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Two big questions loom over the Obama administration's latest bid to help troubled homeowners: Will it work? And who would benefit?
By easing eligibility rules, the administration hopes 1 million more homeowners will qualify for its refinancing program and lower their mortgage payments — twice the number who have already. The program has helped only a fraction of the number the administration had envisioned.
In part, that's because many homeowners who would like to refinance can't because they owe more on their mortgage than their home is worth. But it's also because banks are under no obligation to refinance a mortgage they hold — a limitation that won't change under the new plan.
Here are some of the major questions and answers about the administration's initiative:
What is the program?
The Home Affordable Refinance Program, or HARP, was started in 2009. It lets homeowners refinance their mortgages at lower rates. Borrowers can bypass the usual requirement of having at least 20 percent equity in their home. But few people have signed up. Many "underwater" borrowers — those who owe more than their homes are worth — couldn't qualify under the program. Roughly 22.5 percent of U.S. homeowners, about 11 million, are underwater, according to CoreLogic, a real estate data firm. As of Aug. 31, fewer than 900,000 homeowners, and just 72,000 underwater homeowners, have refinanced through the administration's program. The administration had estimated that the program would help 4 million to 5 million homeowners.
Why did so few benefit?
Mainly because those who'd lost the most in their homes weren't eligible. Participation was limited to those whose home values were no more than 25 percent below what they owed their lender. That excluded roughly 10 percent of borrowers, CoreLogic says. In some hard-hit areas, borrowers have lost nearly 50 percent of their home's value. Another problem: Homeowners must pay thousands in closing costs and appraisal fees to refinance. Typically, that adds up to 1 percent of the loan's value — $2,000 in fees on a $200,000 loan. Sinking home prices also left many fearful that prices had yet to bottom. They didn't want to throw good money after a depreciating asset. Or their credit scores were too low. Housing Secretary Shaun Donovan acknowledged that the program has "not reached the scale we had hoped."
What changes is the administration making?
Homeowners' eligibility won't be affected by how far their home's value has fallen. And some fees for closing, title insurance and lien processing will be eliminated. So refinancing will be cheaper. The number of homeowners who need an appraisal will be reduced, saving more money. Some fees for those who refinance into a shorter-term mortgage will also be waived. Banks won't have to buy back the mortgages from Fannie or Freddie, as they previously had to when dealing with some risky loans. That change will free many lenders to offer refinance loans. The program will also be extended 18 months, through 2013.
Related: White House tries new tack on housing
Who's eligible?
Those whose loans are owned or backed by Fannie Mae or Freddie Mac, which the government took control of two years ago. Fannie and Freddie own or guarantee about half of all U.S. mortgages — nearly 31 million loans. They buy loans from lenders, package them into bonds with a guarantee against default and sell them to investors. To qualify for refinancing, a loan must have been sold to Fannie and Freddie before June 2009. Homeowners can determine whether their mortgage is owned by Fannie or Freddie by going online: Freddie's loan tool is at freddiemac.com/mymortgage; Fannie's is at fanniemae.com/loanlookup. Mortgages that were refinanced over the past 2½ years aren't eligible. Homeowners must also be current on their mortgage. One late payment within six months, or more than one in the past year, would mean disqualification. Perhaps the biggest limitation on the program: It's voluntary for lenders. A bank remains free to reject a refinancing even if a homeowner meets all requirements.
Will it work?
For those who can qualify, the savings could be significant. If, for example, a homeowner with a $200,000 mortgage at 6 percent can refinance down to 4.5 percent, the savings would be $3,000 a year. But the benefit to the economy will likely be limited. Even homeowners who are eligible and who choose to refinance through the government program could opt to sock away their savings or pay down debt rather than spend it.
How many homeowners will be eligible or will choose to participate?
Not entirely clear. The government estimates that up to 1 million more people could qualify. Moody's Analytics says the figure could be as high as 1.6 million. Both figures are a fraction of the 11 million or more homeowners who are underwater, according to CoreLogic, a real estate data research firm.
Who will benefit most?
Underwater homeowners in the hard-hit states of Arizona, California, Florida and Nevada could be greatly helped. Many are stuck with high mortgage rates after they were approved for mortgages with little or no money as a down payment and few requirements. The average annual savings for a U.S. household would be $2,500, officials say.
When will it start?
Fannie and Freddie will issue the full details of the plan lenders and servicers on Nov. 15, officials say. The revamped program could be in place for some lenders as early as Dec. 1.
