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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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  •  the terms to a loan are agreed upon before (0+ / 0-)

    the loan is issued.  One party can't change the terms after the deal has been made.  I would think that would be obvious.  

    There are definitely people struggling that will not be helped by this plan.  It doesn't fix everything.  However, those who will be helped are also struggling.  There are many people who are keeping up with their payments...barely.  They are on the verge of default, and refinancing will help them.  (the idea that they will strategically default or not is not true of the entire population.

    this is a complicated issue.  There isn't a magic bullet that will fix everything, and there isn't a simple answer that doesn't have consequences.

    Many here seem to think that if a solution may possibly benefit the banks that it is bad, even if it also benefits many people.  There are others that think that it must help everyone or it isn't a good idea.  It seems like to me that people are looking at this problem way too simplistically.  

    •  What happened to the PMI? (0+ / 0-)

      And the Federally underwritten insurance that accompanies gov't underwritten loans?

      All this talk about how the banks got bailed out, and yet they still have foreclosures/losses on the books. Every single one of the house loans that were 80.1% over LTV had to have insurance. Where did it go?

      •  I think you have moved on to another issue (0+ / 0-)

        and it happens to be one that I know nothing about.  Sorry but I can't answer that question.

        •  It's the same issue. (0+ / 0-)

          It's directly related to each and every loan that has an LTV greater than 80% and millions of others that kept paying in after they hit 80% and then got their ratios bumped up because of the devaluation of homes.

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