Comments on: Hillary Calls For Quick Action To Stop The Foreclosure Of The American Dream http://loanworkout.org/2008/01/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/ Loan Modification & Home Loan News Fri, 20 Nov 2009 12:55:43 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Sherry Bitner http://loanworkout.org/2008/01/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-4204 Sherry Bitner Mon, 25 Feb 2008 20:52:21 +0000 http://loanworkout.org/2008/01/24/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-4204 First of all, the Real Estate Investment Trusts set the guidelines for the lenders as well as the rate range, not the lenders or brokers. They also were greedy and wanted to punish the people who were not making a ton of money - so they could - due to their lower income, perhaps mis-handling of money, or those who had lost a job, medical problems, etc. And they would only give them 2 or 3 years to fix the problem and if they solved it sooner, they were penalized with a pre-payment fee. Go Wallstreet! Second of all, FNMA & FHLMC would accept a house with a higher value the day after it was flipped. Subprime would do appraisal reviews on their loans and lower the appraised value. Congratulations OFHEO, for allowing FNMA & FHLMC to do so, and who now designates redlining for them, since FNMA & FHLMC cannot do so. This certainly causes one to pause, and look at the government lending billions of dollars to the Lenders (Banks) recently, so lenders can fund more loans and still be able to declare their losses. Has anyone bothered to review the agreement the lenders signed with the government and ask what if the Lenders cannot repay these loans to the government in the future? Perhaps one could even think forward enough and see the government asking the Lenders for the collateral which they loaned the money, and are not receiving payments any longer. I wonder if the Real Estate Investment Trusts would receive the properties - I don't think so! Hmmm...now the government owns the properties.... and what would they do with them.... lease them out to the citizens...yes, that's the answer. It's similar to what Mexico does, isn't it. It would have been so simple to just modify all the loans which were adjusting initially when a borrower was in trouble, instead of making such a complicated debacle out of all this. Greed is still alive and well and raising it's ugly head higher than ever. Did you really think slavery was dead? It's just mutated itself to a new level. Live well and prosper! First of all, the Real Estate Investment Trusts set the guidelines for the lenders as well as the rate range, not the lenders or brokers. They also were greedy and wanted to punish the people who were not making a ton of money – so they could – due to their lower income, perhaps mis-handling of money, or those who had lost a job, medical problems, etc. And they would only give them 2 or 3 years to fix the problem and if they solved it sooner, they were penalized with a pre-payment fee. Go Wallstreet!

Second of all, FNMA & FHLMC would accept a house with a higher value the day after it was flipped. Subprime would do appraisal reviews on their loans and lower the appraised value. Congratulations OFHEO, for allowing FNMA & FHLMC to do so, and who now designates redlining for them, since FNMA & FHLMC cannot do so.

This certainly causes one to pause, and look at the government lending billions of dollars to the Lenders (Banks) recently, so lenders can fund more loans and still be able to declare their losses. Has anyone bothered to review the agreement the lenders signed with the government and ask what if the Lenders cannot repay these loans to the government in the future? Perhaps one could even think forward enough and see the government asking the Lenders for the collateral which they loaned the money, and are not receiving payments any longer. I wonder if the Real Estate Investment Trusts would receive the properties – I don’t think so! Hmmm…now the government owns the properties…. and what would they do with them…. lease them out to the citizens…yes, that’s the answer. It’s similar to what Mexico does, isn’t it.

It would have been so simple to just modify all the loans which were adjusting initially when a borrower was in trouble, instead of making such a complicated debacle out of all this. Greed is still alive and well and raising it’s ugly head higher than ever.

Did you really think slavery was dead? It’s just mutated itself to a new level.

Live well and prosper!

