- Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
- This Act may be cited as the `Emergency Mortgage Loan Modification Act of 2007′.
SEC. 2. SAFE HARBOR FOR HOLDERS ENGAGED IN TROUBLED DEBT RESTRUCTURING WITH REGARD TO RESIDENTIAL MORTGAGE LOANS.
- (a) In General- Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after section 129 the following new section:
`Sec. 129A. Safe harbor for holders engaged in troubled debt restructuring with regard to residential mortgage loans
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- `(A) The loan is in payment default under the loan agreements or payment default is imminent or reasonably foreseeable.`(B) The creditor, assignee, servicer, securitizer, or other holder reasonably believes that the net present value to be realized on the loan, as determined under the applicable contract, will be maximized by entering into the workout plan.
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- `(I) has an annual percentage rate that does not equal or exceed the yield on securities issued by the Secretary of the Treasury under chapter 31 of title 31, United States Code, that bear comparable periods of maturity by more than 3 percentage points; or`(II) has an annual percentage rate that does not equal or exceed the most recent conventional mortgage rate, or such other annual percentage rate as may be established by regulation under paragraph (6), by more than 175 basis points;
- `(I) has an annual percentage rate that does not equal or exceed the yield on securities issued by the Secretary of the Treasury under chapter 31 of title 31, United States Code, that bear comparable periods of maturity by more than 5 percentage points; or`(II) has an annual percentage rate that does not equal or exceed the most recent conventional mortgage rate, or such other annual percentage rate as may be established by regulation under paragraph (6), by more than 375 basis points; and
`(i) any residential mortgage loan that constitutes a first lien on the dwelling or real property securing the loan and either–
`(ii) any residential mortgage loan that is not the first lien on the dwelling or real property securing the loan and either–
`(iii) a loan made or guaranteed by the Secretary of Veterans Affairs.
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`(A) IN GENERAL- The term `qualified mortgage’ means–
`(B) MOST RECENT CONVENTIONAL MORTGAGE RATE- The term `most recent conventional mortgage rate’ means the contract interest rate on commitments for fixed-rate first mortgages most recently published in the Federal Reserve Statistical Release on selected interest rates (daily or weekly), and commonly referred to as the H.15 release (or any successor publication), in the week preceding a date of determination for purposes of applying this subsection.
- `(A) is the issuer, or is created by the issuer, of mortgage pass-through certificates, participation certificates, mortgage-backed securities, or other similar securities backed by a pool of assets that includes residential mortgage loans; and`(B) holds such loans.
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`(1) QUALIFIED LOAN MODIFICATION OR WORKOUT PLAN- The term `qualified loan modification or workout plan’ means a troubled debt restructuring that meets the following criteria with respect to a residential mortgage loan:
`(2) QUALIFIED MORTGAGE-
`(3) RESIDENTIAL MORTGAGE LOAN DEFINED- For purposes of this subsection, the term `residential mortgage loan’ means a loan that is secured by a lien on an owner-occupied dwelling and is not a qualified mortgage.
`(4) SECURITIZATION VEHICLE- The term `securitization vehicle’ means a trust, corporation, partnership, limited liability entity, or special purpose entity that–
`(5) SECURITIZER- The term `securitizer’ means the person that transfers, conveys, or assigns, or causes the transfer, conveyance, or assignment of, residential mortgage loans, including through a special purpose vehicle, to any securitization vehicle, excluding any trustee that holds such loans solely for the benefit of the securitization vehicle.
- `129A. Safe harbor for holders engaged in troubled debt restructuring with regard to residential mortgage loans.’.
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`(a) In General- A creditor, assignee, servicer, securitizer, or other holder of a residential mortgage loan shall not be liable to any person under any law or regulation of the United States or any law or regulation of any State or political subdivision of any State, or under any contract, for entering into a qualified loan modification or workout plan on any residential mortgage loan, as provided by this subsection, that was consummated on or after January 1, 2004.
`(b) Definitions- For purposes of this section, the following definitions shall apply:
`(c) Effective Period- This section shall apply only with respect to qualified loan modification or workout plans initiated during the 6-month period beginning on the date of the enactment of this section.’.
(b) Clerical Amendment- The table of sections for chapter 2 of the Truth in Lending Act is amended by adding after the item relating to section 129 the following new item:
No Responses
great a bailout for reckless borrowers who made imprudent decisions and bought more house than they could afford. thanks, just another example of the government incenting poor decisions and lack of discipline. it feels wonderful to foot the bill for your greedy speculative decisions.
Posted on April 18th, 2008 at 11:39 pm
there are so many facets to this mortgage situation. some people actually bought houses they could afford but lost significant income due to the housing turndown. i don’t debate that there are many who took risky loans, but to focus on that sector of the problem is to ignore those who made decisions that were prudent when they were made. if you bought a home a 2-3 years ago in an area that prices have declined 30% or more in the 12 months you may have a different perspective.
Posted on April 19th, 2008 at 11:20 pm
Great article! The homeowner is in control. I want to explain something to the idiots who say ” all of those subprime borrowers, ALT-A peeple” DESERVE to lose their homes…they took out the risky loans!!! THIS STATEMENT IS TRULY MADE BY THE PERSON WHO HAS NO UNDERSTANDING OF THE HOUSING/PONZI SCHEME COOKED up by The FED and WALL STREEET….
The home prices were ridiculous…people need a home…most people have NO clue about mortgages, rates, home market trends….all i’m saying is that if the lending industry had oversight ..home prices would be affordable by the average income earner.
WHY IS THE AVERAGE PERSON WITH AN AVERAGE INCOME UNABLE TO BUY A HOME AND REALLY AFFORD IT!! Because of GREED AND allowing the banks to push out as much money as possible and screwing people. WALL STREET AND THE FED AND THE MUFF i mean BUSH GOV”T ARE TO BLAME
Ray Maninang is a LOSER
Posted on April 23rd, 2008 at 12:23 pm
Wake up MOE, no the homeowner does not have complete control. They just think they do, because people like you are giving them partial information and then again they will make another bad move they will come back to bite them. Check out Fannie Mae’s new rule about people who walk from their home… This will be the standard in the industry and this will be how they weed out the bad people when lending in the future. All actions have a price, NOTHING in this world is free. So you made a bad deal, take responsibility, and work on correcting it. Quit pointing fingers at everyone else and be an adult.
