What the Bailout Means for Mortgage Rates

Were is the YOU'VE DONE IT RIGHT rate?

I soooo agree with the other comments. We put 30% down during the boom, paid points to get a low rate, have not been late on a payment, and actually have paid extra on every payment. (That is not to say that it has been easy; I work part-time, my husband was jobless for a while, and we have four kids.)

When we contacted our mortgage company to re-finance we got the same song and dance as "INTEREST"- home value not worth mortgage, need to come up with more money down, and now have to pay PMI.

One would think with the government giving all this money to the banks they could at least require the banks to put an "ata boy" in there for the people who are really giving them the money in the first place!!! We are the ones that have kept them afloat as long as they have been. We're not asking someone to pay our mortgage, lower our mortgage amount, or even get money from the government bailout: All we want is a lower fixed mortgage rate to ease some of the monthly strain.

If "RESPONSIBLE PEOPLE", or ANYONE for that matter, didn't pay their mortgage for one month how would the banks like that??? Who would carry them then? Would it send the message that the people footing the bill could use some help too?? I don't know just a thought... the whole thing makes me SICK!

NH of AL @ May 05, 2009 01:06:00 AM