]]> By: Michael Kelly http://loanworkout.org/2008/01/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-4203 Michael Kelly Thu, 31 Jan 2008 07:02:11 +0000 http://loanworkout.org/2008/01/24/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-4203 Oh gawd! First it was the simple abacus, then bookkeeping, then accounting, then public accounting, then certified public accounting, then creative accounting (Enron and Worldcom ideas), and now re-creative accounting (Citigroup, et al, idea). Before long we're all going to find ourselves back in the Garden of Eden starring at the Tree of Knowledge and its luscious Fruit (anyone want to wager that it's Money), which will lead us into the temptation of wreckage accounting. If anyone understands what I'm babbling about, please email and explain it to me because I sure as hell don't know, and I pretty sure that's the way the banks want it at least since the time of caveman and cavewoman and clams. Oh gawd! First it was the simple abacus, then bookkeeping, then accounting, then public accounting, then certified public accounting, then creative accounting (Enron and Worldcom ideas), and now re-creative accounting (Citigroup, et al, idea). Before long we’re all going to find ourselves back in the Garden of Eden starring at the Tree of Knowledge and its luscious Fruit (anyone want to wager that it’s Money), which will lead us into the temptation of wreckage accounting. If anyone understands what I’m babbling about, please email and explain it to me because I sure as hell don’t know, and I pretty sure that’s the way the banks want it at least since the time of caveman and cavewoman and clams.

]]> By: Tom http://loanworkout.org/2008/01/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-4200 Tom Thu, 31 Jan 2008 04:18:30 +0000 http://loanworkout.org/2008/01/24/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-4200 This all makes sense now, it's like when I did my refinance and they didn't have to tell me that my non-recourse loan is now recourse. The mortgage broker doesn't work for the bank that loaned me the money to buy my home. The bank that loaned me the money to buy my home didn't really loan me the money either. No wonder they didn't really care that my home wasn't worth what I was paying, or what they lent me to buy it Then there's the caveat that they won't touch these things, becasue then they'd have to buy them back and they know what crap they're all dealing with. No, this isn't a scam. This has been a real harsh lesson - one I shall certainly never rinse, lather and repeat. Nonetheless, I am not real happy about the bank (that didn't even lend me money) being able to come after me for a judgement to collect some dollar value attached to a piece of paper that was never really worth its value anyway due to all of this hocus pocus. They've probably already written it down as a loss anyway and will continue to try to double collect it from all of us as well. Half of the sheep will probably keep on paying into this scam and they'll make what they should have made legitimately anway. Clever scheme, although my version is probably way off base - I think Chris is onto something. There's no way they didn't see this coming. Here we go, in come the accountants for their cut. They'll have a ball figuring this out. This all makes sense now, it’s like when I did my refinance and they didn’t have to tell me that my non-recourse loan is now recourse.

The mortgage broker doesn’t work for the bank that loaned me the money to buy my home. The bank that loaned me the money to buy my home didn’t really loan me the money either. No wonder they didn’t really care that my home wasn’t worth what I was paying, or what they lent me to buy it Then there’s the caveat that they won’t touch these things, becasue then they’d have to buy them back and they know what crap they’re all dealing with.

No, this isn’t a scam.

This has been a real harsh lesson – one I shall certainly never rinse, lather and repeat. Nonetheless, I am not real happy about the bank (that didn’t even lend me money) being able to come after me for a judgement to collect some dollar value attached to a piece of paper that was never really worth its value anyway due to all of this hocus pocus. They’ve probably already written it down as a loss anyway and will continue to try to double collect it from all of us as well. Half of the sheep will probably keep on paying into this scam and they’ll make what they should have made legitimately anway.

Clever scheme, although my version is probably way off base – I think Chris is onto something. There’s no way they didn’t see this coming.
Here we go, in come the accountants for their cut. They’ll have a ball figuring this out.

]]> By: JacMac http://loanworkout.org/2008/01/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-4202 JacMac Thu, 31 Jan 2008 02:35:45 +0000 http://loanworkout.org/2008/01/24/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-4202 "But hey, if you need a loan mod right now, this is good for you. But its just another reason your children (or grandchildren) won\'e2\'80\'99t be home owners until they\'e2\'80\'99re 40." Oh, they'll be homeowners, all right, if we hang on too long while our equity plummets, they'll inherit the debt load that we couldn't finish paying off, and end up pouring cash into that hole, too -- if you know what I mean. “But hey, if you need a loan mod right now, this is good for you. But its just another reason your children (or grandchildren) won\’e2\’80\’99t be home owners until they\’e2\’80\’99re 40.”

