http://loanworkout.org/2008/10/hud-chief-questions-mccains-bold-mortgage-plan/ Loan Modification & Home Loan News Sat, 20 Mar 2010 15:31:56 -0700 http://wordpress.org/?v=2.9.2 hourly 1 http://loanworkout.org/2008/10/hud-chief-questions-mccains-bold-mortgage-plan/#comment-11863 Alan Tue, 21 Oct 2008 20:09:22 +0000 http://loanworkout.org/?p=827#comment-11863 McCain's plan is a good one if directed to the right people. The people who should primarily benefit from a plan like his are those who never fell behind on their current mortgage but cannot refinance into a better loan because they owe more than their home is worth now. Check out the poor souls who bought homes responsibly in late 2005-2006 and had to pay what we now know were artificially inflated prices, especially so in CA, FL, and throughout the Northeast. Who is here to help out those people? All we hear on this site is the poor borrower who was duped into a subprime or exotic loan they really couldn't afford in the first place. It is those people and the lax standards from the industry that artificially inflated home prices for these borrowers that are now seeing their home values assaulted. Just try looking for a refinance when underwater. McCain's plan would help the responsible borrower get back to the negotiating table for a better loan term or help the person who wants to sell it in a short sale. McCain’s plan is a good one if directed to the right people. The people who should primarily benefit from a plan like his are those who never fell behind on their current mortgage but cannot refinance into a better loan because they owe more than their home is worth now. Check out the poor souls who bought homes responsibly in late 2005-2006 and had to pay what we now know were artificially inflated prices, especially so in CA, FL, and throughout the Northeast. Who is here to help out those people? All we hear on this site is the poor borrower who was duped into a subprime or exotic loan they really couldn’t afford in the first place. It is those people and the lax standards from the industry that artificially inflated home prices for these borrowers that are now seeing their home values assaulted. Just try looking for a refinance when underwater. McCain’s plan would help the responsible borrower get back to the negotiating table for a better loan term or help the person who wants to sell it in a short sale.

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