Refi without an appraisal...

NEW -> Contingent Buyer Assistance Program
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oc_35_IHB

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http://www.bloomberg.com/apps/news?pid=20601087&sid=amYW0UdC2LdY



That makes a lot of sense. The braintrust in DC is going to do everything in their power to prolong the inevitable housing collapse. My issue is that they may do it for so long that by the time it is ready to collapse we will be in hyper-inflation and the prices may hold out.



This is definitely not their last bullet and I am very skeptical if they will ever let the market correct itself which would be the best for the country. I completely agree with IR's analysis that rental parity needs to be achieved but I believe there will be numerous attempts over several years to try and keep the inflated prices inflated.
 
[quote author="awgee" date=1228993234]4.5%, no appraisal refis. What's next? Stated income?

Can I do a cash out on that no appraisal refi?</blockquote>


you don't get 4.5% with no appraisal. I've been looking into to refi and even B of A is doing real appraisals, not the AVM's that they do with their no fee mortgage plus.
 
This is just evil as the refi may lower the payment but the people are still underwater with the bloated principal and they extend the loan to 40 years just to add salt to the wounds. They are just kicking the can down the road as eventually these people will realize that they are just renters and will never be able to sell so if they lose their job or some other family crisis happens they will eventually just walk. Till the banks lower the principal to get a lower payment this is just BS on the backs of the consumers. The banks are doing this as to suck money out of people in the short term and not have to show the eventual foreclosure on the books hoping for better day that will not come.
 
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