Rumors on Obama's National Refi Plan

[RICKY]

I know he mentioned it in his state of the union speech. He tried implementing a refi program earlier which failed. I remember getting calls from old borrowers only to tell them they don't qualify. If anyone caught the first episode of house of lies. The end scene pretty much breaks down how his program went down.

Anyhow there is a lot of speculation going on in my industry as to what is going to happen. The mortgage industry is backed by bonds. Owned by people or companies other then the Government. We all know the fed has been buying bonds like crazy for some time now. Are they positioning themselves for something of this nature.

Part of it is interesting to me. As long as they give everyone a chance to write these loans. Banks, mortgage banks, brokers. The fact he mentions fannie, Freddie and private companies does make me nervous.With the way things have been going in favor of the major banks it could cripple 3rd party originators. Who will care about us if it helps the American people. Serious collateral damage.

Or it could all be a ploy to get votes for the election. It Just doesn't seem like there will be enough time to implement and see if this is something everyone can actually do.

Time will tell

[sadelb]

I've been reading a lot about this. That he may use Congress's recess over Presidents weekend to hire a permanent mortgage head. Then let everybody who's been screwed refinance their mortgages at the current rate. He could do this without Congress. Right now just rumors.

[Gspot555]

It was purely a political move Brendan..zero percent of passing as the way it is currently constructed

[beachman]

gov should get out of the mortgage business and as a consumer if you signed a stupid deal it is on you -oh and that goes for our possible VP candidate for the reps-Rubio who has no idea how to control his own spending but is an expert on how the gov should be run-what a joke

[RICKY]

The more I was thinking about it this morning I cannot see there being enough time to implement something like this to see the results before he is elected.

[sadelb]

He doesn't need this to get reelected. The GOP field is doing enough for him. They practically campaign for him.

[RICKY]

I think this speaks differently.