Why didn’t I get interest subsidy for my soft second mortgage?

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I live in Massachusetts and bought my first home in 2009. I have soft second loan from a bank. I just recently found out a soft second loan has interest subsidy from government funds, but I don’t have it! No body (including the mortgage person at the bank who prepared my loan, and my lawer) had mentioned anything about this to me. How come I didn’t get it when I applied for the loan? What should I do at this point?

I’m presently reading AND THEN THE ROOF CAVED IN by David Faber. He states on page 78 that Freddie and Fannie were cheered on into accepting sub-prime mortgage loans by Barney Frank from Massachusetts. Who else in the political field joined the cheering that led into the mortgage crises?
I thank all ideas. But where in hell are we to pay the mess with’ve gotten into?

  1. Reply
    February 16, 2011 at 4:13 pm

    never heard of such a thing some I know about have a recapture policy attached to the seconds

  2. Reply
    February 16, 2011 at 4:28 pm

    You have been SERIOUSLY misinformed. For starters there is no such thing as a ‘soft’ loan. Second, there is no such thing as a government subsidy of interest. You MAY be eligible for a first time home buyer tax credit. If that is the case, you need to talk to whoever prepares your taxes about claiming it.

  3. Reply
    Rose G
    February 16, 2011 at 5:02 pm

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  4. Reply
    Texas Patriot
    February 16, 2011 at 6:00 pm

    Barney Frank and Chris Dodd. Chris Dodd also accepted a huge campaign donation from fannie and freddie and even got a mortgage loan from at a much lower interest rate than the norm.

  5. Reply
    February 16, 2011 at 6:24 pm

    Chris Dodd

  6. Reply
    At Least Hussein Kept us Safe
    February 16, 2011 at 6:53 pm

    Barney Fwank and Chwis Dodd and the Dems were wong to do so.

  7. Reply
    Freedom Wins
    February 16, 2011 at 7:30 pm

    And NOW Ole Barney is wanting to do it again!! Only thing is, the bailout money hasn’t been paid back yet with the interest percentage it was to receive? He’s wants the money allocated now and wait for the payback! Does not this money belong to the American Taxpayer?

  8. Reply
    February 16, 2011 at 8:15 pm

    According to a survey by the New York Fed, about 77% of subprime mortgages and 85% of Alt-A mortgages were issued after 2004. What happened in 2004? Subprime mortgage securitizations were able to take off because, as Bloomberg reported, in August 2004 Moody’s and Standard and Poor’s loosened their standards for rating mortgage backed securities, which had traded in a highly liquid market for almost 20 years. The impact of the rating agencies’ practices cannot be overstated. To date, banks have recognized about $ 500 billion in losses on subprime mortgages, the lion’s share of which were packaged in securities originally rated AAA, i.e. presumed to always be salable at close to par.

    In 2004 short term interest rates, reduced by Alan Greenspan to stimulate the economy going in to the election cycle, reached their lowest point, enabling certain buyers to get variable rate mortgages at teaser rates of 3% for the first two years.

    Nowhere in Paulson’s report will you find anything that suggests that the financial crisis was triggered by, as George Will put it, regulation that compelled lending to “non-productive borrowers” or by Fannie or Freddie, which had been around for decades, “rigging the housing market.”

    The proximate cause of the lock up of the credit markets is all of the mortgage-backed securities consisting of mostly the Alt-A and Subprime mortages that Fannie and Freddie (largely) couldn’t buy. Which is MOST OF IT. This bad paper was written for thoroughgoing middle class homeowners in fast growing places like California, Florida, Arizona, Nevada — mostly in major metro areas and rim suburbs. The majority of the “innovative” loans written for these houses weren’t conforming loans, so Fannie and Freddie aren’t even in the picture, except as a buyer of the ABSs that came from them. And so you know, foreclosures are going up at higher end homes including vacation homes, again — not Fannie or Freddie qualified.

  9. Reply
    ♥ Richard ♥
    February 16, 2011 at 8:30 pm

    President Bush “ownership society” its just fuzzy math!!

  10. Reply
    February 16, 2011 at 8:35 pm

    Barney Fwanks and his cohorts, but the dems managed to lay blame on evil wall street, and the public bought it and Fwanks got away scot free……But that’s politics, and we, the stupid lemmings buy all that crap

  11. Reply
    February 16, 2011 at 9:10 pm

    There were a whole bunch of people from both parties but CNN showed the list & Fox made it all about Frank. Then I heard Frank explain what he is being accused of & I can see he is not guilty but this is a right wing conspiracy or would he still be going along as he is and would Obama be Pres. if he was not a citizen put it all together people. I don’t remember who CNN stated was involved but you can research that the same as I would have to do. I can tell you that they also showed money that was given to each person so look for that also. The reps. act like it was Dodd & Frank & never say anything about the reps. involved

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