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| cobra de capell |
07-01-2009 12:23 PM |
Obama Expands Loan-to-Value Ratio to 125% for Refinance Program
Obama Expands Loan-to-Value Ratio to 125% for Refinance Program
http://www.examiner.com/x-13480-Phoe...25-loantovalue
Today the US Treasury Department announced an update to allow refinancing of mortgages backed by Fannie Mae and Freddie Mac up to a first lein position of 125% of the home’s appraisal value. This is a level that was previously set at 105% loan to value.
I cannot image going for a 125% loan to value. Our Federal Government must run a really more than passingly strange set of books. |
Quote:
Originally Posted by cobra de capell
(Post 962708)
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where else but gov't can you be trillions in debt and not go belly up. |
| cobra de capell |
07-01-2009 02:48 PM |
One has to wonder if America has not turned into a house of cards.
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| Wayne Maybury |
07-01-2009 02:59 PM |
Quote:
Originally Posted by FWB
(Post 962742)
where else but gov't can you be trillions in debt and not go belly up.
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Or who else can keep on borrowing more to pay off existing debts, on an on-going basis? Sadly, there does not appear to be any sort of viable debt exit strategy. |
| cobra de capell |
07-01-2009 03:54 PM |
Quote:
Originally Posted by Wayne Maybury
(Post 962778)
Or who else can keep on borrowing more to pay off existing debts, on an on-going basis? Sadly, there does not appear to be any sort of viable debt exit strategy.
|
Actually, there does appear to be a strategy - if the owner and the lender think that prices will go up, both are willing to enter into a 125% of value contract - sound familiar?
Here's the interesting thing - what if the owner needs to sell - say in one year due to a job relocation or loss? No one will buy for the mortgage balance, so our Uncle Sam will have to take it in the shorts and the resulting poop will be all over us for year and years. It will take 10 years of more for housing prices to go up, especially in the high impact areas. |
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