Saturday, December 01, 2007

Yes, there is hope and yes, this is a great idea.

Talk of freezing the interest rates for some subprime borrowers -- somewhat heretical when floated by FDIC chief Sheila Bair in October -- now seems like a good idea even to Wall Street investors in securities backed by subprime mortgages.

The Bush administration has been negotiating with members of its HOPE NOW coalition of lenders and loan servicers to engage in wholesale loan modifications, and an agreement is expected soon.

by Inman News blog


Anonymous said...

Does this mean the time bomb that is the rate adjustment will just keep ticking? Rates are already at historical lows. Where will they be in 5 years?

tick. tick. tick.

Diane Cipa, The Closing Specialists® said...

yea, we're living in a room filled with tick tick ticks....

I see it more like the big subprime ship is sinking and this plan is a life boat for some. Can't save them all and we HOPE that those that get in the boat will survive long enough for the sun to shine again.

Ah oh...that song just flew into my head...

The sun will come up tomorrow, bet your bottom dollar on tomorrow, come what may....ok I'll stop.

heh heh but trust me it's true.