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* An exclusion of all co-op apartments, which make up 75 percent of residential homes in Manhattan and a substantial portion in the other boroughs.
* An exclusion of two-family homes, of which the city has more than 400,000.
* Restrictions on cash-out refinancing.
But most shocking is that the interest rates for mortgage loans from $417,001 to $729,500 are much higher than expected - and, brokers say, than the average rate of those seeking to lower their monthly costs.
Experts had counted on about a 6 percent interest rate extended for loans up to $729,750. Instead, rates for stimulus-package loans above $417,001 were listed late last week as high as 6.85 percent - which seems to go against the spirit of the information initially released about the plan.
One Power Express client, a day trader who owes $400,000 on his $700,000 Staten Island house and holds a $75,000 home-equity loan, had planned to streamline his debt and refinance. But the new rates won't save him any money.
Part of the problem is a 2-point fee Fannie Mae and Freddie Mac are charging to refinance mortgages at that amount.
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