House Votes to Kill Short-Refi Program
House Votes to Kill Short-Refi Program
House Votes to Kill Short-Refi Program
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March 14, 2011 (Chris Moore)
mortgage-moneydowndrain-image
The House of Representatives voted 256 to 171 to kill the Federal Housing Administration’s (FHA) Short-Refi program. The $8 billion dollar program was launched in September but came under heavy Republican criticism as an example of wasteful government programs that spend more to save a single borrower than it costs to buy a home.

The Obama Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 mortgages have been refinanced through the program as of mid-February and only 245 applications have been submitted.

“The FHA Refinance Program was wrong for homeowners, wrong for taxpaying American families, and wrong for our future generations,” said Rep. Robert Dold (R-IL). “I’m very pleased that my bill to end this ineffective and harmful government program passed on a bi-partisan basis. Democrats and Republicans alike know that we must stop wasting money on ineffective government programs and instead focus on improving the conditions for jobs and income growth.”

The FHA Refinance Program enables lenders to transfer their mortgage risk onto the taxpayer. To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage, which cannot be already insured by the FHA. A credit score of 500 or better is required. The new refinanced loan is then insured by the FHA and must have a loan-to-value ratio of no more than 97.75%. As a result, a non-FHA loan is transferred to the FHA which becomes the responsibility of the taxpayers if the borrower defaults.

“The money from this program doesn’t go to the homeowner, it goes to the lender, it goes to the banks. And who pays for it? The taxpayers and ultimately our children and grandchildren because the federal government borrows 42 cents of every dollar it spends,” said Financial Services Committee Chairman Rep. Spencer Bachus. “This program is already allocated $50 million and has helped only 44 people. Do the math.”

Tags: FHA, Short-Refi program, mortgages, refinance, homeowners, harmful government program, mortgage risk, refinanced loan

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Todays Mortgage
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March 14, 2011 (Chris Moore)
mortgage-moneydowndrain-image
The House of Representatives voted 256 to 171 to kill the Federal Housing Administration’s (FHA) Short-Refi program. The $8 billion dollar program was launched in September but came under heavy Republican criticism as an example of wasteful government programs that spend more to save a single borrower than it costs to buy a home.

The Obama Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 mortgages have been refinanced through the program as of mid-February and only 245 applications have been submitted.

“The FHA Refinance Program was wrong for homeowners, wrong for taxpaying American families, and wrong for our future generations,” said Rep. Robert Dold (R-IL). “I’m very pleased that my bill to end this ineffective and harmful government program passed on a bi-partisan basis. Democrats and Republicans alike know that we must stop wasting money on ineffective government programs and instead focus on improving the conditions for jobs and income growth.”

The FHA Refinance Program enables lenders to transfer their mortgage risk onto the taxpayer. To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage, which cannot be already insured by the FHA. A credit score of 500 or better is required. The new refinanced loan is then insured by the FHA and must have a loan-to-value ratio of no more than 97.75%. As a result, a non-FHA loan is transferred to the FHA which becomes the responsibility of the taxpayers if the borrower defaults.

“The money from this program doesn’t go to the homeowner, it goes to the lender, it goes to the banks. And who pays for it? The taxpayers and ultimately our children and grandchildren because the federal government borrows 42 cents of every dollar it spends,” said Financial Services Committee Chairman Rep. Spencer Bachus. “This program is already allocated $50 million and has helped only 44 people. Do the math.”

Tags: FHA, Short-Refi program, mortgages, refinance, homeowners, harmful government program, mortgage risk, refinanced loan

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
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ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

March 14, 2011 (Chris Moore)
mortgage-moneydowndrain-image
The House of Representatives voted 256 to 171 to kill the Federal Housing Administration’s (FHA) Short-Refi program. The $8 billion dollar program was launched in September but came under heavy Republican criticism as an example of wasteful government programs that spend more to save a single borrower than it costs to buy a home.

The Obama Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 mortgages have been refinanced through the program as of mid-February and only 245 applications have been submitted.

“The FHA Refinance Program was wrong for homeowners, wrong for taxpaying American families, and wrong for our future generations,” said Rep. Robert Dold (R-IL). “I’m very pleased that my bill to end this ineffective and harmful government program passed on a bi-partisan basis. Democrats and Republicans alike know that we must stop wasting money on ineffective government programs and instead focus on improving the conditions for jobs and income growth.”

The FHA Refinance Program enables lenders to transfer their mortgage risk onto the taxpayer. To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage, which cannot be already insured by the FHA. A credit score of 500 or better is required. The new refinanced loan is then insured by the FHA and must have a loan-to-value ratio of no more than 97.75%. As a result, a non-FHA loan is transferred to the FHA which becomes the responsibility of the taxpayers if the borrower defaults.

“The money from this program doesn’t go to the homeowner, it goes to the lender, it goes to the banks. And who pays for it? The taxpayers and ultimately our children and grandchildren because the federal government borrows 42 cents of every dollar it spends,” said Financial Services Committee Chairman Rep. Spencer Bachus. “This program is already allocated $50 million and has helped only 44 people. Do the math.”

Tags: FHA, Short-Refi program, mortgages, refinance, homeowners, harmful government program, mortgage risk, refinanced loan

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.