Just heard about Obama's new plan to help homeowners re-finance their mortgages. It's about damn time! Y'all know I was turned down from all of the programs because I was making too much money and not making enough at the same time. I am also penalized because I am self-employed. But, I have paid my mortgage on time and have excellent credit. I'm tired of getting the short end of the stick. Well, my mortgage broker called me within hours of the announcement ready to talk about what can happen and how this program could possibly work for me.
I say hallelujah, but others are not so happy. I really get that this is just somewhat of a stop gap and that it doesn't address the underlying problems in the economy. I think this is the case. However, I like many others who actually did the right thing like: putting 20% down, not buying the most expensive house on the block, having some savings, keeping my credit rating high, not buying at the peak of the market (though no one knew how low it was going to go). I and people like me, have been penalized because we're not in "distress". Then they just wait until we are in distress and say,"Now we can help you…oh..wait, oh no…we can't. You're credit score is too low." Or some other excuse. I know people who make good money yet can't get a loan.
Does this plan address jobs? No. Does this address the underlying banking issues? No. Does it let banks off the hook by guaranteeing loans, subsidized by the US taxpayer? Yes. But something's gotta be done. No one will work it out in our dumb ass congress because it's political season and they gotta hunt some Wabbits rather than figuring out how to make the economy work.