Posted on April 23rd, 2008 at 12:41 pm
What is the incentive for lenders to write down the loans? The only benefit is that they stay in business. Who wants to stay in a business that’s no longer profitable? Better for the lender CEO to let the company fail. It’s not as if it’s a crime to run a company into the ground and still get paid. If the homeowners can walk from their mortgages, why wouldn’t the lender company officers ignore their shareholders?
Posted on April 23rd, 2008 at 12:54 pm
“check out Fannie Mae\’e2\’80\’99s new rule about people who walk from their home\’e2\’80\’a6″
Fannie’s threats are laughable.
Posted on April 23rd, 2008 at 1:01 pm
Can Reality Check tell me where to find this new rule of Fannie Mae’s that he is referring to?
Posted on April 23rd, 2008 at 1:03 pm
“So you made a bad deal, take responsibility, and work on correcting it”
Funny thing about that statement is that it also applys to the lender as well, and as the market is falling they are the ones to take a much harder hit than the homeowner. Fannie may scrutinize the borrowers much harder for the next 7 years when they walk away, but renting is not that bad and you can get a really nice place now. I would think that for the homeowners that are underwater like myself ($300k or more) I am not sure the 7 years will be that bad, and based on the govenments actions and the number of people losing there homes there will be programs available to us in as little as 2 years.
The Fed and the banks created this mess, and the brokers and bankers took advantage - and in many cases lied and cheated to get borrowers into loans they had no business being in. They took advantage of a majority of people that did not understand what they were being handed and believed them and the American dream that was yet another ponzi scam. Unfortunately this ponzi scam was created by our own government and the special interest that keep the politicians in office.
The only question that really needs to be asked is - do we let the homeowners walk away or determine a way to help preserve the home and get the asset perfoming again for the bank. Modifying the loans will cost the banks much less at the end of the day than foreclosure. Modifying the loans will help preserve home values and keep neighborhoods from crumbling. Modifying the loans will help stablize the tax base for Counties that are losing revenue. Modifying the loans will make the bailout of our banking system benifit the people and not just the banks and investment houses that were the driving force behind this bubble.
We are now past the point of pointing fingers, and now need to figure out how to correct this before the entire economy crumbles. This can only be accomplished by helping out both the people and the banks no matter how bad of an investment either made. That answer is LOAN MODIFICATION.
Scott Laughlin
Posted on April 23rd, 2008 at 1:18 pm
give the banks one chance to write down. and then walk
Posted on April 23rd, 2008 at 1:25 pm
Wow. Just wow. Bad ideas. Bad grammar. Bad rambling. Everyone involved in these bad loans made a poor decision. That INCLUDES the owners. They DESERVE their lumps. The companies DESERVE to get hammered. The mortgage brokers DESERVE infamy.
Posted on April 23rd, 2008 at 1:34 pm
Hey Moe,
Great work. Please have your readers sign this financial petition to impeach GW.
http://www.financialpetition.org
Here is a video for additional articles for impeachment beyond the issues of wire tapping, torture, false intelligence leading to Iraq war, etc.
http://www.youtube.com/watch?v=WIC3dP5njVA
Posted on April 23rd, 2008 at 1:43 pm
Reality Check - “Check out Fannie Mae\’e2\’80\’99s new rule about people who walk from their home\’e2\’80\’a6 This will be the standard in the industry and this will be how they weed out the bad people when lending in the future.”
I think that rule is just going to bite them in the mortgage ass because they are just going to make it so no one can get a mortgage. It is quickly going from oh your own a home, to oh you got foreclosed on too or your in forelosure also.
It’s the norm now.
I feel that the only loans people will need are for their cars to get from point a to point b. Max out the cards, since their credit is shot anyway, walk on their homes and all loans except the vehicle. Rent down the street from Johnnys school for $1k less.
Now they can sleep well and not stress about DEBT.
Debt that has been sold and packaged as the key to dreams as actually been a nightmare for many.
Juts FYI reality check - people dont forget their living nightmares too quickly and I suspect many will never buy a home ever again.
Posted on April 23rd, 2008 at 2:04 pm
LOAN MODS
work
most lenders are open to them
a few are hold-outs, or have their own mod company
the servicers are now contracted to handle this for their clients (banks) but usually botch it and also have a different agenda: get money daily.
private mod comapnies with performance records are the way to go… still beware of the little shops, they might be a scam attached to a broker, initally set up to mod their own files.
A few large reputable mod agencies exist, and recommend you use them!
Moe, hit up RM from the ML if you haven’t already.
Posted on April 23rd, 2008 at 2:12 pm
Jay Grimes:
http://www.americanbanker.com/nocookies/search.html?search-select=American+Banker&query=FANNIE+MAY+GUIDELINES
Jim L
No Fannies threats are not laughable. Things will tighten back up and only responsible people will be entitled to home ownership, just like it used to be. It was great pride back in the day to own a home. Not everyone was entitled to it. We became a nation that gave to much. People abused that and now everyone will suffer. I had a chance to go all out and purchase a home above my means, I did not though, I was responsible and had a large downpayment put on it, just like they used to years ago. This country has lost it’s morals and values and really needs to get back on track.
Sorry Moe,
All these people that are being irresponsible because they thought the could hit it big in Real Estate, is going to be in for a shock. Those that have commented that living in an apartment won’t bother them, obviously do not have a family nor treasure values or family name. Remember supply and demand; all these people flooding the apartment scene is going to drive up rents and then they will have the control on who gets in and who doesn’t.
I am smack in the middle of this mess and the stories I am told by these homeowners are very sad to those that are responsible. Not all, but a large majority of these people believe the world owes them a living. They did not buy a home based on having equity in it when they put NOTHING down. Did they forget how a car depreciates when you drive it off the lot??
I have reviewed many loan applications, (in the borrowers handwriting) they were also the ones who lied on the application. Just because someone tells you to do something doesn’t mean you should and it is not an acceptable defense. I am not saying some of these lenders and brokers were not bad. However, common sense rules and the old saying, “If it sounds to good to be true, it usually is.” Everyone is always looking for a way to make it rich quick, regardless of who suffers in the long run.
Tell me, do you go to the casinos and gamble and when you lose ask the pit boss for your money back because someone did not tell you all the facts of the game? NOT, life does not work that way, it is a gamble, if you chose to take it, take the responsibility that comes along with it.
I had a chance to go all out and purchase a home above my means, I did not though, I was responsible and had a large downpayment put on it, just like they used to years ago.
