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Great, so now that mortgage rates are so high nobody wants to refinance the .gov will back second mortgages.
So now they want to make it easier to get a second mortgage on your equity at today's rates and when the economy crashes the .gov is left holding the bag for both of your mortgages that may be well in excess of the selling price of the home.
Sounds like a great idea... for financially irresponsible people living beyond their means, politicians, and banks. Us normal people would get screwed again.
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Freddie Mac wants to enter the secondary home equity loan market in a win-win for the government, Wall Street and consumers
Great, so now that mortgage rates are so high nobody wants to refinance the .gov will back second mortgages.
So now they want to make it easier to get a second mortgage on your equity at today's rates and when the economy crashes the .gov is left holding the bag for both of your mortgages that may be well in excess of the selling price of the home.
Sounds like a great idea... for financially irresponsible people living beyond their means, politicians, and banks. Us normal people would get screwed again.
I think this time, they aren't going to let it fail until some other methodology is available. They already made that mistake once. They are going to do everything in their power to ensure the market stays "hot and high" for as long as they can.
You are 100% right in that the people who will get screwed are the people who absolutely try to do things the "right" way. However, in a recent courtroom I heard a federal judge state "it's a dog eat dog world out there" in response to some less than ethical actions taken by a business/CEO was filing Chapter 11 and one of the creditors wanted their money. As much as I hate that CEO person, he sees himself as swindling the big guys. Now, harming people along the way, hey, dog eat dog world according to federal judges and really, the law.