Barney Frank: We’re telling people, “We wish you would use this alternative process.” Some of them will say, “Well, I can make more money foreclosing, so the hell with ya.”
Lenders are lobbying furiously against any move to give judges the power to adjust mortgages.
The House is expected to consider a $300 billion housing rescue package this week. The bill would allow the Federal Housing Administration to insure new, cheaper mortgages for homeowners facing foreclosure. Nancy Marshall Genzer reports.
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These bailouts are severely flawed and should be avoided at all costs. The pain is widespread enough without further socializing the losses. Which in the long run will either raise taxes or further devalue our dollar.
Subprime is subprime no matter what it is called or who originates it. This fact has clearly been overlooked by those pushing for wider fha involvement. They are essentially making the U.S. taxpayer the subprime lender of choice by allowing fha to get involved with these loans.
For when the loans default, and they will, the taxpayer is left holding the bag.
I say no to bailouts. Not for homeowners, lenders, banks and investment banks. No interference means we hit bottom quicker and heal quicker. Interference means we prolong and spread the pain and the day of reckoning will be all the more severe.
the banks are not passing this help on to the consumer. The money being given to the banks is going in their pockets. I was approved for a modification 7 months ago.I never missed a payment. What is happening is my loan balance went up several thousand and the payments I make are sitting in a seperate account not being applied to my loan. There was pmi included in my loan. I think they are going to pocket my payments and collect on the mortgage insurance for the loan.The only way to do this is have fha oversee every loan modification. They are just finding new ways to screw us some more(the banks)
Sign the petition to protest bailout of irresponsible lenders, banks, and homedebtors:
http://www.angryrenter.com/