Lending industry should freeze rates at low rate for 6 months, let's say cap it at 4.5% 30 year fixed or less. So everyone can benefit from this. This is long due and at the end of the day this will be the only option. Why wait? Why not now?
Banks and Lenders received billion of dollars and now many of them are making it difficult to borrow. Some like citi and chase has stopped doing business as wholesale lenders. This will only make things more difficult.
I like to call on to lending industry and all the people involved in obama team to work on this as an urgent issue.