Posted on April 23rd, 2008 at 2:48 pm
Loan modification? Write down? Aparently Citimortgage has not heard of that term. At least not in my case. Short sale? Same lender aparently doesn’t get the concept of “declining” property values (or at least not in their loss mit dept). As a result, they will soon be the proud owner of my home which is valued at $128K less than what I owe.
I called them the first month I could not make a payment. Six months later they still have not responded to the “workable solutions” pkg I sent 3 times (the first 2 they lost). Tried the short sale route to no avail (they wouldn’t accept an offer at market value). I’ve tried, they have failed to even begin to work with me.
My own doing? Only if I am responsible for having to take a job making 1/3 of what I used to make as a mortgage underwriter.
So don’t tell me that this is only a sub-prime problem!!!!!
Posted on April 23rd, 2008 at 3:01 pm
I agree with some that blame can be carved up and served to everyone involved in the process, from Global institutional bond investors, Wall St, Rating Agencies, Fed, Mortgage Banks, Mtg Brokers, Realtors, AND the homeowner. I’m sorry, but I have no remorse for the applicant who lied on their loan application and is now realizing that their house is not an ATM. A very high percentage (over 50% \{i’ll find the source\}) of the home loans originated over the past 3 years on the West Coast were cash out refinances. How can ANYONE feel a bailout is warranted for someone who used their house as an ATM to buy the pool, the big new car, etc. and maxed out the loan to value on their mortgage to do it? Now that home prices are falling they want to walk away and have you and me (taxpayers) pay for their mistake.
The authorities should go back and see which homeowners lied on their applications…perhaps even give them a 25% tolerance on the variance of income they make and the income they stated on their app. Fraud is a crime and NOONE twists your arm to commit fraud. “Everybody’s doing it” is not a reason!! Instead of pressing charges ( we don’t need to go down that path) the above fact should disqualify them from receiving any assistance.
I’m like others that have posted that did NOT go out and buy above my means. What do I get? You know what? I don’t want any freaking handout!! I don’t want people who were irresponsible and/or speculators to get handouts either! Yes, I’ve taken an equity hit too. But, real estate has always been somewhat cyclical. The market will come back. Whatever happened to the sanctity of a contract??
MOE, To suggest that noone has felt pain is ludicrous! The soundness of the rating agencies is in jeopardy, as they are being pushe to the brink of insolvency. Bear Stearns was brought to its knees. Other Wall St banks have taken 100’s of billions of dollars in writedowns. Over 250 mortgage banks have had to close their doors affecting 100,000’s of jobs. One can assume that 1000’s of mortgage brokerages have gone out of business as well. Sure, there are bad apples in EVERY industry, but the majority are good, honest people. So, YES, the homeowner, who was part and parcel to the transaction is going to feel some pain too.
Posted on April 23rd, 2008 at 3:20 pm
Fannie and Freddie’s rules don’t count for anything! STATE LAW MATTERS “reality check” California is a non recourse state i.e. you can walk out of your house and the lender cannot pursue any action to collect deficiencies. PERIOD.
My point of the last post was how pathetic it is for Gov’t to allow Wall Street to allow such lax lending that home prices get propped up artificially. If full doc 80% LTV were used home prices wouldn’t balloon…people i.e. everyday working class people could buy a home and afford it. Pushing the housing prices up to ridiculous levels …made it a requirement for MOST people to get a CRAZY loan…..BAD DECISION BY THE BORROWER BUT SHAME ON THE BIG BOYS FOR ALLOWING THIS….and yes the homeowner is in control my friend…..8 months of free housing before moving into a nicer neighborhood at half the cost by renting!
YOU TELL ME WHY THE BORROWER ISN”T IN CONTROL. PEOPLE HAVE NOTHING TO LOSE BY walking out…as ALL yes ALL homeowners who have bought in the past 3 years are underwater.
Posted on April 23rd, 2008 at 4:12 pm
I have no problem with people walking away…Just go sign a 5 year lease purchase agreement on a nice house and make sure you fix the price of the house so you can buy it for a price agreed upon today in 5 years…….
Save up 10 grand to put down on the new lease purchase house and you are good to go…
If you remember all those documents you signed when you got the loan on your current house,,,,
There is a way for you to give the house back if you don’t pay..pull those papers out,,read them and follow it,,,
Its a contract,,,no use to stick with a non performing asset…
Good luck
Posted on April 23rd, 2008 at 4:19 pm
The elephant in the room is the deliberate destruction of Americas industrial base and along with it the wages that at one time would allow people to buy a home and pay the mortgage. Unbridled greed has destroyed this country and the mortgage / credit crisis is the death by 1000 cuts that the CEO’s financiers have given us in their quest for unlimited wealth
Posted on April 23rd, 2008 at 4:34 pm
Thanks for publishing your thoughts. After consulting a bankruptcy attorney we were advised to stop throwing good money after bad. The home value has dropped over $100K in a year. We didn’t buy above our means, but we were lied to about the loan and we’ve gone through every single piece of paper and found nothing that would constitute true disclosure on this exploding ARM. Our home loan is now completely un-affordable and we sacrificed everything else to hang on until it became impossible. And we are completely responsible, hard working people. We were lied to and cheated and now we face insolvency. I’m just sick.
I don’t even want the American Dream any more. The stress level in our lives the last few months has been unbearable. My husband is still hoping to work out a loan mod, but I don’t want it any more. My confidence level in the American economy, and the big money people is ZERO. Don’t blame Bush - sheez - blame the big money people. They created this mess and now they can deal with it and fix it without my help. Remember, this mess was created by the free market, not the government. Place blame where it belongs.
No more will our money go into American property. We will protect our money in other ways. I don’t even trust the banks any more.
Posted on April 23rd, 2008 at 4:49 pm
Reality Check,
If I understand what you’re saying…..
The poor little banks who cooked up these poisonous drugs (loans) in their kitchens, then distribute the drugs (loans) to their drug dealing sales force (loan officers, mortgage brokers, etc), offering HUGE incentives (Yield Spread Premiums) to sell as many of the drugs (loans) as possible to every human they could sucker-trick-force-lie into them are the VICTIMS?
Who is MORE copable, the drug maker/dealer -or- the idiot addict who buys the drugs? Have you ever heard of the “War on Drugs”. The government isn’t concentrating their efforts on getting the pathetic buyer of that once of meth, they try to rehabilitate them. IT’S THE DRUG MAKER/DEALER THEY WANT TO TAKE DOWN.
