Where Can I Get A 2% Mortgage?

Are you freakin' kidding me???!!! What a ridiculous program. Just another BAND-AID to a situation that the American people put themselves in!! Why should I pay for someone else's mistakes? How about some personal responsibility!! Sure, I'd like a 2% mortgage, but Brian's right, who's going to pay for the rest of the money when the banks don't make any on a low interest rate??? WE WILL (the responsible ones)!! and in response to mgp, Amen, I say, AMEN!!

Brian- I never saw the answer to the question- So exactly where do you go to get this mortgage?

The idea of 2% mortgages should be dubbed "The Let's Really Screw Seniors Act." Any financial adviser will tell you the closer you are to retirement or retired the more conservative your investments should be, ergo many retirees invest in Cds. Many banks are now offering less than 2% earned interest & in 2011 Obama wants 20% tax on that 2% (as opposed to the current 15%.) 2% mortgages will result in banks having to charge folks to save, thereby depleting their savings. The FED is already purchasing treasuries all the way to 2016 in an attempt to keep rates low. The Obama administration's mantra is "rewarding work not wealth" but more aptly phrased should read: "punishing savings & rewarding debt". If this nonsense continues the upper middle & middle classes will cease to exist with a few years, all that will remain will be the uber-rich (Buffet, Gates, Oprah, Trump, Soros, et al) & the desperate surfs on the bottom graveling for more social programs. Sounds like a recipe for a 3rd world country to me. I'm not a mean person, I'd like to see folks who lost their jobs or had catastrophic illness' get some help but that's not going to be who benefits...I'm fed up!!!!

I am so sick of the Governemant and all it BS. I can't refi and I can't sell !!!! At leat i know the EMC servicers will be out in a few months to a year when all the option arms they did come due. EMC called me today to tell me to seek another bank other than JPM so i could get out of an option arm. The BIT** had the nerve to tell me it was my fault i was under water. I had to remind her that they hired the appraiser not me. I know for a fact the Congress does not want the home problem to end. I have spent hours and days if they really wanted this mess cleaned 1. They could go to all the people who are paying on time and have jobs and income refi them regardless of value to 4.5% assumable loans. 2. They could then raise the interest rates which would pull in new sideline buyers and allow fixed incomes to rise. (Added put stop to inflation and free up cash) 3. Bring back the old FHA 203K program for investors. This alone I would be able to put 1000 people back together. 4. Term limits and vote every last one of the BUMS in office out !!!!

I want a 2% mortgage rate too, but not at the expense of my fellow American taxpayer. It's just another idiotic idea created by an idiotic administration and it's going to backfire just like everything else they are doing. No, I'll keep paying the 6.125% on my house that's worth less than I can sell it for. It's what I signed on the dotted line for and I'll continue to be responsible and call it my "home". If at some point I become unable to make the payment, I'll accept my fate and rent. Bad stuff happens and we make adjustments but it's wrong to make others pay for our mistakes or unfortunate circumstances. Our government and a lot of Americans are like some of the passengers who were on the Titanic. They are in denial. Our country is sinking and not everyone can be saved.

GM really owns the dealerships The "owners" are meerly just ones putting up $ to pay the overhead at the facility Look at dealerships as "home depots" or "lowes stores or a resturant chain for that matter, company downsize all the time, its just that we as a group of consumers have spent so much or our money with them, lively hoods are spawn from them. Lets go local (hometown) and spend our hard to come-by dollars. we can get what we need without supporting "big business"

Here's the thing: Why is it my problem that someone who lied on their loan application and said they earned twice what they actually earned and got into a mortgage they didn't bother to read the fine print on?Yes, you pay only interest for the first 3 YEARS, then your interest rate goes to 8% and your payments go from $500 to $3500 per month. What part of that you do NOT understand? If you can't make that $3500 payment because you NEVER could when you applied for the loan, why is that my fault? If a greedy bank APPROVED that loan knowing it would default, why is that also my fault? Why do I have to bail out a badly run business? I purchased a condo in December. I have a rating of 740. I put 10% down and got a 5.75 interest rate. My payments are about what I used to pay in rent. I am trying to refinance because the rates are now almost 1.5% lower and I can't because the "closing costs and fees" are so high it would take me 2 years to make up the difference. Yet the losers who were irresponsible are getting help from the government? How fair is that? I think it is time for another Boston tea party because the Feds just don't seem to get the fact the working citizens of this country are tired of people and companies being rewared for doing the wrong thing.

