Comments on: FDIC Chief Calls for a Housing Rescue http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/ Loan Modification & Home Loan News Sat, 20 Mar 2010 15:31:56 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: terry wetherholt http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/#comment-4915 terry wetherholt Mon, 16 Jun 2008 12:52:06 +0000 http://loanworkout.org/2008/04/10/fdic-chief-calls-for-a-housing-rescue/#comment-4915 Can Gay income partner be considered if mate is not on title? Can Gay income partner be considered if mate is not on title?

]]> By: Terry http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/#comment-4913 Terry Thu, 05 Jun 2008 11:00:40 +0000 http://loanworkout.org/2008/04/10/fdic-chief-calls-for-a-housing-rescue/#comment-4913 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. 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.

]]> By: GOVERNOR PATRICK CALLS FOR FIRST IN NATION STANDARDS FOR LENDERS RESPONSE TO BORROWERS FACING FORECLOSURE | Loan Modification & Home Loan News http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/#comment-4914 GOVERNOR PATRICK CALLS FOR FIRST IN NATION STANDARDS FOR LENDERS RESPONSE TO BORROWERS FACING FORECLOSURE | Loan Modification & Home Loan News Sun, 01 Jun 2008 13:52:46 +0000 http://loanworkout.org/2008/04/10/fdic-chief-calls-for-a-housing-rescue/#comment-4914 [...] Affairs and Business Regulation.\'c2\~ \'e2\'80\'9cThese 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.\'c2\~ Bringing [...] [...] Affairs and Business Regulation.\’c2\~ \’e2\’80\’9cThese 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.\’c2\~ Bringing [...]

]]> By: Jeff http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/#comment-4918 Jeff Wed, 28 May 2008 23:54:18 +0000 http://loanworkout.org/2008/04/10/fdic-chief-calls-for-a-housing-rescue/#comment-4918 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. 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.

]]> By: Shelley http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/#comment-4916 Shelley Mon, 05 May 2008 02:26:46 +0000 http://loanworkout.org/2008/04/10/fdic-chief-calls-for-a-housing-rescue/#comment-4916 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. 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.

]]> By: Moe Bedard http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/#comment-10671 Moe Bedard Sun, 20 Apr 2008 19:07:43 +0000 http://loanworkout.org/2008/04/10/fdic-chief-calls-for-a-housing-rescue/#comment-10671 Dolce, Your words echoed a reminder in me about writing a post about this very issue. You are so right. All the money and home stuff is superficial when compared to the emotional and relationship strains this causes. Dolce,

Your words echoed a reminder in me about writing a post about this very issue. You are so right. All the money and home stuff is superficial when compared to the emotional and relationship strains this causes.

]]> By: Dolce http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/#comment-10672 Dolce Sun, 20 Apr 2008 05:54:50 +0000 http://loanworkout.org/2008/04/10/fdic-chief-calls-for-a-housing-rescue/#comment-10672 It surprises me that nobody has commented on the social toll this takes on the community either. Do you think a neighborhood full of families waiting to move grows close? Do you think people strive to display pride of ownership when they are on their way out? Do parents become involved in their kids’ classrooms when they probably won’t be there in a few months? There is so much more being lost than money. It just breaks my heart. It surprises me that nobody has commented on the social toll this takes on the community either. Do you think a neighborhood full of families waiting to move grows close? Do you think people strive to display pride of ownership when they are on their way out? Do parents become involved in their kids’ classrooms when they probably won’t be there in a few months? There is so much more being lost than money. It just breaks my heart.

]]> By: Dvita http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/#comment-4917 Dvita Sun, 20 Apr 2008 04:20:32 +0000 http://loanworkout.org/2008/04/10/fdic-chief-calls-for-a-housing-rescue/#comment-4917 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. 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.

]]> By: Robyn http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/#comment-4919 Robyn Sat, 19 Apr 2008 04:39:32 +0000 http://loanworkout.org/2008/04/10/fdic-chief-calls-for-a-housing-rescue/#comment-4919 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. 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.

