Originally Posted by STi deede

It looks are though the initiative has been passed.

I saw this on the front page of Yahoo.com
http://finance.yahoo.com/expert/arti...lionaire/44325

Here's the plan one of the plans he put into action
http://www.fha-refinance-program.com/FHAsecure.html

Here's the requirements for assistance:
To qualify for FHASecure, eligible homeowners must meet the following five criteria:

A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
Interest rates must have or will reset between June 2005 and December 2009;
Three percent cash or equity in the home;
A sustained history of employment; and
Sufficient income to make the mortgage payment.
"FHASecure is designed for families who are good borrowers but were steered into high-cost loans with
teaser rates," said Assistant Secretary for Housing-FHA Commissioner Brian Montgomery. "These
homeowners, many of whom are minorities, need a safe, affordable mortgage product that will help build
wealth. All FHA borrowers pay mortgage insurance premiums to offset claims to the FHA insurance fund and
ultimately prevent risk to the taxpayer."

I don't like the idea of bailing people out for their ignorance and stupidity. Was there anyway to prevent this from being done? This wasn't something that we voted on, he just put it in to action, right?

Originally Posted by RussB

if people get into this program at a considerably lower rate than us responsible folks have, i will be extremely pissed.

i understand the reasoning behind the bailout, but it really doesn't fix anything. it sounds like people that meet the criteria for the plan would qualify for a conventional loan anyway. this just furthers the pansy *** mentality that most people have these days... if you screw up, you SHOULD suffer some for it. taking a gamble on your familys home is definitely a screw up.