Next Wednesday, March 4th, Fannie Mae is set to release details on the guideline changes as a result of both the Recovery Act and HASP.
Last night I attended a networking meeting sponsored by Peak Organic brewing (I must add that their Espresso Amber Ale is absolutely amazing!) and I received extensive feedback on the new stimulus and housing plan. There is a consensus: People are sick of bailing out other people and companies, not just banks. Some of the quotes I remember from the night (and no I didn't drink that much so I can stop you before you even start!)
- "I'm sick of hearing how we're going to help everyone that overextended themselves, how about helping me save a couple hundred so I can put that money back into the economy and help generate some consumer spending."
- "What people don't realize is the 2nd wave of 1.5 trillion in Alt-A and Option-Arm loans that have yet to adjust, the first wave was only 1 trillion (of subprime). There's no way they can adjust all the loans out there. It's going to get worse before it gets better."
- "I don't understand why they can't just give us each a check for the 10k it's costing us in tax dollars and motivate people to spend. Consumer spending drives recessions and will get us out of this, but we just don't have any money to spend right now"
There seems to be a clear sentiment that people want more control of navigating our way through this financial crisis. Confidence in Congress appears nonexistent and our President has only been in office for a little over a month so it we'll reserve judgement there until a later date. One thing is for certain, borrowers are expecting help but remain skeptical about the success of recent legislature.
Stayed tuned for more information next week when the new guidelines are released! Until then, make it a great day!
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