (that's right, GIVEN, not loaned) to somebody else so they can buy a house (or to homebuilders and RE speculators)? This is THEFT. Anyone who rents because their job or profession requires them to move frequently and who pays taxes is paying for somebody else's house - that other person keeps that $8,000 - and the taxpayer loses it. This is ONE example of Obama's government-decided asset redistribution, stealing from one group to give to another group depending on how many votes they can garner by touting these "programs" which are simply government stealing from taxpayers to "give" to somebody else. I have news, Uncle Sam doesn't GIVE anything - he only TAKES from taxpayers and redistributes to special interests who give campaign contributions and votes.

This is not American. This is something you'd see in a banana republic.

Mark Kaskin of CA @ Jul 03, 2009 20:54:58 PM