Posted on April 23rd, 2008 at 4:54 pm
Bill,
Sorry you can collect and it does affect their credit. You just can not pursue a deficiency judgement. That is a big difference. Also Federal Law overrides State Law at all times, and you can bet there will be some new laws that come up and State won’t be able to touch them. State Law is not as big as you seem to think. 8 months of free housing, wow, that sounds like a loser, and I hope all that are doing that pay the price dearly. You seem to defend and encourage this behavior and that is quiet sad, check back with me in 30 years and let me know where you are in life. Honesty always wins over Greed and dishonesty.
American Dreams
You rock! Right on the money.
Posted on April 23rd, 2008 at 4:59 pm
…and another thing genious. You make your point over and over again that this collapse is somehow contained to just those idiot RE speculators, people who lied on their applications, as well as people who took out very idiotic risky loans.
Read the news RC, this is a tidal wave that is taking out EVERY single person in its path. What about those hundreds of thousands of people that are being so adversely affected by all of this that had nothing to with risky loans, lying on their applications, not speculating on anything, that lost their job, to all of this bank and Wall St. created debacle? What about those people RC?
Your ability for rational thought has got to be a bit less constricted my “friend”. There are more people on this Earth than you.
Posted on April 23rd, 2008 at 5:02 pm
“genius” Whoops - look whose the genius now.
Posted on April 23rd, 2008 at 5:03 pm
RealityThis,
I agree, however, drugs are a completely different issue. Both are still liable and the buyer doesn’t get off of serving time because he points to the drug dealer and says, “Well he sold it to me, whine whine.”
It was also not just the banks, but many people,whether it was brokers, banks, or lenders that jumped on a band wagon to make money and sold the loans like a used car salesman sells cars.
I am definitely not saying the banks are the victims. I am saying all of these people that took out a loan with hopes of cashing in big and instead lost, stand up and act like a responsible adult and pay your debt. Living free for 8 months shows just what type of people they are. I DONT DEFEND STUPID.
I will not pay for mistakes of others. I did not go out and max out my equity, in fact today, I still have 250k in equity in my home. See, some people have that hole in their pocket.
Posted on April 23rd, 2008 at 5:09 pm
RealityThis,
No I am not the only one on the planet, however, I will be about the only one with a home still.
Posted on April 23rd, 2008 at 5:11 pm
Good for you RC. No joking you were responsible. But, like I said before, and highly suspected, you seem to believe you’re the only person on Earth who gets it. Re-read your last comment.
You believe that you’re all alone on this island of untouchable perfection and responsibility. That, or you consider yourself to be better than everyone else. There are other people to consider. There are people and families who are suffering from this mess that did not deserve it. They are not scumbag losers for letting their home go back to the bank.
The billions and billions of dollars the banks are losing did not come from their pocket brother. They came from the borrower’s and investors pockets. People who they duped with BS pumped-up MBS valuations, BS ratings from their co-conspirator rating agencies, etc. These are not mom and pop privately owned banks and Wall St. firms, they are publically traded companies.
You may very well end-up the last one standing RC. I just hope you don’t get lonely very easy.
Posted on April 23rd, 2008 at 5:36 pm
RealityThis,
No, I won’t be lonely, i am not the only one out there who was responsible. However, you are interpreting that I am saying good for all those people, some of them I know were suckered in. I am talking of the people as you stated earlier that will stay in the home for free for 8 months. People that milk the system like shoplifters and force the rest of the country to bail them out and pay for their mistakes. Sorry, I did not go overboard, I didn’t cash out all my equity to buy pools, plasma tvs, new cars etc.. I went into my mortgage using my head and knowing what I could really afford. A large majority of these people put no money down and got a home above their means.
I do not put myself above anyone, in fact I have helped many people get their finances in order. I have helped people refinance throughout the boom into FIXED rates.
It appears you possibly bit off more than you could chew and now are bitter. You read into things that are not there. Just even comparing drug dealers and the buyers….have you ever heard of just saying NO. I am sorry truly if you got in over your head, maybe you will learn from this, but in respect to your other posts you believe the world owes you a living because you did not make a good choice.
Why would I or many other responsible people (even ones that are trying to work through this mess and staying in their home). People learn from their mistakes, but if they are not held responsible, they learn nothing.
Posted on April 23rd, 2008 at 6:42 pm
AGAIN…the consumer in California can walk out on a home loan “can’t walk on a HELOC - they’ll come after you for that” and the lender has ZERO recourse……thats right ZERO…..thats it with that thread….ZERO REALITY CHECK…quit being a moron on this BLOG…FEDERAL LAW..BLAH BLAH BLAH….has nothing to do with lending laws of each particular state such as CA when it comes to lenders trying to collect deficiencies and delinquent 1st and 2nd lien mortgages…so stop with the BAD INFO.
MY REPLY TO DESPONDENT IS:
YOU MUST REALIZE that BIG BUSINESS i.e and Washington go hand in hand…in cahoots with eachother OK. The Treasury DEPT. is entirely headed up by ex Goldman executives…bribes…under the table dealings….lack or should I saw looking the other way on lending standards….YES YOUR GOV’T IS VERY MUCH RESPONSIBLE FOR REGULATING our CAPITAL MARKETS to a degree where what were in right now isn’t supposed to happen.
MOST OF YOU aside from being not real knowledgable about the current crisis aren’t very insightful or deep thinkers
Posted on April 23rd, 2008 at 6:55 pm
RC - I don’t think even one reader here would take from my posts that I’m the bitter one between the two of us.
You’re not quoting anything I said RC. I never said that staying in your home without paying for 8 months is kosher.
Very thankfully, I’m not in financial trouble. Something tells me that you would rejoice if I were though. I’ve worked in finance and witnessed first-hand how brokers worked their “magic” on borrowers. As they say, if you’re good enough at what you do you could sell the dope to the Pope. Many had honed their sales skills inito an artform. The industry was so filled with slime balls and crooked AEs that I had to remove myself and never look back. Which is also why I have the insight I do about how things really operate inside a financial institution.
All you’re doing is wasting our time telling us how responsible you are, insinuating that you’re picking up the tab for all those who lose their homes and how stupid they are. That’s constructive. Have some genuine compassion for those caught in the tidal wave. Stop being so pissed off at everyone. I gaurantee you’ll not take my advise. Me saying that probably pissed you off even more frankly. If it did, then take a look in the mirror tonight and ask yourself if you’ve headed in the right direction.
Those who gamed the system and those who knowingly made horrible borrowing decisions deserve some pain for sure. But if you think that the bank and brokerage brass are feeling any real pain for what they’ve done compared to the average tax-paying family, well, you’re not dealing with a full deck.