What do you mean the bank can't make money at 2%? Let's review: 1. Bank loans me $300,000 to buy a home 2. Bank needs at most $30,000 in reserve...Fractional Lending/Banking. The actual amount is probably much less. 3. Bank now creates out of thin air or should I say the touch of a computer at least $270,000 to give to me. 4. This $270,000 was not their money, it wasn't sitting in some account or vault and it wasn't any depositors money either. 5. Bank now collects 2% interest on $270,000 that in reality it doesn't have. I would like to collect 2% on something I didn't have. 6. So in reality they are getting almost a 40% rate on their $30,000...Not bad! 7. The person I buy the house from now deposits that $270,000 into the bank. 8. Now with their fiat, created out thin air scheme they can turn that $270,000 into $2,430,000 that they can loan out at 2%.

This is a mess. A mess caused by greed. I'm not against capitalism, in fact I'm all for it. The problem I have is how many millions/billions does one person really need? The top 25 wealthiest people in this country could step up to the plate and wipe out this problem and still have plenty of money left over. I'm not talking about bailing someone out for knowingly going in over their heads - these people need to learn a lesson. I'm talking about responsible people who have fallen on hard times. People who have worked hard, been responsible and are now backed into a corner. I've made a lot of bad decisions in my life and learned my lessons the hard way. I now make payments on a home that I can comfortably afford, drive cars that collectively have just about 700K miles on them (the newest is 15 yrs old) and have no debt. Sometimes lessons need to be learned but, there are those who truly deserve some help. Help from their fellow citizens.

Quick response to Mike Dillon: I am not as familiar with the scenario you present. I would not be surprised. I also agree that foreclosure does not mean everyone loses. But, I do believe that the loss of capital in the process is paid for by someone in the chain of events. To say that it's covered by insurance does not mean that all is well with the world. That is very close to believing the government covers it. In the end, it is us, whether taxpayer or investor.

Where is my piece of the government pie? My home in SW MICHIGAN actually APPRECIATED in value this year!!! Imagine that????? I just discovered that I must be living under the golden umbrella in MI that no one on the face of the earth has been told about! Did you know that their is such a place???? Maybe you have????? Regardless, after protest, my local township has sent me their decision. They have decided to lower my equlized assessment value by a mere $8000 however, the taxable value reduced by a mere $50. Thanks for the effort folks!!! What a relief now that you have given me a reduced home value without any consideration for my taxible obligation. Way to GO!!!!!! NO WONDER MS. GRANWHOR... (you fill in the blanks so I don't have to) is so popular on the west side of the state! Trust me, I woudn't feed her from the homeless line if she showed up!!!!

We've opened up a can of worms so large that our children's,children will be paying for this blunder! Can you even imagine our tax bills in four years when alot of this starts showing it's ugly head! Starting a World War won't help because we have weapons capable today of blowing countries off the map! What was Paulson,and Bush thinking when they bailed out Wall Street rather than letting the markets work their magic? Bankruptcy laws thrown in the trash. Now were bailing out everything,and anything that has a holding /trust bank tethered to it! Large,and small insurance companies,all the auto companies, and their unions,..as I said anyone smart enough to purchase a holding co./trust bank. Can you imagine getting your mortgage modified to 2% when you've got a job,this is backwards,totally insane. Even the communist that hate the capitalist system must question our sanity of socialism being jambed down our throats (crammed down)with a hint of Totaltarism (Fascism)! Totally disgusted Brian,and now it's the democrats who are fanning the flames of financial disaster! As Usual Brian Great Read,just upset at where our country is heading,...Thanks

Sid, I have to take exception to your #4 point. From my understanding, Note holders do NOT lose if a note that has been securitized is defaulted/foreclosed on. That is why "Note insurance" covers the various trusts that exist. If a note goes belly up, a claim can be made against the "note insurance" policy thereby covering at LEAST the face value of the note. This would be part of the reason that you don't see much movement by the note holders to liquidate properties. The sale price of the REO property is just gravy. Note holders have already recouped the value of the note by the time an REO property is sold. is This meme that "everyone loses on a foreclosure" is REALLY getting old. Mike Dillon Manchester, NH GetDShirtz dot com

I hope everyone saw Brian interview the CEO of NCRC this afternoon on FBN--Brian, what a show of scholasticism and Socratic wit you demonstrated. You were YELLING before the guest even had a chance to respond. Then you launched into a very accusing line of questions. I was amused, hadn't seen that kind of stupidity since O'Reilly interviewed Barney Frank last year. Might want to switch to decaffeinated or adjust your blood pressure meds.

