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View Diary: Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat! (280 comments)

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  •  My rate is 3.5%/ 15yr after the latest refinance (8+ / 0-)

    We were never underwater and have excellent credit so our refinance was just a straightforward regular refinance. Nonetheless I thank President Obama for bringing the mortgage interest rate so low- partly due to the QE's, and  partly (not entirely the government's doing) because the capitalists have so much confidence in the US government that they sent the T-bill interest rates to historic lows in the past 2 years.

    We are among the huge number of reguar non-underwater homeowners who have benefited from the spectacular historically low mortgage rates in the last 3 years. Whenever people say "but what has he done for us middle class folks?" I'll just tell them- look at your mortgage interest rate.

    •  I'm in the same boat but I "credit" Bernanke (1+ / 0-)
      Recommended by:
      joedemocrat

      ...with the low interest rates and the QEs.

      I wonder, why do you think Obama had any control? I don't think he has.

      I put credit in quotes since it is yet to be seen if QE is a good strategy for average Americans.

      Had the instant capital of QE been gushed up into the system from the bottom up, rather than down from the top to a little down from the top, perhaps that would have been stimulating rather than like morphine for the heroin addict.

      Either way, I'm glad for joedemocrat.  

      Eliminate the Bush tax cuts Eliminate Afghan and Iraq wars Do these things first before considering any cuts

      by kck on Sun Apr 22, 2012 at 11:47:14 AM PDT

      [ Parent ]

      •  Correct- it is indeed more Bernanke's doing (1+ / 0-)
        Recommended by:
        kck

        The QE's that is. But given that Bernanke and the White House appear to be totally aligned on policy I am tempted to say that they share the credit.

        •  I agree that they're aligned (0+ / 0-)

          ...which I attribute to Obama's deference to Geithner/Bernanke from day-1 which I attribute, good or bad, to Obama knowing this is not his area of expertise. He has no control to shift the FR strategy anyway. I'm remembering back to Volker's painful, contentious reign and assuming Bernanke is at least as much in control, again, good or bad.

          Eliminate the Bush tax cuts Eliminate Afghan and Iraq wars Do these things first before considering any cuts

          by kck on Mon Apr 23, 2012 at 08:18:26 AM PDT

          [ Parent ]

    •  I want to be more specific... (2+ / 0-)
      Recommended by:
      joedemocrat, KenBee
      spectacular historically low mortgage rates in the last 3 years. Whenever people say "but what has he done for us middle class folks?" I'll just tell them- look at your mortgage interest rate.
      I have purchased 6 mortgages all under 4% in the last 3 years which is a extraordinarily positive alternative to the traditional 401k retirement fund. However it's only partially the interest rates creating that positivity. The major factor is the below rock bottom real estate prices of a still high volume of foreclosed properties. Also, the rising needs for rental units. What is a gain for some comes at a loss from others.

      What's driving the settlements is the desperate search for a bottom to real estate prices which is still elusive.

      If you credit Obama with low interest rates (which I do not) then would you also credit him with the continuous flow of foreclosed and severely low priced homes?
       

      Eliminate the Bush tax cuts Eliminate Afghan and Iraq wars Do these things first before considering any cuts

      by kck on Sun Apr 22, 2012 at 11:59:36 AM PDT

      [ Parent ]

      •  I'm not totally understanding your point (0+ / 0-)

        that the high volume of foreclosed properties leads to low interest rates. I don't see why there is such a linkage.

        Also- it is indeed partly Obama's doing that we continue to have this prolonged foreclosure crisis. And yet from another standpoint- the confluence of low interest rates and low housing prices means this is a tremendous time for home buyers and investors.

        •  They're coincident, with some cause & effect (0+ / 0-)

          The residential real estate industry is a key focus of economic malaise...interest rates, and prices, will continue to stay low to spur growth...growth is impeded by the mortgage crisis...

          The rest we're in agreement on.

          Eliminate the Bush tax cuts Eliminate Afghan and Iraq wars Do these things first before considering any cuts

          by kck on Mon Apr 23, 2012 at 08:23:48 AM PDT

          [ Parent ]

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