"It's the Mother of all No Doc Loans," says John Capp, one of Sunstreet Mortgage LLC's principals.
In this interview on this evening's KOLD News, Capp talks about the proposed new HARP (Home Affordable Refinance Program) rules proposed by President Obama. Click the link and take a listen.
CAUTION: Just because the government says it's okay doesn't mean that the banks will go along...
That said, if the banks go along with this, you just may be one of the million homeowners that this could help.
That's a BIG if...
_____________________
I'm Mike in Tucson, your preferred Tucson Arizona Mortgage Lender
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SUNSTREET MORTGAGE LLC ~ Correspondent Mortgage Bank
Offices in Mesa, Tucson, Sierra Vista & Nogales
This is not new nor has it worked before. Why would we believe it will now?
GOOD MORNING MIKE! Been getting a lot of calls about this!
Anxious to see how this plays out.
Mike
The feed back on this program has not been good and normally when it pushed hard there's an problem.
Good luck and success.
Lou Ludwig
Lou,
The problem has been that the Banks won't go along with the program as set forth by the administration.
David,
We'll find out on November 15th.
Gabrielle,
Me too. Nothing is cast in stone yet, and the banks will have to agree in order for it to work.
Tim,
Everyone talks a good game. We'll see what actually happens.
Mike in Tucson
Hi Mike, really nice post. This is great information and like any new program or expansion of a current program this can work if the big boys play ball. I am thinking like Capper said that it's likely that there were some meetings with the big banks to get some help in accepting some of this pill ahead of the announcement otherwise it's going to be one more egg on the face of the administration.
As I understand it, the incentive for the banks is that they are going to be relieved of some of the puts that are in place from Fannie Mae and Freddie.
I am sure there is a trade off somewhere involving the banks. Time will tell.