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QE 2.0 Or QE 1.999: GSEs And FHA Are Preparing Auto-Refi Program Taking Millions To Current Market Rates Overnight
The main story making waves this afternoon is the presentation by St. Louis Fed's James Bullard titled "Seven Faces of The Peril" in which the Fed president pledges that the Fed should immediately recommence purchasing Treasurys if the deflation scenario picks up, which he notes is an increasingly likely probability. In the paper, Bullard argues that the Federal Open Market Committee’s extended period language may be increasing the probability of a Japanese-style deflationary outcome in the U.S. within the next several years, and concludes that an appropriate quantitative easing policy offers the best hope for avoiding a low nominal interest rate, deflationary outcome. "The U.S. is closer to a Japanese-style outcome today than at any time in recent history...A better policy response to a negative shock is to expand the quantitative easing program through the purchase of Treasury securities.” While of course keeping up a facade that the Fed is in control, Bullard does speculate about the downside case: “The most likely possibility from where we sit today is that the recovery will continue through the fall, inflation will start to move up and this issue will all go away. Suppose we get another negative shock, another surprise. We have to be prepared in that event to have a plan in place to do something." Yet all of this is in the sphere of probabilities of QE2.0 and for now at least, is something to consider in the intermediate future. Yet something far more sinister may be brewing just below the immediate horizon. As Mark Hanson suggests based on speculation by both MS and ML (oddly enough released concurrently, MS report attached below), the GSEs and the FHA may be preparing to imminently launch an instant auto-refi program which would take millions of borrowers to current market rates overnight! In the process $45 billion of consumer savings would be created. Welcome QE 1.999.
More from Mark Hanson:
There are millions of American's with rates much higher than market rates who can't refi due to lack of equity or income needed to qualify for a new vintage loan. Or, because after all of the new vintage loan level adjustments to the rate and fee structure for being less than perfect it makes the current 4.5% rate into a 6% rate taking away any benefit. We have discussed all of this ad nauseum over the past couple of years.
Their solution is to quickly identify all of the borrowers who are making payments on time and send them a one page refi form, which instantly takes their rate to current market. There would be a few other borrower hurdles but not many. The savings to the home owning consumer would be about $45bb per year, more than the cost of the recent extension to unemployment benefits.
This rumor has a lot of credibility behind it -- all of a sudden copycat reports come out from two credible mortgage shops and GSE premium coupons (5.5% to 6.5%) took a beating this morning -- down 4 POINTS on average. This is because these would get crushed if an auto-refi program was announced.
On a side note if this were suddenly announced it would be coupon chaos crushing the massive number of speculators in the premium coupons, which happens to be just about everybody now days.
If this happens expect all those mortgage owners who have never been delinquent to suddenly become huge fans of the Fed, while as a group saving $45 billion: money that will gladly flow into such much needed GDP inputs as iPads and hookers.
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LOL... wow... Let the bread and circuses continue...
What are you talking about, random named random comment maker?
zerohedge takes being negative to a whole new level.
if i am wrong...point out one positive thing on the homepage?
none. ill leave now.
on with your negativity....its good for the soul.
dumbasses.
It's because of IDIOTS like you that I am a millionaire... so keep having a lack of understanding on how things work in the real world and please try to encourage more people to be like you... because the more like you out there the more money I will make... I was short your house and your life back in 2008, I was short your 401k back in March of this year and I will be short again on it sooner than you think... you would not be able to see me but one day you won't have a thing left... becuase I came during the night and I took everything from you....
Because of this... I salute you
Your ideas are intriguing and I would like to subscribe to your newsletter.
LMAO!
lol...1. DOUBT IT.
2. DOUBT IT.
3. u dont own shit..because you are already owned.
You've been here 39 weeks (and 1 day) and yet you've only posted comments on 34 articles. Keep trying to ride that bicycle and pretty soon we can take those training wheels off for you.
What's up with all the creepy voyeurism?
I'd like that question answered.
Voyeurism?
Why don't you ask Tyler why he gives everyone the abilty not only to see how long someone has been registered on ZH but what articles the person has commented on and even track the persons page views on ZH. Click on the ID and you will see what I'm talking about. This has been the way it is since ZH moved to this site over a year ago.
