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post #41 of 45 (permalink) Old 03-04-2009, 11:00 PM
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Thanks to everyone including those in Korntucky, Baltimore, Arizona for helping us Kalifornians out so we can make even more $$$ of our inflated real estate.

The rich always gets richer !!

Yeah baby.

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Most of the new details on Wednesday applied to the $75 billion modification program, aimed at keeping up to four million struggling borrowers in their homes. Notably, it was revealed that the program applies to loans with unpaid principal balances of up to $729,750, for an occupied single-family home. There was broad concern the figure would be set too low to help many in a high-cost housing state like California or especially the Bay Area, where as recently as the summer of 2006 median home prices exceeded that threshold in four of nine counties, according to San Diego research firm MDA DataQuick.

"They raised the limit," said Esmael Adibi, director of the Anderson Center for Economic Research at Chapman University in Orange. "That's good news for Californians."

Under the modification program, participating loan servicers will be required to evaluate mortgages at risk of default to determine if they qualify for the program.
If so, those companies will have to reduce total monthly housing payments to 31 percent of the borrower's income, by reducing the interest rate to as low as 2 percent for five years, extending terms up to 40 years and forgiving part of the principal. Once the lender reaches the 38 percent income threshold, the government will kick in matching funds to help lower it to 31 percent.

To qualify for the program, which runs through 2012, borrowers will have to provide their most recent tax return, two pay stubs and prove "hardship," such an increasing housing payments or decreasing income.
Housing plan loan limit could help Californians
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post #42 of 45 (permalink) Old 03-05-2009, 03:43 AM
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We won't get any stimulus in Maryland. Our Governor has already told us he used the funds to cover the over runs in his 'budget'.

Stimulus funds save state from brutal cuts -- baltimoresun.com

No word on what happens when that money runs out but I expect we'll follow the AIG model.

Quis custodiet ipsos custodes?

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post #43 of 45 (permalink) Old 03-05-2009, 05:25 AM
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Dig you have to be Medicated to stay awake so much.
post #44 of 45 (permalink) Old 03-05-2009, 05:53 AM
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Quote:
Originally Posted by Brentwood MB View Post
Dig you have to be Medicated to stay awake so much.
You are being redirected to the following post.

http://www.benzworld.org/forums/off-...ml#post3351802

Quis custodiet ipsos custodes?

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post #45 of 45 (permalink) Old 03-05-2009, 07:22 AM
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It's the meth.
That's also why his avatar keeps endlessly pacing!

"If you don't know what you're looking for it's kind of hard to find it!"

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If it helps America through it's current crisis, I say go ahead! We can take it, after all we're Canadian!

Blame Canada!!
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