nytimes.com:
LOS ANGELES -- From the ninth floor of a downtown office building on Wilshire Boulevard, Jack Soussana delivered staggering numbers of mortgages to homeowners during the real estate boom, amassing a fortune.
How to Negotiate a Mortgage Loan Modification With Your Lender ...
Obama launches mortgage modification program - Apr. 15, 2009
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anyone have the list of words that triggers comment limbo?
thanks
If we gave you that list, it would be send to comment limbo.
could put on a web page or pastebin
There ought to be a way for these scumlord lenders to be branded so that consumers could tell by looking that they are bad news.
an orange jumpsuit would do the trick.
to get them in one of those you're gonna need pitch forks and rope.
made in China of course.
Do not be distracted by blaming a political party for this mess. This is YOUR government in action. The folks that moved this mess to the next level were hedge fund managers that demanded a higher yield on the "packages" and were willing to take the risk KNOWING that a government agency would bail them out. When they were done with the mortgages, they moved into commodities and drove gasoline, corn and soybeans to new heights before shorting them. Now all they have left is the stock market to see if they can get your last nickel. Your government still deems them worthy of the tax break they have enjoyed for so long as every one of your legislators has a hedge fund manager so the protection is built in. The solution today is quit choosing a political party to blame and start to think about what form of government you want to support that would honor its constituents instead of big business and the corruption that comes with it.
This is so simple, people. Do not take any offer you did not ask for. And never, never, never do anythign against your instincts.
When my husband and I were looking for our first home, we had a great down payment. You would not believe how hard the real estate company tried to get us to buy above our means...even as far back as 1988! Their justification was that by a certain time, we would be making so much more money. We rejected that idea because I was pregnant with our first child and we wanted to have at least one more. We agreed I would stay at home for a awhile. This may not have been an option for many Americans, but it worked for us.
Therefore, we bought a very nice but very small house in an old neighborhood and saved aggressively. We were able to then build our next home - a "move up" house - and are still there, living comfortably within our means.
so perfectly perfect
Not perfect. Just ordinary, good, old common sense. That thing most of us were taught but so many seem to forget as soon as someone offers them something too good to be true for too little money.
Ever get the feeling Wall Street has been bring casino games to main street for years. No wonder they are circling the wagon to defeat any attempt a consumer protection. The last thing they want is a fair game.
Wherever there is a market, someone will spring up to capitalize on it. That's the case with everything that is sold, and it's the case with bad mortgages. The problem is not with those who are offering these "deals," but with those who accept them. Adults are responsible for the decisions they make, and if they buy something they know they can't afford, then oh well.
The problem is not with those who are offering these "deals," but with those who accept them. Adults are responsible for the decisions they make, and if they buy something they know they can't afford, then oh well.
Word.......but you know that we as a society cannot accept personal responsibility for the things we do.....always find someone/something to blame other than ourselves. Denial at it's finest.
The law is supposed to keep these crooks from operating, though. Let's apply the law as it is written now.
FedMod is worse than the article states. They send letters out to everyone with recorded mortgages and the letters APPEAR to be from the Federal Government. They are cleverly worded to make people think that they are part of TART and legit. In teeny tiny letters where most will never read it says "not associated with the U.S. Government".
But the whole letter is covered with "Federal Loan Modification" and says due to the government loan programs they will help you modify your loan.
These people should be charged with fraud and RICO.
Subprime or high-risk loans are going to be necessary in order to pull out of the housing crisis. The sheer # of people that already have or will have a foreclosure or short sale on their credit reports is enormous. Those people are effectively shut out of home ownership for (depending on who you speak with), 3yrs-7yrs.
There are simply not enough first time homebuyers and investors to purchase all of the inventory. Especially in markets like my city, Las Vegas...the place is so grossly over-built by developers it's ridiculous. And not a very large % of the population here are/will be able to qualify for a conventional or even FHA loan. That's a problem.
The gov't is going to need to find a way to get some of the people that have foreclosures or short sales on their credit reports, but are able to re-qualify in terms of job/income, back into homes.
If I stole thousands of dollars from my neighbor, I would be arrested and sent to jail. Why are these guys still free? They have fleeced honest people who were sold the "American Dream", and now they are fleecing desperate people again. It is simply criminal.
