Wells Fargo Home Mortgage is on message! Here's part of a conversation I had with a very helpful and courteous phone rep last night:
Rep: I see you are eligible for refinancing through the Making Home Affordable program of the Obama Administration's 2009 Recovery Act. Right now we have a rate of 4.375 percent. You would pay no closing costs. The only cost would be your recording fee which would probably come to about $50.
Tim: That's terrific! Can I ask: My loan is not in any distress. Why is it eligible for Recovery Act benefits?
Rep: If we can get you a loan with a lower interest rate that will stimulate spending in the economy.
Is my bank that civic-minded? Are TARP funds now being used to print and distribute DNC talking points at participating banks? Either way, I'd like to thank Chairman Bernanke for the low interest rate and President Obama for covering my closing costs. But I'm a little angry at you, the taxpayers, for not taking care of that recording fee.