It is my understanding that this was done by Tyler to allow everyone to see what any person has said in the past in order to hold that person accountable for their positions. For example, if I said 2 weeks ago that I favored QE 2.0 and today I said it was rubbish, someone would be able to pull up my past comment and stuff it up my nose.
Since this board is not monitored by Tyler and I haven't seen Marla around in the comment section for 8 months, there are no adults holding people to even a minimum standard of accountability. This is why I suspect Tyler gave the community the ability to self police as far as accountability for past comments. If someone has a history of comments that are traceable, it's easier to hold that person accountable for what they say.
Why don't you e-mail Tyler and ask him to remove the feature if you don't like it. It's no different than being able to see everything an author has written on a news site or using a search engine to see what someone has written or said in the past. Explain to me how having you words accessible to support or contradict you creepy? And why using the tools on this blog creepy? Since everything I write can be seen by you and everything you write can be seen by me, what's the problem? I have no problem with anyone seeing what I have written in the past on this site.
BTW ZH was much smaller and everyone knew each other a year ago. There was a core of people who commented all the time and the search feature was helpful not only for others but for yourself in finding something you posted and wanted to find again. ZH is a very different place today, including the people who now post here. Many of the old regulars have left because they don't like some of the changes.
Were you weeping when you wrote that?
Yup, for you and all the other newbies. Now that's creepy.
LOL!! F-ing awesome! LMAO!!!
Cog Dis
Personally, I wouldn't rummage through someone's underwear drawer, just because the door was left unlocked, but to each his own I guess.
But yes, the disappearance of the old timers has been curious. I miss Project Mahem and deadhead. I see Andy came back, but not nearly with the enthusiasm from before. I always assumed people left because of the tenor of this new crowd, which leans more towards anger and wild conspiratorial beliefs, but maybe that is merely the effects of a drawn out meltdown.
No disrespect towards you is intended, you are a smart guy, with valuable insights.
Thank you very much for being civil.
I don't consider it an underwear drawer. You are assuming that everyone who posts on ZH is a "real" person and only wishes to post their views. There are plenty of shills and paid disinformation mongers on ZH and being able to see what they have said in the past is invaluable.
Like I said, Tyler provided this ability for a reason. To assume that I'm simply lurking is naive. I've been here a long time, nearly since it started. I feel a strong sense of community and I have helped make ZH what it is along with many other veterans. I have personally commented on over 2,000 articles and I have written 2 dozen articles. So I feel a bit protective and these black operatives are not good for ZH.
I'm actually considering an article to discuss this very subject.
oh, oh, the anticipation!
CD..that's funny, within the past month or two I have noticed that a lot of the best and most prolific "regulars," those I have valued reading for the past year or so, have simply vanished. It is almost as if they all sort of agreed to split around the same time.
This is very unfortunate because with their departure I have also noticed the quality of the postings--the brilliant insight, obvious expertise, wit, and general intelligence has dropped precipitously, leaving ZH a more common sort of site than it was six months ago.
A lot of the newcomers don't really appreciate the loss of what they never experienced. Too bad.
Nobody goes there (to ZH) anymore. It's too crowded.
"none. ill leave now."
i just wish folks would keep their word... that's the problem with america today, nobody can be trusted...
You can tell a coward by their words and actions.
lol...i did leave. but i responded to one more comment because it was utterly ridiculous.
waah. whine about some more stuff and cry about the sky falling some more.
"lol...i did leave. but i responded to one more comment..."
you're a lot like an eight-year-old i know.
so, please... in the place you come from... which is it? did you leave, or didn't you?
That's all right. In the final act, the unleashed hordes behead you and take it all back.
You sound like a fucking 2nd grade teacher. Be happy, boys and girls. Don't listen to that man behind the curtain. Give me something to be happy about, douchebag, and I'm on board. Until then, back to Huffpost with you.
jd2iv987 I figured that is the kind of random typing one would experience while masturbating?
Odd because this is what I just came up with.
oh8fQ3y8he
And boy did THAT feed good. :>)
+ !
Another rainy afternoon!
" figured that is the kind of random typing one would experience while masturbating?"
