D

Live Blog Feed

RE: Just So We Don’t Blame Bush

Posted on February 25th, 2009 2:48pm by Candy Evans
Filed under Changing market trends in Real Estate, Drastic home price reductions, Fannie Mae, Freddie Mac, Wall Street meltdown, credit crunch, federal bail-out, first time home buyers

Vital point from a commenter:

“Regardless of political mudslinging, the crux of the discussion is this section
“Under Fannie Mae’s pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a
conventional, 30-year fixed rate mortgage of less than $240,000 — a rate that currently averages about 7.76 per cent. If the borrower makes
his or her monthly payments on time for two years, the one percentage point premium is dropped.”

So Candy, how many of the current defaulters used that program? I am sincerely asking the question. Is it 1% of the current defaulters, 10%, 50%, 0%? What is it?

Don’t go pointing fingers without having some answers.”

Anyone have the answers?