Whiny self entitled teacher wants refi

Note to Mr. Shreve. A good credit score is not the sole criteria in obtaining a loan. Of greater importance is Collateral and Capacity to pay. Since his home is under water he clearly doesn't have the collateral necessary and since he's not able or willing to engage in a cash-in refi, he may not have the capacity, and at 57 he's probably close to retirement which changes the debt to income numbers... [more]

Note to Mr. Shreve. A good credit score is not the sole criteria in obtaining a loan. Of greater importance is Collateral and Capacity to pay. Since his home is under water he clearly doesn't have the collateral necessary and since he's not able or willing to engage in a cash-in refi, he may not have the capacity, and at 57 he's probably close to retirement which changes the debt to income numbers necessary for a loan. It's not fair? What is fair and who decides? -------------------------------------- Michael Shreve, a 57-year-old science teacher in Marysville, Wash., has watched helplessly as mortgage rates have fallen. He said that despite his stellar credit score, no bank had been willing to let him trade in his 6.35 percent 30-year mortgage because his house was now worth less than when he bought it. “At some point,” he said, interest rates are going to go up again, “and I should have been able to get those low rates. It’s not fair.” http://www.nytimes.com/2012/06/09/business/in-era-of-cheap-money-consumers-are-shut-out.html?_r=1#commentsContainer [less]