When will the government realize that it can't afford to buy these MBS to try to manipulate the market. It really is a funny thing to think our government which is spending money it does not have to buy MBS in order to help people afford home mortgages given based on money they did not have (not all but many simply lied about their incomes in order to qualify for the loan they can't afford)? Do you see a trend here? When we get in trouble by spending money we don't have on a house we can not afford the government steps in and spends money they don't have on a program they can't afford to "solve" the problem. Yeah that sounds like a winning strategy and that will definitely teach a sound lesson for the future.

2% is great, but with the values of homes dropping. I bought a house 1/4 of what I was approved for and did not had problems paying for it. We thought we were being responsible. Since the economy has tanked and my salary has been lowered by 70% so I tried to re-appraise the other day to take advantage of lower rates and lower my payment. The appraisal showed a dropped in value of 20,000$ in the past year (which is not as bad as other markets, so I should be thankful). Even though I was approved for a 4.15 interest rate, the money at closing needed to off set the value decrease was not worth the lower rate. My family is made up of two small business owners with no credit card debt, 4,000$ in student loans and a house payment. The government does not seem to have any plans to help people in my situation out. Good credit and financially responsible. We plan on living off our savings until the market turns around, thank goodness we started the Dave Ramsey plan a couple of years ago. I guess we should have taken out the max mortgage, gotten a house twice the size in a better neighborhood. We learned our lesson.

Brian, Also on your comment about the banks making money lending at 2%- the govt has floated the trial balloon of 4.0 to 4.5% rates and they are buying Mortgage Backed Securities trying to help that happen. The government hasn't realized that they can't FORCE the market to do something. Back in March when they announced more $$ for MBS purchases the MBS market dropped 150 basis points essentially taking 30 year fixed rates from 5.375% to 4.75%, unfortunately my investors didn't post those rates until after the lock desk was closed. I anxiously awaited the next morning, the MBS market opened pretty flat meaning that rates shouldn't move from where they were after close the day before, but lo and behold my investors (some who have gotten TARP funds) came out at 5.5% the next day. Folks the banks pocketed AN EXTRA 1.5% on every loan they made by doing that. As a mortgage broker I didn't make anything extra, heck I didn't make anything at all because nobody wanted to refinance at 5.5%. So for a $250,000 loan the bank pocketed an additional $3,750 and the consumer got a rate that was essentially .75% higher than it should have been. Some of that additional profit margin has been trimmed over the past few weeks, but if we were back to more normal profit margins in the banks rates would be considerably lower. It seems almost every time we get down below 5% rates mysteriously move back up. Interesting don't you think?

When will the American public realize that these government programs aren't really helping? They may be delaying the inevitable, but that is all they are really doing. Temporarily lowering a rate to 2% to make payments more affordable won't help the consumer that bought a $500k house but can only really afford a $200k house. They are replacing stupid loans with another stupid loan. The Hope for Homeowners program that allocated $300B to help out people in Oct of 2008 helped ONE family- yep I said ONE FAMILY. The FHA Secured plan earlier last year at last I heard helped maybe 400 families. Come on that's ridiculous and is proof positive that the government has no idea how it works in the real world. The refi plus program that allows refinancing up to 105% doesn't help that many folks when home values in the most impacted areas have dropped 25%, 30% or more. The biggest problem is people got loans they can't afford and there is no way in their entire lifetime will they be able to afford them and the goverment is trying to bail them out. Buying that $500k house that's now worth $350k that you owe $500k on when you could only afford a $200k house in the first place can't be bailed out. Is the taxpayer and the investor going to allow a $300k writedown when a foreclosure would likely only result in a $200k writedown? Would you if it was your money?

It's this kind of thing that helped get us into this mortgage mess. As Sid stated, you are not entitled to a home. I hope that everyone can earn enough to buy a home but it is not guaranteed to you. Until now, I guess! I just can't believe the Socialbama admin is trying to get us out of this by doing the same types of things that got us into it. If the guy can't afford his mortgage at 6.5% let him go into the market place, try to refinance to a lower rate, and if he can't then he can suffer the consequences of taking on a mortgage he couldn't flippin' afford. It's time these people started behaving like adults! The government (meaning me and other US taxpayers) shouldn't have to bail your dumb *** out. Guess what? I bought a home with a mortgage I could afford. My kids attend private school. My wife gets the luxury of being able to stay home with them. It's a choice we made for our and our kids quality of life. I drive a 14 year old car. I would love to have a new car but I need the money more. But I'm not asking the government to help me get a new car, as if I'm entitled to drive something newer. Go live in an apartment loser!