Oh, they’ll be homeowners, all right, if we hang on too long while our equity plummets, they’ll inherit the debt load that we couldn’t finish paying off, and end up pouring cash into that hole, too — if you know what I mean.

]]> By: akrowne http://loanworkout.org/2008/01/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-4201 akrowne Thu, 31 Jan 2008 00:36:00 +0000 http://loanworkout.org/2008/01/24/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-4201 I think this is not the right "solution". Lenders/investors don't want to take the write-downs they need to take in order to do loan mods, so they're being given a pass to what is essentially accounting/securities fraud? Come again?? My read is that the current sleazebags in charge want to have their cake and eat it too -- do loan mods to quell the restive masses, but not take the write-downs that would show to the financial world that they made horrible managerial and executive decisions. The result of this is going to be longer-lasting turmoil in the financial sphere, which will probably make it harder for new people to become home owners legitimately. But hey, if you need a loan mod right now, this is good for you. But its just another reason your children (or grandchildren) won't be home owners until they're 40. I think this is not the right “solution”.

Lenders/investors don’t want to take the write-downs they need to take in order to do loan mods, so they’re being given a pass to what is essentially accounting/securities fraud? Come again??

My read is that the current sleazebags in charge want to have their cake and eat it too — do loan mods to quell the restive masses, but not take the write-downs that would show to the financial world that they made horrible managerial and executive decisions.

The result of this is going to be longer-lasting turmoil in the financial sphere, which will probably make it harder for new people to become home owners legitimately.

But hey, if you need a loan mod right now, this is good for you. But its just another reason your children (or grandchildren) won’t be home owners until they’re 40.

]]> By: Susana http://loanworkout.org/2008/01/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-10021 Susana Fri, 25 Jan 2008 13:09:00 +0000 http://loanworkout.org/2008/01/24/hillary-calls-for-quick-action-to-stop-the-foreclosure-of-the-american-dream/#comment-10021 This message os great but we need it in Spanish as more than half of the hispanic people in the United States do not read English,and there is at least one person in every Hispanic family who has access to a computer and can read this and will read it or it will be read in English and translated ,or transpired to them in Spanish by some family member or relative or of some type of close relationship to them . They are' In Tunned' more that the people in United States ' know ,on the NEWS AND THE MEDIA as it affects /and has affected 'Every Home ' more than ever in the Hispanic Communities/Homes in our country and thier native country as well . The message is We Are Listening /We are Watching " the News and the Media Accoss the Board . All if the Topics Written here in English do "no good' in posting them only in English if they are not posted in Spanish,so they can reached to all Hispanic's in all communites . Whether you be 1st genration from your country here in the United States or 5th or 10th. All Immigrants deserve a chance to read or undestand what is going on in 'thier language ' no matter what language it maybe .They are her elike our fore father were ,who made our country what it is today ,in all nationalities ,they came from differnet parts of the world to form our "New World " that we have today .We still have our 'American Dream '. This message os great but we need it in Spanish as more than half of the hispanic people in the United States do not read English,and there is at least one person in every Hispanic family who has access to a computer and can read this and will read it or it will be read in English and translated ,or transpired to them in Spanish by some family member or relative or of some type of close relationship to them . They are’ In Tunned’ more that the people in United States ‘ know ,on the NEWS AND THE MEDIA as it affects /and has affected ‘Every Home ‘ more than ever in the Hispanic Communities/Homes in our country and thier native country as well .

The message is We Are Listening /We are Watching ” the News and the Media Accoss the Board .
All if the Topics Written here in English do “no good’ in posting them only in English if they are not posted in Spanish,so they can reached to all Hispanic’s in all communites . Whether you be 1st genration from your country here in the United States or 5th or 10th.

All Immigrants deserve a chance to read or undestand what is going on in ‘thier language ‘ no matter what language it maybe .They are her elike our fore father were ,who made our country what it is today ,in all nationalities ,they came from differnet parts of the world to form our “New World ” that we have today .We still have our ‘American Dream ‘.

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