Related: Obama offers mortgage relief on Western trip
President Obama's new foreclosure plan will assist a limited number of U.S. homeowners underwater, yet does nothing to address the six million borrowers who are behind on their payments or are in foreclosure. CNBC's Diana Olick explains.
Leave a Comment:
It's a joke and always was and always will be because the banks fight you every step of the way claiming you didn't complete the documentation, missed a paper here, or there, and just plain make life hell to stall baby stall so that they can avoid refinancing anyone who is underwater.
Why would they since most of those underwater at some point are going to default anyway if their jobs are transferred, a divorce, your laid off, medical bills pile up, etc. The only thing that will work is for a mandatory refinance at the true value of the home (reduced principal).
This is why bankruptcy is a joke for those with secured loans because they can't escape that negative value and it's why so many people are completely turned off into buying a home at all now-it's simply too risky as few people can keep a job 15 to 30 years. The program will fail to help more than a percent or two at best and it's just another gimmick that Obama is trying to use to get reelected and nothing more.
You hit the nail on the nail head.Repubs and democrats are playing games to get elected----we need them out of there.Ill vote Obama at least HE IS TRYING.The No party can take their Tea baggers back to the sewer where they came out of.
Hope it helps people, like my brother, but not sure what the motivation would be for a bank currently holding a mortgage to apply HARP. If the current bank has a Freddie or Fannie guaranteed loan, what do they care if the house goes into foreclosure? They are "covered". Seems like a different lender would have to be gone to, who would like to do a refi, and do it under HARP.
Good luck to those who can save their homes...and hopefully avoid foreclosure for the sake of their neighbors' property values.
What would be the motivation for a bank to refinance a loan that is current at a lower rate? I know it is a Monday but I can't seem to grasp why any lender would agree to less interest on a mortgage that is being paid on time.
Jim
TRYING is not enough. This is the problem we have, a Chicago community organizer leading our country, and stinky people worshiping their master.
Like Dick Cheney said, SO!
no matter how much I dislike Obama, I can't go back to my republican party as long they put up with the Tea Party. SO I'm stuck with having to vote for Obama, unless Huntsman wins the primary.
Rick,
So what specifically do you not like about the Tea Party?
The banks always find a way to skrw you over even when everything can be verified they then sink you with the appraisal which invariably comes back even lower than the property is actually worth.
Which begs to question whether the appraisals are actually being used as the last stacked hurdle against the homeowner who is trying to refi so the refi does not happen? You know that old two step... bank pretend they are helping the home owner when they are not, but on the other hand the banks now have documentation to show they tried but it is really really really the homeowners fault blah blah blah...... this way the interest rate remains high etc.
What about home loans/ mortgages that were not through FHA?
What about homeowners with conventional (with doc or no documents) 20% down non FHA loans? Will this new program help these homeowners?
Enquiring minds want to know.....
Anyhooo, any thing that help folks to stay in their homes and at a lower interest rate is something positive imo.
This doesn't really help the people who need it the most. The economy, and jobless people who have been trying to save their homes are likely behind some mortgage payments. This plan throws these people under a bus, and offers no help! People who are current, and have no late mortgage payments for the last year probably don't need the help as much as the people that are behind on payments. Mr. Obama, how does this plan help the poeple that went behind on payments if you are automatically disqualified from this new plan because of late payments? What a joke!
Rick
You are a RINO, the kind of Republican that took the country down during the Bush era.
It's a little hare to use this program when both you and your spouse lost your jobs because of this mess. What the banks should do is let everyone take 6 months to a year off from paying on a house that is upside down. Of course the bank will argue your house isn't upside down and there for put up another block road. You don't start over when you're rich, you start over when you're poor and let the banks/appraisers eat what they created. Thank You, Country Wide, etc...
Banks won't loan to a person with less than the most stellar of jobs. A person with reduced employment even if up to date on all cards and their mortgage, and even if the equity is +75%, will not get a loan.
Banks don't want to do the re-fi game. Why would a bank be eager to refinance a home with up-to-date payments to a lower percentage rate, and earn less money? Besides, the credit card game is far more lucrative. Since under this "plan" banks are still not required to extend a loan, why will they? Only marginal lending institutions will move into this market, if you can call it a market.
BOA, for example, may see this policy as and extension of the bail-out if the President expands this to include borrowers that have not kept up with their payments, and if the President expands to include foreclosures already underway.