Instead of bailing out the Banks Congress could have offered a 3% rate across the board - the only one's making out, AS ALWAYS, are the Banks
The only thing these guys really understand is prison.
Until Pres. Obama and Congress address the Banking Cartel, these Financial Terrorists, Americans will continue their Indentured Servitude to the banks. http://jischinger.wordpress.com/2009/07/11/us-indentured-slavery
AUDIT THE FED!
http://jischinger.wordpress.com/2009/06/24/s-604-federal-reserve-sunshine-act-of-2009/
In the mid-90's I was living in Washington State and was struck by an article in the local paper about how great new $0 down mortgages were. Some even went further than $0-- they would lend you %100 of the price of the property PLUS tousands more to renovate it. So, a negative mortgage(?)! The local government was thrilled that renters could now become "owners." But if you have no equity, or negative equity, WHAT DO YOU OWN? The chance to go broke, apparently, and not much else.
We need to either redefine the term "American Dream" or else give it a funeral. It's a dead and bankrupt concept if it means simple "own your own home" when really you "own" nothing but a big fat debt.
it's the ultimate Ponzi scheme and the one's making out are the Banks.
Obama is surrounded by financial ter.rorist
These Banks are telling the American People do what we say or we will destroy your economy.
Let them fail and arrest the scoundrels.
These guys FAILED and we are rewarding them with bonuses?
They KIL.LED the American Dream
People need to wake up not roll over!
With a mortgage, you are still a renter. You are just renting money from a bank.
I didn't even bother to click on the link to read the story...But I can imagine what it says. I'm more than just a little bit sick of seeing and hearing mortgage originators being used as chew toys for the media. Here's the bottom line: the loans would have never been made if Wall Street had no appetite for them. Don't put the cart before the horse people. Loan Officers and Mortgage Brokers do not get to determine what kind of loans will be purchased on the secondary market and they never have. Let's keep our eyes on the ball.
Since this is now happening under Obama, can we still blame it on Bush?
Why not thats all the dums do anyway!
If you two really want to blame someone, blame Phil Gramm.
He's responsible for scuttling Glass-Steagall.
Of course, you recall that Conservatives were all blaming Clinton for the economic collapse in late 2008. You know, the collapse "no one saw coming"? Despite the fact that Bush in 2004 deregulated and raised the ceiling on no-income, no-verification loans without a cap.
No. Let's not blame Bush for wild spending, evaporating revenues, massive debt and deregulation....... let's blame it on Clinton.
I knew it. I knew it!. They have people calling from India to sell modification services to home owners under the premise of hardship. When I told them I was current, the Indian person told me to make something up in order to get a loan modification. They wanted to charge me $4800.00 over a period of 3 months approx. $1600/month and said I would not have to pay my mortgage during those 3 months. I asked the guy, what if the modification does not go through? He said they have a 99% success rate. And they only fail when if they find that the case for hardship has not been made. I asked again what happens if it does not go through, especially since I am current? Am I on the hook for the 3 months of deferred mortgage payments? He then said that I would be refunded my money. However, my mortgage is greater than the fee the modification company charges and I would be short about a $600.00.
This all sounded suspect so I hung up. Warning: Do not fall victim to these crooks! You could lose your home!
I find that when you ask them to put it in writing, you see what they really are. They won't do it.
CAPTIOLISM at it's BEST or WORST
aren't we taught that we ALL can be millionares....
We can all be millionaires. That promise does not mean we all will be.
Um, no we can't all be millionaires. The resources simply are not available to make everybody a millionaire. Unless of course, you are saying that someday, a million dollars will be poverty level due to inflation.
We've been in the grip of the Horatio Alger myth for 100 years or more.
It's not a myth, it really happens.
The lie is that anybody can do it.
It's mostly luck. Win the genetic lottery, win the good upbringing lottery, win the intelligence/cleverness lottery, sure you get an edge. Or even win the lottery-lottery.
Then even some down-on-their luck sad-sack just gets plain lucky and makes some lucky choices and becomes a poster-boy for the Horatio Alger hall-of-fame.
But statistically speaking, it really doesn't happen all that often.
Most of us are losers, and will always be losers, good, bad or indifferent.
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First Posted: 07-20-09 08:17 AM | Updated: 07-20-09 08:22 AM