LMFAO
Maybe jd2iv987 is the SEC gopher assigned to monitor ZH between tranny porn clips...
wthjfhyrejhdryj7khdffghnf
Ha, I lasted longer!
Don't be so cocky superman.
How's this for positive spin?
http://www.youtube.com/watch?v=WlBiLNN1NhQ
Is there a negative slant on ZH? Certainly, because reality stinks sometimes. But most here would rather know where things really stand and be able to plan/act/prosper accordingly, versus being in denial and getting caught "unaware". Also, instead of just bellyaching, many of the stories constructively offer suggestions for alternative policy paths.
If you don't like the "negativity", or like it over easy, may I suggest http://kudlowsmoneypolitics.blogspot.com/?
Get bent. Actually, keep living under the delusions you believe are true and it will happen without any effort on your part.
excuse me? ive been invested in gold since 2001.
just pointing out the fact that...you dont have to take a negative spin on everything...unless you are trying to manipulate people into a negative state of mind.
simple really.
Oh, is that all? Shoot, next time the government finds another way to distort the true financial picture, (thus further preventing the system to CLEAR itself and society to move forward while at the same time allowing zombie institutions to continue being propped up by artificial means to the detriment/destruction of the middle class), I'll cheer and find a way to put a "happy" spin on it. :)
i agree. but its better to be happy than negative.
ever think...operation chaos...was to create chaos in you? not the financial markets?
EXactly why Big Pharma created Xanax. Just for you!
ZH is one of the most well informed and timely counterbalances to the fluff and smoke that bellows from the MSM. Accurate, timely, and missing from the Main Stream information is not manipulation, but rather light, in a dark place.
yes the information...not the negative(and wrong) insinuations that go along with it.
Oh, so now hookers and ipads are negative?
HA!!!
Hey yo who do we got here we got a new king of instajunk! Too bad you got the fuck off this board so fast we'd love to give you some more of them insinuations
Yep. As a negativee, I have to say that at this time, most or all "real" news will sound negative to a positivee.
Such are the times. j12abcd345, All is well. Fear not. It's just that the financial world is going to collapse in a mighty inferno someday soon. Weeks, month or two? Maybe tomorrow.
Meanwhile, in other news, there are at least 4 extremely sensitive geo-political flash-points, with many trigger-fingers and some New-clear (that is hope filled nukes) bumbs near by. In fact, the world is probably about tense as it can get, since now, it's all (happy) news and everyone knows. Good happy news that is.
Taking the good feeling, good noose bulletin to even positiver territory, racial tensions are generally high in europe, since they suddenly decided to ban all signs of islam, overt that is. Muslims in Europe are hurt, happily of course. Some shit might hapen as a result. In addition, greeks are happily rioting against their government, happily burning tires, beating up the happy police etc. Meanwhile Happy Spain an Happier Portugal are planning their own Happy Austerity measureRiot parties. All happy, good.
Good shit that is. Of course.
Meanwhile, a small leak in the ocean floor dumped about 50 bmbmbmillion leeters of a healthy (for land/sea/air/animals/humans) oil in the Gulf of Mexico. The nice people at the happy spill company, BeePee, poured a healthy chemical call Corrects It on the spill, so that the people who were affected became happy.
Hmmmm, so much happy news.
Tonight, I'll sleep happy and hopefully so will the rest of you fine folk!
A happy ORI
http://aadivaahan.wordpress.com
Ooops. I guess we were imagining things. All off of Drudge:
MAG: Has Damage From BP Spill Been Exaggerated?
'Has Anyone Seen the Oil That Spilled into the Gulf?'...
AP: Where is the oil?...
It just isn't funny anymore.
I get it, you're just channeling Bob Ross' painting spirit!
ZH is excellent, no doubt, but if you think it doesn't have a lens through which it sees, you're being childish. Acknowledging it's agenda doesn't diminish it's information or heart.
Why the fuck are you even here? You read the mission statement, tag line, and authors name. If this was supposed to be about us sitting around a campfire singing and circle jerking, the creator would be named Barney. It is morons like you that feel you have to go out of your way to tell us this site is negative. You really lead a sad and miserable life. I can help you to improve it in four steps...
