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From Lars Larson

 

The “Winner Plan Mortgage” has to be simple. One phone call to your current mortgage holder (who has already sold the mortgage you took out). One faxed document to you agreeing to the interest rate change. Perhaps one current pay stub faxed to your lender/refinancer. Change made. Mortgage holder then sells bundles of the new lower-interest loans to Fannie and Freddie. Fannie and Freddie get the money from the sale of Government backed 10 year treasuries at about 2.6 percent. No funny money. No giveaways. No magic. No “shovel ready” baloney. Just lower mortgage rates for 45-50 million mortgage holders who did the right thing…and now have spending money in their pockets to stimulate the American economy.

 

(don’t complicate it, don’t add bells and whistles, no caps, no trades, no limits)

 

Current plan Benefits “losers” who took on mortgages they could not afford or were speculators. They do not deserve to be rescued.

 

The Winner Plan

1. All existing mortgage holders who are current on their mortgages and have a job can reduce their interest rate to 4.3%

2. No title search, no title insurance, no extensive document changes

3. Money for this downward refi (no change in principal) is provided to the banks through Fannie and Freddie once the bank has reworked the mortgages. So for instance, a bank re writes packages of 10 million dollars and then presents them to Fannie and Freddie

4. The bank will be paid a 1% fee on the new mortgage ($4000 on a 400,000 mortgage) amount to be added to the principal of the loan

5. Nearly all of the mortgage rewrites should be accomplished on the telephone between the borrower and the lender with a minimum of bureaucracy. The mortgage holder already has nearly all of the information. The borrower need only provide a current paystub

 

400,000.00 at 6.5% is 2528.27 pi payment at 4.5% 2026.71 (savings of more than 500 dollars a month)

200,000.00 at 6.5% is 1264.14 pi payment at 4.5% 1013.37 (savings of more than 250 dollars a month)

 

This plan provides an economic stimulus . if all 50 million mortgages were to be re written this way, it would provide a monthly economic stimulus (assuming the average mortgage is 200,000) of 12.5 billion (or 150 billion per year). This would be bigger in the first year than planned spending under the president’s stimulus (100 billion spending in the first year).

 

51 million first mortgages in the united states

1.4 million are in line for foreclosure, or already in foreclosure

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Who's this Lars Larson?

 

Is that the actual wording of the bill or his take on it?

 

I realize parts are a personal input. It would be awesome if you could post the actual parts of the thing that support or detract from your point. What ever your point is.

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sounds like alot of NOISE to me........

 

how about you forget about all that' date=' move to the mountains, and grow all the food and doja you need[/quote']

 

When I was a pup I actually considered that. Other then the obvious benefits of family and friends it still has a bit of an allure to it.

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Great plan CAman. I'v had this on my wish list for a long time too (as does my mortgage agent). Of course banks will never agree to it. If you're paying 10% on a mortgage that cost them 3% (if that) why would would they agree to take less money?. Going to need either a very large carrot or a very large stick to get them to change their greedy ways.

 

 

 

Let me know if you need help with that very large stick. I got just the place for it.

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Who's this Lars Larson?

 

Is that the actual wording of the bill or his take on it?

 

I realize parts are a personal input. It would be awesome if you could post the actual parts of the thing that support or detract from your point. What ever your point is.

 

 

Homz,

Lars Larson is a sindicated talk show host out of Oregon. The winning mortgage plan is his attempt to help out not only our national economy, but to point out that throwing good money at high risk mortgage holders, those who should not have been approved in the first place.

I know there are many who through no fault of their own, because of job loss, are in trouble too. Larsen's point is to give that interest rate break to those who can pay. You can see the results would be extra cash to spend on things like home improvement, cars, and more discretionary spending.

I think it makes good sense.

Give guys like yourself a break. You pay your mortgage on time every month I assume. This way you get more money in your pocket every month.

So I thought I'd post it here, cause it's a good idea.

I believe if we're going to help out the housing industry with our tax dollars, then we might as well insure that it's going to people who won't loose their homes because of foreclosures. There are programs in place for that now. Lets just reward those who are responsible with an intrest rate decrease. That in turn will stimulate spending at all levels.

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Well we refinanced down to a 15 year mortgage, which slightly increased our monthly payment but will save 109K in the end. I guess we're old fashioned. We bought a house that we could easily afford, we're putting 15% into retirement, we've got a good college savings plan for our kid, we don't spend beyond our means, etc.

 

So, yes, I'm all for this. But then again I live in New York State, which is one of the highest taxed states in the nation (actually highest when you account for overall taxes). So rather than me spending the extra cash, New York State will certainly find a way to get it out of me. Instead, I'm converting everything I can into cash, sending it off to Neo and pay him for the Smith & Wesson protection plan!

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