It seems that Obama's mortgage plan is not as well received as he would have liked.
Homeowners who wrote checks for a significant down payment won't benefit as much as those who took 100 percent financing. Homeowners in states without significant foreclosures will subsidize those in states like California, Arizona, and Florida. And borrowers who initially had affordable mortgages -- but then refinanced during the housing bubble and used their homes as ATMs -- stand to benefit.
Actually the reward for people that saved their money for a 20% down payment and did the right thing aren't facing the stress of foreclosure right about now. Too bad these frugal people couldn't get some sort of tangible reward for their prudent behavior beyond their piece-of-mind. Maybe a waiving of refinancing fees (or a government reimbursement so the bank still gets the cash) if a person paid their mortgage for 5-10 years without interruption or something like that.
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