I currently have a 30 year fix rate mortage which I have been paying responsibly. Can I refinance to get one of those high-risk subprime loans so the government can help me pay for my house?
2007-08-31 07:04:48 · 7 answers · asked by Mutt 7 in Politics & Government ➔ Politics
I don’t think you fully appreciate the extent of the crisis that is being caused by the failure of these subprime loans. If something hadn’t been done by the feds, the impact on all of the economy could have been more severe. Not only have some lenders gone bankrupt but some hedge funds have been very adversely affected and stock markets have declined worldwide.
The fallout from this crisis can affect all of us and could continue to adversely affect our investments.
Bush’s move to help homeowners keep their homes could help create a stabilizing effect on the financial institutions that have these mortgages in their portfolios. Bush is adopting some of the measures that have been proposed by prominent Democrats in recent weeks but more will probably need to be done.
2007-08-31 07:33:24 · answer #1 · answered by tribeca_belle 7 · 1⤊ 0⤋
Yes you can refi into one of those. If you qualify, they'll do it. The issue is risking the house on a gamble that the government will help you. Thus far, no one's been bailed out yet, so it's a high risk gamble.
If the government follows its usual practices, we'll allow people to get forclosed on, and then use tax dollars to bail out the banks so they don't go under.
If this was a true free market, we'd allow both the bank and the home owner to fail and bail out neither.
2007-08-31 07:13:07 · answer #2 · answered by Bryan S 2 · 2⤊ 1⤋
Sucks doesn't it....I wish I would have gotten in on that deal. It's amazing how our government is really starting to care for people from the cradle to the grave...to hell with personal responsibility....who needs all that.
My mortgage company tried to get me into a house that was about $50,000.00 more than I can afford. Had I known that daddy government would have bailed me out once I irresponsibly signed the papers....I would have jumped on it.
2007-08-31 07:10:01 · answer #3 · answered by Anonymous · 0⤊ 3⤋
There may be some out there. Most banks have stopped making them for awhile. If you want to get ripped off be my guest.
2007-08-31 07:23:35 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Sure! Either that or just quit your job and abandon your kids and you can get food stamps and a housing subsidy too.
Aint it great to be sucking at the government nipple!
2007-08-31 07:08:47 · answer #5 · answered by Anonymous · 0⤊ 3⤋
Sorry,you work,they wont help you.
2007-08-31 07:08:25 · answer #6 · answered by ♥ Mel 7 · 0⤊ 3⤋
No, you cannot.
2007-08-31 07:08:56 · answer #7 · answered by regerugged 7 · 1⤊ 0⤋