Quote:
Originally Posted by sperbonzo
that's exactly what everybody was saying in 2002, when they were "making it easier for people to buy homes", and "Fannie May and Freddie Mac are perfectly solid", and "low interest rates help the little guy afford a home", etc, etc, etc....
"sigh".... Never Mind.
I think it's time for that drink now.... a little early in the day maybe, but.... I'm just going to walk away.
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this is a refi, its not new loan program..
you do know that as soon as the banks can get through all their foreclosure mess, we are going to have another flood of foreclosures on the market right?
if all the foreclosures hit in a tight time period, you will see housing prices fall even more and in a lot of cases, people that have continued to barely pay their mortgages and want to keep their homes, but have lost up to 50% of their home value, will finally decide to throw in the towel and get foreclosed..
the govt is trying to do its best to avoid another huge dip in the housing market which frankly i think is unavoidable...
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