Oh HI, 31.4% of homeowners that are underwater on their mortgages ! Would you like to change your name to Freddie Mac or Fannie Mae, or perhaps even just “bank”? Because if not it is too bad and so sad for you, since the Fannie Mae/Freddie Mac regulator just said no WAY hozay to a plan that might actually help you, because of "freedom" and "personal responsibility." And yes, Freddie Mac and Fannie maybe got
Wang? IBM? An abacus? Thing is, if that program is so old, it must have been incredibly hard to fiddle with it so it could work in anything modern. Bear in mind, the system came from a series of banks that recently failed and were subsequently bought by my employer. Maybe that&#039;s why they failed?<br /><br />---
&quot;The housing regulator responded saying that figure only applied to a group of homeowners that had not made a mortgage payment in a year and would assume all those borrowers would win a mortgage write-down &mdash; a scenario deemed unlikely.&quot;
And what, other than your own fucking intransigence, would make it &quot;unlikely&quot;? That&#039;s a dickish move straight out of the GOPtard playbook.
I was a little confused. Here is what I was thinking of: &quot;What tended to be forgotten, though, was that most subprime mortgages did not go toward the purchase of a new house, but rather were refinancings by existing homeowners. (According to a joint HUD&ndash;Treasury report, a staggering 82 percent of subprime mortgages were refinancings, and in nearly 60 percent of those cases the borrower pulled out cash, adding to his debt burden.)&quot; -from chapter 2 of <i>All the Devils Are Here: the Hidden History of the Financial Crisis</i>
Suggestion: find a better lender or move your money to a credit union. I just refinanced my house the credit union folks were helpful and was able to convert it to a 12 year loan.
We&#039;re going to need a store to cater to the revolting masses caused by Freddie Mac&#039;s insolence. As soon I find some investors I&#039;ll be opening
&quot;Rather, DeMarco&rsquo;s analysis showed that the projected net benefit to taxpayers would be $500 million in the best case scenario and its experience has shown that the likelihood of successfully modifying mortgages was small.&quot;
That&#039;s because no loan modification program to date has actually addressed the problem - the people living there owe more than the sucker is worth.
The classic scenario is to have a default, the previous owners move out, the lender takes a loss, and the new buyer comes in and purchases it at market. Woefully inefficient, with extra costs and fees all over the place.
Cram down the mortgage to market value and that&#039;s that. No muss, no fuss.
However, the lenders get all hung up in the morality of it. If they want to screw you, of course, it&#039;s open season. But when things go the other way, well - &quot;moral hazard&quot; suddenly becomes everything.
Weren&#039;t most of the defaults when the crisis hit from people who refinanced and were only underwater because someone told them they could cash in on their home equity by refinancing with no risk?
Wang? IBM? An abacus? Thing is, if that program is so old, it must have been incredibly hard to fiddle with it so it could work in anything modern. Bear in mind, the system came from a series of banks that recently failed and were subsequently bought by my employer. Maybe that&#039;s why they failed?<br /><br />---
&quot;The housing regulator responded saying that figure only applied to a group of homeowners that had not made a mortgage payment in a year and would assume all those borrowers would win a mortgage write-down &mdash; a scenario deemed unlikely.&quot;
And what, other than your own fucking intransigence, would make it &quot;unlikely&quot;? That&#039;s a dickish move straight out of the GOPtard playbook.
Couldn&#039;t agree more - sooner we get these motherfuckers up against the wall, the better off everyone will be!
I think some intense pain and localized necrosis would do just fine.
With scientific votes.
One area where he needs to be more like Mittens.
I was a little confused. Here is what I was thinking of: &quot;What tended to be forgotten, though, was that most subprime mortgages did not go toward the purchase of a new house, but rather were refinancings by existing homeowners. (According to a joint HUD&ndash;Treasury report, a staggering 82 percent of subprime mortgages were refinancings, and in nearly 60 percent of those cases the borrower pulled out cash, adding to his debt burden.)&quot; -from chapter 2 of <i>All the Devils Are Here: the Hidden History of the Financial Crisis</i>
If he uses Intense Debate, he&#039;ll be p-tarded.
I can see what you did there from my house.
Suggestion: find a better lender or move your money to a credit union. I just refinanced my house the credit union folks were helpful and was able to convert it to a 12 year loan.
We&#039;re going to need a store to cater to the revolting masses caused by Freddie Mac&#039;s insolence. As soon I find some investors I&#039;ll be opening
Pitchforks, Pikes and Pepper Spray R Us.
Coming Soon!
Thank you, Keb Mo&#039;.
Ya might want to rethink that screen door...
&quot;Rather, DeMarco&rsquo;s analysis showed that the projected net benefit to taxpayers would be $500 million in the best case scenario and its experience has shown that the likelihood of successfully modifying mortgages was small.&quot;
That&#039;s because no loan modification program to date has actually addressed the problem - the people living there owe more than the sucker is worth.
The classic scenario is to have a default, the previous owners move out, the lender takes a loss, and the new buyer comes in and purchases it at market. Woefully inefficient, with extra costs and fees all over the place.
Cram down the mortgage to market value and that&#039;s that. No muss, no fuss.
However, the lenders get all hung up in the morality of it. If they want to screw you, of course, it&#039;s open season. But when things go the other way, well - &quot;moral hazard&quot; suddenly becomes everything.
aux armes citoyens!
Weren&#039;t most of the defaults when the crisis hit from people who refinanced and were only underwater because someone told them they could cash in on their home equity by refinancing with no risk?
Looks like my investment into a couple of cardboard boxes will finally pay off!