]]> By: Kevin Lamson http://loanworkout.org/2008/04/fdic-chief-calls-for-a-housing-rescue/#comment-10674 Kevin Lamson Fri, 18 Apr 2008 20:57:23 +0000 http://loanworkout.org/2008/04/10/fdic-chief-calls-for-a-housing-rescue/#comment-10674 The blame for this entire “Mortgage Meltdown” can be laid upon the shoulders of all the greedy mortgage loan industry executives and the investment bankers who designed a scheme calculated to make themselves rich. Under the guise of “helping people” to realize the American dream of owning a home, these white collar fraudsters were really only concerned with creating feigned profits by quickly churning mortgage loans into securitized investments which they in turn sold to investors. Based upon these feigned profits these executives and their cronies were able to extract large bonuses and convert stock options into personal profts. While the investors got stuck holding the proverbial empty bag. Many investors were large national banks. Ironically these same banks would have never loan money to the borrowers who’s notes they were now holding indirectly through their investments in these “mortgage backed securities”. It is now estimated that the losses incurred by these banks may well surpass three hundred billion dollars. There can be no argument these losses were the result of fraud from top to bottom of the mortgage industry. From mortgage lenders suchs as Countrywide, Washington Mutual, Fieldstone and Option One to secondary mortgage market makers, such as Fannie Mae, Freddie Mac, Bear Stearns, Citicorp, Goldman Sachs, Lehman Brothers etc. This mortgage fraud created a false demand for housing in the U.S. This false demand caused an increase in home building. Now with the Mortgage Meltdown the U.S. has an over supply of new and existing homes. This over supply of homes has caused serious economic effects through every facet of the U.S. economy. Recovery will take years. The U.S. dollar has also suffered against other currencies. In April of 2003 a Euro could be purchased for $.85. Five years later in April of 2008 it takes $1.60 to purchase a Euro. Rather than throwing themselves out of their executive office windows when their financial scandal was discovered and the billions in losses started to mount, these white collar crooks simply took early retirmenet or quietly resigned, taking with them the hundreds of millions they had EARNED for their part in the Largest financial scandal in U.S. history. Americans should be outraged at how this went on unchecked by state or federal authorities. The blame for this entire “Mortgage Meltdown” can be laid upon the shoulders of all the greedy mortgage loan industry executives and the investment bankers who designed a scheme calculated to make themselves rich. Under the guise of “helping people” to realize the American dream of owning a home, these white collar fraudsters were really only concerned with creating feigned profits by quickly churning mortgage loans into securitized investments which they in turn sold to investors.

Based upon these feigned profits these executives and their cronies were able to extract large bonuses and convert stock options into personal profts. While the investors got stuck holding the proverbial empty bag. Many investors were large national banks. Ironically these same banks would have never loan money to the borrowers who’s notes they were now holding indirectly through their investments in these “mortgage backed securities”. It is now estimated that the losses incurred by these banks may well surpass three hundred billion dollars.

There can be no argument these losses were the result of fraud from top to bottom of the mortgage industry. From mortgage lenders suchs as Countrywide, Washington Mutual, Fieldstone and Option One to secondary mortgage market makers, such as Fannie Mae, Freddie Mac, Bear Stearns, Citicorp, Goldman Sachs, Lehman Brothers etc.

This mortgage fraud created a false demand for housing in the U.S. This false demand caused an increase in home building. Now with the Mortgage Meltdown the U.S. has an over supply of new and existing homes. This over supply of homes has caused serious economic effects through every facet of the U.S. economy. Recovery will take years. The U.S. dollar has also suffered against other currencies. In April of 2003 a Euro could be purchased for $.85. Five years later in April of 2008 it takes $1.60 to purchase a Euro.

Rather than throwing themselves out of their executive office windows when their financial scandal was discovered and the billions in losses started to mount, these white collar crooks simply took early retirmenet or quietly resigned, taking with them the hundreds of millions they had EARNED for their part in the Largest financial scandal in U.S. history.

Americans should be outraged at how this went on unchecked by state or federal authorities.

]]>