How Can I Reduce My Mortgage Payment Now That This Housing Bill Has Been Passed?

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One Response to “How Can I Reduce My Mortgage Payment Now That This Housing Bill Has Been Passed?”

1. TK on: 21 September 2009 at 12:15 am

   On CNBC tonight Jim Cramer said that a lot of debt service problems could be solved if homeowners could refinance at 4% fixed for 40 years. For example, $500,000 at 4% fixed for 40 years requires a monthly P&I payment of $2089.69. $400,000 at 4% for 40 years would be $1671.75 monthly. $300,000 at 4% for 40 years would be $1253.82. $200,000 at 4% would be $835.88.

   A mortgage refinance plot alone won’t increase home values, but it will avert some foreclosures and it will give every homeowner who does refinance savings that he or she can spend, save, invest or use towards further debt reduction. In the aggregate, this will provide new and necessary inflows of private capital into the marketplace that will revitalize our economy.

   If you can place a mortgage refinance program in place with a bank re-capitalization plot and a repeal/suspension of mark-to-market accounting rules, then you will have place in place a solid foundation for an economic turnaround in a relatively small amount of time.

   CNBC is hosting a Housing Town Hall on February 25. Jim Cramer and Erin Burnett, both who have been brilliant in their coverage of foreclosures and the housing market downturn, will appear with the very competent F.D.I.C. Chairman Sheila Bair to discuss the problems and potential solutions.

   We need people like you and your wife to give support to responsible solutions to the problems affecting the housing sector. So tune in on February 25 and listen and be heard.

   Pass the word to as many people as you can.