Hi All:
I posted this in the Legal section but got NO responses, so I decided to post it here:
Just wanted to toss this proposed law around this forum to get comments and views on this law.
The way I understand it is that congress intends to aid the bankruptcy (lenders) and foreclosure rate.
It appears that this law will increase interest rates and thereby increase mortgage payments.
Any thoughts.
dlmcgill
Increase the rates for who? Is it new loans or existing? Good or bad credit? It’s hard to comment on your question with so little info.
Thanks for adding the link tgauchsin.
Hope the link helps phlemboy.
dlmcgill
Your welcome. A simple google search. :beer
Tg
You may not be getting much of a response since no one can really predict…or maybe they’re not interested.
I can see both sides, but I can tell you that home purchases picked up in my area. January is often slow, but it feels like buyers are coming out of the woodwork with lower interest rates and all that. As far as freezing arms…it’s just for more recent ones and I think it can slow foreclosures. Only time will tell.
Check it out…
You can learn about, vote, and have your vote sent direct to your representatives. This is democracy!
http://www.govit.com/H_R_3609/To_amend_title_11_of_the_United_States_Code_with_respect_to/
http://www.govit.com/S_2136/A_bill_to_address_the_treatment_of_primary_mortgages_in_b