1)Buy gun and ammo
2)Load gun
3)Place "business end" in mouth
4)Pull the trigger.
your wasting a good gun, it will be in the evidence room for years.
Rent a gun, buy a bullet.
Truth-o-meter: It will sit in an evidence room for a couple years then it will mysteriously vanish, being sold to an outsider, by a cop.
At least thats how it is done in Chicago.
+100
Hilarious:
"If this was supposed to be about us sitting around a campfire singing and circle jerking, the creator would be named Barney."
Oddball: "Always with the negative waves Moriarty, always with the negative waves."
"Why don't you say something righteous and hopeful for a change?"
Right o War is peace and all pertinent facts can be ignored.
Only IMPERTINENT facts and impertinent PEOPLE shall be considered henceforth...
War is Peace Out...
Amen. Under no circumstanes will Operation: Create A New Bubble
be permitted to fail and when this one pops it will more destructive than the past. The bubbles are now growing larger faster w/ shorter intervals, bursting sooner and requiring unthinkable amounts of debt to reflate along with more governmental and Federal Reserve power and control. They are now requiring open and legalized accounting fraud and overt political corruption to protect the assets if the few.
This is fucking insanity if insanity ever defined a situation like what we are witness to in 2010 America.
My sense is that the desperation of the ruling class will get more and more apparent. It gets sickening to watch as they flail about - merely digging the hole further that we'll need to climb out of later. And, more relevantly, destroying the very fabric (what's left) of our self-reliant culture. But, perhaps that is the plan. Everyone sips at the gov teat until that's all people can do.
As I asked below, this could also be a move to head off the strategic default epidemic (wonder if non-recourse will be taken out of the document) and also recognize that many mortgages these days have been shifted around so much that the original documents cannot be located, and ownership can't be <proved>. I'm no expert in mortgage avoidance/ownership issues, but some of the stories are sifting out there.
I agree. This may be an attempt to --
- On the surface, stimulate the economy but
- Change loan terms from nonrecourse to recourse and
- Create documentation where none existed previously.
Crafty.Man, we need to paint that in big letters somewhere. Bet anything you are right.
Then when they put the GSE's debt onto the balance sheet (not actually, but effectively) when the GSE's are wound down, they can garnish your wages, increase your taxes, etc. The IRS will be a debt/mortgage collector.
Live by the sword, die by the sword.
How many times has it been said (by Mako & others) that our FRB system simply cannot survive deflation? So, faced with certain death by deflation, what does it matter if any other outcomes also result in death, if by the faintest odds survival (at least for another 24 hours) might be in the offing?
So why the surprise? The power-elite will do ANYTHING in order to resume reflation. ANYTHING!
Come on, guys & girls, think! ZH represents one of the greatest collections of minds ever assembled. What possible credit leverage vehicles are available to the power-elite in which to attempt reflation and create yet another securitization/derivative marketplace?
Forget housing; that's a spent market. Let's talk health care, war, sex, drugs, food, entertainment, air (cap n' trade), human trafficking (amnesty), etc. Realize that there is NO limit - anything & everything is on the table.
Once you come to this realization, you just might begin to stop reacting @ such an emotional level. Be ready, so when the enemy comes closer, you will calmly be able to say "I've been expecting you".
They don't have any hopes whatsoever of reflating this thing. They asked WOPR, "are we fucked?" and WOPR replied "I can't believe ally sheedy did that lesbo movie, she seemed like such a nice girl when I played chess with her effeminate boyfriend, PS, you're fucked."
The whole charade at the moment is not to reflate, that is an impossibility, it's just to buy time while the motherfuckers back up the van to the bank vault and fill it with our money. The alarm bell has already been rung and they're just filling the life rafts.
They KNOW reflation will not work... that's just the cover story.
Auto-refi immediately sets off auto-no-recourse-elimination alarms in my head, so searching the massive auto-content generator past the auto-erotica theme (hilarious, don't get me wrong) to find the first (and at the time, only) mention of recourse puts me next to my favorite puppy. Nice.
B9K9 : Please, let's not give TPTB any ideas.
BKB9 my policy has allways been to meet my fears head on. I am not much for waiting, less so to wait for him to come to my door.
Die you miserable economy die!