Taxpayers will repay through taxes any give-aways by Fannie or Freddy.
Too many "green" energy grants are turning to crap. I mean, Solyndra, Fister, and more are a waste of Billions and complete frauds that haved lined the pockets of Obama's 2008 campaign contributors.
Obama is responsible for Fast and Furious.
I would love to see every homeowner in this country stop making thier payments for 6 months to force the bank, the govt to reduce principal to market value to all and to give all 30 years 2% loans that is the only way this country will get out of this mess i am probably wrong but it worked for me i stopped paying for 6 months and told the bank to take thier 250k underwater house they gave me a loan modification 30 yrs 2%show more show less
Well, it's not a joke. It really is the real deal. I was offered this program under the existing conditions. When I received the offer, I said this is to good to be true, so I was going to shread the offer. But I decided to Google it to find out about the scam I was being offered. To my surprise, it was the real deal.
My out of pocket expense was $00.00 and my payment was reduced by $224.00 per month. The things I didn't like was you could not nagotiate and other people received a lower interest rate than I did.
Nine out of ten people will not quilify under the new program, but 10% will get a good deal.
If you get the opportunity, check it out first. Don't get scammed.
Well, it's not a joke. It really is the real deal. I was offered this program under the existing conditions. When I received the offer, I said this is to good to be true, so I was going to shread the offer. But I decided to Google it, to find out about the scam I was being offered. To my surprise, it was the real deal.
My out of pocket expense was $00.00 and my payment was reduced by $224.00 per month. The things I didn't like was you could not nagotiate and other people received a lower interest rate than I did.
Nine out of ten people will not quilify under the new program, but 10% will get a good deal.
If you get the opportunity, check it out first, don't get scammed.
It's a step in the right direction, that's what it is.
Select people who can qualify will be helped, and that starts the momentum.
Momentum has a way of inspiring another idea that complements the last one, and that's how a push towards repairing the cluster &^%$ the last administration left the housing industry in.
If anyone has a better Idea Post it, maybe the White House will run with it.
So be creative enough to go around, over or under the do nothing/obstructionist like President Obama must do to help even the few he can with this.
dkitchen: How were you offered this program when it's not supposed to be offered until Nov 15th?
The program has been around for at least a year. But you where always capped at 125% ltv.
i m 62 with a mortgage of9.5 with us bank they will not work with me at all i m also in chapter 13 but have a good job and plan not tp retire any time soon can anyone out help before i give up my house thanks
Another stupid policy
Debt is evil.
then don't get in it morons.....
I just found out that "mae" owns my mortgage.
I never signed up for any federal babysitting program - how embarrasing as the head of household. I'm ashamed to tell my family.
Rickeroo....All mortgages that are being done are supposedly guaranteed by Fannie or Freddie i.e. government backed. Come to think of it all mortgages are covered/guaranteed by Freddie or Fannie these days as before.
With the mortgage bail out for the banks the socalled 'toxic' mortgages were taken off the banks books by Freddie or Fannie if I am not mistaken.
The crazy part of this whole situation is that the citizens of the USA are now the ones who own/guarantee these loans. The loans of even these foreclosed/short sale homes belong to the citizens of the country through Freddie and Fannie, yet it seems that the banks have more say than the masses who now own these mortgages i.e. written off toxic assets (mortgages) that are in the Freddie and Fannie portfolio. The banks are the ones getting the benefit from both ends i.e. the write off and the now ownership of actual properties through the forclosure/short sale... LOL
Talk about nationalizing the mortgage debt and loss while the profits are privatized i.e. banks benefit/profit.
What a mess.......
Americans need to stop or fight the old 'short attention span' crap that the media keep trying to push upon us.... they say it all the time... Americans have short attention span, they can only absorb info in 'sound bites'.... LOL
Learn to read long articles and think for yourself.
The main stream/beltway media is not like it used to be pre 2000s. Back in the 1990s and earlier there were actually real investigative journalists that were trustworthy imo. There are very few now that fit that mold these days from the look and sound of things....
Back in the day even Limbaugh and Riley had something of value to say until they sold out and are now paid shills for big money, busy talking Faux crapola, while busily covering their own hiney and their personal wealth and continued paychecks.... LOL
Now we have the many talking heads and opinion givers passing or attempting to pass for serious journalists and serious journalism since the 2000s. Understandable really.... most of these folks like the many in the masses are scared of being locked up sans cause, or being set upon by the PTBs and their reach into our govt and judicial system, for telling the truth about the financial debacle etc, especially now with the patriot act and all the other rights that have been taken away in the guise of keeping the country safe. LOL Wasn't a journalist thrown in jail or threatened with jail time during the mid 2000s for not giving up her source while others were are rediculed?