Billions for banks, taxes for the rest of us. So just for grins, I sent out a bid for mortgage banks to give me a quote...having both spouses working, a credit rating above 850, no missed payments, we can't refinance because housing values have dropped just low enough to wipe out equity...so the ratios are preventing a refi...probably time to just simply have every bank recalculate interest at 4.75 for everyone and call it even...5.75 on 2nd mortgages and get on with life and out of banking...cash would flow much quicker from those who are solvent and can afford to purchasse commodities with the new dollars...and those who are struggling would be helped instantaneously too...probably too complicated for the elf and socialist to contemplate.

There are so many issues here: 1. Not everyone is entitled to owning a home. That's why there are apartments and rentals. 2. To my knowledge, the very affordable housing programs that encouraged and drove 100% financing and inteest only loans are still in place. The govt is attempting to place a band-aid on the very arterial laceration they inflicted to begin with, without addressing the continuing source of the problem. (Doctor Ripper, I presume?) 3. Typical govt program: the people who REALLY need help (those with lost jobs) get nothing. 4. Banks and mortgage comapnies holding the notes ultimately lose, forcing them to retain TARP funds or to get out of the home financing business all together. How can a lending institution possibly have incentive to "free-up credit" when the govt changes the rules to increase the potential of your ultimate slow and painful corporate demise? 5. Let's not forget that as the govt reduces the ability to make money on loans, they are in parallel trying to regulate the pay scale and incentive packages of employees who will be responsible for implementing the unfavorable (to the business) loans. 6. The House and Senate have no desire to "sell" us anything, except, perhaps, a BILL of goods. Even if they tried, I would not be buying. 7. I wonder how those whogovt was to help by making housing affordable, and lost their home feel now? 8. I'm waiting for someone to complain that with the lower interest rate, they will have a lower tax deduction

If the government is looking for a revolution they just got real damned close. I will not pay for the new boat, 3 snowmobiles, and 4 vacations my neighbor bought with his 4th and 5th refinancing. That fellow smirks at me each day as he polishes his boat and chuckels asking me why I didn't jump on the band wagon when I had the chance. That boat and all the other junk he bought needs to be taken away from him in bankruptcy. Rewarding him and punishing me is going to cause a revolution. I am not alone. Allowing foreclosures will, in the long run, be best for our nation. Those houses will be purchased at a realistic value. My fool neighbor will still walk on the house when he realizes in a couple of years that he is still upsidedown. Then no doubt the government will just forgive the difference. I did the correct thing. I refinanced with no $ take out. When a government makes fools of its wisest citizens trouble will soon follow. In affect my government will punish me for not taking out money and buying junk. We know damned good and well we will pay the banks the difference for the 2% interest rate. We need more Brian Sullivans and Rick Santellis.

the housing bailout is a joke. who are the people that are having the most difficulties with their mortgages ? as far as i know it is the unemployed. im a 52 y.o male that has been unemployed for the last 17 months because of health issues. needless to say im nearly broke. i have not missed a mortgage payment throughout this time. im trying to keep this short, i tried to get some relief from citibank, telling them i will have trouble making my payment within the next month or two. they cannot help. im waiting for social security to go through all their delays while i go broke. anyways, citi said, i dont have a job so there is nothing they can do. here is a person that is asking for a little help and they cant. im sorry, i would think the largest percentage of foreclosures is the unemployeed... geesh, reduce my mortgage and i will be able to pay a couple more months....

I would like to know what Banks are refinancing and modifying under MHA plan. Country Wide (BofA) told us we were not qualified because we PMI then another Country Wide loan officer said no details have been put out for them to start refinancing and modifying under the plan. I have called and researched Fannie Mae, HOPE and others to inquire and have been told details on the MHP plan have not been put out and no one knows what is taking so long. So I want to know who this gentleman is that got help and the Bank that helped him. All we want to do is refinance, get a low rate, and keep on paying our mortgage as we have done, but we are running into all kinds of problems from the price of our house, which has gone down to our credit rating (high 6's low 7's.