'We expect to move forward in the next couple of weeks with FHFA to make it easier for Americans to

[flpoljunkie]

refinance their homes, even if they are somewhat under water.'

Tim Geithner today in a hearing before the House of Representatives. C-Span3 video below. This response can be found at 1 hour, 29 minutes into the video.

http://www.c-span.org/Events/Geithner-Testifies-About-Financial-Stability/10737424581-2/

[dixiegrrrrl]

1. I cannot believe he is going to try that again.

What, the banks do not own enough of our houses yet??

"Refinance" loans are like student loans, they cannot be discharged in bankruptcy in most states
(if not in all states..anyone know???)

and HAMP banks took government money and then foreclosed on the poor bastards who tried to get help.

run away!!!!

[jeff47]

2. No.

Refinancing means you replace one mortgage with another. They are not a special category of loan, and in bankruptcy court they are treated just like the original mortgage.

[lumberjack_jeff]

3. I did a relief refi in 2009. It was a quick and easy process.

but my mortgage was held by a neighborhood bank. It is my understanding that BoA and the other biggies simply refused.

[flpoljunkie]

4. Fannie and Freddie own or guarantee about half of all mortgages in the U.S.

[flpoljunkie]

5. More from the New York Times...

Senator Jack Reed, Democrat of Rhode Island, told Mr. Geithner that it was “certainly the perception on Main Street” that the economy could not recover until the housing market was stabilized, including a reduction in the number of foreclosures.

“We haven’t done enough,” Mr. Reed said.

Mr. Geithner said that he agreed that the administration’s efforts had not met expectations, and he pointed to efforts by the Federal Housing Finance Agency to reduce barriers to refinancing, which he said could be introduced next week.

“We are doing as much as we can with the authority we have to help people caught up in this crisis,” Mr. Geithner said.

http://www.nytimes.com/2011/10/07/business/geithner-urges-quick-action-on-jobs-plan.html?ref=politics