Senator Lamar Alexander Says 67,000 Tennesseans Could Refinance Home Loans
Comments Below: 1
U.S. Senator Lamar Alexander hopes to raise awareness about a program that could help thousands of Tennesseans. He says roughly 67,000 Tennessee homeowners with overdue mortgages could use "Hope for Homeowners" to refinance their loans.
“HOPE for Homeowners" is a way for homeowners to refinance delinquent mortgages if their lenders agree to participate. This program is a good step toward boosting confidence in the housing market and helping preserve the American dream for the millions of people facing possible foreclosure,” says Alexander.
His office says "HOPE for Homeowners" is a voluntary initiative to help distressed borrowers refinance their mortgages. It was established as part of the Housing and Economic Recovery Act of 2008. Alexander voted for HERA, which was signed into law in July.Tennesseans who had delinquent mortgages in the second quarter of this year and are at risk of losing their homes may be able to refinance their mortgages if their lenders agree to participate in the program. Only certain owner-occupants would be eligible to refinance their primary residences – no investors or investment properties would qualify. Homeowners must certify that they have not intentionally defaulted on their loans. Loans must have originated earlier than 2008. And borrowers are required to retire any debt on the home (such as a home equity line of credit).
The program is temporary and will runs from October 1, 2008 through September 30, 2011.
For more information call 1-800-CALL-FHA or visit www.FHA.gov
Post new comment
Recent blog posts
- Former Vol Joe Thompson Says Vanderbilt is Still A Rival
- Taylor Swift's 3D Mag Cover, Snuggie Bashing, and Holiday Doggie Cards
- JOE FRUGAL: Free Dunkin' Donuts Coffee Sent To Your House
- 11/17/09 Tiger Creek Elementary 1st Grade
- 11/16/09 Ooltewah MS 6th Grade!
- JOE FRUGAL: Free Cupcakes Tuesday at Little Debbie Store in Collegedale
- Monte, Berry and Vols A No Show in Whipping by Ole Miss
- 11/12/09 Dade Elementary 2nd Grade!
- The Story Behind That Amazing Rockslide Video
- JOE FRUGAL: Veteran's Day Freebies For Vets & Family Members
AP News Video
Recent comments
- vol fans vol fans listen
9 hours 18 min ago - Gobbell
12 hours 3 min ago - Hwy 64
12 hours 23 min ago - What Law?
12 hours 46 min ago - Your comment absolutely
12 hours 50 min ago - You'll All Talk With Nonsense
13 hours 9 min ago - Yes rockslides are a way of
13 hours 21 min ago - Just another money grab
14 hours 52 min ago - safelink phone don't work in
15 hours 16 min ago - My mother had breast cancer,
15 hours 26 min ago
Senator Alexander does not
Senator Alexander does not mind that millions of homeowners pay their mortgages on time, yet he wants to pile on them in the billions to help bail out many millions who should have not received a home loan. People should not be entitled to get a loan without credit, without proof of identity, without job history, and yet through the Community Reinvestment Act, ACORN, risky lenders, many millions, including illegal aliens did just that. There are those who deserve the opportunity to correct their loans, but there should have been no bail out, just adjustments to deal with the problem.
Senator Alexander also did not protest the money that now goes to groups like ACORN in every 100,000 dollar mortgage (per Congressman Culberson/TX). The money was legislated in the FANNIE MAE/FREDDIE MAC bailout earlier in the year. Read HR 3221, SEC. 1338. 22 Banks in the Seattle area (Sept. 23,2008 Seattle news) are offering credit to unbanked customers, many illegal, and again cooperating with ACORN for illegal aliens and others to get accounts, etc.
Though far from conservative, Senator Alexander has strayed from the principles that most Republicans want to see, he has allowed too many give a ways and pandered to the Chamber of Commerce, ignoring the pleas of constituents to restrain spending, enforce immigration law, and protect our nation's borders.