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the mortgage crisis

ok so My dh works in collections/mortgage refinance for people that have defaulted. He deals with people all day long that have terrible credit and he helps them stay in their home. The other day he had a guy who made (no joke) 12,000 NET a MONTH and was complaining about his 1500 house payment so my husband did his thing and got this guy a .05% interest rate FIXED for 50 years. So he was telling me this story and he suddenly says “well maybe I should just screw up my credit really bad and not pay any of my bills and then I can get a .05% rate too.” and it kinda pisses me off too because my dh and i work very hard to have good credit and we can refinance but only for a 6% rate...thats the lowest they will go but for the person with the terrible credit they get a half of a percent interest rate????? what do you guys think of this???

 
Anonymous

Asked by Anonymous at 6:19 PM on Apr. 5, 2009 in Politics & Current Events

This question is closed.
Answers (32)
  • My brother and his wife nearly lost their home. They have their mortgage with Wells Fargo. They mortgage is normally 600 a month but will only be 150 for 6 months. Their interest rate is nearly nothing during that time. In 6 months their new rate will be determined it will be something they can afford. If they are late at all during the 6 months they will lose their house. Not sure what program this is but it is what Wells Fargo is giving them.

    Anonymous

    Answer by Anonymous at 12:28 AM on Apr. 6, 2009

  • Wouldn't the guy with the 0.5% rate for the next 50 years end up paying MORE than you and your husband would paying 6% over the next 20 years?

    I want to know how he even qualified for such a low rate if he earns so much income? Is his income tied up in investments (stocks, 401k, property, etc.) and he cannot actually access it? Seems kind of fishy to me!
    LoriKeet

    Answer by LoriKeet at 6:27 PM on Apr. 5, 2009

  • If it was up to me,,,every one who is having problems with there mortgage.Should not be bailed out. It's call live and learn. Let them go under.
    louise2

    Answer by louise2 at 6:31 PM on Apr. 5, 2009

  • there is no such thing right now as a half of a percent interest rate. And 50 year home mortgage loans do not exist.
    troll question
    Anonymous

    Answer by Anonymous at 7:00 PM on Apr. 5, 2009

  • anon 7:00PM As CRAZY as it sounds, they actually DO exist!!! http://www.bankrate.com/brm/news/mortgages/20060427a1.asp

    LoriKeet

    Answer by LoriKeet at 7:06 PM on Apr. 5, 2009

  • The rate is not fixed and it is not a half of a percent. So the new 50 year loan has arrived, how stupid are we as a society. People who get these loans and people who give these loans, should burn in hell along with the subprime inventors. Only in California.
    Anonymous

    Answer by Anonymous at 7:13 PM on Apr. 5, 2009

  • there is no such thing right now as a half of a percent interest rate. And 50 year home mortgage loans do not exist. troll question


     OP here My husband works for wells fargo....this is NOT a troll question this is something he deals with every single day!!!! Do you work for a mortgage company because if you don't then don't pretend to know everything about the process. And also the 50 year loan has been around for years it is just eaiser to get now! and by the way if you want proof I would be MORE than happy to give you the phone number to the department that my husband works in and someone there can tell you!!!

    Anonymous

    Answer by Anonymous at 7:38 PM on Apr. 5, 2009

  • LoriKeet
    op we just bought our home and we have a 45 year mortgage so no he wouldn't be paying more I wish!!! :)
    Anonymous

    Answer by Anonymous at 8:51 PM on Apr. 5, 2009

  • According to 606, those loans didnt start until late March and only in California, I could find nothing that shows a half percent interest rate and nothing of a 50 year loan prior to what the 606 poster found. Troll question, they haven't been around for years and it's not a half a percent rate.
    Anonymous

    Answer by Anonymous at 8:56 PM on Apr. 5, 2009

  • really beacuse i just founf something about it starting NATIONWIDE in 2007 please stop bashing me I was asking a question and it is very rude for you to say that I am lying about my husbands job
    Anonymous

    Answer by Anonymous at 9:01 PM on Apr. 5, 2009