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07:22 PM on 08/06/2012
Who does this guy work for?...........seems to have a persistent connection to the crime syndicate that engineered this mess!
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LunaPark
Don't believe it until it's officially denied
07:21 PM on 08/06/2012
So those who made a poor decision get a "principle reduction" (aka free home) while those who played by the rules, worked hard for their property, didn't overextend themselves get scr&w_ed and wear a dunce hat. Why don't we let the banks fail and let the people who made bad decisions go through foreclosure?
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NHGranite
If they tell you it's not working, they made sure
09:37 PM on 08/06/2012
If your bank colluded with their appraiser, and you had no idea, are you wrong? If you made an application and your bank told you you qualified for the mortgage, how many mortgages have you taken that you would know there is no way you can carry that financial burden? If you did not make a knowingly bad decision, or got sick and didn't have enough insurance, or lost your job and can't sell your house to move for a new job, why aren't the responsible parties taking a share in the heII you have been going through, since they knew what they did to you.
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HUFFPOST SUPER USER
sagefeldemeyer
TP Mission: Destroying America!
12:26 AM on 08/07/2012
They are going through foreclosure---in spades! Your fellow Americans can't be consumers because they are underwater. Ya wanna keep punishing them, what does that prove? That the right is so deeply short-sided, that punishment trumps common sense economics. One other thing luntic, is your fallacy that they get a 'free home'. That's not true! They get a home with a principle reduction that helps them improve their economic situation--GOOD FOR THE ECONOMY!
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Popopnano
Fuzzy peaches in your mouth
06:42 PM on 08/06/2012
I'm predicting a Papanicolaou test
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GWNumber1
FREEDOM!
06:38 PM on 08/06/2012
Every borrower who provided false information on their "no doc" mortgage application should be prosecuted to the fullest extent of the law....along with the bankers who sold those mortgages as safe.

That would help restore some faith in the system.
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NHGranite
If they tell you it's not working, they made sure
09:42 PM on 08/06/2012
I will agree that giving false info to the bank is wrong. But if you not only gave the correct info and documents to verify income and assets and the bank disregards this, they should go to the Big House. And I saw this happen to people all the time, sadly, when I was trying to mitigate their loan to make it easier to stay in the home.
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offred
A biocitizen is 3/5 of a corporate citizen
09:45 PM on 08/06/2012
.You're incredibly naive. I suggest you educate yourself and go to these websites:

https://independentforeclosurereview.com/.
http://nationalmortgagesettlement
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jeb50
Retired.
06:16 PM on 08/06/2012
He is one of several Obama needs to fire. Like Timmy. The sad fact is it points to the powers behind the throne. I will vote for Obama because the powers behind Mitts are just too scary but still we the people should be the powers behind the throne.
06:06 PM on 08/06/2012
This is what Chapter 13 of the Bankruptcy code is designed for, it allows wage earners to restructure and possibly forgive some debt while retaining a home and the ability to work. No need for mass forgiveness of debt and possible further destabilization of the world's economy.

The amount of debt we are talking about makes Greece's threat to default look puny.
10:48 PM on 08/06/2012
They won't declare bankruptcy because it will trigger an in depth investigation and an audit that would blow the roof of the Capital Building. Fannie and Freddie stock was somewhere around $60 a share when the collapse came. Now it's less than .50 cents a share.
05:59 PM on 08/06/2012
Attention, anyone who thinks this housing crisis happened because of "irresponsible homeowners", I have a bridge for sale.
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GWNumber1
FREEDOM!
06:42 PM on 08/06/2012
It happened because people borrowed money, promising to pay it back...and then they didn't...no other reason.
This user has chosen to opt out of the Badges program
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08:41 PM on 08/06/2012
Actually it was the "sub-prime" mortgage scam which is not going away.
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offred
A biocitizen is 3/5 of a corporate citizen
09:36 PM on 08/06/2012
Homeowners are the VICTIMS here.

Banks lied, manipulated, forged names, deceived, and generally mistreated home owners. They sold dishonest and inapproriate loans to potential customers, refused to get back to people, kept telling them they needed even more documents, couldn't qualify for a modification because they weren't behind on payments (and when the homeowners withheld a payment to qualify for the modification, the banks foreclosed and sold the homes).Six Wells Fargo mortgage departments were so corrupt, they were closed down totally. Wells Fargo has also been found guilty of taking advantage of black and Hispanic homeowners.

The Office of the Comptroller of the Currency has arrived at a consent order with 14 major banks to offer independent foreclosure reviews for homeowners who were financially injured by banks, with possible compensation or other remedy. By the way, a "consent order" means that the banks don't have to acknowledge wrongdoing, but they will stop doing the actions that are considered objectionable. For more information, go to this website: https://independentforeclosurereview.com/. (HuffPo moderators: please let this website in. It's a legitimate federal website and may be helpful to HuffPo readers.)

In the National Mortgage Settlement (aka Attorneys General settlement), five major banks ADMIT wrongdoing and have set money aside as possible reparation. For more information, go to this website: http://nationalmortgagesettlement.com/ (Again, HuffPo moderators, go to the website and check it out. It is a legitimate website and may be helpful to HuffPo readers.)
05:59 PM on 08/06/2012
If the fed agrees to lower home mortgage balances the only "fair" way to do it is to give an equal credit to anyone in the country holding a mortgage regardless of thier payment situtation..If pain is supposed to be spread around then so should mortgage reductions. Some business people are upside down on their business real estate..It is only reasonable to reduce their mortgages as well..and we can't leave out people just because it is real estate, some people are upside down on their cars..surely we need to help them out too..some people are hurting on their tatoo installments...every American has a right to a nice tatoo...
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4eva
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07:16 PM on 08/06/2012
I agree.
I would take it even further. People who paid off their mortgages also have lost 'value' in their homes. This is 'value' that they may have been planning to use to retire, pay for their children's college, start a small business, whatever.

