09-01-2007, 04:33 PM
Unfortunately, that will be the case.
People went out and bought these $500,000 houses with adjustable rates, and now the rates have been or will be going up. Right now, if you are a home owner with an adjustable rate, and you have been late on your payments, you are not eligible to refinance with a FHA loan. He is changing that so these people can get locked into a fixed rate. Still a good thing, IMO, but it probably isn't going to help many "poor" people.
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People went out and bought these $500,000 houses with adjustable rates, and now the rates have been or will be going up. Right now, if you are a home owner with an adjustable rate, and you have been late on your payments, you are not eligible to refinance with a FHA loan. He is changing that so these people can get locked into a fixed rate. Still a good thing, IMO, but it probably isn't going to help many "poor" people.
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