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Borrowers may refinance irrespective of their credit history

Shared by Sara on Fri Oct 01, 2010 3:42 am
Under a new plan, which was disclosed on 28th September, 2010, large number of borrowers will be able to refinance their mortgage regardless of their income, credit history or loan-to-value ratio. This bill has been unveiled by a democratic lawmaker, Dennis Cardoza. However, the bill hasn't been passed in the Congress yet. If it is passed into a law, then a large number of borrowers will be benefited. Source: http://www.reuters.com/article/idUSTRE68N33220100928

Community Members Opinion

Niicss
Niicss

Joined: 03 Oct 2005

Posts: 4834
Location: New Jersey

508.88 Dollars($)

Posted: Fri Oct 01, 2010 3:54 am Post subject:

Thanks for sharing the news, Sara! The new legislation will allow for blanket 30-year, fixed-rate mortgages at the prevailing market rate for anyone who seeks a refinance on a government-backed loan. The plan will direct agencies that will support the housing market to refinance existing mortgages at current market rates. Some of these agencies include Fannie Mae, Freddie Mac, the Federal Housing Administration, Ginnie Mae, and the Department of Veterans Affairs.

dipaligopale

Joined: 25 May 2010

Posts: 790

22.70 Dollars($)

Posted: Fri Oct 01, 2010 7:40 am Post subject: Balance

Although the move is welcome but govt also has to decide some compensation plan for the lending institutes.Because if someone is getting benefited then surely other party involved must be compensated for its losses. I am not against this reform but I think if we can save lending institutions as well while giving facilities to individuals then surely we may strike a balance.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris


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