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Thomas SavastanoSenior Mortgage Consultant
How will the Government help the American People? Will the government look to do a trickle-down affect like it has always done, or will they finally make the right decision and help Mainstreet first instead of Wall Street? The Government should utilize FHFA (Federal Housing Finance Agency) like they did in the past to help homeowners affected by the financial collapse in 2008. Which in my eyes was too little too late! They should look to help all owner-occupied homeowners that meet FHA, VA, Fannie Mae, and Freddie Mac agency guidelines. I believe Donald Trump can get this done showing our Government is “Of the People, by the People, and for the People”.
I propose that all mortgage payments be deferred and covered by FHFA over the next 4 months at a zero percent interest loan securitized against the home that would only be paid back if the homeowner sold or refinanced their primary residence to pull cash out. This ensures that the government will be paid back all their money. All mortgage servicers have the capability of sorting their mortgage portfolio by owner occupied primary resident borrowers. They would merely go to FHFA every month for the next four months for their mortgage payments keeping Americans credit in tack through these difficult times and helping our financial institutions remain stable. In the past you had to be delinquent on your mortgage to get help, which was a huge mistake causing financial stress on people and their families but also the financial market. I hope this makes it to our President who can for the first time put MainStreet before Wallstreet. This will help stabilize the People and the markets along will everything else that is being implemented. If you think this would help, please pass this along. Our Government is “Of the People, by the People, and for the People”? At least I hope it is!
Eligibility requirements: Primary Resident, owner occupied properties, that are securitized by Fannie Mae, Freddie Mac, FHA, and VA.
Just my thoughts on the matter,