Entropy, you are a real clown. There are about 20 reasons, the constitutional prohibition of the government abrogating the terms of a contract to start, that no mass refinance program has been approached. You are short, which is fine, but you are a lying moron, which is not.
DeMarco is agreeing to higher g-fees, eliminating loan level price adjustments, and the minimal number of refis that will occur (LTV lower than 125%, 30 days behind) with the HARP program so Obama can say he did something about housing.
There are too many people who work in this area and publish analyses that dismiss "mass refi" short rumors to be moved by your nonsense.
The one objection (of the yet undisclosed 20 I cant wait to see) you reference is really an objection at all.
What contract are you suggesting is being abrogated?
Is there some legal problem with mortgagees who are current being able to refi because LTV limits are changed by the FHFA for FNMA and FRE?
Where does it say they cannot prepay if they can find another mortgage?
Where is the legal issue?
If FHFA is conservator for the GSEs then it is up to them to set parameters for new mortgage loans to be made. That means it is up to the Federal Government, or am I mistaken?
Now, I will certainly admit that the issue is politicized, but so is everything in Washington these days.
the FED wants it, the WH wants it, and the MBS industry and homebuilders all want it.
I understand that holders of the MBS dont want it, and the GOP doesnt want Obama to get CREDIT for it ( they may not care either way about the actual rules--some, like Isakson WANT the changes too BECAYSE THEY ARE GOOD FOR THE COUNTRY).
So tell us please what contract is being abrogated, then by all means go through the other 19 reasons.
Any of the other People who " work in this area" and publish analysis can feel free to chime in as well. I especially like to hear from those analysts employed by the same firms that manage the SPOs and sell MBS to the Company.
They are always so objective, not to mention correct.
Would that be the same contract abrogation that we saw with GM, Pumpkin?
As or tye other 19, we all breathlessly await your articualtion of them one by one.
Moron? Pehaps, Lying, No. All I said was that the DEms ( and some Republicans like Isakson of Georgia) are starting to demand action on the promised "examination" of whether FHFA cqn do kore for underwater homeowners.
You may have not have noticed, but the FED is now fully engaged in starting an MBS rqlly with all of its tools.
The fix is in, and De Marco has been bought off with higher gtee fees and a promise of the job or good.
And it will work about as well as the first time home buyer subsidy that expired last year. Prices kept falling. Cash for clunkers--another genius move. This is yet another bumbling attempt by this administration to transfer wealth from savers to spenders. They may get it done, but it's a travesty and it won't even come close to achieving the desired result.
These clowns never look at the unintended consequences--they just pat themselves on the back and say "look what I've done for you, now vote for me".