Those pieces will be politically motivated

To qualify you must have one of the rate adjusting sub-prime mortgages, have obtained you loan from 2005 through July 2007, have made all (or all but one) of your payments on time, be adjusting after the first of the year, not have a "no doc loan", and the mortgage can't be held by a speculator (non-home owner), have a credit score of less than 660, have the increased interest rate be at least 10%. Pandora Schmuck That eliminates a lot of people, and can be viewed as "unfair." You will probably see a lot of news and TV stores coming out over the next month on the lack of fairness in the plan. Those pieces will be politically motivated and should be ignored. Think about it awhile. Any plan that any human could create to try to help the folks holding sub-prime mortgages would be "unfair" to someone. Taxes are unfair. Life is unfair. Get over it.

I believe that a large part of the sub-prime mortgage problem is held by speculators - big and small. Pandora CharmsDuring the big real estate run up, lots of people were caught up in the greater fool theory (a greater fool will come along and buy it from you), and were left holding the bag. To speculators, I say: "Pay the piper."

Equally, a large number of people bought a more expensive home because they could afford the monthly payments using the "teaser" interest rates. Most of these people knew their rates would go up in the future. Some of these people were "sold" a pig in a poke, and didn't fully understand the ramifications of the "teaser" rate. Pandora Gold I have a lot of compassion for this latter group - and my classic answer would be to find a good lawyer (and there should be some big class action suits coming out of this.)

The REAL problem for all of these people - especially if their homes are in the quickly depreciating states (FL, CA, AZ, NV, MI and others) - is that they maximized the amount of their loan (like 100% Loan to Value), and their house is now worth less than they owe. Lots of these people are just walking away from their houses and loans. The Bush Plan won't fix the problem that someone owes more than the property is worth. That's another reason for the 5 years. Cheap True Religion Jeans The White House is HOPING that the real estate market will turn around by then, and make these loans whole again. The plan is also HOPING that people won't walk away as fast. (My years of experience tells me that HOPE is not a good basis for any plan.)

The financial industry estimates that half of those who qualify for the Bush Plan will "freeze" their interest rate, and half will refinance into a fixed rate mortgage. The latter half aren't being saved by the plan because they could refinance anyway.

Who would someone approach to keep their interest rate from rising? Pandora Glas The only place they can go is the "collection agency, aka loan servicers" that takes their mortgage payment. I wonder how motivated those folks will be when the phone starts ringing. Herein lies the beginning of some bureaucracy. For an entrepreneur, there has got to be a big potential to make money in this service industry. For con artists, there is a windfall coming up.

Some related articles are below :

https://zengyan.blog.petitmallblog.jp/

https://sorriamais.net/content/elegant-wedding-favours-do-not-have-be-silver-plated-though

https://logpi.jp/zengyan23/permalink/6493391

https://sourceforge.net/p/zengyan1990/wiki/Home/

https://www.giftandhomechannel.com/node/73469