What they are discussing is actually re-imbursing people for lost bubble 'value' in their homes.
To be fair, we should replace this lost value for everyone.
07:24 PM on 08/06/2012
If they can't get the banks to give an across the board 2% reduction in mortgage rates, then we should engineer a property 'write down' tax credit that does the equivalent over the life of the property.
This user has chosen to opt out of the Badges program
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rillem
Ich bin ein Berliner.
05:38 PM on 08/06/2012
Jesus. We're only 4 years into this crisis.

How bad does it have to get before someone decides to do the right thing?
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JoAnn Kennedy
05:59 PM on 08/06/2012
The american people are holding on -- we complain, we chalk truths in front of JP Morgan Chase, we OCCUPY, we post, we comment, we call our so-called elected officials, --- like in other countries the people know the correct truthful way, it's the government who has a hard time with the RIGHT THING
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GWNumber1
FREEDOM!
06:36 PM on 08/06/2012
Please share what the "right thing" is and why?
05:37 PM on 08/06/2012
DeMarco STAYS...Obama and Geithner...GO! Letting irresponsible homeowners off the hook on their mortgages would further cause moral decay in our country. Why does this administration seek out and reward the violaters of our society? What about the 75% of the American people who are decent and honest and pay and meet their obligations. ENOUGH IS ENOUGH. Let Freddie and Fannie eat Hay..or barney frank. And let those who knowingly financially extend themselves get over it, get a job and pay up.
05:57 PM on 08/06/2012
Yeah, irresponsible homeowners. That's what happened... HA!
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JoAnn Kennedy
09:38 AM on 08/07/2012
unfortunately, the cowards who made this mess are frank and dodd....both of whom are not running....dodd who resigned....and frank who would never win.
06:08 PM on 08/06/2012
Let the prices fall as low as they need to go and reward those who could not afford to buy a home buy the home. How come no one ever considers how great it would be for those who did save during the 00's and did not overextend themselves be able to buy a house? I mean is that not compassionate?
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4eva
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05:35 PM on 08/06/2012
The is nothing more than a way for the banks to drain the last few drops of money from mortgage holders by holding out false hope that they can freeze their property values at a certain point.

This is a back door bailout of the banks
07:30 PM on 08/06/2012
Capitalists investors profit in general from fire sales on real property. It will take a while, but they'll make a killing. Those who cannot hold out have been and will continue to be fleeced by this very well engineered Republican wealth transfer plan.
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4eva
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10:06 PM on 08/06/2012
Actually, it is the Obama administration that is flogging a scheme to sell of foreclosures to large politically connected investment conglomerates and leave individual investors out of the picture.
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Edbeason
05:27 PM on 08/06/2012
Keeping him was a poltiical move as much as any other reason in the first place. All these nods to trying to reach across the aisle was a monumental waste of time and political capital, and in this case didn't help one bit.
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HUFFPOST SUPER USER
rtaylor1974
Obama=Austerity at Home..War Abroad
06:14 PM on 08/06/2012
some how each of his moves toward the right is supposed to be some 11th dimensional chess move where the American Public wins at the end.
07:31 PM on 08/06/2012
Congress held up the appointment of a successor..............wonder which of them is making money on that obstructionist move?
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GWNumber1
FREEDOM!
05:26 PM on 08/06/2012
Help all homeowners or help none.
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JoAnn Kennedy
05:34 PM on 08/06/2012
That's what they all promised in 2008 under the BUSH/Barney Frank lets bailout the banksters 2008 - for using taxpayer monies to bail out the lying theiving banksters with tax payers dollars -- flawed anaylsis was dead wrong -- the shylocks lied, LIEBOR scandal, emails of collusion, derivatives backed by algorithm rigged market, trifectas of fraud
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GWNumber1
FREEDOM!
06:18 PM on 08/06/2012
Reid, Pelosi and Obama all voted for it....a large majority of House Republicans voted against it.
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4eva
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05:44 PM on 08/06/2012
And renters too. They paid more in rent based on bubble valuation of property and the subsequent higher property taxes.

The bubble affected EVERYONE ... not just so-called 'underwater' mortgage holders.
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GWNumber1
FREEDOM!
06:42 PM on 08/06/2012
Democrats only want to help those who made losing bets.
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Mark Cormier Arizona
2012 has put us on the path to Europe
05:25 PM on 08/06/2012
Do this and watch the flood gates open.
Anyone with any sense would stop making mortgage payments and wait to qualify for yet another government givaway program. I could pick up some easy equity this way and about half of America could too, but its not the solution.......He knows this and realizes that the money lost would probably sink the economy and banking with it.
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4eva
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05:18 PM on 08/06/2012
Hello? NON-underwater homeowners lost just as much or more 'value' in their homes.
Why are 'underwater' homeowners a special case?

Nearly everyone has lost bubble 'value' in their real estate.
Why are we only talking about one segment of people?
Why? Why? Why?

It was a BUBBLE. That 'value' is gone. Vaporized.
(Actually it never existed).
Who is going to replace it?
Taxpayers? ___ you'll have a major revolt on your hands
Banks? ___ you've got to be joking ... they'll never do it and politicians can't/won't make them.

Who is going to replace that lost bubble 'value'?.
Tell me
05:23 PM on 08/06/2012
You make too much sense.
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JoAnn Kennedy
06:01 PM on 08/06/2012
4eva want to go to DC? your making too much sense -- you surely will be an outcast in Washington