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View Diary: 'We can't wait': Obama administration announces details of new rules for mortgage refinancing (110 comments)

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  •  Easier Mortgage After Short Sale (10+ / 0-)

    It doesn't look like this initiative addresses the problem of someone who sells short because of any number of reasons (job opportunity elsewhere, empty-nest downsizing, lost income downsizing) and wants to buy a smaller home at current low rates but is barred because of the short sale having taken place.  This problem, as well as the similar one following foreclosure, needs to be tackled as well.

    "Great works are performed not by strength, but by perseverance." Samuel Johnson

    by Rona on Mon Oct 24, 2011 at 10:04:09 AM PDT

    •  That's a separate issue... (0+ / 0-)

      ...because short sales require forgiveness of a portion of the principle.  That's a lot harder for the president to do with an executive order than easing the rules for refinances of what are already government held (or backed) mortgages.

      To me, this looks a lot like the FHA's "streamlined refinance" program back in the nineties -- which was (and is) a good idea that will help some homeowners.

      Ideally, however, it would be part of a suite of broader solutions.

      Political Compass: -6.75, -3.08

      by TexasTom on Mon Oct 24, 2011 at 07:05:43 PM PDT

      [ Parent ]

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