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Monday, May 9, 2011

Here We Go Again!!

If you want evidence that Obama's Financial Reform Bill is bunch of crap, check out this direct mail I got from New American Funding today.

"Notice of FHA Streamline Benefit Entitlement

Our FHA records indicate you have a good standing with the Federal Housing Administration making you eligible for a HUD program known as FHA Streamline. This exclusive program is offered by the U.S. Government to those currently in FHA loans and could significantly lower your current interest rate and payment on your current loan amount of $938,250.00.
Interest rate @3.25%
Payment $4,083.32
APR 3.281%
(none of that is true, but the best part comes next!!)
This program allows us to provide you with a lower interest rate without the traditional qualification documentation. Appraisal, income, or asset verification may not be required."

We call these loans "liar loans" and they were a significant part of the factors causing the collapse in the housing market. So these people are back with liar loans. Google New American Funding and see if you can find out who these people are and who they have screwed lately.

1 comment:

Bill Merren said...

FHA purchase loans are full doc loans. An FHA Streamline loan simply allows the homeowner, with a good payment history, to lower their interest rate. They have been around much longer than Obama and will be here long aftet he is finally gone.

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