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I've received documentations from BoA about the States Attorneys General settlement announced in February, they are modifying our mortgage (2% interest rate reduction), saving us over $500 per month

Finally, some mortgage relief for those like us who remained current and are underwater!

Member Summary

I made a bad decision... and the government bailed me out...

There are no government funds involved.

how about neighbors bad decision killed my home value, where's my bailout??

You are saving more than my mortgage payment....
$408<$500

I received the same letter yesterday saving 2% as well.

I am really confused by all these programs. I was taught as a kid that everyone should get equal treatment from the government. Shouldn't everyone get a 2% reduction?

whoDean said:   There are no government funds involved.

I thought I read that the Federal Reserve bank was buying up 100's of billions of dollars in mortgages right now.

That sure doesn't sound like private enterprise. Sounds like capitalism has failed and I have been lied to about how great it works.

/holds breath underwater/

germanpope said:   whoDean said:   There are no government funds involved.

I thought I read that the Federal Reserve bank was buying up 100's of billions of dollars in mortgages right now.

That sure doesn't sound like private enterprise. Sounds like capitalism has failed and I have been lied to about how great it works.


That isn't what this specific program is about.

This program is about lenders modifying mortgages. No government funds.

whoDean said:   germanpope said:   whoDean said:   There are no government funds involved.

I thought I read that the Federal Reserve bank was buying up 100's of billions of dollars in mortgages right now.

That sure doesn't sound like private enterprise. Sounds like capitalism has failed and I have been lied to about how great it works.


That isn't what this specific program is about.

This program is about lenders modifying mortgages. No government funds.



what happens to the mortgage paper at the Fed when there are defaults?

What was your mortgage rate before the 2% reduction? Or what is the new rate going to be?

Mine went from 6.25% to 4.25%

germanpope said:   whoDean said:   germanpope said:   whoDean said:   There are no government funds involved.

I thought I read that the Federal Reserve bank was buying up 100's of billions of dollars in mortgages right now.

That sure doesn't sound like private enterprise. Sounds like capitalism has failed and I have been lied to about how great it works.


That isn't what this specific program is about.

This program is about lenders modifying mortgages. No government funds.



what happens to the mortgage paper at the Fed when there are defaults?


All of these mortgages are owned by BoA (no Fannie/Freddie/FHA backed loans).

durtydub said:   Mine went from 6.25% to 4.25%

Same here.

Rate reduction modification has been finalized as of February.

treasurebeacon said:   I made a bad decision... and the government bailed me out...
Why does it matter?

whoDean said:   There are no government funds involved.
Technically true.
In reality, false.

There are govt funds when:
- BofA and their minions Countrywide and Merrill got bailed out,
- when govt is subsidizing the mortgages,

BofA is lending you at prevailing rates. What is the problem?
- prevailing rates are artificially low,
- to be borrowing at prevailing rates, you need to bring enough money to the table to bring your loan to below 80% of the collateral market value. You did not.

BoA isn't "paying" anything, I am paying the bank less in interest



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