Will a "good" credit rating be a burden?

[Backcountry]

http://finance.yahoo.com/news/JPMorgan-Citigroup-halting-apf-14356039.html

"A Democratic Senate aide said the plan is likely to include hefty payments designed to encourage the lending industry to lower mortgage rates or reduce the total principal amount owed by borrowers."

Absolutely confounded by this. Seemingly if I have worked to maintain a good credit rating- I will only be paying more. Makes my head spin to think that someone who overfunded their mortgage- you know asked how much can you give me, not how much can I afford. Or pulled out all their equity via a HELOC to buy a boat, car, sled, trailer, toy whatever and now has no ability to sell without a huge loss- will be rewarded. While the criteria is yet to be determined, Freddie/Fannie are using 3 months behind as some criteria for assessment of restructuring, and as the article notes, will likely be a similar sort of thing. I think the criteria should be that if someone is going to get foreclosed on because they lost their job- help them. But if you look at a debt/income rating at the time of funding of their mortgage and were over their heads or that they pulled out all the equity- they should be categorically denied!!!!

 

[POLZIN]

Sweet! I should come out of my divorce smellin like a rose if thats true! I agree its generally sad as hell but this one may actually have some upside for me !

 

[Ollie]

Same ol' story.
If you play by the rules and don't overspend, you get it in the shorts.
Why?
People that don't work and don't play by the rules vote liberal.

 

[H2SNOW]

Same ol' story.
If you play by the rules and don't overspend, you get it in the shorts.
Why?
People that don't work and don't play by the rules are commi bastagesl.

you really think so ??
me too

 

[kiliki]

Yeah, I have done it wrong too. Chit! LOL

Oh, and I bought my house without a stimulus too. Go figure.

 

[Weekday Warrior]

so I'd better hurry up and get that equity loan and buy a chit load of mods/sleds?

 

[76FOMOCO]

Same ol' story.
If you play by the rules and don't overspend, you get it in the shorts.
Why?
People that don't work and don't play by the rules vote liberal.

sooo true!!!

 

[previous member]

It is absolutely maddening to see what is going on in this country right now. It is more maddening to realize how many voters put this complete Moron into office. I have seen ads on TV saying they will make mortgage loans "regardless" of credit rating............Seems this is a big part of why this country is already in this mess and now they want to do it all over again............You can bet your azz we will all be living in the greatest depression this country has ever been in and there is no light at the end of the tunnel...........Blood will run in the streets before you realize it.............I personally think we will see a civil war that no one ever imagined could possibly happen.

 

[POLZIN]

It is absolutely maddening to see what is going on in this country right now. It is more maddening to realize how many voters put this complete Moron into office. I have seen ads on TV saying they will make mortgage loans "regardless" of credit rating............Seems this is a big part of why this country is already in this mess and now they want to do it all over again............You can bet your azz we will all be living in the greatest depression this country has ever been in and there is no light at the end of the tunnel...........Blood will run in the streets before you realize it.............I personally think we will see a civil war that no one ever imagined could possibly happen.

All kiding aside I was talking with the mortage co. about my divorce and a refi to buy out the ex it seems that I would be better off going into default so that I could qualifie for a better program. And all this time I have been under the impression that paying my bills was the best program to qualify for.