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Take a minute to watch this video, then let us know what you think: http://wh.gov/why-refi
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Dennis Griess's profile photoRoberto Galdamez's profile photoKevin Kuruc's profile photoDan Blanchard's profile photo
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Jeez, they even underestimate the time to watch the video by 300%. (Take a minute plus nearly 3 more to watch.) It's no wonder we're in a steaming pile of excrement. Here's the rule. Under promise then over deliver. 
 
I suppose in one perverse way of thinking promising to take only 1 minute then actually taking nearly 4 is over delivering.

Having listened to Mr. Deese, I'll say this...The reasoning is sound; the plan, well you can't lay out a plan needed to meet these concepts in 1 or even 4 minutes. I guess we'll have to see how many thousands of pages the congressional staffers can write to compel all these changes then the tens of thousands by the agencies to enable it.
 
beard boys = toilet seat warriors. that's my guess. the final battle over the toilet seat. got a leg up, huh? ;DD
 
I take +Dennis Griess that you signed your mortgage before you read it, as you watched the video without reading the time scale...just sayin'.
 
Are you kidding? He's been trying to grow that beard all his life. What is he, 19? I wore a mustache for 10 years before anyone guessed I was over 25. Genes. pfff
 
Nope, Jes, I have read every page of every one of the 15 or more of  mortgages I've signed on 5 homes. 
 
I'm wondering how many people gave their zip code and email address to answer the survey. I sure don't need any more junk in my email box.
 
+Keely Michelle O'Toole why would republicans want people kicked out...who does that benefit?  

White House, my thoughts are this....if Congress needs to act, drive them to act.  Is there a reason legislation like this can't pass?  Is there a reason you can't persuade congress to get it done?  Is there another side to the story?  
 
It looks and sounds like an excellent idea. But besides benefiting everyone, including the banks (because they are less likely to end up with yet another lemon to sell), what other incentives might there be for banks ?
I really do hope this and other plans Obama has recommended to Congress do get passed. But there isn't much evidence that Republicans want to do ANYTHING that might actually get the economy back on track. So they likely will ignore this Proposal like they have everything else.
And even though the Republicans probably won't like this bill, I'm sure they won't have any ideas of their own, at least nothing new or anything that hasn't been proven to fail time and time again.
Furthermore, considering Republicans ran on JOBS in 2010, they sure haven't created any for anyone but themselves.
I hope Congress surprises me and passes this immediately, along with Obama's Jobs Bill.
 
Not a great video, lacked substance, target audience it to broad, better off focusing (and providing substance).
 
+Keely Michelle O'Toole I wasn't aware that Rush was the leader of the Repbulican Party but thanks for educating me on that.  I think you kid yourself to think that conservatives want to see people "on the street" just for the sake of making Obama look bad, but you are entitled to your opinion.
 
Apparently, per the grow one campaign, not shaving will save the planet. 
 
I don't need some snot-nosed hipster giving me advice on refinancing a home mortgage. Send in the smart, older guys who have had several mortgages themselves.. preferably someone who has raised kids and maybe made and lost a fortune or two in their lifetimes...
 
Reminds me of Jimmy Fallon hawking, "but it's more cash". Please, someone give the kid a guitar and a jingle.
 
I have been holding back, but I have to say it...Being entitled to one's opinion is a natural right. Yes, +Keely Michelle O'Toole  you are an American and you believe that the first amendment guarantees your right to your own opinion, but it doesn't really. It just guarantees your right to express your opinion. 

Ideally, the founding documents don't grant people anything, instead they serve to limit power to the government ceded by the people. Your rights are your rights as a person. The more I read the constitution, the less I see the word American and the more I see People. The rights don't come from citizenship. They are yours however you come to be here among us, whether you are born here of American parents, naturalized as a citizen migrating from another country, a guest or even someone who just swam over without papers.
 
This sounds to me like a pitch more than a plan, would like to see the details on how this would be accomplished.
 
+Jared Hundrup Rush is the de facto leader of GOP. God forbid a Republican says anything negative about him, Rush publicly ridicules him and the that person has to apologize to Rush. He wants the President to fail even though it means the demise of our nation.
 
Kicking people out of their home is what GOP can use to run on to win in November, especially when they can't run on the +286 points on the stock market today.
 
