Just wait, folks! It’s coming your way…

As I posted previously, it’s a strange thing that happens when people blame the victim. It almost always stems from a lack of understanding of the full situation. Allow me to educate you all a bit.

TILA violations have been so rampant these last few years that they were almost ubiquitous. Do you know what TILA is? If you don’t, you’re not alone. Many attorneys do not know what TILA is or even know how to enforce it. In fact, even our possible president-to-be Obama is clearly ignorant of TILA’s existence—as evidenced on his website that he’d put in place protections and stricter disclosures. Guess what? That what TILA is!

So, you have lay people signing documents that are based on laws that even lawyers don’t understand, haven’t read or don’t know exist. What they are signing can only be fully understood by an understanding of what the documents are supposed to be based on. If you don’t know what that is, then you aren’t making an informed decision.

And guess what? That’s nearly all of us.

I’ve always liked Hillary. She gets it–even when others don’t. Like healthcare, she’s got to wait for everyone else to get up to speed.

I feel sorry for you ’stable, responsible’ folks. When the economic tsunami hits, you’ll be the most stunned of all. Why, how could it happen when you’ve done all the right things, unlike ‘those’ people?

I can hear the sobs already.

By the way, there’s already a method by which one can change the rules of a contract. It’s called bankruptcy. More than likely, your lender will be doing it–if they haven’t done it already.

If the loss mitigator that I spoke with last year is correct, a write down of a loan through short pay, write off or short sale gets reported in the quarter it occurs.
However, a foreclosure doesn’t have to be reported until 180 days after sold as a bank owned property. So, it doesn’t look like the company is losing as much money by the delayed reporting afforded by foreclosure.
Could this affect the appearance of the books to investors, regulators and say BofA?

The real market assets of these properties will not be determined by letting an un-natural fraduelnetly run market just collapse. That would cause devistation to our entire economy.

This isn’t a “normal” real estate cycle or economic cycle that needs to work itself out.

OUR MARKET IS A BULL IN A CHINA SHOP THAT IS OUR COUNTRY AND THESE BULLS ARE RUNNING THE STREETS FREELY………

This will hit every nook and cranny of our economy and you too will feel the pain, subprime loan or not

By pushing this off 5 years, you did nothing more than make this worse for the long term. We will not be able to get to the real market value of these ‘assets’ by government stepping in and selectively helping irresponsible people. Not to mention the message it sends to the rest of the country.

“As far as brokers, my opinion is the same: ANY MIDDLEMAN industry must be regulated so tight so they can’t even poop without disclosures. It applies to any kind of broker: insurance, securities, and of course mortgage. I don’t understand why it’s so hard for regulators to realize.”