October 29, 2012 | 6 comments
October 26, 2012 | 0 comments
October 23, 2012 | 6 comments
October 16, 2012 | 15 comments
October 11, 2012 | 9 comments
A new home lending “revamp” has been announced by the Obama administration, but it already looks like it’s going to be a disaster. How would it work? Just ask an upper middle class family about all the cool things they could do with the money they’d save on a refinanced mortgage!
The revamp is aimed at homeowners like Christine and Hector Penunuri of Gilbert, Ariz., who have never missed a mortgage payment and who both have jobs and good credit. Yet their application to refinance their five-bedroom home, which has fallen in value, was denied earlier this year because their tax returns showed a $1,000 loss in start-up costs from Mr. Penunuri’s business, which isn’t even his day job.
It’s “absurd,” says their mortgage broker, Steve Walsh of Scottsdale, because the loan is already guaranteed by government-backed mortgage company Freddie Mac.
The Penunuris could save $350 a month by refinancing to a 4% rate from their current 5.75%. They would use that money to put their two sons into junior sports, take a family vacation and pay off other debts, says Ms. Penunuri, 41 years old. “It’s a win-win situation.”
Junior sports. A family vacation. And maybe pay off other debts.
It’s a win-win situation if you’re not one of the taxpayers struggling to make ends meet and underwriting someone else’s vacation.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?