Facts:

1. No one is forced to purchase a home in the United States.
2. If someone decided to purchase a home, they should have reviewed their paperwork PRIOR to committing to the loan.
3. Two years’ ago when people were making tons of “free” money as the market surged upward, there was virtually no people complaining about the terms of their loan.

This situation is reminiscent of those people who purchased PETS.COM at the peak, and then screamed bloody murder when the stocck went to zero! You get what you pay for!

Sheesh! So those of us who use proper care when making such a large purchase are labelled “capitalists”, as though that is a bad thing?

Such hateful comments from those ignorant and foolish enough to sign up for bad loans. You made your bed, now sleep in it (until they take it from you since you obviously do not think YOU should PAY FOR IT!)!!!

It is not MY job, my neighbor’s job, or any other person’s job to help you pay for your home. Are we allowed to then live in it? Or do you, an idiot socialist, ascribe to the capitalist notion that you OWN the home?

That was simply the most ill-conceived, ignorant and illiterate thing I have EVER seen posted anywhere on the net!

Seems like the Sharks are sniffing blood.

“Fed Cuts Interest Rates Again
Take advantage of the most recent Fed interest rate cut
You may have heard that the Fed recently cut interest rates by .25%, but do you know why this is such good news for you?

As interest rates drop with the Fed cut, E-LOAN\’c2\’ae can immediately pass the savings along to you since we\’e2\’80\’99re a direct lender. This can result in lower monthly payments and a lower interest rate for you.

Act now and see how much you can save.

Apply Now

Sincerely,

Pete Bonnikson
Senior Vice-President, First Mortgage “

The housing industry just experienced its largest housing boom in history from 2000-2005. The states with the hottest housing markets and new homes built over that period were California, Florida, Arizona, and Nevada. These states also had some of the highest home appreciations in the country. Home values increased in Stockton, CA 113%, Riverside/San Bernardino, Ca 141%, Sacramento, CA 112%, Miami, Fla 133% over a five year period.

The new construction housing boom peaked in 2004-2005 which was driven by speculative building on the part of builders. It was also fueled and funded by cheap money. They were building at a pace much faster than the market could realisticaly absorb. In some areas, speculative buyers were buying 30% of the homes being built hoping to flip them and make a huge profit with the runup in prices that had been taking place.

The builders did not put the breaks on soon enough and built an extremely large inventory of new homes, with no buyers. Once the word got out that the price frenzy had come to a hault, all the speculators who had been holding there properties began dumping them on the market. Thus began the downward slide of home values.

For the homeowners who bought late in the game, 2004-2006, they purchased at the peak of home values. These homes had inflated values and were set for a price correction.

With homes being over inflated in price, people reverted to ARM’s and all the creative financing that the mortgage industry could come up with.

Is the real root of the problem we face now based on that people could not afford the homes they bought with the resets that were going to take place? Or, is it more that the house values are dropping quickly and homeowners who cannot afford the new payments, are not able to sell their homes for the same price they paid for them?

I believe the bigger problem is home depriciation that is occuring in the markets that had the fastest and largest rise in home values in the last five years.

The top ten housing markets for foreclosures include, Stockton, Riverside, Sacramento, Bakersfield and Oakland California, along with Las Vegas, Miami, Ft. Lauderdale and Phoenix.

The bigger short and long term problem we face is housing depreciation. The decrease in home values trigers a whole host of financial troubles that would be the worst we have faced since the Great Depression.

I hear people say that the Federal Government should not be involved with fixing this housing.mortgage crisis. Was it not the Federal Reserve and Alan Greenspan who helped create the housing boom and bubble by providing cheap money for an extended period of time. The Fed kept the discount rate below the inflation rate for 34 months during the boom.

Greenspan said ARM’s were safe and he did not know why more Americans did not take advantage of them. He also said there was no National housing bubble as all housing markets are local.

In late 2004, Grenspan sought to reassure lenders that the housing boom was not over. Greenspan told Community Bankers, “Improvements in lending practices driven by information technology have enabled lenders to reach out to households with previous unrecognized borrowing capacities.”

Sounds to me that he was telling the mortgage industry to create loans
that could help subprime borrowers to become homeowners. Do people still believe that the Fed’s should not be involved in cleaning up the mess they helped create? I’m not going to hold my breath waiting for Greenspan to admit that he helped create our current crisis, as he has been pointing fingers everywhere but at himself.

Dear Ms. X,

Island Equity Mortgage Inc. has researched the file that was closed on October 3rd, 2006. At the time Regina Ferraro was your Loan Officer. In the file for (address ommitted) all of the documents were signed and dated correctly with the precise information regarding your loan. On the HUD 1 Statement on Line 1306 it clearly sates that the YSP is $3,450 not $14,600. The $14,600 is line 1205, which is the mortgage tax. Enclosed is a copy of the HUD1 settlement signed by you at closing. In regard to CountryWide HOme Loans, their closing papers also have the name Americas Wholesale Lender, which is their name as well. Please feel assured that this is the same bank that you have purchased your loan with (MY LOAN APPL. SAID IF AMERICAN WHOLESALES CLOSED THE LOAN THERE WOULD BE NO PP PENALTY BUT IF COUNTRYWIDE DID, THERE WOULD BE. THE FINAL LOAN DOCS HAVE BOTH NAMES ALL OVER THE PLACE — AND OF COURSE, THESE BASTARDS NEVER SAID THERE WOULD BE A PP PENALTY.)

The letter continues:

“When I spoke with you on Thursday, the 17th of October, you were interested in going to another ARM LOAN. (WHAT THE F$&k!!!!! I CANNOT BELIEVE HE WOULD HAVE THE NERVE TO WRITE THIS BS WHY THE F@#K WOULD I WANT THAT?????)

It goes on:

“Unfortunately the banks have changed all of their guidelines. We are still looking into other banks that offer ARM loans. I mentioned a fixed rate to you but the payments where to high (NOT WERE TOO HIGH BUT where to high, IGNORANT BASTARD) for your situation. I then spoke to you on Monday 3rd of December to seee if there is anything that we can do to help with your current situation. I believe we both came to an agreement to have Island Equity Mortgage INc. speak on your behalf with CountryWide Home Loans in trying to find a better alternative for your loan in, in regard to the pre-payment penalty (LIES, LIES, LIES).

Island Equity Mortgage Inc. would like to help with your loan, and in doing so we are prepared to dissolve the broker fee for you. Our intentions to help you find a loan that helps with your current situation. Please feel free to call me at your convenience.”

I CAN’T BREATHE THIS BULLSHIT STINKS SO BAD!!!!

Vickie, my heart goes out to you. Stay strong and it is OK that if you are foreclosed on. You are not a failure, you are just a victim of bad lending practices.

It will help you if you talk about and just let it out like you have done here. Check out my forum at http://www.LoanSafe.org. It is for homeowners just like you and protected against capitalistic pigs.

I’d love to see you there Vickie!