STOCK MARKET WATCH -- Wednesday, 7 March 2012

[florida08]

47. Good morning to Tansy and SMW

I need some opinions. For weeks Wells Fargo, who services our Fannie Mae mortgage, has been calling and sending postal mail offering to refinance us at a lower interest rate with no closing cost and no appraisal. Now we are not in trouble and are in a good equity position. From what I've read Fannie Mae is not covered under the mortgage deal that the government made with these banks in the settlement. We already have a fairly low IR so I don't understand why they are calling us. Feels like they want to own our mortgage but I can't figure out why.

Mortgage Plan Gives Billions to Homeowners, but With Exceptions
http://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.html?pagewanted=all

Critics also pointed to the fact that millions of mortgages owned by the government’s housing finance agencies, Fannie Mae and Freddie Mac, would not be covered under the deal, excluding about half the nation’s mortgages.