Check out this graph from the Wall Street Journal.
Related post: Do You Qualify for the Bush-Paulson Five Year Fix?
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Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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Sad how a plan marketed as trying to save the people’s houses is really designed to save the lenders….
I would call this plan “marketing” of the political sort. It will save few home owners and/or lenders once you weed through all the exceptions.
Today I had someone contact me who qualifed for their ARM (I’m assuming stated–I did not do the loan) and they say they will not qualify for the adjusted rate and their credit scores are too high!
Bottom line, consumers should not wait to wait to be saved from the government or their lender. They should take action now.
So now that we have sold every thing what next, Should we walk away or try and sell the home. The sad part is we were real home buyers unlike all the investors that shot the market up for evan a small starter home. Somthing that should have been 85k-95k was now 275k we were priced out of the market and the best we could hope for was to grab a plce before our only option was a box at wallmart.
Classified, I think stated income (no real DTI’s) and subprime mortgages that allowed very high DTI’s are more to blame than investors for having home prices shoot up. A “logical” investor would rather pay very little for a property so they can make a return (not all are logical). Over-stated income loans and subprime added more buyers to the market. More buyers meant increased demand and sellers could ask for just about anything.