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01:36 PM on 08/20/2010
"inexplicably taking its marching orders from bank lobbyists, the very industry that caused the economic collapse in the first place."

Very disingenous....Yes the banks played a role, but the genesis of the colapse was not the banks themselves, but the carter "community reinvestment Act" and clinton pushing banks to lend to people who honestly should be renters....Banks were forced to make loans to people who could not afford them....lets be honest folks, social programs like redistribution have consequences...you can blame banks all you want, but the bottom line is not everyone is home owner material....

The one excuse I hear way to manty times is "my house is worth less than what I owe, so why should I keep paying?" because you signed a contract to do just that, PAY YOUR DEBT....you car is worth less than you paid for it the moment you drove off the lot, are you going to stop paying for it?

really people, take some persona responsibility in your life, if you don;t understand it, don't sign it!!! if you can't pay for it don't buy it! wow how complex is this?
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03:07 PM on 08/20/2010
The banks did more than play a role. They brainstormed and bankrolled the bubble with the fraudulent scheme of subprime mortgage securitization, and when it burst underneath them from their own malfaesance they extorted trillions of dollars from the taxpayers to cover their losses. Trying to blame their ciminal activity on the CRA is more than disingenuous, it is pure ignorance. I advise you to put aside your third-rate Ayn Rand novels and turn off Fox News and educate yourself, sir.
06:52 PM on 08/21/2010
thank you
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BBackSoon
Hello, I must be going.
03:11 PM on 08/20/2010
So how many home loans are not being paid back? Got a percentage?

As far as I understand it is high by historic perspectives in the 10% range. But most people have paid money for some number of years on the loans and in the early stages that is all interest, in many states if you are foreclosed or walk away, the bank then retains ownership of the property and has the option of then selling it. Even if they are forced to sell at a loss the original Buyer that lost the home, is quite often still responsible for the difference.

So with all of this going for the mortgage companies, please tell me how 10% of the home buyers generating maybe a 2% loss to the banks caused all this problem?
01:18 PM on 08/20/2010
"Assume your bank is overwhelmed, will lose your paperwork and not return your phone calls as a means of controlling the number of "loan mods" it has to actually consider."

I don't think they're "losing" all those re-sent copies of original paperwork with signatures because they're "overwhelmed".

One day, I expect, it will be discovered what was done with them.
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BBackSoon
Hello, I must be going.
03:12 PM on 08/20/2010
It is in the banks best interest to not offer good service in these issues.
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DebtNavigation
Attorney and Author
01:15 PM on 08/20/2010
Chapter 13 cram down for principal residence mortgages is one of the things that Americans should fight for. In fact, Fannie and Freddie should run the numbers again--they would probably find their bailouts will not be as expensive to the public fisc if that option is in place instead of the foreclosures in a steadily declining market.

In Mexico in the mid-'90s Wall Street engineered a currency coup that tripled the debt owed by small businesses and family farms and also allowed for them to be massively ratejacked on top of it. Mexicans consequently formed the "el Barzon" movement and pushed back Wall Street and deposed their ruling party of 60+ years. In this country YouTube phenom Ann Minch has already declared the debtors' revolt and begun going after them http://www.revoltstartsnow.com

If you've been pushed under, you can read every other page of my book for free: http://www.scribd.com/doc/25443175/Debt-Hope-Down-and-Dirty-Survival-Strategies-Evaluation-Version-Complete
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Quitcherbichin
If you are posting here, thank a veteran.
12:41 AM on 08/21/2010
Fannie and Freddie should run the numbers again? Fannie and Freddie and their benefactors Bonnie Fwank and Chirs Dodd should be brought up on charges. They are responsible for starting...note I said starting, the housing mess with their "every American deserves to own a house regardless of their ability to pay" policies. I find it particularly telling that the Dimocrat congress reigned in every lending institution BUT Fannie and Freddie....Cram down will never be approved...if it were there would be rioting in the streets by the producers of this country.
11:39 AM on 08/21/2010
You know... I really wish that people like you would quit your bitching. What charges would you bring against bonnie and chirs (in all sincerity)?
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DebtNavigation
Attorney and Author
11:54 AM on 08/23/2010
Wealthy people don't riot in the streets ... they riot by cutting social programs. Homeowners who take the "I'm all right Jack" attitude to the foreclosure crisis will see the value of their homes slashed by neighboring foreclosures. "Pay me now or pay me later" is the old Fram tag line, and it applies to Chapter 13 cram downs. If they're allowed, the well-off will take the hit in their 401k plans and the value of their homes will be buffered. If they let all the foreclosures happen ... there may be way too much pain in BOTH places.
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Autismmomx4
Autism rocks! and flaps and spins..
06:16 PM on 08/22/2010
There should be a Chapter 7 cram down as well.
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booki
01:04 PM on 08/20/2010
direct lending and modifications is the only answer.
the banks got us in the mess, got bailed out, and
your concern is not theirs.
the government is offering direct lending to students...
why not to worthy homeowners faced w/foreclosures?
it is all a big farce. banks rule!
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booki
12:41 PM on 08/20/2010
the obly way the housing foreclosures will be remedied is if the government "direct lends."
renegotiates with home owners, the government would make money
GIVE IT TO THE BANKS , IF THEY HAVE TO..... BANK RULE!
after all. the perpetrators of the foreclosures have been the banks.
they got bailed out
and the victims .disgraced and jobless,
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booki
01:27 PM on 08/20/2010
excuse my typo: i meant ONY WAY.....
i get riled up and type too fast! plus i hate typing.
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outtopastur
Ask Us If We Care
11:40 AM on 08/20/2010
'As one bank told one of my clients, "we don't need to work with you, we've already been bailed out."'

The arrogance of these banksters defies description and comprehension.

It will be a COLD day in h*ll before I EVER set foot in another.
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IndyFem
11:29 AM on 08/20/2010
There have been homeowners in the midst of their "trial" loan mod...and making the required monthly payments...that have opened their front doors to find someone telling them that their home had been sold and they have to vacate.
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outtopastur
Ask Us If We Care
11:58 AM on 08/20/2010
A family member told us just the other day that as the financial department of his bank was working out his loan mod, the legal side was initiating foreclosure proceedings. Fortunately, a broker friend intervened and discovered that neither side was communicating with each other and told them to get their act together, which saved his home.
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outtopastur
Ask Us If We Care
12:02 PM on 08/20/2010
And, they can't figure out WHY the suicide rate is up?
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DebtNavigation
Attorney and Author
01:17 PM on 08/20/2010
Perhaps if we changed the law so that everyone involved in foreclosing on a home had to meaningfully disclose their identities and roles to the borrower, that could get changed around a little...