+Keely Michelle O'Toole I'd really like to know what argument you are even making. Did you even watch the video? Seems very off topic to say that Republicans want "people kicked out" of their houses, then offer no other support for your argument. It's even worse that you come back and say Rush is the Republican party leader and insist that you have a right to your own opinion (even though undeveloped and unfounded). LOL. Silly uneducated comments from the Left (I assume that's where you're hating from) really annoy and humor me. Thanks for the laugh. 
 
after years of being in the loan business, I've learned that the wording on the note is oftentimes contradictory to itself! they set people up for failure and most loan officers don't care as long as people sign so they can get paid. most people can't understand the legal terms. of course they could do something human like simplify the wording :-) what a concept!
 
+The White House i need details sure the pitch is nice but anyone can say anything , i want details on how you arw planning to implwment this, where the money to pay for this is coming from , no more pointing fingers , yes i know congress has been a claustro fuck but if you are going to be playing the blame game then come out with a good plan lay it out and give us details, so far all you are doing is telling the people what they want to hear pretty ponnies and unicorns if you want my support convince me.
 
sounds pretty good in that 3 minute synopsis, but how does he plan on "increasing competition between banks"?  That seemed like the most important part of the video but was addressed in that simple phrase.  Even a sentence or an idea he has to increase competition would've been appreciated.  Until I see any logistics I don't buy it being as great as that kid made it seem.
 
+Roberto Galdamez and +Kevin Kuruc   First of all, I don't know shit ... but I "think" that this proposal doesn't cost the Gov't or Taxpayers anything. If I understand it correctly (or at least remotely !) this is a Bill or Law that requires some banks to consider offering re-mortgages to take place at lower rates. The is incentive for Banks is that it will reduce the chances and/or frequency of Foreclosures which cost the banks money because it's hard for them to get their investments back when the value is far less than the money they loaned. Plus there might be some encouragement since Taxpayers bailed their sorry asses out of hot water (at least once).
These are of course, just my opinions .. for what it's worth.
 
This is great!!!! Why would anyone not like it? I guess maybe the banks but they owe us regular folk, since we help them create their money empires!
 
The funny thing is this. When the economic collapse happened they printed something like a trillion dollars for the various bail outs. Most went to banks, but not all of it did. When they printed that money everything lost value from your home to your savings account. Then they took that money and gave it to the rich people to bail them out, you know the banks, insurance companies like aig and so on. After you lost money on a devalued dollar from the printing of this money then the federal reserve charged the government for printing that money. You lost money, gave it to the rich then got charged for that service.
 
Ya Romney would say that. He doesn't care if people are homeless or if banks lose a shit-load of money and residential areas are vacated, reducing values of homes that are still lived in. Romney didn't like Obama's plan of buying old cars (lemons) to encourage people to buy new vehicles from US Automakers which in turn, helped get the auto industry back on its feet faster and to get to a higher level of sales and profits EVER.
Yup ... that Romney is a MORON ... I mean Mormon !
 
+Christian Flowers thanks for the link, I feel like you are providing valid discussion.  The premise of this video - refinancing made easy, lower interest, no appraisal, etc is aimed at people still paying their mortgage, not those that have defaulted.  Romney's statement here is related to stops that have been made on foreclosure proceedings from people that have already defaulted.  What do you do in that case?  Lowering their interest rate doesn't help.  A short sale or foreclosure get's the process moving and (Please note I'm not a Republican or a crazy Romney supporter) I agree with Romney in this case.  Getting the foreclosure process complete (even if it's a sale back to the originial homeowner which does happen) is good to get building back on track and the glut of foreclosures on the market gone so that both real estate sales building can move forward.  
 
Letting the foreclosure process run its course and hit the bottom so thing can get back to normal and moving forward again isnt the issue. The real issue is why have so many families lost their homes and no one has been held accountable for this? Wall street played fast and loose with the rules, alot of money and lost. We had to bail them out but who helped those people who lost it all? Why hasnt anyone been in court over this. Alot of families lost their homes through no fault of their own, yet the rich "big banks" got bailed out. Does not seem fair to me.
 