Don't you see? Reflation 1.0 only succeeded in driving up costs to pre-recession levels while real estate continues to deflate and capacity utilization flounders capping employment and incomes. They can't increase aggregate demand for junk real estate sufficiently without driving gold to $15,000, oil to $500, lumber to $4000, credit card rates to 49% and CEO annual pay to $60 Billion. And any 'reflation" will also drive more outsourcing of jobs to places where wages are reasonable. Many people are cashing out and moving to Costa Rica.
Reflation 2.0 will be like pouring water on a grease fire. They don't have tools to address the problems in this economy because they never allowed restructuring to take place like during the Great Depression.
x2 post. sorry.
yea but can you just be a bit less negative about it ffs? :)
+100. They still don't get it: their tools don't work in this instance. Like pouring more water on a grease fire.
What knucklehead junked this comment?
Heh - was thinking the same thing.
There are many accidental "Junks", I had done this accidentally. When you read ZH in IPhone and scroll using your thumb, the thumb can touch the "junk" field and mark as Junk.
John McCloy which bubble? What bubble do you see? I know what I think and what ZHers say but is there one that you are referring to?
I just can't beleive this is happening. Will it really matter? I mean, if you can't afford your mortage, or don't have job.....whats the difference what rate your at.
I'd be very interested to read this "one page form" and see what it has to say about MERS and their standing....
Interesting - could this be a response to the notion that much of today's mortgages <could> be found invalid?
MERS is one big clusterfuck. Not a bad idea.
I'm thinking this could be the perfect hook to get people to re-fi: lower payments, no hassles! And, by the way, your mortgage now has a bonafide beneficiary! Now we can sue you when you don't pay and the judges won't throw out our cases for lack of standing, falsifying documentation, conflicts of interest, etc etc etc!
http://livinglies.wordpress.com/
Fred & Fan's Pawn Shop. Walk-ins welcome!
This could be possible. Don't forget to read the small print "must turn in all guns, bullets and gold to Federal Government to qualify".
Also, by the way, your refinanced mortgage is now full recourse.
So what happens if Fannie or Freddie doesn't have your loan? Are you not eligible for the latest Obama giveaway?
I think the article was talking about reducing the rates for honest people who have been paying their mortgages instead of strategic default, etc. A lower monthly payment would give them more disposable income.
It is about time someone figured out how to reward those of us who have not taken any direct bailouts.
at the (increased taxes) cost to those of us who have not taken any mortgages
+100
+1000
+me2
Don't count your saved FRNs just yet--people who have been paying their mortgages don't vote Democrat.
Money will flow to the people who "need help the most"...which is to say, reliable Democrat voters. No further explanation of who that is should be necessary.
Shhhhhhh...
That's the kind of remark that could land you in a lot of trouble.
Junked for tired right/republican vs. left/democrat bullshit.
They's the same, Geoff.
I'm a conservative so the GOP can suck my balls.
But you junked me for saying something so demonstrably true that Democrats give govt money to people who are definitely majority Democrat? You owe me a cup of coffee and 25 push-ups for being on the wrong side of the truth...
Consumers would just save it, or use it to pay down debts. The world is different now, these central bankers are pushing on a string.
Save? Or attempt to be debt free? You mean like the way things are supposed to be?
Wow, what a concept. Can we believe the Fed would go along if they thought this would be the outcome? They would prefer more i-Crap and flat screen TV purchases.
You give consumers money and they'll spend it. The world isn't different in that sense. If people want an iPad/iPhone/iAnything, they'll buy it. This is great news for Apple shareholders.
I'm not sure what world you live in wanker, but where I live the social mood has changed. I also have come to realize that my fellow man isn't nearly as one dimensional as people like you seem to think he is.
If that were true, the highest rated shows on television wouldn't be American Idol and countless imbecilic "judge" shows on all day.
Our fellow man IS fairly one dimensional in the US - give him/her money, they'll spend it now matter how far in debt they are.
You really should pursue a career in politics.
I suggest a slogan: 'People are idiots, thus it's my job to tell them how they may live their small, insignificant lives.'
Sancho, not idiots, but Harry has a point.
Most people, the world over, but for some reason especially the US, are really blind to reality.
When someone blind to reality attempts to interact with reality, they come off looking like idiots.
