The Place Burned Down and Sank Into the Swamp, but we Were Still Able to Refinance It
Dig this.
Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, are considering waiving a requirement for new appraisals on refinanced loans, their regulator said.
“If they refinance someone, rather than doing a loan mod, do they need a new appraisal if they already have the credit?” Federal Housing Finance Agency Director James Lockhart told reporters after a speech in Washington today. “That’s an issue that’s being discussed. They’re looking at it.”
Unreal.
Thanks to Fannie Mae, I was able to refi this home and get $40,000 out to buy a new ski boat!
1 comment:
I'm confused. Wouldn't the available "credit" depend in large part on the current value of the property? And wouldn't that credit take a hit with a new appraisal in a down market?
Oh. I think it's beginning to make sense. We obviously haven't learned a damn thing.
Post a Comment