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Deal with Gov in California

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demi
Established Contributor

Deal with Gov in California

Four major lenders in California have reached a deal with our Governer Arnold (don't ask me to spell it...even though I am part Austrian LOL) to freeze ARMS for homeowners in trouble.  Here is a link to the Sacramento Bee....think may have to join their "Press club" to read, if you can't get into it, the main page is www.sacbee.com, I think you can see articles on the front page without joining.
 
 
 
Most interesting part is not the story, but peoples reaction.  Have some real whackos

Starting Score: EQ 679, TU 697
Current Score: EQ 680, TU 672
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creditwatcher
Established Member

Re: Deal with Gov in California

I read the article and all the crazy comments this morning too!  People never fail to amaze me!
 
My mortgage broker saw this coming a few months ago.  Would like to know more details about when it would go into effect and if borrowers are actually being saved by it.  Especially after reading that one of the qualifications for the rate freeze is that you have been making all your payments on time.  I also hope the same people who okay'd their DTI to begin with aren't the same ones re-evaluating it!
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