Posted on April 23rd, 2008 at 7:37 pm
Bill,
Some great debating and well thought out points. It is obvious that we come from the same school of thought.
I follow this stuff very closely and I have the heart beat from all sides of the spectrum. Wallking is now chick for many. The lenders know this and they are trying to modify as many loans as possible but they can’t they are bottle necked. Many who could have been saved, just say screw it after a month or 2 in the circus that theses servicers call their home save departments and hope now numbers.
Soon, they will have to incentivize homeowners to stay. Threats will turn to please stay and big write downs. The market was artificially inflated and it will be artificially brought down to sustainable levels.
The local fire department will be where you drop off your animals and keys to your home.
The US economy is going down fast right now and if the posters on the blog dont realize the sky is falling, then you may believe chicken little really isnt little and that this doesnt effect you. error…….>>>>>>>>>>
They (government, lenders, Wall Street etc) will litterally have to say, sorry guys we screwed up. Lets do a do over. My bad, your bad. Your foul, my foul. Lets shake and never let this happen again, wink, wink…………
Posted on April 23rd, 2008 at 9:26 pm
Reality This - this was poetic
“But if you think that the bank and brokerage brass are feeling any real pain for what they\’e2\’80\’99ve done compared to the average tax-paying family, well, you\’e2\’80\’99re not dealing with a full deck”
I have said this so many times in one way shape or form. I have been debating this for the last 12 months. Itr goes way beyond the finacial pain.
THE SOCIAL IMPLICATIONS ARE DEVESTAING.
The emotional strain and realtionship stress is HUGE. Families are breaking up, men turning to alcohol and drugs. Homelessness, child neglect, lost work time….EVERYONE is and will be afected in some way shape or form.
Its truly so sad. I see it every day and these people who think they know reality, are the farthest away sometimes.
I hope to open their eyes that most of these people are just that, people who do not know what to do or where to go, They cant sleep or eat. Where is the human compassion from these people?
Keep up the good fight RT!
Posted on April 23rd, 2008 at 9:34 pm
Bah, the sky is not falling. At least not everywhere…
I bought a house seven years ago. Only had 5% down so went with an 80/15, both fixed. The second was costing me over 8% so I overpayed for a couple years, then about four years ago refi-ed the whole shebang to a monthly lower than the original first mortgage. Plus, when I refi-ed I rolled in about $10k in revolving debt! Sure, the banker man was sad that I didn’t want to max out on LTV, but as others have mentioned, I chose to forgo the spiffy kitchen upgrades or new vehicle in exchange for some peace of mind and money-at-the-end-of-the-month.
Now, I’m in the process of selling that property (contract signed, buyer pre-approved, just waiting for closing.) Sure I could have cleaned up if I had sold a couple years ago, but I’m still coming out with plenty of equity, and I’m in the process of buying a new house in another area. I’ve done my homework, it’s not an overbuilt or price-inflated area, and thanks to all the bad press I’m getting quite a good price. Sure it may drop in value in the short term, but unless we are facing another 1929 I will still have some equity, I’ll still be able to make my payment, and long term it will still be a very nice home.
Am I a genius? I tend to think not. A little lucky? Maybe. Safe bets do pay more often, while they alos generally pay less. But, if you are the only winner while everyone else loses, a little sure seems like alot.
I’m originally from south Florida, for the last several years I’ve watched what was going on there, and just shook my head. Anyone who didn’t see this coming was simply living in bliss.
Posted on April 23rd, 2008 at 11:08 pm
I have to assume that those who say that people “deserve to lose their homes” haven’t been afflicted by a job loss or massive reduction in income due to the state of the housing market. I know of plenty of people who didn’t get sub-prime or ALT-A loans but are still in foreclosure because they can’t sell their homes with values having gone down so much. Where we are values have declined over 30%; I don’t care if you made a downpayment or not, if your income (that you didn’t lie about at the time you got the mortgage) has evaporated or declined and you can’t sell your house - what are you to do?
House prices wouldn’t have gone up like they did if the “exotic” loans were not available to anyone with a pulse. Lenders were making money hand over fist while they facilitated artificial price inflation. Somehow it seems to follow that they should lose some money and participate in some natural price correction.
I know alot of people who wouldn’t be in foreclosure if they hadn’t had to pay $200K more than what their houses were really worth.
Posted on April 23rd, 2008 at 11:31 pm
RealityDoesntBite, it think your timing has everything to do with your story. Seven years ago was a GREAT time to buy, even if you’d gone 100% financing with a sub-prime loan. Not pulling out equity just because you could was definately a smart move. And you have a healthy attitude about the market. Good for you!
Posted on April 23rd, 2008 at 11:37 pm
This has been a great thread with a lot of good discussion. Well done Moe!
Posted on April 24th, 2008 at 12:32 am
To All:
For those few intelligent individuals and there are very few,
I would like to say how much I appreciate the low interest rates
that were available to homeowners from 2002-2005. I have been in the same house for 16 years. I refinanced in 2001 when rates got lower than my original mortgage. I refinanced again in the Spring of 2004 at a 4.25% rate against a 10 year mortgage. I have less than 6 years to pay and my home will be mine, free
and clear(eexcept for property taxes). I could pay the mortgage sooner but I need some itemized deductions come tax time. I feel blessed that i was able to find such an incredible deal. Too many people look at their home as an asset: WELL, anything that cost me a monthly payment in not an assest, it is a liability. The majority of my fellow Americans are always looking for a
GET-RICH-QUICK_SCHEME and many did get rich off of the housing boom. However, I got more than I ever expected….
Posted on April 24th, 2008 at 8:56 am
RDB, you said, ” but unless we are facing another 1929 I will still have some equity”, I hate to say that we just my be facing another 1929 before this is all said and done, but global.
Tom, thanks man.
Dolce- Great and heartfelt comments.
Michael keep fightig man!
and everyone else, I apreciate you taking the time to let your voices be heard!
Posted on April 24th, 2008 at 9:41 am
The bottom line is this in my opinion. The housing market has a long long way to go before it bottoms out. Banks have very little capital to lend…they don’t want to lend…most banks are still playing the ENRON game and not giving the full picture of the pain yet. When you see a bank lets say Wells Fargo that has 84 Billion in outstanding Helocs ..and Helocs are selling for .60 cents on the dollar…why wouldn’t Wells take a 40% write down? They took an .8 cent write down.
