GOP Continues to Push for a 4% Mortgage Buydown

Senate Republicans are trying to revive and refine an interest rate buy-down proposal that would create a 4% mortgage even though the Senate shot down the language on a 35-62 procedural vote. The original buy-down amendment offered by Sen. John Ensign, R-Nev., provided low-rate mortgages to 40 million borrowers at an estimated cost of $300 billion. A majority of senators refused to waive budget procedures to add such an expensive program to the economic stimulus bill. In opposing the Ensign amendment, Sen. Charles Schumer, D-N.Y., said it would not help borrowers with underwater mortgages, adding that a refi surge would not reduce the glut of unsold homes on the market. "It is a totally flawed proposal," he said. One source said Sen. Ensign might pare down the buy-down program and possibly limit it to homebuyers. Sen. Patty Murray, D-Wash., is expected to offer an amendment on Friday that raises the maximum loan limit on Fannie Mae, Freddie Mac and Federal Housing Administration loans back to $729,750 for the rest of this calendar year. A similar loan limit provision is contained in the House-passed Economic Stimulus bill.

-----------------------------------------------------------------------------------------Fellow Mortgage Colleagues YOU NEED TO TAKE ACTION ASAP!!!

Between this concept by Sen Charles Schumer and the Home Value Code of Conduct.

This guy does not get it!!!!!!!!!!!!!!!!!

Support NAMB TODAY Join if your not a member and DONATE TO FIGHT THE FIGHT.

Write your Representative TODAY!! Let your clients know what Sen Schumer is doing...

Let the MEDIA know.. Most of All Take ACTION……

Dana Bain

Premiere Mortgage Services Inc.

www.BainMortgage.com