CITI Drops Opposition to Cramdown

re: CITI Drops Opposition to Cramdown

gina mcconnell — Wed, 04 Mar 2009 03:45:43 GMT

I purchased my home in Nevada in 2005 before i even made my first payment my loan was sold and sold again!! Iam so flippin sick of the whinning from ppl saying we shouldnt be able to get relief because , we pay our mortgage . hey guess what assholes so did I until I was laid off and my home value drooped over a 100k so I should continue paying 1,500 on a house that's current market price is 119 k and it being rented for 700 dollars?? Or is that iam just a lazy *** and its my fault that the shady ,crooked lenders out here in Vegas making a buck sold bullshit loans because they had no regulations and a pass to do what the hell they wanted???Iam all for the ''cramdown '' and best believe iam filing 13 !! as for the repercussions for first time buyers, home values , tighter lending??!! who are we kidding the banks arent lending to anyone anymore no matter what your credit score is!! I believe firmly that all the mortgage companies and their shady practices should face criminal charges!! how about taking some responsibility for this mess?? and support help to the people that were bent over by fha loans ??? and yes I should be able to recover equity in the time of sell. It's my money that I have been throwing away every fucking month on a house that isnt worth the first or second lien!1

re: CITI Drops Opposition to Cramdown

Cathy McKay — Fri, 27 Feb 2009 17:00:15 GMT

The American people are the real victims of what has happened in the economy. As a twenty year veteran of mortgage lending I knew for years that the lending practices were far to risky and chose not to participate during that period of time. All the potential home buyer saw was that they were going to have the opportunity to achieve "The American Dream". What happened to the days of responsible lending practices. I guess they went out the door when the mortgage lending industry figured out they could sell those risky loans to Wall Street.

re: CITI Drops Opposition to Cramdown

kwik — Sat, 10 Jan 2009 18:03:25 GMT

It would seem like to me that there should be amendment to this bill that would include that any principal that was written down, that when the home is sold in the future and any appreciated and equity built in the home would be repayed backed to the lender and/or governement. ie Home has principal reduced $100k in 2009 to the market value of $250k Home is sold in 2020 for $360k. Should the owner of the home really be allowed to pocket $110k in equity?