So many more banks just like Wells. Wait until Lehman comes out or is forced out into the light of truth. Lehman was WAY WAY bigger than Bear in the RMBS market than BEAR. JUST WATCH!!!!!!!!
Posted on April 24th, 2008 at 11:43 am
Reality This:
No you quit wasting everyone else’s time. It is quite obvious you don’t read or you clearly see, I care for those that are NOT abusing the system. I am not pissed off at anyone, and I really don’t care. I assist people that do need it and I sleep well at night. YES we will all pay for the bailout for people to keep there homes, dig your head of the sand and get with it.
Yes I am headed in the right direction just fine thanks, I think you need to grow up a little and learn what responsibilty is.
Those who gamed the system and those who knowingly made horrible borrowing decisions deserve some pain for sure. But if you think that the bank and brokerage brass are feeling any real pain for what they\’e2\’80\’99ve done compared to the average tax-paying family, well, you\’e2\’80\’99re not dealing with a full deck.
And where did I say different? Boy you really come up with them don’t you?
Climb off the Cross and quit acting like you are oh so innocent.
ONE MORE TIME FOR THE RECORD!
I am not happy for people losing their homes, some were affected that should not have been, many others though took advantage of the system and now wants everyone else to pay the price. Sorry I don’t think that is fair or right RT, but if you do, by all means go out and deliver your sermons and assist all of these people, especially the ones that defrauded the system. You are amazing in my eyes and yes I do have alot of people that do share my view and believe they should not be forced to pay for others mistakes. I hope you do well in your ACORN adventure of saving everyone. I know I will because I only used honest brokers and I am now helping the people that were suckered in, are you or are you just sitting here online all day whining.
All you\’e2\’80\’99re doing is wasting our time telling us how responsible you are, insinuating that you\’e2\’80\’99re picking up the tab for all those who lose their homes and how stupid they are. That\’e2\’80\’99s constructive. Have some genuine compassion for those caught in the tidal wave. Stop being so pissed off at everyone. I gaurantee you\’e2\’80\’99ll not take my advise. Me saying that probably pissed you off even more frankly. If it did, then take a look in the mirror tonight and ask yourself if you\’e2\’80\’99ve headed in the right direction.
Posted on April 24th, 2008 at 1:26 pm
Moe, you’ve been tracking this for a while so I am interested in your opinion about the following:
Lenders derail plan to let bankruptcy judges modify mortgages:
http://www.latimes.com/business/la-fi-bankrupt22apr22,1,4749705.story
Posted on April 24th, 2008 at 7:22 pm
not only did borrowerws misrepresent their incomes on loan applications, now they’re creating lies about the facts & circumstances giving rise to their current situation. none will accept responsibility. what a joke. i hope fannie & freddie holds you accountable via more expensive credit, less available credit and bigger down pmts. unfortunately, you won’t be the only group penalized.
Posted on April 24th, 2008 at 8:29 pm
Why are we penalized for borrowers’ imprudent, reckless and irresponsible decisions? Why are those who avoided overpriced real estate being penalized by the federal reserve who has adopted a policy of rising inflation to lessen the burden of real house price declines? Am i paying $4/gallon for gas and $5 for milk & eggs to bail out homeowners? Why are those who recognized that housing was overvalued, that house price appreciation far outstripped income gains, that the historical relationship between house prices & wages became hugely distorted during 2001-present, being penalized by the desparate efforts of the gov’t & others to prevent house prices from declining? Where are the affordable housing advocates now? How can affordable housing advocates support efforts that attempt to prop up house prices or prevent them from falling? This all amounts to socialism. Moreover, i’ve commented on only a few of the growing list of bailout programs currently available.
Posted on April 24th, 2008 at 10:00 pm
I would encourage those who are against individual write-downs for mortgages, to really think through exactly who is “picking up the bill” if the property is eventually foreclosed.
I hate to tell you guys this, but if a mortgage is written down, you as a taxpayer may be picking up a lot less of the bill than if you let that “bad homeowner!” go into foreclosure. In other words, teaching homeowners a lesson will come at a high price for you.
Here’s how it works. Most of the homes and investment properties currently going into foreclosure were purchased with non-guaranteed subprime loans. But as this crisis moves forward, we are seeing more and more foreclosures on prime-loan properties, which were guaranteed by FNMA and other entities, which are in turn backed by the US government and ultimately you as a taxpayer. The guarantees, which FNMA slapped onto all kinds of supposedly good loans, were why those loans could be bundled up, pieced down, and sold to investors worldwide as bonds.
Here is where it gets interesting (at least to me, because I have one of these mortgages). I am way upside down on a $200k mortgage on my owner-occupied duplex. I would be lucky to get $75k for my house today, in a neighborhood that is rapidly emptying out and becoming a magnet for crime. No house sits empty for more than 2 weeks now without having its copper plumbing stolen.
I have been trying to get my mortgage servicer to do a write-down ever since this whole thing started. You’d think the bank would want to keep the owner on the property for safety and asset preservation at least, if not for any other reason, as well as for mitigating losses on the bonds for the mysterious investors who now own my house.
But they’d rather foreclose on my house and sell it to some investor than even consider a write-down. Why????? Because my loan was guaranteed by FNMA.
What this means is that no matter how imprudently the mortgage servicer handles my loan, they get to go to FNMA when all is said and done, and FNMA (backed by the US Govt. and in turn by YOU, smart guy who thinks I didn’t deserve a bailout) and get their ENTIRE PRINCIPAL so that they can preserve the investment of the fat cat from who knows where bought the bonds that my loan was bundled into.
Just to clarify–a mortgage write-down means that the homeowner, the bank, and the ultimate investor in the bonds each take on some of the hassle/risk/fees/credit hit/loss of equity or ROI. No mortgage write-down means that I lose my house and my credit, the mortgage servicer comes out about even, and the investor at the top of the heap gets paid. By YOU, dear taxpayer.
Still feel the same about those write-downs?
Posted on April 26th, 2008 at 3:04 pm
Heather,
That’s about right, but the 2nd to last sentence spells out exactly why the servicer and the investors aren’t going to do this. If they foreclose they get paid regardless, assuming the loan has FNMA backing or in the case of Jumbo Loans in California this is the role of Bond insurers like Ambac, etc. I anticipate most of these private bong insurance companies are ailing though. Fannie and Freddie are on the hook at taxpayer expense. Folks just don’t get this, you’re exactly right. Why should the good banks and brokers that did everything 100% right have to suffer too?
You certainly have a point on the taxpayers picking up the tab.