+Christian Flowers ... also, foreclosing doesn't mean putting someone out on the street.  People can rent homes for much less than they are paying on mortgage (sometimes) and that doesn't put them out on the street.  My comment that I don't believe Republicans want to see "people on the street" I still feel is true, I also don't believe Mitt's statement is intended to let them happen to make Obama look bad.  It's simply his opinion on the best way for the market to come back which many may disagree with, but do it with facts not by saying...oh he just wants Obama to look bad.
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Maybe I take a simplistic view, but more foreclosures lower property values for the neighborhood.  Lowered property values put more people underwater and make them unable to refinance.  So when that ARM balloons up, they're screwed.  Poor planning on their part, over-optimism on the housing market 5 years ago, who knows.

And if you can't afford to pay your mortgage, are you going to be able to afford that first and last months rent?  Does foreclosing literally always put someone on the street, I guess not.  A ton of money was spent bailing out the banks, where it might have been better spent just paying off the mortgages.  Even the foreclosure lawsuit settlements are being used by states to close budget gaps, not to the actual people directly hurt by illegal foreclosures.
 
Here is a thought about something that has got to be a giant kick in the face to those who have already lost or are soon to lose their homes. The fact that many of them lost most or all of their retirement savings and/or other investments when the markets took a big fat dump in our laps, only then to have to endure foreclosures. All that money went somewhere. It's in someone's pockets (so-to-speak) .. and I'm pretty darn sure that it Is NOT in the pockets of the 99%.
Just sharing some of my thoughts that others might also like ponder !
 
I'm sick of the political process. I'm still supporting the President and Democratic Party but I think this is the last year. I'll vote for anyone other than the GIP or DIM after this election. I hope we can get some real reform pushed this next term. If there is, maybe I'll reconsider this shitty pile of #2 we're calling democracy.
 
Great idea . I think the banks and all financial institutions should guarantee its clientele as a form of security.
izz man
 
There are a good chunk of neighborhoods in my area that could make use of a plan like this. If it is to work well though, the people who need it, would have to be well informed of it. A good chunk of the people being foreclosed on don't know their current rights, much less what programs are available to them and often can't afford representation to keep their homes once foreclosure starts. Some kind of home owner education program on the local level would do well in these times of crisis.

(And that guy really should shave, he's representing my country.)
 
I have to wake you all up here! Lenders don't give a Rat's Arse about the home buyer! Sorry but that's the sad but honest truth! Lenders lend money to get as big a return as they can. If you can't pay and were stupid enough to take out a loan you couldn't afford, then whose fault is it? YOURS! Sure, refinance if you can. BUT, if you can't then either put up or move out!

Don't get me wrong here. I'm no fan of lenders - I was a Mortgage Broker here in the land of OZ until 2009, and never once placed a loan with one of our Big SIx Banks - 'cause there were always better offers out there, but when it's all crunched up, the lender has the power buddy!

Borrowing to buy a homne takes a little smarts. You looked at the US offers and found they were probably prepared to lend more than the house was worth. It seemd great at the time - Borrow the lot, including  costs, renovations, additions and God knows what.

So what happened when ths shit hit the fan? You owed a shit load more than the joint was or is worth - no wonder Aussies are buying your homes for peanuts! - Did you all really think your bubble wouldn't burst?
 
Cool use of technology, but a misleading video. How do appraisal costs go away? Appraising houses is part art and part science, and there is a real cost to have this done. The cost can't just magically go away because it's good politics. I hope the readers understand that the majority of people would not even be eligible for this because of their debt to income ratios, their previous spending habits, etc. And while I'd love for everyone to have $500 extra in their pocket each month, it's not quite so easy. Right now the system is set up so you get what your history says you deserve. It is not perfect and does unfairly penalize a very small minority, but the answer isn't to make refinancing easier; Instead it should be to make it more fair.
 
This sounds like a great idea that I would love to be able to use, but if your counting on Congress to pass it then its never going to happen.  Congress is broken and I can't see them passing anything unless it benefits them. 
 
+dhruv jyoti Anyone who understands the phrase "no free lunch" knows that all the ads you hear on TV and radio about "no cost" refis knows that it's not no cost, it's no out of pocket cost. There are people whose business is providing fair appraisals of houses. They do a lot of work and they should be paid. They are. The costs of the appraisal are buried in the loan and are paid back over the course of the mortgage. The people who need the refinancing have a terrible immediate cashflow crunch. This helps, but there's no magic.

