We all already know that she has many faces depending on what the polls are saying.
But she doesn't have all of the answers!
Have I got your attention?! Ok, good now listen up.
Hilary's plan to "freeze interest rates" to avert a national catastrophe is a joke. We've all talked about how awful it is when the FED lowers the FED Funds rate and we get bombarded with people calling in telling us what they qualify for. They tell us that the rate just got cut and they should qualify for a better interest rate than I am telling them and they all seem to have some kind of idea about what they "know" that they can get.
Of course it is a bunch of Hogwash ... the fact of the matter is that the FED Funds rate does not directly impact the interest rate on a 30 year (most common) fixed mortgage or any fixed mortgage for that matter. It does however have an impact on the interest rate on adjustable rate mortgages.
Hilary's Big plan!
To stop interest rates in their tracks thereby saving millions of Americans homes from foreclosure just doesn't make any sense for those of us who pay attention to the industry!
Sure she's using it to woo potential voters but the fact is that the FED Funds rate which directly corresponds with Adjustable Rate Mortgages has just been slashed to shreds over the past couple of months. The whole "interest rate freeze" is only going to be made available per her plan to those who are actually making their payments who have a certain credit rating that will justify the freeze. It will not apply to those who have obviously never made a payment on anything in their lives.
That means that the people who she plans to "Help" will already be benefiting from the FED's recent moves to slash the FED Funds rate thereby lowering the interest rate on their adjustable rate mortgages. The people who need the help are people who cannot afford to make their current payments which are now lower because of the FED's recent rate cuts and don't qualify for the freeze anyway.
Hilary obviously does not know what she is talking about... As for her Great Plan... It's nothing more than Grandstanding.
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