Does your Congressman demand a 4.5 percent mortgages for all homeowners

United States
December 11, 2008 7:57am CST
I get frequent emails from my congress man Dennis Cardoza and he is demanding that not only people who are about to lose their homes get their mortgage rate lowered but the offer should be extended to anyone who has a mortgage. I agree with him, it is not fair that my husband and I squeak by and pay our mortgage and do what we can to pay our bills while the ones who are losing their homes get lower interest rates when our credit rate is good. I do feel sorry for the the people who are in bad mortgages and are going to lose their homes do not get me wrong they do need help but I feel extend the help to all. What do you all think? Do you think it is fair for only the people who are going to lose their homes get the lower interest rate or should it be offered to every home owner? Here is the news letter I got from my Congressman. December 08, 2008 Congressman Cardoza demands 4.5 percent mortgages for all homeowners WASHINGTON, DC – Today Congressman Dennis Cardoza expressed strong support for a plan being considered by the Treasury Department that would allow homeowners in foreclosure to obtain a 30-year mortgage at a 4.5 percent fixed rate. Congressman Cardoza, whose district has the highest foreclosure rates in the country, further demanded the Treasury Department immediately look into expanding this program to all American homeowners. “For months I have said that the housing crisis has ballooned far beyond just the subprime market, and we must quickly implement a response that is just as far-reaching,” he said, adding that allowing all homeowners to have access to the long-term, fixed-rate mortgages would immediately stabilize the housing industry and help turn the economy around. “While the Treasury plan is a first step, we need a program that deals with the housing crisis at its source and in a comprehensive way. I strongly urge the Treasury Department to make it available to as many Americans as possible – as soon as possible.” Congressman Cardoza further reiterated that the program must be made available to all American homeowners regardless of their foreclosure status. Those homeowners, he said, who have been responsible and paid their mortgages every month should receive the benefit of a lowered mortgage, as should those who need assistance meeting the demands of their mortgages. “By lowering the monthly payments, we will essentially be giving each homeowner a stimulus check by putting more money in their pocket and without placing a burden on the Treasury or the taxpayer,” Congressman Cardoza said.
4 responses
@ElicBxn (60884)
• United States
11 Dec 08
If the subprime market gets it, they should all get it. Mind you, I'm paying off the 15 or 20 year remodel loan on my house, the morgage got paid off as part of that loan. And since we did it in 1999, we're some what over half way I think.
1 person likes this
• United States
11 Dec 08
I think no matter how much you have to pay off if a person wants to go through the motions and refi their home to get the new interest rate they should. We are upside down in our mortgage because of the housing market. We should be able to get the loan to got the payments down. We pay over 2K a month in house payments. If something happens to hubby I would lose my home. Because my social security would not cover the house payments let alone living expenses.
1 person likes this
@ElicBxn (60884)
• United States
11 Dec 08
I agree. Back in the 80's market "adjustment" I had a friend who got hurt because she found her husband was cheating on her and kicked him out. Without his check, she couldn't keep the house and sold it, happily, she managed to get out of it what she owed, but nothing more. She then rented an apartment on the other side of town - closer to the job so she actually managed to come out ahead in the end by a lower housing payment and less on gas.
1 person likes this
• United States
12 Dec 08
I got another email from Dennis cardoze he vetoed the bail out for the car industry and is firm in wanting to have all the people get lower interest rates. I think if we had lower house payments it will help the economy greatly.
@aseretdd (13709)
• Philippines
18 Dec 08
Well, if i was in your situation... i would surely support your congressman... since he is doing the right thing by being fair to all... even if some are not going to lose their homes... it is just fair to relieve them of some of the burdens they are experiencing because of this economic crisis.. I don't really know how mortgage works in your country... but what i know is that a lot of families are losing their homes because they are not able to pay... and new policies that will benefit all should be implemented...
• United States
19 Dec 08
What has happened in our county is the mortgage companies got into these designer loans. A person could pay four ways. 1 the interest only, 2. interest + principle and 3 only a % or the interest or 4. interest + more of the principle. Plus the interest was variable which means the interest could go up and down depending upon the market or what the mortgage company wanted to do. The problem lies in four ways 1. people where not paying the interest + principle so what they did not each month was being tacked on the end of the loan. 2. to get some of these people qualified the mortgage brokers lied on peoples application and said the people maid more money per month then these people did. 3. Or they signed people up for a fixed interest loan and in reality the people where signed up for a variable interest loan. 4. The mortgage companies decided to jack up the interest rates. Now a person who got into a house because a the mortgage broke lied on their application and said they made more money then they did. (the buyer did not know this) and cannot hardly make the house payment as it is and then the mortgage bank decides to up the interest rate and your house payment goes up 5 or 6 hundred dollars a month. Where does that money come from? Also people are losing their homes because of losing their jobs. That is why this bill is so important for all. Why just help the people who need the help and let the responsible people who are paying their bills take the hit and pay all the interest for the ones who cannot. By allowing everyone to have the lower interest rate that may keep some people from having to lose their homes later down the road. We have four empty homes in our neighborhood. It is sad to see these homes empty they are going to rot, the yard is being taken are of, the pool is green and the bugs are horrible from the green pool. It helps bring down the price of homes for all the neighborhood.
@Thoroughrob (11750)
• United States
17 Dec 08
I hope they do, if only for a while. It would help so much. My husband says he has news when he gets home, that I am not going to like. I am dreading that. It won't take long before we will be buried.
1 person likes this
• United States
18 Dec 08
Good luck, I hope he did not lose his job in today's economy.
• United States
11 Dec 08
I would love a 4.5 percent interest rate. We only pay 7 percent, but a lower one would be great. I think if it is given to subprime mortgages than everyone should get it. However there should probably be a income limit on it. If someone can afford a 1 million dollar home, do they need this? The banks do need to make money after all, off of these mortgages.
1 person likes this
• United States
11 Dec 08
I think the banks are making enough money off the credit cards and other places. I may be wrong with that. I think if they lower the interest rate then less people are less to lose their homes in the future I think.