Why do you think there is very little info by the mainstream/beltway media outlets about the OWS protests all over the country? Imagine , the teabaggers got more coverage even when there was only a few of them with ignorant mis-spelled signs and slogans.... Oh I forgot...they DID have GUNS, assault rifles/weapons ... So, ok I get it... what they were saying was not important, it was what the guns/weapons were saying....Hmm...
Ok...let me zip my lips and pocket my fingers. I am stepping away from my keyboard s l o w l y....
It isnt going to help anybody.Another idea gone wrong
Why not open it to everyone- why exclude those that have refi'd in the last 2.5 years- I have a 5% loan would be great to get a 3.5% 15yr loan- I used the HARP 2years ago and only saved .25% on my interest rate- again Obama playing favorites- I am still underwater and I put 20% down when I bought the house
Waiting for failure.........
"It's voluntary for lenders. A bank remains free to reject a refinancing even if a homeowner meets all requirements"
Business as usual...
This loan doesn't need to be originated by the original loan servicer...any broker or lender can do the loan...there is almost no chance that you would be rejected if you qualify.
Yeah but let's see if the lender's get on board, though it would seem that they won't have any "skin in the game" so they probably will. Once again though if they don't, that means Fannie/Freddie(taxpayers) are on the hook for the ones that default.
I'm keeping my fingers crossed that it can help and add some spark to this stalled economy. Someone is going to make money out of it, untill we see the details it's hard to say who benefits most. If anything, maybe it will help put a few folks back to work somewhere. We all know that no plan is ever in place for the common good. Just follow the bouning dollar.
Obama benefits most - otherwise he wouldn't do it.
What about the millions of people that are told NO since they have PMI financed into their loans? Is that addressed in this new plan? Maybe if the politicians would actually listen to the people instead of worrying about being re elected things would be better overall!
I am interested to see if they addressed this as well. I looked real hard for it and they didn't mention one word of it.
More of the same gimmicks that got us in trouble- ease the requirements so more people qualify, ignoring the fact that if there if there is no income they will inevitably fall behind. We need JOBS not more little tricks of hand that end up fixing nothing and can potentially be more harmful. What was the percentage of people that participated in HAMP when ahead and fell behind again? It was close to 2/3.
helping those that don't really need help, what a crock..this commentary ain't really worth anyone's time..politics & policies suk ...that's, that's all folks......
Who is paying for this? The 50% who pay taxes, right? The Government=The Taxpayers.
So let me see, I can't make my monthly payment on my $200,000 loan, but by reducing the payment by $250 a month, I can now afford the payment! This is so much crap!!!!! Another "free money" program by BHO. If you can't make your payment lowering the payment by $250 isn't going to make a difference.
Great. At least Obama cares enough to help the middle class. The right wingers are out to destroy the middle class by blocking lesgislation that will help them.
Great, let's just bowl down to your dictator and get away with Congress and all the other LAWS.
Just another speech for votes, why can Mr. O. have a real "plan"? Why he allways talk about and then force an issue and nobody sees a "plan" until latter, after some ideas fly around? Could be that he never has a plan and waits for the reaction? And, of course, let's rush it because it's an emergency!!
It's a gimmick, the same proiblem that took us here, no appraisal, no fees,...etc. Why a lender should lower the principal if he gave the money to pay for a collateral that you said was worth and now let's lower that collateral because you siad so, right? Would you expect to pay less for your car because its not worth the same as last year? Can you imagine if everyone returns their cars because they're "under water"? It would be fair, right?
Niko Man - what would your "real plan" be?
Utterly useless. Im self-employed and I was basically told that there is no way, despite NEVER missing a mortgage payment that I would be allowed a refi (forget a new loan, despite the fact Ive sold two other places in my life) since the requirements now are so onerous that virtually no self-employed people without YEARS of income liquid in the bank would qualify.
Im infuriated that this is just another painfully useless program offered up by Geitner and the freak-show at Treasury that has been bought and paid for by the financial interests who are the ONLY ONES whose interest is being represented here.
Outrage is only the beginning of how I feel about this.
Time for all of them to go.
