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Thread: How about lowering mortgage rates?

  1. #1
    SiriusBuzz is offline
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    How about lowering mortgage rates?

    What about lowering interest rates for people who have existing mortgages which they pay on time? People with bad mortgages get bailed out and there is a tax credit for first time home buyers but those of us who have simply done the right thing are penalized. Thus, once again, the responsible middle class gets ****ed. If they want me to spend/save more money... cut my rate for doing the right thing all along when everyone else was doing the wrong damn thing.
    Charles LaRocca
    SiriusBuzz Founder

  2. #2
    jmm232 is offline
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    I suggested exactly that to the powers that be in an email about 4-5 months ago. By doing so, you do not give people more of a reason to get late on payments. You also put more moey in everyone's pocket, which helps to stimulate the economy.

  3. #3
    SiriusXMInvestor is offline
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    Quote Originally Posted by SiriusBuzz View Post
    What about lowering interest rates for people who have existing mortgages which they pay on time? People with bad mortgages get bailed out and there is a tax credit for first time home buyers but those of us who have simply done the right thing are penalized. Thus, once again, the responsible middle class gets ****ed. If they want me to spend/save more money... cut my rate for doing the right thing all along when everyone else was doing the wrong damn thing.
    Over the weekend I sent emails to the President, Gov. Crist and FL State Senators recommending an across the board 4% fixed mortgage to ALL existing mortgages. This would allow everyone to benefit not just those who have caused this recession. Think about how much money would be freed up monthly. People would go out and spend that new found money. And to those who still can't afford that 4% go RENT.

  4. #4
    SiriusBuzz is offline
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    It is comforting to know that I am not the only one who thinks this way.

    I often have conversations with my colleagues at work and it fascinates me that although there seem to be a tons of good ideas which are widely accepted by others, none of them are implemented by the government.

    If people weren't so busy trying to save their own asses in this country I think there would be a big uprising protest against this government which clearly no longer has its constituents best interests in mind. It is sad and frustrating to no end
    Charles LaRocca
    SiriusBuzz Founder

  5. #5
    jmm232 is offline
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    This is the text I sent back in October to those in charge. I believe I copied Bernanke, Paulson, Bush, and Bair on this one.

    http://messages.finance.yahoo.com/Bu...10&mid=3868610

    I am writing to you in with the hope my message will be heard and possible solution taken into consideration.

    I believe that the underlying issue regarding this financial crisis still exists: house foreclosures due to depressed values.
    I realize that your office may not necessarily have the power to enforce the following, but may be able to put the idea on the table.
    I would like to suggest the following remedy:

    1. Perform an “across the board” refinancing of existing homeowners to 4% (or whatever rate you deem appropriate)
    In doing so, you give the general public a back-door stimulus. A few extra dollars in the pockets of homeowners will
    increase spending and consumer savings. This has the effect of shoring up banks, which in turn further frees up credit.
    It also helps struggling businesses. The future earnings on the mortgages takes a small hit, but should be more than offset
    by the lower default rates.

    2. Keep the lowered mortgage rates in place for a period no later than 2 years
    By keeping rates lower for a period of time for new homebuyers, you help spur buying interest. This will help to remove the
    inventory of homes on the market. This makes the savings on buying a new home within this window a tremendous opportunity.
    In removing the inventory, you help to raise property values. This will also help to prevent further foreclosures.
    Of course, only credit-worthy individuals should receive these loans, otherwise, you simply perpetuate the issue.

    I hope this email finds the you in a timely manner. I have sent this email to your offices with the hope it will be redirected for your attention.
    Thank you for your time.

  6. Ad Fairy Senior Member

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