“Fannie Mae puts a loan guarantee on the MBS (mortgage-backed secuities), for which it earns a fee. Fannie Mae promises that in case there is a default on the MBS, Fannie Mae will pay the interest and principal “fully and in a timely fashion.” The MBS, once it has Fannie Mae’s guarantee on it, is sold to outside investors in denominations of $1,000 and up. The insurance funds, pension funds, and so forth, become the owners of the MBS, but if anything goes wrong, Fannie Mae is responsible.”
Excerpt from the link in the post.
June 21, 2002 issue of Executive Intelligence Review.
‘Fannie and Freddie Were Lenders’:
U.S. Real Estate Bubble Nears Its End
by Richard Freeman
Posted on April 26th, 2008 at 5:12 pm
Taxpayers aren’t picking up the bill for foreclosures on GSE loans, or on Fannie & Freddie’s losses related to guarantees they made on securities backed by mortgage loans….yet. These are private companies funded by the equity & debt markets, without gov’t or taxpayer assistance. However should their losses continue to the extent their ability to continue as a going concern becomes unlikely, it is assumed the gov’t would intervene to prevent each from failure, at which point taxpayers would be on the hook. Your comment would be accurate if it discussed FHA or VA loans.
Nonetheless, taxpayers are already paying for foreclosures, albeit not for the reasons you outlined. Consider what taxpayers are paying for the following bailout efforts: the fiscal stimulus package 160bln; changes & potential changes to the tax code, including changes to prevent forgiven principal reductions from being subject to income taxes and allowing home builders & banks, among other companies, to carry back current losses 4 years vs the 2yrs currently allowed; expansion of FHA, including FHASecure; loans to cities & states to use to buy, manage & redevelop distressed properties. There are likely many other bailout programs i’ve omitted; it’s difficult to keep current with the exploding list of bailout programs.
Your discussion of investor incentives related to GSE loans is misguided. The GSEs guarantee RMBS sold to investors (i.e., they guarantee a fixed P&I payment to investors) rather than the underlying loans. Therefore GSEs still have an incentive to maximize the P&I payments on the underlying loans, whether through loan modifications, principal reductions, etc., in order to maximize the amount of funds available to provide to MBS holders. Moreover, loan servicers are held to the same servicing standards regardless of the loan holder. Accordingly, when services consider a loan workout versus foreclosure, they must evaluate which option produces a greater PV of future cash flows. The servicer is limited by its responsibility to maximize cash flows and investors don’t own whole loans guaranteed by the GSEs.
Posted on April 26th, 2008 at 6:56 pm
Gary,
Yet being the key word there, you obviously know a lot about RMBAs, so what is the cure all here - or are you just on a soap box that the government should stay out of the ‘free’ markets? I can respect that, and if the lenders get on board with making some adjustments I think they well. So far the government seems to be crafting things in their favor, so I think if I were them I’d wait it out too. That’s just my personal opinion.
But - I’m just a guy with a $500k mortgage on a house I can’t seem to short sell for $355k. I’m trying to make sense of all this mess, but it’s all quite complicated.
I’m moving next month and keeping up a payment on two homes will eventually go bust, although the ‘new’ home in the new state will definately be a rental. Tried loan modification, looked in renting it out, none of these bailout programs you speak of have any meat and potatos to them (not for homeowners anyway); so I’ll continue to try and short sell until I run outta cash and then NOD/foreclosure is next I presume. And I’m okay with that, but I’m not just walking. Of course, my loan servicer says they’ll give me a deed-in-lieu if I ask for it now that the place has been on the market for a while, but I’ll believe that when I see it.
I’m going to sit the housing market out for a while. I’d love to strangle all the folks that convinced me to buy, but most of them were good friends - so the feeling fades rather quickly. Actually, I’m kidding altogether here. I really don’t want to strangle any of my friends or co-workers - but I’m sure you get the idea.
Your comments above are quite interesting actually. Thanks for contributing. For the record; I haven’t seen any of these bailouts help homeowners yet, and the tax code you refer to is so complicated that accountants and lawyers don’t even really understand it yet. Going to see a CPA to have this explained to me was a real treat about a month back; I think I shared that experience on here a few months ago, but I can’t remember under what posting.
Who is invested in these private debt and equity markets you refer too exactly? Additionally, exactly how long do you think before their buffer is gone, many of them are in hot water already? Then what? My 401k is doing horribly the past few months.
With your knowledge base perhaps you could shed some light on this from another perspective. We all know there’s a problem - what’s the solution, from your perspective of course?
Posted on April 26th, 2008 at 8:01 pm
Tom,
While i detect a hint of sarcasm in your comments, i’ll play along anyway and try to respond to some of your questions.
There is no panacea or, as the treasury secretary tells us, silver bullet for the fallout from the housing market. Prices must correct before a recovery can occur. Before prices can correct, sellers must capitulate and accept lower prices. Until prices correct and buyers sense a bottoming of the market, they will remain sidelined for fear of buying a depreciating asset. As a sympton of this condition, consider the growing overhang of unsold new & existing homes.
The treasury & Fed, among other groups, recognized that a housing correction was inevitable & necessary. Knowing this, they designed a series of coordinated efforts to attempt to prevent a disorderly correction, to avoid a fire sale situation. So far it seems they’ve been somewhat effective in avoiding such a situation. However this approach delays and prolongs the housing ills, as market participants are denied price discovery. No one knows where the bottom is because too many variables and uncertainties exist (e.g., what will the government do…will they void mortgage contracts?). In this environment, how can you expect someone to reenter the market and buy mortgage debt?
The biggest bailout effort so far has been the Federal Reserve’s decision to adopt a policy of rising inflation. Inflation benefits homeowners as it counteracts house price declines making real house price declines far less severe. Inflation benefits debtors because it allows debtors to pay back their fixed debts in depreciated dollars while their incomes keep pace with prices. Most homeowners fail to recognize or appreciate the benefits accrued to them from this approach. Yet with this approach comes several costs, chief among them higher borrowing and commodity costs.
It took us a long time to get to this point, and it will likely take some time before the market recovers & confidence returns. To help you better understand our current situation, i offer the following basic outline of the events giving rise to the current situation.
The U.S. entered a recession in early 2001 following the tech-stock bust & amid several accounting scandals. In response the Federal Reserve lowered the fed funds rate a total of 5% beginning in the fall of 2001. Cheap money fueled housing demand. Housing demand fostered house price apprecition and encouraged lenders to increase capacity to support or meet the rising demand for loans. As markets experienced dramatic house price appreciation, speculators entered the market, providing excess demand and further fueling house price appreciation.
