Who's eligible for the interest rate freeze
Crazy busy today working on a story for tomorrow about the rate-freeze plan -- but now I'm taking a deep breath and putting up a link for everyone who wants the nitty-gritty details about eligibility ... or at least the nittier-than-the-sound-bites. (Why yes, I was frustrated by the lack of specificity at the press conferences; thanks for asking.)
The American Securitization Forum has a document -- called “Streamlined Foreclosure and Loss Avoidance Framework for Securitized Subprime Adjustable Rate Mortgage Loans" -- that you can find linked to this webpage. Happy reading.
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Comments
OF INTEREST TO ME IS THAT THE "FREEZE" IS A FEDERAL TIME BOMB THAT WILL EXPODE IN DUE TIME. WHILE SOME MONEY ADVOCATES SAY YOU SHOULD NOT BLAME THE REALTORS OR THE LENDERS FOR JUST DOING THEIR JOBS, THE NEXT STEP IN GRABING MONEY FROM THE CONSUMER IS TO GO AFTER THOSE THAT STILL HAVE SOME EQUITY LEFT IN THEIR HOMES. THIS LITTLE GOODIE CALLED THE REVERSE MORTGAGE HAS A FEDERAL STAMP OF APPROVAL. BEFORE THIS FRAUDULENT PRACTICE GETS OUT OF HAND MAYBE OUR BIG BROTHERS CAN PUT THIS PLAN IN THE DEEP FREEZER. ALTHOUGH I REALIZE IT WOULD TAKE TIME AWAY FROM THE TIME OLD SAVING OF EDUCATION, THE SAVING OF SOCIAL SECURITY, THE SAVING OF POLITICAL CORRECTNESS, AND THE SAVING OF MARYLAND'S HORSERACING, I THINK SAVING THE SAVINGS IS RELEVENT.
Posted by: ALMARDEN | December 7, 2007 5:07 AM