J
Although I agree with your sentiments about ousting the lame politicians like Obama...
For self employed people, there is a downside to writing off all your revenue and showing no income...it IS much tougher to get a loan when you show no actual income and pay minimal taxes, that's the trade-off. If the stated income and bank statement programs hadn't been so abused in the previous housing boom, they might still be around.
My house and property are all paid for, where is my refund or tax break?
Enjoying the change ????
Stormrider,
You did things right so therefore you must now help all the people who did it wrong. What were you thinking? Are you one of those awful rich successful people?
Storm, @ #16... at least with less homes being forclosed upon and going for balance owed or less than balance owed under a short sale ...... your paid for home will lose less value.... which is a good thing.
You never know what will happen in life....
What would you do if you have to sell your already paid for and probably improved home?
Wouldn't you prefer to get some of that money that you spent improving the home back?
Wouldn't you prefer to get back some of your equity in your home or even the original purchase price, instead of just the amount you can get which would no doubt be the value of the last house that forclosed/short sold in your area?
Let say you bought your home for 400 dollars a long time ago... made improvements costing say 75 dollars total over the years...... what if the only amount you could sell your home for is 275 dollars, because the forclosures and short sales have depressed value in your area...would you be happy with the 275 dollars rather than say 475 dollars which might be closer to the real value of your home or get back at least the original purchase price of 400 dollars?
Oddly enough that is what is happening these days.... appraisals are showing very depressed values on homes because of the forclosures and short sales. Sad but true.....
Personally I would sooner the forclosures and short sales are stopped and folks are able to continue to live in their home paying their mortgage even if it is at a lower interest rate for them. Because that serves to stablize home values and although I may not get my original purchase price plus a smidgin of equity, at least I may be able to get at least 90 odd % of the original value/purchase price rather than maybe only 50% or so which is what is happening now in some areas.
Helping others sometimes have it rewards.... :)
The Military Retiree is screwed again because VA loans don't qualify for any of those programs even if we are up side down on our mortgage and have a 2nd mortgage.
VA has a program called the Interest Rate Reduction Refinance Loan that is a streamlined refinance...this program does not care if the property is worth less than the original purchase price.
Why are the people that prosper and "play by the rules" penalized?
Obamanomics !!!!
Hmm, seems to me that the ones who got a house with nothing down has very little to lose. For many years after closing, the vast majority of the bank payments are interest which adds little to the borrowers investment. If they can continue to make the payments and want to, go for it, if not default.
As we all aware of the saying , to make President Obama a one term President. The present slow of the economy is artificial. The electorate would need to tell the congress that those that are responsible for the present economic woes pay the price.
It is too bad that some choose to post a comment, even when they know very little on the subject. I work for the real estate title industry. HARP/ and HAMP have helped people to refinance, and maintain jobs for those in the real estate finance industry. No program will ever help all that have suffered here. The loss to begin with was too great. At least President Obama is trying to do something, without the help of the obstructionist Republican Congress. No, the banks don't have to cooperate, however too bad that no one has the balls to remind them of WHO bailed them out, say TARP anyone? Oh, that was GW that signed off on that one. Too bad that the Republicans would rather take the USA down the economic toilet, destroy even more middle class lives, just in order to get rid of the "black man" in the White House. I call that even more unpatriotic and shows how much you hate this country! If the Republicans in the Senate, wouldn't have filibustered every bit of legislation that the Democrats tried to push through to help homeowners, then things might be better now in the housing industry. At the risk of more hardship for the American people, Senators like Mitch McConnell from Kentucky, will keep playing around with American's lives and fight every bit of the way to make sure that Nothing gets done or passed!! I think Senator McConnell needs to go. Him and all the other USA Haters! Take your Tea Baggin' Koch Bros friends with you! Oh, and let's not kid ourselves about the racist card either. Good Ole Boys just can't stand it and want to "Take Their Country Back" , Really, gimme a break, please!
I guess you mean people who know nothing like yourself. Obama doesn't care about the middle class. He wants the middle class to be poor so you'll vote for him and his free giveaways. Dumb Dumb Dumb....
The real truth is that TARP was a failure and most of the big banks were FORCED to take TARP funds and didn't use them...Also, bailout implies that the money wasn't paid back...that is the fallacy of the general populace- the big banks paid back the TARP funds with interest. Direct your ire at those who didn't pay back the TARP funds...A.I.G. for one. Also lax guidelines and policies by FNMA and FHLMC can be attributed to some of Obama's close friends and advisors...you can't completely blame Republicans for that.
