Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat!

[ProSense]

Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat!

by joedemocrat

I suspect most kossacks have read about The Obama Administration's $26 billion mortgage settlement with the big banks. Under this historic settlement, many hurting homeowners will receive interest rate adjustments, or principal writedowns. There will also be cash payments to people who lost their homes and some money will go to the states to fund legal and consumer protection programs.

Well, I benefited from the Obama Administration settlement! I bought my first home in December 2007. I'm underwater, so I couldn't refinance at today's low interest rates. Under the settlement, Wells Fargo gave me an interest rate reduction to 4.25%. My payment goes down $115 a month starting May 1st!

Thank You President Obama! That's why I'm a Democrat! That's why I vote a 100% Democratic ticket. That's because I understand without a doubt no Republican would have helped me. I understand without a doubt that no Republican president would have passed the Affordable Care Act. I understand without a doubt that under any Republican Administration, Osama Bin Laden would be alive, GM would be dead, and a million more Americans unemployed. I understand without a doubt that no Republican president will increase the minimuim wage, combat climate change, or appoint people to the SCOTUS who will preserve Roe v Wade. The Republican Party has nothing to offer anybody but the top few. And if you take a long term view, they don't have anything to offer the top 5% either. That's why their entire strategy has been to prevent President Obama from passing anything and passing voter ID laws.

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Then I heard under the Obama Administration's $26 billion bank settlement, people who were underwater but didn't have Fannie Mae or Freddie Mac loans could refinance at today's low rates. So in February, I went into a Wells Fargo branch and talked to a loan officer. He thought I would qualify, but told me the program started March 1st and not all the details were out yet. He said a person couldn't do this through a retail branch. He said to call the 1-800 number listed on my monthly statement anytime after March 1st.

So on March 5th I called. The loan officer or customer service rep on the phone told me I qualified for the new program, but I had to go through a special office and gave me another Wells Fargo phone number. I just had to answer a few questions (loan number, income, what I estimated my home to be worth now). I had to fax them my W-2 and my last pay stub. The loan officer I talked to told me the whole process would take 20-30 days but she would stay in touch with me through the whole process. She did exactly that contacting me to tell me she got my fax, and when I called with a question she called back within 24 hours as promised. And 2 weeks later she called me to tell me I was getting an interest rate adjustment down to 4.25%, but everything else would stay the same. My payments would go down $115. There were no fees or points or anything!

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http://www.dailykos.com/story/2012/04/22/1071892/-Thank-You-President-Obama-I-was-helped-by-the-26-Billion-Settlement-That-s-why-I-m-a-Democrat-