Interesting proposal put out by Congressman Dennis Cardoza from California. Basically it would allow all homeowners that have a Fannie or Freddie backed mortgage to refinance at today's rates without any documentation, whether they are current or not. Think about this, no paystubs, no appraisal, no income or asset verification, just a streamline refinance of your current mortgage to today's VERY low interest rates. It's an interesting take on one way to stem the current flood of foreclosures across the nation. The idea is to keep people in their homes. Read the full disclosure on Congressman Cardoza's site here:
Then head on over to Think Big Work Small for Frank and Brian's thoughts on the whole thing:
Then leave me a comment and let me know what YOU think.
Posted by John at 12:09:34 PM. Filed under: General