Lemme get this straight. Banks are the leadership group this year with BAC up 15% this week because Obama will grant mortgage relief to those who own a home with an Agency mortgage? If you live in a home financed by FMN/FRE and are current on your mortgage, you will be refinanced at today’s low rates, no questions asked. Nice!
But how does that help big banks? They are not at risk with any mortgage held by FNM/FRE. How can they be? Indirectly, does it free up new mortgage money? Does it put to bed any outstanding bank owned or serviced mortgages? Not that I can see.
Maybe it will help some mortgaged homeowners, but you have to be current. And from what I understand, there are 6 million late or delinquent mortgages and 11 million underwater mortgages.
Maybe it is just the January effect at its finest.
If you enjoy the content at iBankCoin, please follow us on Twitter
puts more almighty cash in the pockets of people who have paid their mortgages..only fair…so they can go buy a brand spanking new American Made Auto.
Reducing robo-signing exposures. New paper work on all those questionable mortgages that broke the chain of custody with MERS.