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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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  •  All I see is more taxpayer financed and guaranteed (15+ / 0-)

    money going to the banks.    Again no risk or incentive for the banks to do an honest job.  

    Yes we can, but he won't.

    by dkmich on Mon Oct 24, 2011 at 01:08:21 PM PDT

    •  Leopards don't change their spots (6+ / 0-)

      Further proof this administration really believes in betting on the replay of a horse race.  

      I also thank the one who rearranged deck chairs on the Titanic so those on board ship could get a better view of the iceberg.

      by NyteByrd1954 on Mon Oct 24, 2011 at 01:10:59 PM PDT

      [ Parent ]

      •  So, you're saying... (1+ / 0-)
        Recommended by:
        cany

        ...that we should prevent people who are in underwater loans from being able to refinance to current rates because it might help the banks, as well?

        Really, I don't see that it does, anyway -- it will reduce interest income by allowing folks with currently performing loans at relatively high interest rates refinance to lower rates.  That doesn't seem like a big benefit to the banks.

        Political Compass: -6.75, -3.08

        by TexasTom on Mon Oct 24, 2011 at 07:14:42 PM PDT

        [ Parent ]

        •  Trust me Texas Tom, there was a diary on (1+ / 0-)
          Recommended by:
          TexasTom

          this topic early this morning and YES a lot of people said if it helps the banks we should let the people drown.

          I don't agree...

          We need to help people AND fix the banks, not an either or.

          202-224-3121 to Congress in D.C. USE it! You can tell how big a person is by what it takes to discourage them.

          by cany on Mon Oct 24, 2011 at 07:33:04 PM PDT

          [ Parent ]

        •  No, I'm not saying (1+ / 0-)
          Recommended by:
          dkmich

          No, I am not saying the words you wish to put in my mouth.  

          What I'm saying is Obama has not learned a damned from his first failed program which is why he's doubling on the same type of program again.  

          I also thank the one who rearranged deck chairs on the Titanic so those on board ship could get a better view of the iceberg.

          by NyteByrd1954 on Mon Oct 24, 2011 at 10:24:07 PM PDT

          [ Parent ]

        •  No.... Why must it be all or nothing? (1+ / 0-)
          Recommended by:
          NyteByrd1954

          Help the people and cut the banks out.   I don't trust the banks not to abuse whatever program they touch.   How about we let North Dakota's state bank run the program and cut out the rest?  

          Yes we can, but he won't.

          by dkmich on Tue Oct 25, 2011 at 02:14:49 AM PDT

          [ Parent ]

    •  Oh, I don't know (5+ / 0-)

      Yes, this is going to most certainly help banks.  This statement in the diary says so, actually:

      "Removing reps and warranties has the potential to unleash competition for housing refinance," Sperling said on the call. It makes taking on loans less toxic, and opens up new potential business for banks.

      But, it'll help those individual homeowners that are in dire need of this so as not to lose their homes as well.  I'm thinking it can be a win/win.  Yes, right now even the word "bank" is yuk-city to us, but with proper monitoring and oversight, they can provide a service and be excellent corporate citizens while being up front and honest in their dealings with the public.

      - If you don't like gay marriage, blame straight people. They're the ones who keep having gay babies.

      by r2did2 on Mon Oct 24, 2011 at 01:22:40 PM PDT

      [ Parent ]

      •  Will somebody please explain what bank reps and (3+ / 0-)
        Recommended by:
        jlynne, dkmich, Mrs M

        warranties are being waived and why? I look at this and wonder if what I am looking at is a waiver which allows a bank claiming to hold servicing or the note is being excused from warranting that it owns the servicing or note and in fact holds the right to modify them, so that it may be that the bank with whom the refi deal is being done does not in fact own it or have the right to modify it, and the borrower may be left with two loans, the quitclaim like refi and the original mortgage held by a Trustee for bondholders who consented to nothing at all.  Someone, please explain what reps and warranties are being waived and why.

        This is especially important as the only loans involved are those owned or guaranteed by Fannie and Freddie, and the question at the core is whether Fannie and Freddie are liable to third parties, possibly not the bank doing the refi, as guarantors for the gap between the original amount and payments therein at the interest rate specfied, and the refi deal done by the non warrantee bank who gets the cash.

        •  I think it's a recipe for a further, (0+ / 0-)

          future disaster.  

          "Rules must be binding. Violations must be punished. Words must mean something." President Obama in Prague on April 5

          by jlynne on Mon Oct 24, 2011 at 04:29:45 PM PDT

          [ Parent ]

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