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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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  •  Same difference ... (0+ / 0-)

    Principal reductions and interest rate reductions achieve similar ends? Warren was enraged that Geithner could not find a way of spending $50B helping people through HARP/HAMP and other programs ... well, he could have done exactly this way back when?

    •  Huge difference... (0+ / 0-)

      ...because refinancing at a lower interest rate forgives nothing.  And it has a long precedence -- back in the nineties, the FHA had a "streamlined refinance" program that allowed those with FHA mortgages to refinance without having to go through a new qualification process or getting their house reappraised.  It was in response to the regional housing crisis of the late eighties that had left a number of homeowners underwater and unable to refinance.

      Political Compass: -6.75, -3.08

      by TexasTom on Tue Oct 25, 2011 at 05:56:26 AM PDT

      [ Parent ]

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