Stoppin Thewar


I want to open up some discussion here. You see, I have reason to believe that the current mortgage crisis was either intentionally planned or a colossal mistake the likes of the stock market crash. Allow me to elaborate:

Years back, a new and wonderful thing came about in the world of mortgages, the “refi”, which we have come to know as the refinance. For those of you out there familiar with this, people where allowed to refinance into adjustable rate mortgages and get cash out against equity. This program was signed off on by the powers that be that oversee the mortgage and banking industry, a key player is the Federal Reserve Board (to be referred to as FRB forward)
Knowing full well that the FRB was going to tinker with the rates down the road, they locked an unsuspecting public into mortgages that not only extended the amount of time they are paying for it, but ultimately added on thousands and thousands of additional interest, some of these folks have had adjusted interest to the point that they loose the house to foreclosure.

The increase in base gas prices has driven the cost of everything up, allowing less spend able income to through at interest.

The bottom line is who is this effecting? FAMILIES who are working themselves to the bone and loosing their homes, which is only going to mean more troubles later as they go into later life with no equity, forced to rely on a social security system that is far from adequate and less than appropriate.
What I am getting to, is these couple of points here and there the FRB threw at the public knowing darn good and well that the 5 year readjustment period for the refinancing mortgages coming up was, well, dare I say it would have taken forethought, and therefore malice against the poor, to intentionally put huge amounts of property back on the market for far less than inflated values, only to get them financed with some other person, just compounding the interest that is being made from the suffering of the hard working Americans.

THANKS CONGRESS FOR NOT CARING!!! Congress is so wrapped up in foreign affairs (which is the presidents job) that they are completely ignoring a domestic crisis. Too busy running for office I imagine…

Personally, I think interest should be made illegal, and that would be the end of it.

What do you think?

BiDeLiEv


Any experts out there? I just had a mortgage broker at Chase tell me that they are expecting them to go to “Carter-Administration” levels: 10-12%! Was he just trying to scare me into refinancing with him? Could it really get that bad???

Jak K


By home loan I mean a home loan and not a personal property loan like on a trailer home/manufactured home in a trailer court. I qualified for a home loan and I want to keep it cheap, so I want to purchase a piece of land and a manufactured home. Wil this work as a home loan if its on private land?
Wow, there is quite the array of scams out there! Why would anyone take out a loan from the internet without talking to someone face to face?

trsummit


I would need to get a loan of $30,000 per year to cover the costs of my mortgage and other bills until I graduate. Are there any loan companies that would loan this amount? Would the loan company continue to do this until I graduate?

cleo


I am 1 month behind on my mortgage and they have cut my work hours. I send a letter to mortgage company to see if i could get modification and the told me NO. Can any one help with a place that would help with the mortgage payments. I cannot refinance because of my income.
Also forgot to state I had a 2nd job but because of my health i could not keep it worked 2nd job for 4 months

ssfblackmagic


Scenario: 1st. mortgage owed is $42,000.00 at 5.125% and 11 years left to pay off. Also a HELOC owed is $22,500.00 at current rate of 4% for 16 years to pay off.
Max cap is 12.9% on the HELOC.
I want to refinance to a new 10 year mortgage combining both at 5% for $68,500.00. Zero points. (Closing costs of $3000.00 rolled into new mortgage).
Am I making a smart move?

Christian T


I am 19 and I have some credit but not much, and I am about to start school in march and I am in need of a card I have already used my student loans for school, and I need one more loan to help me get a car.

My question is does anyone know how I can get a Loan or a place that will give me a loan with no co-signer, My parents do not have a very good credit history so they dont even bother trying to co-sign because they are pretty positive it will get denied what can i do school atarts for me on march 9th and I am carless???

-Christian-
the email you sent me didnt work??? are you sure you spelled it right??

-christian-

Banala Y


i have got admission at UK university’s i have try ed for education loan for 15lacs but all banks need collateral security or immovable assets i don’t have any assets so can any body tell which is the right way to get a loan with out all these.

Bster13


If I want to buy a house for $100k or refinance a $200k house with $100k left on the principal balance, why do the rates differ? I’d still be getting a mortgage for $100k either way, no?
***So generally refinances should get lower rates, correct?

lela1026


I applied for a student loan through a private bank and recieved a conditional loan. Does that mean agreeing to things such as the intrest, repayment, or upon graduation and things of that nature. I am happy b/c I had been turned down for other loans or was required to have a cosignor. What does this mean?