As housing grew unaffordable many new “non-traditional” mortgage products were introduced, which borrowers increasingly relied on to stay in the market and buy homes they otherwise would be unable to afford. This in turn allowed further unsustainable house price appreciation. As you’re well aware by now, these products included, among others, pay-option, hybrid arms and products having 40yr amortization schedules.
Finally, the Federal Reserve began a campaign of interest rate increases. This had the effect of cooling housing demand. Lenders, left with excess capacity in the face of cooling demand, relaxed underwriting standards to maintain volume. Also contributing to weakened underwriting standards was the originate & distribute model. Such weakened underwriting practices left many with unaffordable mortgages.
Over this period the relationship between income and house prices became hugely distorted by any measure. To anyone looking at that relationship in late 2005 it was plain to see a correction was inevitable. And if you examine that relationship now you’ll understand why the market has further to fall.
While i sympathize with your situation, my view on borrowers is this: it is incumbent upon borrowers to understand the risks they assume when obtaining a loan, namely the potential for rising interest rates and resulting payment shock and the potential for declining house prices. That borrowers would claim ignorance regarding either of those possibilities is absurd.
Posted on April 26th, 2008 at 10:55 pm
Gary,
I have an MBA so everything you described above I get, but I work in a non-related field. I don’t like the cost of inflation either. I just wanted to see your view.
Prices are coming down, and yes I think they’ll come down further regardless of what is done. I paid just x thousand for a home in the summer of 2004, last April when I deployed to Iraq it was ’supposedly’ worth x = 100,000. When I got back late last year, things had changed quite a bit. I’ve been trying to sell the place for 70 days at less than x - $100,000 and haven’t gotten one offer. That’s 20% down from purchase price four years ago and nearly 40% from only one year ago.
I’d say the prices coming down theory is playing out fairly well.
Additionally, I understand that adjustable rate loans adjust - and that the value of something can come down. I just didn’t think it would come down this much, nor this fast; and for the record I don’t think my lender banked on that either.
Have a great weekend.
Posted on April 27th, 2008 at 1:46 am
In our area, Riverside County CA, we have been very hard hit with value reductions across the board. But I thought I’d share that even in our area there are price ranges that seem like they may be on the rebound or at least getting close to the “bottom”. Many homes under $400K in locations closer to the coastal county borders and under $300K in the rest of the county is moving; often with multiple offers, at or near full price and within days of going on the market. A lot if this is spurred by first time buyers who can get a house that sold in 2005 for $450-500K+ for in $300K or less. And when you can get a FHA loan and have your payment at or near what rent would be, many figure it might be time to buy even if the market is not done correcting.
Albeit, the homes over $500K are suffering badly still. And the foreclosures from that sector will continue to feed the market with lower priced homes for quite a while yet.
I waiver between “let the market correct itself” and “write downs need to be done to keep people in their homes”. I understand why write downs aren’t happening more, why they probably won’t, and why doing them would prolong the correction. Even write downs will not solve the problem; alot of people wouldn’t be able to afford their home on a 30yr fixed even at the new lower values. But I also see neighborhoods and families and businesses falling apart over the lack of stability.
Again, we are paying in so many more ways than financially.
Posted on April 28th, 2008 at 3:19 pm
Well you can tell yourself what you want about a bottoming of prices, leveling off of prices, or stabilizing prices or even rebounding prices, but the data suggest otherwise. While prices have fallen, and have fallen substantially in areas you mention, slowing sales, growing inventory & tighter credit conditions suggest prices have further to fall before the current imbalance corrects. Exacerbating the current imbalance, homebuilders continue to dump homes on the market, rapidly undercutting existing homeowners, and accelerating foreclosures add to the growing inventory.
Posted on April 29th, 2008 at 6:46 pm
Gary, I am not telling myself anything….just reporting what I see happening. What you say is true on the large scale, but in certain segments there is positive activity taking place. This is truth, not wishful thinking.
Posted on May 1st, 2008 at 8:26 am
When I purchased my first home 2 years ago, there was no way to foresee that the housing market would take a dive and that I would lose equity on my property, before my fixed rate expired into an ARM. I think its insensitive for someone who has not yet walked a mile in my shoes to believe that I bought more than I could afford when I purchased my 1 bedroom, 1 bath condominium. At the time I bought it, I could afford it…now, my income is less and I have to decide whether or not to pay my house payment or my HOA fees…I always pay my house payment and am now 3 months behind in HOA fees. My fixed rate expires in less than 30 days and I am hoping that a modification of my existing loans will help me keep my home.
Posted on May 4th, 2008 at 9:26 pm
[...] Lender & Servicer Loss Mitigation 2.0 - The Homeowner is Now in Control [...]
Posted on May 14th, 2008 at 4:59 pm
[...] The Homeowner is Now in Control [...]
Posted on May 23rd, 2008 at 11:29 am
I agree with Shelley. You are a jerk Robyn. This market was not as foreseeable as you may think. I am a mortgage broker and never thought it would be this bad. I have been in the industry for a while on the wholesale (lender) side as well as the retail side. It is unfortunate, I lost my house due to the market crash. Since my income was tied to the mortgage market I was unable to sustain my mortgage payment. Tell me how you are footing the bill Robyn? It must be such a burden that you have to assume all this misfortune yourself! Don’t blame anyone for wanting the american dream of home ownership.
Posted on May 28th, 2008 at 6:54 pm
[...] Affairs and Business Regulation. “These workshops are designed to remove roadblocks to the loan modifications and other potential solutions that will keep people in their homes over the long-term. Bringing [...]
Posted on June 1st, 2008 at 8:52 am
Jeff & Shelly:
People like Robyn are really the problem. I am also a Mortgage Broker and have been hit hard with this meltdown. I am currently drowning and my payments have fallen behind due to making an honest decision to continue to support my elderly family members. Their pension is not helping them survive and my household has had to supplement their care giving expenses as well as medications and food. What do you do? You cannot let them starve. They paved the way for me. Robyn, I guess you were born with a silver spoon in your mouth. If that is the case, good for you! Adversity teaches you what you are made of.
Posted on June 5th, 2008 at 6:00 am
Can Gay income partner be considered if mate is not on title?
Posted on June 16th, 2008 at 7:52 am
Robyn,
You are a bitch! Get over yourself.
Posted on June 21st, 2008 at 6:08 pm
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