President Bush did announce the Rate Freeze the other day and I am not really sure if I get it. As you recall there are a group of sub-prime loans that have interest rates that are set to reset. The President is trying to somehow convince Mortgage Lenders and Investors to freeze the teaser rates on these loans for 5 years. There are a lot of qualifications before you are eligible and bottom line I just don’t think it is going to work. Too many contracts signed too many investors who won’t agree, too many people left out who really need the help. I will be surprised if the freeze makes much difference at all in the end.
If you have a loan you think might apply get with the lender you are making payments too and get started and good luck.
I ran across an article that seems to make some real sense to me. I don’t necessarily agree with all the points, especially when he attacks the real estate community, (someone needs to focus on the good news) but for the most part it does frame the problem quite well from a realistic problem/solution point of view.
Like it or not, worth a look if you have any interest in the RATE FREEZE.
http://scottsdale.injuryboard.com/business-disputes/mortgage-rate-freeze-a-flimflam-scheme-to-recharacterize-billions-of-fraudulent-mortgages-and-trick-investors.php?googleid=13702
More to come
Lonny
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