Stock Market Thread

[WRXtranceformed]

Yeah there were two programs that I think still exist: One for "distressed" homeowners who were underwater and couldn't afford their payments and another for people who were underwater, made their payments on time but needed to refinance and couldn't without bringing a dumb amount of money to the table at closing. I don't remember the specifics but it was something like if you owed up to 115% of what your house was now worth, they would eliminate the remaining principle, wiping the slate clean so to speak. Banks got incentives from the Fed to absorb those hits. Fortunately it worked out great for me; I was able to refinance into a 30 yr fixed loan with a rate that was even lower than my ARM (originally I wasn't sure how long I would be in this house so planned to sell or refinance). My mortgage payment is effectively the same now as it was before, except it's going toward P&I and it's on signficantly less principal.

Regarding commie handouts, trust me I will talk your ear off on that subject. However seeing as I will probably never see SS payments and I have paid an absurd amount of tax money into the system over the last 6-7 years, I feel that I have definitely earned a little financial pat on the shoulder from the Fed.