It's all about leveraging the money system. This is applying the government's propensity to fund current obligations with low-cost Chinese loans to the personal economy. It's a patch, but like all patches, eventually, somebody has to pay up.
 
Great clarification +Dennis Griess.  Unfortunately in my experience, there are very few who understand the phrase "no free lunch" and even fewer who understand that every patch eventually leaks and in time needs to be covered by another patch.
 
I WILL READ AT NIGHT AND I WILL ANSWER YOU . GOOD LUCK
DEAREST PRESIDENT.  MARINA
 
First of all people -- while reading prior comments... GROW-UP! Who gives a rat's patooty about the guy's facial hair?! Eye back on the ball... see, this is the problem here in this country... people prefer to focus on stupid mundane CRAP rather than the pressing issues! I dont care if his hair is purple -- just help the struggling people - esp those of us working our butts off, have no quality of life, have done EVERYTHING right, pay our bills, but because of the economy that the GOP has created & is hell-bent on continuing, AND our greedy employers who keep cutting benefits at a much higher cost to us, not paying increases/bonuses to the average worker (while contg them at the top), and CUTTING their way [in headcount] to growth numbers, rather than investing in actual co growth... many if us are struggling & hurting!

Every little bit counts, and this does put $$ back in our household budgets, rather than to Wall St (in interest), that WE WILL SPEND for food & other essentials... which goes right back into the economy.

Needless to say, I like the plan. Do I think Boehner, Cantor, McConnell or any of the DO NOTHING GOP in Congress will do the correct thing for 'us,' the people, who they are suppose to work for... no, I do not. I have ZERO confidence in them doing anything that dies not benefit THEMSELVES personally, or one of their big corp donors.

Pres. Obama needs to get on the airwaves regularly & start explaining these efforts, how they benefit 98-100% of our population, and who is preventing it & why. And do it regularly... Bill Clinton-style. He knew how to communicate these things often. Don't 'dumb it down' -- just give good, direct details. People respect that.
 
I think the video was simple and easy to understand. Pretty much exactly what people need/want. Of course it didn't cover everything, if he had he would of lost almost all the viewers. I would refinance in a second.
 :)
 
I recently tried to enquire about refinancing and was so blocked and dismayed by the uncooperative systems in place with both lenders (1st and second mortgages with Chase and Citigroup) that I have essentially given up for the time. We are well underwater on our house so a conventional refi is out. We have never been late on a payment; even when I was unemployed for a year. That seems to count for nothing. The banks must be pushed, incentivized and obligated to work with and even seek out consumers who are eligible for assistance. 
 
I AM GOING TO ASK MY SON WHO IS A CITIZEN OF THE UNITED STATES. HE IS ROBERT GARCIA.  
LOVE  MARINA GARCIA
 
le explican como el gobierno entiende el refinanciamiento de su casa
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Todos aquellos que con difcultad podian mantener sus hipotecas al dia,el Presidente Barack Obama,que piensa en los hogares que
tienen dificultades para pagar y conservar sus bienes,les da un res
piro,ya que generalmente son aquellos que habian perdido su tra
bajo,y que recomienzan,donde hay una gran cantidad de latinos
usando la discriminacion positiva,el Presidente piensa en ustedes,
no de la manera del multimillonario que viene de hacerle un regalo
al Republicano que sera el representante contra nuestro Presidente,
le dio 10.000.000 de dolares,y lo mas ridiculo es que comparando
el regalo de 10.000.000 comparado a su fortuna,con la de un traba
jador Estado Unidense,equivale a 40 dolares de nuestros bolsillos
ustedes podran darse cuenta de quienes atacan de socializar
el pais ycomo el Republicano no tiene verguenza de recibirlo.
Hermanos,compañeros y amigos,nosotros debemos ser felices de
nuestra situacion,no tenemos casinos e inversiones de este tipo,
por eso es que Barack Obama los necesita,el es pobre como
nosotros,y en el campo democrata no hay ningun compañero que
puede meterse la mano al bolsillo y dar al Presidente 10.000.000
sin comentarios yhasta luego
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I ADMIRE ALL MR. OBAMA'S PROPOSALS AND I THINK EVERYTHING HE PROPOSES IS EXCELLENT IN FAVOUR OF THE PEOPLE ESPECIALLY THE POOR PEOPLE OF THE UNITED STATES.
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