Wells Fargo has our mortgage and I called about this program. I was told that even if we were underwater (which we are) that asking for a refinance at a lower rate is like , "asking a car dealer to refinance a car at a lower rate). Ok, so this whole program is a sham, to hear it from a Wells Fargo officer. He talked down to me and that is not easy to do.
http://www.bloomberg.com/news/2011-10-24/regulators-to-announce-expanded-mortgage-refinance-plan-today.html
You have to figure that the real estate lobbyists will talk the government into saving their industry once again. I hope that you can actually benefit from something DC dreams up and it doesn't all go to the bankers this time.
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