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flashfyre
Honore de Balzac
12:37 AM on 08/31/2011
The number of invalid foreclosures is very low and the owners have legal recourse in those cases. The major cause of foreclosure is obvious -- failure to pay on time. With some lenders, you can go months without paying, then pick up where you left off, while other lenders foreclose on the hour. The problem with HAMP is the payback issue -- the probability of someone paying off two loans, when they can't pay just the one, is pretty small.
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HUFFPOST SUPER USER
wonderYrednow
¿Y read backwards?
03:38 AM on 08/31/2011
The problem with HAMP is there is no forced modification requirement of the banks.

Thank former Sec. Paulson and Bush the Minor, they gave the banks everything they wanted and made it impossible for Congress to do anything for homeowners.
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marine1942
07:20 AM on 08/31/2011
Guess you have never heard of Chris Dodd and Barney Frank ?? Dems wonderY
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marioninreno
08:49 AM on 08/31/2011
Not true for homes underwater. The owner can pay but why pay on a mortgage that won't show any equity for 20 years?
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emanafunk
12:08 AM on 08/31/2011
The rent is to hi
03:37 PM on 08/31/2011
Why want the banks try to make some type of aggreement with the ones who are in forclosure, it better to get some payment instead of nothing. obama may not be solving all of the problems , but look at what he inhert when he came into office. Pray for our nation and stop complaining. Just think about it if you had this job as president they would be bashing you also.
12:07 AM on 08/31/2011
The housing market needs to deleverage. Propping up home prices with legislation and/or government money will not allow correct price equilibrium to be realized.
12:27 AM on 08/31/2011
While I agree with you, as does the market generally, the biggest problem with this proposal gets back to the loans. People who purchased homes at the height of the market are now seeing the value of their homes plumet to next to nothing. Problem with that gets back to mortgages. Buying a $500k house in 2007 that is currently worth $100k with a $400k loan means you are still at least 200k in the hole for a house that will never be worth the money you still owe on it. Unless there is principal forgiveness for those being foreclosed on, deleveraging is impossible
12:36 AM on 08/31/2011
Can't the individual in your above example walk away from their terribly devalued asset? Sure, money paid up to date would be a loss, but the banks in this scenario are left hanging out to dry.
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cornel
wuf wuf
11:54 PM on 08/30/2011
Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz Obama = wannabe Blue Dog ! Hold your breath Dems
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Taninthesummer
Left of center moderate independent
11:20 PM on 08/30/2011
Go, Sen. Merkley! I have a lot of respect for this guy (proud to say he's my Senator from OR), especially when he voted against the ludicrous debt ceiling agreement. And now he's speaking up for the middle class. My check is in the mail for his re-election. He does good work.
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Dadfirst
Reasonable comments in an unreasonable world
11:01 PM on 08/30/2011
Foreclosures are simple. You pay your mortgage or you lose your home. If you don't understand the loan documents, ask for help. There is plenty out there. I think ACORN provides that service. If you still don't understand, don't take the loan. If you take the loan. Adhere to the terms.
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stargazer13
To Love One Is To Love All
11:27 PM on 08/30/2011
economic hit engineered no less !!

booms and bust through out the last 100 years timed perfect

American citizen has never broke even !! no never !!

engineered to cause the most economic harm to the most people !

million ,s have already lost their home millions more are set to cross that very same mark !

All human ,s

every where are worthy of shelter regardless if they have a job or not !!
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wonderYrednow
¿Y read backwards?
03:42 AM on 08/31/2011
Mortgage companies swindled 100's of thousands of Americans from 1999 through today.

If you don't know how and why, use The Googler.
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Dadfirst
Reasonable comments in an unreasonable world
09:33 AM on 08/31/2011
Pay your mortgage, keep your home........simple. Make your car payment, keep your car........simple.
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rigmoten
Pride never helps. It only hurts.
10:59 PM on 08/30/2011
Help the homeowners? What a silly idea! Obama's trying to raise "donations" from the banks and that depends on them ripping the homeowners off.
10:11 PM on 08/30/2011
The job of President is simply too big, too complex for a two-bit, poverty-pimping Chicago block captain. Time for real leadership in the WH, and I don't care if it's from the D's, the R's, the I's, or none of the above. But we can and must do better than this.
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wonderYrednow
¿Y read backwards?
03:43 AM on 08/31/2011
1 d 1 0 t !
10:05 PM on 08/30/2011
Good luck, Senator, in trying to get Mr. Obama to actually do something. Unless there is money to loot and hand over to his corrupt little labor union bosses, don't count on Mr. Obama to do anything at all.
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wonderYrednow
¿Y read backwards?
03:43 AM on 08/31/2011
YOU LIE !
08:04 AM on 08/31/2011
The evidence speaks to the contrary. See The ObamaKare Scam; the GM/Chrysler Schemes; The $800B Scamulus--all directed large sums of cash to the corrupt labor unions that gave Mr. Obama $400,000,000 in campaign contributions in 2008.

Corrupt to the core.
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IndyFem
09:48 PM on 08/30/2011
Not one dime of Government (Tax Payer) money should be spent on turning delinquent/upside- down/ under-employed homeowners into renters (surely there would end up being government compensation to Lenders that agree to this).

Not one dime of Government (Tax Payer) money should be used to "bribe" Banks into modifying loans.

Not one dime of Government (Tax Payer) money should be given to those that caused this mess with their corrupt greed.

THEY NEED TO PAY FOR THEIR CRIMES THEMSELVES!!!!!!!!!!!!!!!
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wonderYrednow
¿Y read backwards?
03:44 AM on 08/31/2011
How about a nickle?
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Realtors Are Liars
NAR is CORRUPT
05:23 PM on 08/31/2011
Realtors need to pay for their fraud, crime and corruption.

You're being watched.
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TheGreatRenewal
We're living a Great Renewal
09:38 PM on 08/30/2011
Jeff is my senator and I'm proud of his efforts. He is upholding what is engraved on our Capitol building in Salem, Oregon

'A free State is formed and is maintained by the voluntary union of the whole people joined together under the same body of laws for the common welfare and sharing of benefits justly apportioned.'

What is it that GOP/TPers don't understand about this paraphrase of our United States Constitution?
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umen
Proud 47%er; I earned that.
09:36 PM on 08/30/2011
Yeah, baby! That's my senator - Jeff Merkley. Sooooo glad I voted for him!
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monique rn
Now, on to the corporations
09:31 PM on 08/30/2011
The term "foreclosure crisis" is inadequate and incorrect, although certainly to lose one's home is a crisis to every aspect of an individual's well being. The crisis that we are living through is the US government's acceptance of theft by the banking industry.
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ESK
09:29 PM on 08/30/2011
Another Huffpo hyperbolic bogus headline. There was no "demand." I saw no demand. Just report; don't make it up.
09:29 PM on 08/30/2011
Overturn the filibuster rules and a president might be able to do something. otherwise go talk to kyl and reid and mcconnel and see what you can pass.

Ohh yeah republicants are closed to helping america you can't. Should have voted to not approve the senate rules.