OBAMAnia! Will He Really Help You Pay Your Mortgage?
Posted on | January 19, 2009 | 8 Comments
Something we will never forget is the comment Peggy Joseph made regarding now president Obama. “I won’t have to worry about putting gas in my car; I won’t have to worry about paying my mortgage. If I help him, he is going to help me.” Well Peggy, I hope you haven’t quit your job just yet as that mortgage payment will continue to come in the mail. I am sure you helped Mr. Obama by voting for him, but now is he going to help you pay your mortgage?
Obama has indeed embraced the Treasury Plan to lower rates. Ultimately, Secretary of Treasury Henry Paulson would like to drive rates down to 4.5%. This notion is great in theory. In reality, what does it matter if rates average 4.5%. With rates this low, isn’t it logical that mortgage lenders are going to be very strict on their lending practices. They want to make money by lending you money, so why would the lend anyone but the best money at a rate of 4.5%. Lenders also have the recent memory of Fannie Mae, Freddie Mac and WaMu. If the lenders want to “survive” this economic crisis, they will not give common American families a rate of 4.5%.
We can only hope that Mr. Obama does help us pay our mortgage, but this seems unlikely. If he lowers rates to put more money in your pocket; he is taking money out of corporate America’s pocket. I would venture to guess that corporate America will find a way to get that money back. Increasing the cost of their goods and services is the easiest way, right? Mortgage Rates at 4.5% sounds almost unreal, but what does it really matter if very few of us have a chance to get these rates and we have to pay more for the everyday essentials.
Related Articles
How Weblogs and the Internet Will Change the Mortgage Industry
How Do I get a Subprime Mortgage?
Will the Last Honest Bank Please Stand Up?
Comments
8 Responses to “OBAMAnia! Will He Really Help You Pay Your Mortgage?”
Leave a Reply
January 19th, 2009 @ 7:51 pm
[...] news by unknown « The Mind Traveler » Blog Archive » California Home Loan Company [...]
January 19th, 2009 @ 7:52 pm
[...] news by unknown « Refinance Right – Mortgage Refinance Faq and Advice: Refinance an [...]
January 19th, 2009 @ 7:59 pm
[...] news by unknown « About Mortgage Fraud | Boise Idaho [...]
January 20th, 2009 @ 2:55 am
In fact, Mccain has lost race and Obama the first black American African became the president of USA. Though the people think that Mccain is Bush in another body. Let’s see what Obama will do for USA. Thanks for the nice information.
January 20th, 2009 @ 11:29 am
The message that Obama sent during his campaign was that he would take care of us. He said “spread the wealth”. Most idiots believed him and have elected him as our new President hoping to get a free handout without have to earn it. Boy, are they in for a shock when they find out what most of us already know. Obama will not be paying our mortgage or buying our gas.
January 25th, 2009 @ 7:23 am
There is obviously a lot to know about car insurance calculator. I think you made some good points in
January 25th, 2009 @ 11:52 am
I have a idea to help get the economy going. How about taking the remaining 350 billion and give it to US citizens over the age of 21, they can pay off the morgages, and spend some to start our economy moving again.
January 28th, 2009 @ 7:17 am
Hi there was very well written. Good job.