Quote:
Originally Posted by TehKinkyHotness
I do understand how it works, I know that the Gov't does pay off the house. The Gov't drops the interest rate on the mortgage creating a lower payment.
WHO THE FUCK DO YOU THINK COVERS THE DIFFERENCE
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That's "if" you qualify for the interest rate drop through the Gov program, which very few people did. Straight up, most people didn't qualify...
Most people did qualify at the bank and mortgage level, adjusted by them. They would adjust your payments so you paid less for like 5 years while people got back on their feet, however they still paid the original amount that was contracted.