Try walking around your house with a blindfold. You'll probably feel like an idiot before too long.
ORI
http://aadvaahan.wordpress.com
It's not just in the U.S. I have experience from a northern european consumer credit company. People get loans to buy, they get another loan to cover the first one, then another to buy, then two more to cover the interest on the loans accumulating. It's everywhere. The only truth in this world is that people are lazy, greedy and selfish and that is why the capitalistic system was the most fair system we had since effort used to be rewarded. Yes, the word being "had", this is not capitalism anymore, this is socialism. Unleash the three human distinctions mentioned above in a socialist state and it's on its way to ruins.
True Young. I have particular experience in the US.
I'll tell you this though, in the past 15 years, the quality of dialouge in India has plummeted.
The changes correspond, temporally, to the time TV started becoming common.
So, it's TV and the "culture" it spews that are the trouble.
The US, having had TV for the longest thus has the most impacted population.
Almost a QED kind of thing in my mind.
But the malaise is universal, no doubt.
ORI
http://aadivaahan.wordpress.com
He's not saying he wants to rule them--just that the average American would rather watch American Idol than read up on economics and monetary policy. And if we had a gold-backed currency and no such thing as the Federal Reserve, he'd be making the right choice.
After Hitler invaded France I'm sure there were plenty of Americans who expected the war wouldn't affect them, and turned up Charlie McCarthy on the radio.
People hate bad news and avoid it. Lots of money to be made from people who can train themselves to listen to it, and invest accordingly. A normal American in WW2 was a dumbass who bought war bonds and saw his purchasing power go down the shitter. A genius investor borrowed to the hilt and bought California real estate in advance of the baby boom.
You are not allowed to have that attitude until after you win the election. That is how to GOVERN, not CAMPAIN.
Nice slip. I like that. Intentional maybe?
Remember how Neilsen ratings work. Very imperfect and even taken at the their numbers, if 20 million people watch something and make it a top ratings getter, what percent of our true population is that?
There are many that keep their mouths shut and vote with their "feet", so to speak.
And that is my posisitive thought for the day. There are many Sheeple, but there are many more of us that see through the BS than TPTB realize.
Not enough to matter though.
The 100th monkey could be lurking on this board today.
It might even be PoPo. Nah.
Regrettably, Harry is pretty much on point with this statement.
I agree with Harry here - the sheeple will take every last dime they have and spend it on consumption, then they will look for ways to borrow and spend that on consumption...
The American consumer will not change his/her attitude, no way, no how. They got it, they spend it.
Ah Harry, the times they are a changen!
Gardening is in, dealing with the dollar is going the way of the cuckoo. I refuse to handle anymore dollars. I never do business with criminals and if and when i use the dollar i accept their authority, control and empire.
I am out. Wanna trade,i got veggies, tools and craftman ability? 10 0z silver gets you a full days labor and i am willing to haggle.
More folks are waking up of late, 100 monkey rule is beginning to come into play
+100simians
It is happening. Who knows where/what the threshold is.
Thanks economic morphine. BTW, can you pass the needle?
www.JoeSixPack.me
I'm with Wanger. Give everyone walking the street an extra $500 and it'll be spent in 48 hours. Guaranteed.
Well, $500 would buy around 20 Silver Eagles, so count me in!
Yeah. And support Chinese workers, managers, suppliers and shippers who ultimately can set their price once they know "free money" and not the market is in charge. Their goes your stimulus out the window, US taxpayers supporting China.
It's exactly what they did here in Australia at the start of last year. $900 AUD cash payments to every taxpayer. I spent mine on a trip to New York - woohoo! Trickle up economics for once...
Or buy another ( meaning additional ) house
I'm confused: If this is Recovery Summer, why do we need more stimulus?
Contradictions do not exist. Check your premises, as one of them is false.
PS: I know you had the \\sarcasm\ command on
A lot of Quantum Physicists would disagree about the contradictions...
This comment should be accompanied by a definition of "recovery".
It is unlikely that my definition would correlate with his.
'Recovery thru fall' meaning CNBS continues to yap all day until sometime in the fall about how everything is recovered, I assume.
I think that was a typo - is supposed to say 'recovery free fall'...
