Post by Honeylioness on Mar 6, 2012 22:15:08 GMT -5
Full Text here:
historymusings.wordpress.com/2012/03/06/full-text-march-6-2012-president-barack-obamas-press-conference-on-housing-mortgage-refinancing-plan-iran/
***********************************************
Now, I am sure it is no surprise to anyone who knows me or has read some of my other writings that I am NOT a fan of the current occupant of the Oval Office. However I did watch his press conference this afternoon just to see if he would say anything that didn't either want me to punch my television or tear our my hair.
Personally I think he is a wuss and exemplifies the worst of the Democratic Party and their Socialist leanings as I see them.
And no surprise he spent a lot of his time saying not much of anything. However there was a brief section of his conference that did get my attention:
This is something I have been saying to people for some time. Why should you as a homeowner have to wait until you are in the foreclosure process before you get the option to re-finance without going further into debt in the process?
When I last looked into refinancing my condo for a lower interest rate I was told I had to pay points, and a long list of costs ... in the end my interest rate would have gone down two percent .. however they wanted over $3,000 in closing costs AND my monthly payment was going UP almost $150 a month. Then they finally told me I was not eligible anyway since my original loan had been through the FHA.
I think this may be one of the few ideas to come out of this administration in a while. I have maintained for several years that it seemed to be that being a responsible homeowner was not valued or encouraged since only people who had either bought more home than they could afford, or had been taken in by unscrupulous lenders were being any consideration.
Once I have a new job then the process should be in place so I can take advantage of this plan. I have said for a long time that if I was able to save a couple hundred of dollars each month then I would have the ready cash to actually make a trip to Home Depot - and that would help stimulate the economy.
We will wait and see how this shakes out and if the banks and lending companies actually make this idea possible.
historymusings.wordpress.com/2012/03/06/full-text-march-6-2012-president-barack-obamas-press-conference-on-housing-mortgage-refinancing-plan-iran/
***********************************************
Now, I am sure it is no surprise to anyone who knows me or has read some of my other writings that I am NOT a fan of the current occupant of the Oval Office. However I did watch his press conference this afternoon just to see if he would say anything that didn't either want me to punch my television or tear our my hair.
Personally I think he is a wuss and exemplifies the worst of the Democratic Party and their Socialist leanings as I see them.
And no surprise he spent a lot of his time saying not much of anything. However there was a brief section of his conference that did get my attention:
And finally, this Congress should pass my proposal to give every responsible homeowner a chance to save an average of $3,000 a year by refinancing their mortgage at historically low rates. No red tape. No runaround from the banks. If you’ve been on time on your payments, if you’ve done the right thing, if you’ve acted responsibly, you should have a chance to save that money on your home — perhaps to build up your equity, or just to have more money in your pocket that you can spend on businesses in your community. That would make a huge difference for millions of American families.
Now, if Congress refuses to act, I’ve said that I’ll continue to do everything in my power to act without them. Last fall, we announced an initiative that allows millions of responsible homeowners to refinance at low interest rates. Today we’re taking it a step further — we are cutting by more than half the refinancing fees that families pay for loans ensured by the Federal Housing Administration. That’s going to save the typical family in that situation an extra $1,000 a year, on top of the savings that they’d also receive from refinancing. That would make refinancing even more attractive to more families. It’s like another tax cut that will put more money in people’s pockets. We’re going to do this on our own. We don’t need congressional authorization to do it.
Now, if Congress refuses to act, I’ve said that I’ll continue to do everything in my power to act without them. Last fall, we announced an initiative that allows millions of responsible homeowners to refinance at low interest rates. Today we’re taking it a step further — we are cutting by more than half the refinancing fees that families pay for loans ensured by the Federal Housing Administration. That’s going to save the typical family in that situation an extra $1,000 a year, on top of the savings that they’d also receive from refinancing. That would make refinancing even more attractive to more families. It’s like another tax cut that will put more money in people’s pockets. We’re going to do this on our own. We don’t need congressional authorization to do it.
This is something I have been saying to people for some time. Why should you as a homeowner have to wait until you are in the foreclosure process before you get the option to re-finance without going further into debt in the process?
When I last looked into refinancing my condo for a lower interest rate I was told I had to pay points, and a long list of costs ... in the end my interest rate would have gone down two percent .. however they wanted over $3,000 in closing costs AND my monthly payment was going UP almost $150 a month. Then they finally told me I was not eligible anyway since my original loan had been through the FHA.
I think this may be one of the few ideas to come out of this administration in a while. I have maintained for several years that it seemed to be that being a responsible homeowner was not valued or encouraged since only people who had either bought more home than they could afford, or had been taken in by unscrupulous lenders were being any consideration.
Once I have a new job then the process should be in place so I can take advantage of this plan. I have said for a long time that if I was able to save a couple hundred of dollars each month then I would have the ready cash to actually make a trip to Home Depot - and that would help stimulate the economy.
We will wait and see how this shakes out and if the banks and lending companies actually make this idea possible.