it talked about an economic stimulus plan that was announced Thursday by
congress. Congress and the Bush administration announced this bill that
addresses the mortgage crisis. From what I read and have looked into it
aims to make getting a mortgage easier and cheaper in high-cost markets.
It talks about refinancing as well as foreclosure
The bill talks about lifting the Freddie Mac/FannieMae loan amount from
$417000 to $625000 for a period of 12 months. I think that this would be
great for most markets due to the high cost of homes..
Some of the benefits of this program I think will be helping those with
Jumbo mortgages to even refinance as well as save them money. It would
help to get homes sold faster. It will also help homeowner who are
distressed to be able to refinance and may provide a way out.
I think that a home losing value affects some people mentally. What I mean
by this is that its like I would be more likely to spend money on other
goods if I new that I had growing equity in my home. On the other hand I
would not spend as much if I were loosing equity in my home.
Ed Bates
Wasatch First Financial
801.330.4964
www.mloans.net
Apply online for your home mortgage today!
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