Housing market won't improve till commie Obama is gone.
The fed and our government have tried to force banks to refinance, bailout underwater homeowners, lower mortgage payments, stop foreclosures, and basically stop the free market from working. Truth be told, it has hurt to a degree, but nothing has worked. From HARP, to HAMP, to MHAP, to Operation Twist, to the latest nonsense of HARP+ which attempts to reduce mortgage balances. Of course the reduction is only for those mortgage holders who are current and can qualify for the new refinance standards, which eliminates most of the mortgage holders that actually need to have the new deal anyway. Yes, some folks are refinancing, but not the millions upon millions that we are constantly told will happen. It simply is not working.
nickky, i see you refuse to comment on my responce, yet take an anylists view. banks don't want to lower the mortgages. they would rather lose the property and claim it as a lose and then re-purchase. there are people that have homes next to these propertys that are also losing thier value. these programs like HARP, to HAMP, to MHAP, to Operation Twist
Home Affordable Refinance Program (HARP) HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.
Home Affordable Modification Program (HAMP) HAMP can lower your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income, which usually provides savings of hundreds of dollars per month.
Metropolitan Housing Access Program (MHAP) MHAP is the centralized source for housing services and housing information for persons living with HIV/AIDS in the District of Columbia and Prince George’s County and Charles Counties in Maryland.
Operation Twist: Operation Twist should, in theory, drive down the interest rate on 10-year bonds. (When demand for bonds rises, interest rates fall.) Lots of other interest rates — including mortgages — are tied to the 10-year Treasury rate. So this should drive down interest rates across the board.
question: why are they being forced???
BOTTOM LINE, THE BANKS HOLD THE MONEY, AND THIER GOAL IS TO MAKE MORE MONEY.
nickspinner states; "The fed and our government have tried to force banks to refinance". ???