Recovery thru fall means it will fall on a stretcher to be carried away. Carcass of fiat. Yum!
This is why you are supposed to say "Autumn."
the recovery will continue through the fall,
Maybe that was meant as a oxymoron.
vultures and banks have a lot in common. They pick our carcass , fly off and crap on us.
Nay! Vultures perform a practical and necessary job in nature.
I think you can find "oxymoron" over there in the word-dumpster...
And they will do it for free meaning the mortgage brokers out there who make most of their coin from re-fi fees will get crushed as well.
Fees will be paid, fret not. "Free" means at no closing/points cost to the homeowner. In the HAMP program the brokers were being paid as usual.
fuckers!! So I just wasted my money doing a refi when I might have been able to do it free of charge ?
Hey, I paid off my house years ago and the rest of my debt. I buckled down, got all austere and shit, and paid my fucking bills.
I is a moron, a real marooon. No bail outez for dis bitch.
thanks it's always nice to not feel like the greater fool.
I bought my house for cash, my car for cash, and carry no debt whatsoever. Just sit back and watch .85% interest pile up on savings.
When do we get some of that limitless ephemerally valued cash? Even if it is doomed to worthlessness I could have some fun for a while.
.85?! You're already rich!
ms,
don't ever apologize/regret your integrity... somewhere you (will?) receive a premium for that.
i *hate* owing on my house right now. i hate it. i'm green jealous of outright owners. what's the interest on that...?
that said, you can resent your timing a bit, tho' - i haven't been able to qualify for many of these cash-for-clunkers sorts of deals, and i resent that as well.
see my post below on why *you* probably *won't* be paying for what seems like yet another bailout. the general ZH response might be more knee-jerk than warranted this time.
FWIW 494706
EDIT - see -michelle- below... if it's just FHA, etc. then i'm with you guys. dam.
No, no. You are a prime candidate to be lent to by the bankers. Borrow to the max then head to Ecuador.
Fuck them
Your reward is being able to sleep at night. Not everything can be measured in dollars, you know? Fuck the banksters.
Goose the goose, skip the golden eggs. Is this a great country or what?
One suspects its only a matter of time before they chop the legs out from under the banks consumer credit programs, and set those market rates at or near zero. Then of coursse the CC companies would be converted into GSE's. The CC spread is still way to ohigh, and this has ramifications for small business, which relies on this credit line. Pumping up home values still doesn't get, but it gets a bit closer.
So the US gov will go from issuing visas to issuing Visas. LOL. As insane as it sounds, I can totally see it.
bail out deez nutz
It's about time that those of us that work and pay our bills on time can finally receive a small fraction of 1 percent of the actual total stimulus/bailout. Not that I condone government handouts, but since they are going to do it anyways it would be nice to be on the receiving end of one of these things for a change.
Next, how about sending out government employment checks while they are at it. Send out checks every month to those that are working full-time. Then, instead of a federal sales tax they can issue federal sales refunds where you get money back from the government every time you purchase non-essential goods.
Make it start August 1st, please. Bing cashback is about to expire.
I promise to spend my interest savings (about $400/mo.) on gold, silver, brass and lead. I will do my part to help the mining companies stay busy.
Plus, this will help some make the financial decision to stay in their homes instead of walking. There are a few of us chumps out here that believe in paying our obligations despite the Bankster fraud and theft.
Should a done this day one of the crisis, I mean, if you are going to do insane stuff and all anyway.
And for those taxpayers that don't have a mortgage, you do get this:
Fuck you very much, and your taxes are going up.
See my comment above. I get it all right, right up the ass without lube. No debt here, I buckled down and paid my bills the way you are supposed to. Followed the GD rules. Yeah I'm getting it all right.
So, you funnel your cash into gold and wait out the collapse...
Right there with ya Ms, I just want to get drunk and puke, and don't care which is first at this point.
Me too, MsC.
Form the gubamint and here to help somebody else, more fortunate.
Almost as if (Duh, almost? Understatement meant wholeheartedly.) "they're" encouraging the sheeple to the "why even care anymore" point of resignation, beaten down, defeat and surrender, finally turning all over to the care of Big Brother. The silent bludgeoning of the Human Spirit.