Mortgage relief quiz
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Mortgage relief quiz
| Wed, 03-04-2009 - 8:35pm |
The Washington Post has put up an online quiz to find out if you can qualify for mortgage relief under the new administration program.
I can't paste it here as it's a java-script program, but it can be found here - http://www.washingtonpost.com/wp-srv/business/foreclosureprevention/?hpid=topnews
It looks like if you owe under $730,000, and pay more than 31% of your income as mortgage that relief is available.
Many who overbought will be delighted.

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I had heard the saying about banks before though it seems to me that there was a shift in the mid-seventies.
There has to be some way of analyzing risks realistically so that bad loans aren't made to those most likely to default. Income and status of employment alone are not necessarily the determining factors as Muhammad Yunus proved. But I ask AGAIN, what part of SUBprime did lenders and investors not get?! The clue to risk level is part of the nomenclature!
Based on what is being reported in the media, it seems you are right that "The foreclosures we are seeing now are related to the economy". Fingering the subprime market alone is overly simplistic and prone to ignore (and thus fail to learn from) other errors and problematic practices.
This link aired last fall and gives some idea of the mindsets prevailing in the lending and investing sectors. Read or listen and ponder at the failure to learn lessons from past episodes of economic upheaval. http://www.thislife.org/Radio_Episode.aspx?sched=1263
Jabberwocka
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