MND NewsWire - All Comments

re: Mortgage Delinquency Spikes in TransUnion Q4 Report

Bobby Downey — Tue, 14 Feb 2012 19:49:07 GMT

Freddie Relief Open Access so not so Open....anybody else having any issues getting these approved through LP? It seems if your LTV is above 90 and your credit score below 720 you are going to get a Caution...am I missing something?

re: AMI Takes Position against Mortgage Servicing Settlement

Zackery Williams — Tue, 14 Feb 2012 01:14:56 GMT

What a bunch of Liars. If banks stopped lending, in 2007, How are Homeowners expected to be responsible, when they are prevented from refinancing. You are all thieves and should go to jail. You caused it, and now blame the borrower. I hate you people

re: AMI Takes Position against Mortgage Servicing Settlement

haedo1881 — Mon, 13 Feb 2012 23:05:17 GMT

Hi,No matter what the settlement is--fair or unfair--the people who lost their homes, savings, everything--are not getting their money back. My home in Ga was worth about $170,000 (at least that's what I paid for it) and I lost my savings. If I were offered a mere $2,000, I wouldn't know whether to laugh or cry. $2,000 is an insult. Eugenia Renskoff

re: Stop Paying Your Mortgage and Walk Away?

Rick Dominguez — Mon, 13 Feb 2012 09:48:12 GMT

It's been too long and now I am seriously considering just walking away from my house. Unlike many who took mortgages they couldn't afford, I invested $70k into my home. That is why I waited for so long trying to decide what to do. However, recently I got a loan remodification done in which my monthly mortgage bill went down $200...$2,500 to $2,300 a month. I see my house as a lost cause and I will never get my investment back. I'm also upside down...it was once worth $360k now it's worth $210k. I don't see any reason to continue giving my money away and am deciding to just walk away from my house. Everything that could've gone wrong, went wrong. That investment was made to use partly for my sons education and now I have to pay for that too because his scholarships don't cover the entire cost. Buying my house was not a chance I took, it was a dream I had and now it is worthless. Opinions?

re: Bernanke Speaks to Home Builders on Housing's Role in Recovery

truerates — Sat, 11 Feb 2012 05:36:12 GMT

If B of A forecloses on Ben B.'s residence, it just shows that there may be justice, after all. Was it not Mr. Bernanke that precipitated our present global financial catastrophe with his "Chicken Little" speech in July of 2007? That's the occasion when he decided to abandon the Fed's dual mandate of stable pricing and maximum employment in favor of meddling in the area of "consumer affairs" by publicly pointing an accusing finger at subprime lenders for funding bad loans, instead of asking why the Justice department wasn't enforcing laws already on the books that allowed prosecution for mortgage fraud. Why is this guy still running the Fed? Anybody got a clue?

re: "House Lock" - Negative Equity not Hurting Employment Numbers

Don — Sat, 11 Feb 2012 03:34:51 GMT

Holy Cow Frank!! I am impressed. +1

re: "House Lock" - Negative Equity not Hurting Employment Numbers

Frank Ceizyk — Sat, 11 Feb 2012 03:18:32 GMT

"the absence of house lock would have reduced the nation's unemployment rate by at most 0.10 percentage points annually"...perhaps this is because if it comes down to it, any financially sensible consumer is going to just walk away from the mortgage if the choice comes down to keeping a declining value asset, and earning an income or earning a higher income in another state. consumers are simply learning from Wallstreet--if the gamble turns out bad, just bail and start over somewhere else where the money is.

re: Bernanke Speaks to Home Builders on Housing's Role in Recovery

robert highsmith — Fri, 10 Feb 2012 21:21:42 GMT

is it true or not? that bof a is actually foreclosing on Ben S. Bernanke home, what do you think

re: FHA Claims Against Bank of America / Countrywide Resolved

Don — Fri, 10 Feb 2012 14:49:23 GMT

Countrywide commited fraud and noone is in jail. Feel free to replace "Countrywide" with B of A, JPM, Wells, Citi, etc. "Equal Justice Under Law" R.I.P. If this fundamental principle is not restored, "America R.I.P."

re: FHA Claims Against Bank of America / Countrywide Resolved

Frank Ceizyk — Fri, 10 Feb 2012 04:58:36 GMT

"the allegations against Countrywide included claims that they had originated loans based upon inflated appraisals"...simply another piece of evidence of the failure the past and present valuing process used for residential real estate. a simple 1/5/10 year historical overlay could have prevented this, but we hold onto a 90 day snapshot for valuing the largest leveraged asset purchase Americans make. The boom only happens if you create, hard sell, and legitimize the value of the speculation, and have a big enough pool of uneducated speculators to draw from. Easy prey, easy money.

re: FHA Claims Against Bank of America / Countrywide Resolved

Don — Fri, 10 Feb 2012 04:02:32 GMT

"True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression." - Ludwig von Mises

re: FHA Claims Against Bank of America / Countrywide Resolved

Don — Fri, 10 Feb 2012 03:38:11 GMT

"Equal Justice Under Law", R.I.P.

re: "House Lock" - Negative Equity not Hurting Employment Numbers

jdr — Thu, 09 Feb 2012 23:33:00 GMT

Sorry, Gil. I think your Negative Equity Carryover Model is insane! HOW LONG should borrowers be haunted by being upside down on a home bought 5-10 years ago? Forever? Your plan would deprive borrowers of the relief available by a short sale or a deed in lieu. What we really need is Bankruptcy reform, giving BK judges the ability to modify first mortgages of primary residences in Bankruptcy. At present, we are only able to get second mortgages discharged on a primary residence.

re: Mortgage Servicer Settlement Finally Reached

gciungan — Thu, 09 Feb 2012 22:21:42 GMT

I wonder if this applies to loans where the bank was the master servicer, per the pooling and servicing agreement, but used several sub servicers. What liabilities do the banks have to the recently sold servicing rights for pools of loans they previously serviced?

re: Mortgage Servicer Settlement Finally Reached

Don — Thu, 09 Feb 2012 18:06:14 GMT

1. When the system enables fraud, collusion, misrepresentation of risk, moral hazard (the separation of risk and gain) and embezzlement, then it also rewards them. When breaking the rules in a systematic fashion garners huge rewards in wealth and power while playing by the rules dooms one to lower returns on the same investment of labor and capital, then the system itself is thoroughly, totally, completely, hopelessly corrupt. Since America has enabled financial fraud, embezzlement etc. on a systemic basis, America itself is thoroughly, totally, completely, hopelessly corrupt. There is no other logical conclusion. 2. When the rule of law is routinely bypassed, flouted, negated or simply ignored without triggering uniformly applied consequences, then the system is thoroughly, totally, completely, hopelessly corrupt. Since America's financial and political Elites have routinely bypassed, flouted, negated or simply ignored the laws governing mortgages, finance, insider trading, etc., actions that would lead to an average citzen's arrest, indictment and routine conviction, then we must conclude that America itself is thoroughly, totally, completely, hopelessly corrupt. There is no other logical conclusion. There are thus two distinct problems. The system, though nominally legal, is corrupt. The financial and political Elites (the Power Elites, or the Plutocracy) as a matter of course are not bound by the same laws that control the non-Elite citizenry. http://www.oftwominds.com/blogfeb12/frac....