Guess again, abc - TARP returned a profit to the taxpayers. Stop reading headlines from a year ago and look at the current numbers.
So, where were the Obama gang for the first 2 years fo his presidency where he had a 60% majority in the Senate and enough majority in the House to pass anything he wished? Why didn't the "middle class savior" fix the economy then? Or helped the needed people at that time?
Where's the "president" of americans? He's the "president" of the democratic only?
But sometimes there's less than meets the eye. Generally, banks that repaid CPP funds did so with cash raised from earnings, or by raising new outside capital. In finance and banking you always have to read the fine print.
All of which is to say that these banks repaid cash owed to a program run by the Treasury Department by. . . borrowing from another program run by the Treasury Department.
And if you go back to the report, you'll notice that the fine print accompanying the entries for each of the above exits makes reference either to Footnote 49 or Footnote 50. Footnote 49 reads: "Repayment pursuant to Title VII, Section 7001(g) of the American Recovery and Reinvestment Act of 2009 using proceeds received in connection with the institution's participation in the Small Business Lending Fund." Footnote 50 reads: "Repayment pursuant to Title VII, Section 7001(g) of the American Recovery and Reinvestment Act of 2009 — part of the repayment amount obtained from proceeds received in connection with the institution's participation in the Small Business Lending Fund."
What about those that followed the rules and didn't get in over our heads? Are we getting a tax break?
No you have to help the people who didn't follow the rules.....it is the new revised "American Dream".
Obama - what can you do for savers? We are being punished for being respsonsible citizens. How about a saver bailout - say at least 5% interest on our money.
Want the program bigger? TELL CONGRESS
Want more families covered? TELL CONGRESS
Want banks to agree to refinance your loans and they won't? TELL CONGRESS
Tell them why their non-involvement in the economic issues that impact YOUR life is what is making your life miserable. TELL Congress. They won't DO a dang thing for you, but at least you wuldn't be telling people who DON'T have the power to help you and dumping on the ones who could if they really gave a rat's....
Gramma really does know.
I still think the "Occupy" folks should have been circulating petitions to get a grassroots initiative on the 2012 ballot - TERM LIMITS for Congress.
Cassandra et al... Re campaign reform (imo 11/24/11) First thing that is needed is the 1 person 1 vote so that the popular vote is the only vote that counts. The Electoral College needs to go period. That is where the problem begins.
Why should some States have more power than others at who is on the ballot to run for President?
Why should some States have more power than others (by the amount of electorial college votes they have) at who wins the general election to serve as President?
Why should these States with their high electorial college votes determine the outcome of the election contrary to the popular vote?
Why should States that have a larger population bow to the wishes of States who have smaller populations in the 21st century?
This is the problem..... the way things are ... your vote do not really count. Red States Electoral College votes goes to the republican candidate and the Blue States Electoral College votes go to the democratic candidate, while Purple States can divide their Electoral College votes between the candidates, if I am not mistaken.
That is why we have supposedly RED States, BLUE States and Purple States (the neither nor/either or states) now as opposed to just the United States of America where all votes count.
See the problem? If this is not changed then there is no change, because we already have a form of term limits already. Unfortunately folks keep voting these same people into office over and over again and our leaders are buyable through donations.
By the way there need to be perhaps a 4 year term limit rather than a 2 year term limit for the House of Representatives..... because as soon as these folks get elected they spend their time campaigning for another 2 year term rather than doing the nations business. Senators have a 6 year term if I am not mistaken. Perhaps their term should be shortened to 5 years.... LOL
Anyway these polititians should only be allowed to serve 2 back to back terms (like the President) and then must have a cooling off period of say at least a term before the polititian can run again for their previous seat/place in Congress.... LOL
(dated above so I can see if my opinion changes with time)LOL
Question... Are the folks voted in at the local level i.e. State, county and city far more important in the scheme of things, than who is voted in at the Federal/Congress Level? Oftentimes those at the local level go on to national (Congress) taking their baggage with them.... Folks should remember that.....Hmmmm LOL
Okay Obama, here's the fix: The US govt itself offers to refi anyone's loan at a flat 4%. The bank is paid today's market value, Uncle Sam takes care of the rest and turns a profit to boot. This means a real bailout to the real american homeowner, not saving corporate greed. Can anyone object to that? Oh, and if you object, please just ...shut up.