Most of the mortgage borrowers that were qualified for the Making Home Affordable plan by the Obama administration have refinanced their mortgages by now. Some of them are gamblers who finally gave in thinking that the rates are not going any lower.
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Most great nations, at the peak of their economic power, become arrogant and wage great world wars at great cost, wasting vast resources, taking on huge debt, and ultimately burning themselves out.
~ Kevin Phillips, Wealth and Democracy, 2002
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For many people in the whole world the financial crisis today does not make sense. Probably the vast majority of Americans are confused how this financial meltdown actually started and became this ugly. Moreover, it will even get so bad that forecasts say that America is about to collapse very soon.
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Last Friday on the 5th of March, 2010, Senate Majority Leader Harry Reid proclaims the big day of America, “Today is a big day in America.” The reason for that day being a big day was that “only 36,000 people lost their jobs today”. I am not sure if that fact should become a reason of Americans to celebrate it as a ‘big day’. Here is the full story of his ironic proclamation, click here. Or go ahead and watch him actually say that on national TV:
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With the new credit card regulations in place card issuers have come up with more practices that are unfavorable for consumers. SmartMoney.com Senior Consumer Reporter Kelli Grant tells us about five new tricks cardholders need to watch out for.
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…is an interactive online book written by Robert Kiyosaki to help commoners to understand what is going on in the economic world today, what will happen and what to do (or not to do) in order to survive the coming greatest depression of all time.
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Obama’s mortgage refinancing program called ‘Making Home Affordable‘ program is supposed to expire this June 2010. It was announced in April 2009 and was meant to help 5 million troubled homeowners.
Unfortunately many of these homeowners experienced different problems. Some homeowners could not qualify for the program because they were too deep in debt. The program is also limited to mortgage loans backed by Fannie Mae or Freddie Mac. Many homeowners have second mortgages or private mortgage insurance, which got in the way of refinancing a primary loan. There are reasons for not refinancing because many were not able to afford the closing fees involved in it. Additionally, in many cases it is the lenders’ delay in processing complex refinancing packages for homeowners with secondary mortgages or their struggle to update their computer systems to accommodate the program. As a result only about 190,000 homeowners were able to refinance their mortgage.
Popularity: 5% [?]
Popularity: 5% [?]
