Comments on: Rep. Frank: FHA Loans & The Stimulus Package http://www.fhaloanpros.com/2008/01/rep-frank-fha-loans-the-stimulus-package/ The Unofficial Guide to FHA Loans & Mortgages Sat, 21 Nov 2009 10:01:00 +0000 http://wordpress.org/?v=2.6 By: Carmen Jahner http://www.fhaloanpros.com/2008/01/rep-frank-fha-loans-the-stimulus-package/#comment-31398 Carmen Jahner Mon, 08 Dec 2008 23:14:41 +0000 http://www.fhaloanpros.com/2008/01/rep-frank-fha-loans-the-stimulus-package/#comment-31398 I was wondering if you could tell me if there is a contact number or web site to see how to aplly for the stimulas morgage package I have gotten thye total run around from gmac Morgage represenatives who dont seem to know anything about this program I lost my job am on unemployment I have never been late on my payments but my income is less than my payments and is a ajustable loan and I do not want to loose my homeand end up in forclosure, this is not the first time I have bought a home through GMAC I have a good past purchase record with GMAC but unfortunatly do to bad economy issues right now I am in need of some assistance. Thank you for any information you are able to pass my way. Carmen Jahner amigo1and2@clearwire.net I was wondering if you could tell me if there is a contact number or web site to see how to aplly for the stimulas morgage package I have gotten thye total run around from gmac Morgage represenatives who dont seem to know anything about this program I lost my job am on unemployment I have never been late on my payments but my income is less than my payments and is a ajustable loan and I do not want to loose my homeand end up in forclosure, this is not the first time I have bought a home through GMAC I have a good past purchase record with GMAC but unfortunatly do to bad economy issues right now I am in need of some assistance.

Thank you for any information you are able to pass my way. Carmen Jahner amigo1and2@clearwire.net

]]> By: Miranda http://www.fhaloanpros.com/2008/01/rep-frank-fha-loans-the-stimulus-package/#comment-2801 Miranda Tue, 29 Jan 2008 18:16:21 +0000 http://www.fhaloanpros.com/2008/01/rep-frank-fha-loans-the-stimulus-package/#comment-2801 One thing that does worry me about all these "fixes" is that they are short term. What happens in five years when the mortgages finally do reset? I suppose raising the conforming loan limit could help with that, allowing some to more easily sell their homes to buyers who would now qualify for larger loans. But what happens when Fannie Mae and the others have these riskier loans? None of this fixes underlying problems with how the mortgage industry has worked for the last 20 years or so. One thing that does worry me about all these “fixes” is that they are short term. What happens in five years when the mortgages finally do reset?

I suppose raising the conforming loan limit could help with that, allowing some to more easily sell their homes to buyers who would now qualify for larger loans. But what happens when Fannie Mae and the others have these riskier loans?

None of this fixes underlying problems with how the mortgage industry has worked for the last 20 years or so.

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