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What good are rate cuts going to do for the tens of thousands of homeowners that are stuck in toxic ARM’s and they can’t refinance? Does the Fed and congress understand that over 80% of the mortgage programs that these same people used to buy their homes or refinance are no longer available? Sure a rate cut will help pump some money into our markets but it will not help the impending explosion that has yet hit our economy as a result of record breaking foreclosures in every state of the nation.
People can’t refinance. Their stuck in these mortgages with no where to turn. The Fed can cut rates down to 1% and what good is that going to do for the thousands of homeowners that can’t qualify for a loan? Nothing! Loan modifications are the only way to help stop foreclosure in our communities
What’s a loan modification? Read through my blog and you’ll find out
