| This is another stupid greedy thing Americans are out for themselves. Borrowers, who plead dumb, lenders who took advantage. Who has ever heard of a bank given loans to people with bad credit or no credit. Then their is our government who wanted to look like our economy was great. Our government is in the red to the tune of trillions. Foreign countries own us. We need great leaders. |
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| Above Posted By:
susan
| Fri, 7 Dec 2007 14:28:20 EST |
| I'm in favor of variety in loan programs and many of my clients have benefited, BUT it seems that most if not all who entered into these adjustables should be allowed to see the roll back...BUT.. We have to first digress a bit, afterall it will depend on the investors discretion... Who's in charge of eligibility in the real question. Not too sure that this one will cut the mustard. |
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| Above Posted By:
On the Fence
| Mon, 3 Dec 2007 14:59:55 EST |
| If the terms of existing, recorded loans are ignored what happens to future loans? Will those terms be waived as well?? Or even the terms of the so called "rescue loan"??-Better be very careful deciding what is acceptable here-If we can't pay-then just change the terms ??-I'm no fan of vulgar profits big lenders make but hopefully the credibility of our system and the industry itself are not destroyed in the process of saving it. Who will lend if legal contract is not binding anymore? |
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| Above Posted By:
tired underwriter
| Mon, 3 Dec 2007 10:25:11 EST |
| I am all for helping those who are in danger of loosing there homes
especially, the ones who has adjustable rates,some credits are not so good but they are willing to keep their homes. they might go into forclosure because of circumstances beyond their control. Yes I am all for helping them. Not the investors.they try to take homeowners home just to make themselves a buck.Some homeowners have such high interest rate due to their credit .I think these are the ones who need help not the big man. |
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| Above Posted By:
LENA
| Sun, 2 Dec 2007 21:20:58 EST |
| Buyers should be required to hire an atty or be appointed one to help dispell the myth of real estate purchase. No regular civilian should be relied upon to understand the complexities of the legal reasons for the signatures that are required of them when addressing documents relating to such complex matters. On the surface the paperwork is daunting but the underlying ramifications of a written signature by an amatuer in a field for which they are not remotely educated in is absurd. |
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| Above Posted By:
manic
| Sun, 2 Dec 2007 19:27:56 EST |
| Rewarding those that were stupid & greedy??? Why would we bail out a bunch of people that bought more than they could afford and used an ARM so they would still have enough money to buy other luxury items (that the rest of us could not afford because we were being responsible with our money and took out fixed rate mortgages)???
This is a ridiculous plan - let them lose their home & turn around and buy something they can actually afford!!! |
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| Above Posted By:
Scrooge
| Sun, 2 Dec 2007 19:04:55 EST |
| What about those of us with ARMs who are paying our mortgages, even though the rates have gone up. We are being left out because we are responsible people who pay our bills and read and hold to our contracts. The people who bought a house they could never hope to afford, in the long run, should lose it. Why should the government (that is, me, the taxpayer) allow them to keep their teaser rate, when I don't get to do the same just because I pay my mortgage rate? |
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| Above Posted By:
ResponsibleinOC
| Sun, 2 Dec 2007 10:37:29 EST |
| this is a bad thing for all of us that can afford our mortgages or didnt buy a house. Yes some people were tricked into mortgages they couldnt afford but that excuse is stupid. If you want to be responsible and buy a house, you should be responsible to know what it costs to own it. The only way to fix it is to let it crash. Bailing people out for messing up would be disasterous as it teaches no one a lesson. Why reward people for messing up. |
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| Above Posted By:
Steve
| Sat, 1 Dec 2007 23:09:00 EST |
| Total JOKE! When will the system hold people accountable for their actions, or lack thereof? Read the ARM Rider to the mortgage when you sign (2-4 pages, not very complex). Bottom of the 1st pg of mortgage has a check box labeled "ARM RIDER". Also, the borrower is supposed to initial each page indicating that they read that page. If they chose not to read the doc, too bad. If the docs are too complex, do not sign. Hell, the very name, "ADJ RATE MORT" indicates that the rate is subject to change. |
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| Above Posted By:
MPC
| Sat, 1 Dec 2007 17:23:02 EST |
| As a Community we all need to learn from this. I thingk it should not JUST be a hold in the reset time period but to keep the teaser rate. That was, investor will learn a lesson for the next time they're considering such programs. I know for a fact that most of mortgage loans were made without taking into consideration the borrower short and long term financial goals. BUT it was taken in isolation.
How can such as Hugh debt be taking without a finacial plan.
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| Above Posted By:
Juan Peguero
| Sat, 1 Dec 2007 10:19:41 EST |
| I took a wholesale operations manager position for a major subprime mortgage company in 2005. The programs were getting so aggressive I couldn't believe it. Then in 2006 when they started to become more conservative due to the losses the AE's & sales manager went crazy. Even when you proved to them there was fraud (i.e. borrower not really having that second job), they would still argue to get the loan done. |
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| Above Posted By:
VC
| Sat, 1 Dec 2007 09:05:47 EST |
| God must have heard homeoners prayers. |
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| Above Posted By:
Homeowner
| Fri, 30 Nov 2007 15:20:20 EST |
| Finally SOMEBODY official is STOPPING the Lenders interest rate escalation! A suggestion here that borrowers be given a "week to read the contract" is a GREAT one. But "TIME IS OF THE ESSENCE" is the mantra of real estate. Because I have 30 years RE experience I KNOW to read EVERY page BEFORE I sign. WHATEVER KIND OF CONTRACT! The agent's impatient retort to me: "Nobody does that". I asked if he was calling me a "Nobody". Most borrowers TRUST what they're TOLD. Gotta' READ the print! |
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| Above Posted By:
Mary
| Fri, 30 Nov 2007 15:19:56 EST |
| So how long will this last? What if the banks allow the teaser rate to be kept for an unspecified amount of time and the market continues to go south? What will the homeowners do then??? Rent an apartment??? I am in favor of helping troubled homeowners but definately not the investor. With investing in anything comes risk and if someone called themselves an investor with a no money down loan, welcome to reality in realizing the risk involved. Investors helped create this mess in the first place. |
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| Above Posted By:
Mikey
| Fri, 30 Nov 2007 15:19:45 EST |
| I am all for helping all of those who are in danger of loosing their primary residence. No other properties should be involved. It would allow more of a spread, more money for primary residences
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| Above Posted By:
Maurice simpson
| Fri, 30 Nov 2007 15:02:49 EST |
| I am all for helping all of those who are in danger of loosing their primary residence, a second home or maybe even an investment property, in that order. I am not in favor of the government mandating bailouts for the greedy ones who purchased several properties with zip for a downstroke and expected to rip off the next fool who came along to buy a bloated property.
Greed brought this problem on us and I would hate to see it rewarded, as it was in the S&L Bailout.
Dave Ski |
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| Above Posted By:
Dave Ski
| Fri, 30 Nov 2007 13:10:18 EST |
| What about the other 16 percent...Left out in the cold because their mortgage is not serviced by one of the big boys? |
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| Above Posted By:
Charles
| Fri, 30 Nov 2007 12:44:17 EST |
| This is great news! The information in your articles are excellent in staying up to date and allowing us to share this knowledge with our clients. It will be great to see this happen and to know how to direct our clients in participating in these programs. Keep up the great work! |
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| Above Posted By:
Hopeful
| Fri, 30 Nov 2007 12:02:28 EST |
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