Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

bm — Tue, 25 Mar 2008 11:00:00 GMT

I don't understand how difficult it is to understand that you can't afford a $400,000 dollar house with $50,000 a year income. If you don't educate yourself about the loan information and terms before hand then shame on you.

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

Joanne — Tue, 25 Mar 2008 11:00:00 GMT

I too am a victim of this housing mess. I have worked for 32 years in mortgage lending but in operations, not as a loan officer. My last position (laid off due to the current market) was as the Manager of the Underwriting Dept of a bank. I can't begin to count the number of loan requests that we declined during the heyday due to stated incomes that were non-realistic for the borrowers carreer. How about an elemetary teacher in FL claiming $108K annual income? And to think that each time we delclined these loans the morgage broker that had sumitted the file would say something like "So and So Mortgage will do this loan" and my response was "Then send it there". Way too many "liar loans" granted with negative amortization on the same loan is a guaranteed nightmare. Wall Street greed. Bottom line, I am still unemployed but lucky that I saved a bit over the last 32 years.

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

Prayer Warrior — Wed, 19 Mar 2008 11:00:00 GMT

Blaming homeowners in this mess is like blaming the levies in Hurricane Katrina. Too much pressure on the homeowner with a lay person's perception of all the confusing fine print on the hundred's of lying loans was bound to give way to this flood of foreclosures that's sweeping away the American Dream for us ALL! THis is not the time to play the blame game. Bottom line, the FEDS are going to have to do a nitty gritty cut on the interest rate and offer it to everybody with existing loans and give our country the clean slate that it needs to rebuild. Those who think they have it all together and never made a mistake, never been taken advantage of, or never misinterpreted the legalities of a contract, you are in the same sinking boat as the rest of America. If your neighbor goes down, you are going down too. So get off your high horse and throw them a life line. Saving their life could very well mean saving your own.

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

Paranam — Tue, 18 Dec 2007 13:00:00 GMT

Politicians, agents, brokers, investors and scam artists have thrown a wild economic party, replete with binge buying, for over 10 years. Nearly a trillion dollars has poured into real estate home sales, speculation and professional fees. The party is over. The average family cannot afford the average priced home, home equities are shrinking, foreclosures are rampant, and the politicians now offer homeowners aspirin and Band-Aids. Whose fault is this?look in the mirror.

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

reality — Sat, 15 Dec 2007 13:00:00 GMT

Any government plan will only transfer wealth from those who have been wise to those who have acted unwise!

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

katiek — Tue, 11 Dec 2007 13:00:00 GMT

I tried to refinance to a lower rate but due to the negative ammortization that's been tacked on my LTR is way off. I do have at this point a 780 credit rating, never been late with so much as an electric bill. So sad, I'm 60 years old and losing the last 40+ years of my hard earned credit and my home. I did contact the loan originater after a month of e-mails and phone calls and his reply was too bad, I have my own family to worry about. nice guy. Hope there's a special place in hell for him.

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

Rhett — Mon, 10 Dec 2007 13:00:00 GMT

Katiek, have you considered refinancing?

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

Stevie — Mon, 10 Dec 2007 13:00:00 GMT

A lot of folks got caught up in the sub-prime loan hype as a means to obtain their primary residence. I believe sub-prime loan is a good financial instrument if used responsibly. Calling upon the great and mighty US government to save us from ourselves would only give career politicians opportunity to spend more money (we) donâ€™t have. If consumers took the time to educate themselves before making the biggest financial decision in their lives a lot of these defaults would have been avoided.

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

Ed the Renter — Sun, 09 Dec 2007 13:00:00 GMT

I saw this coming like a runaway freight train. I saw the houses being slapped together next door, left open in the rain and then the stupid buyers standing in line to get the keys hoping to get something for nothing. Many of these scammed buyers wanted to believe the real estate mantras. Now we should feel sorry for everyone caught up in this national disaster? Right. I feel your pain - right around my hip pocket! I sleep comfortably at night because I live within my means - I rent!

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

loandude — Fri, 07 Dec 2007 13:00:00 GMT

i am amazed at how many people do NOT know the terms of their loans. Do not understand that their rates WILL increase and generally have a zero savings rate. most foreclosures have NOTHING to do with rate increases rather- a job loss, a medical issue etc.... even with the rate freeze for some we will continue to see more foreclosures. face it America is F'd! this will get much uglier before it gets better. people will walk away from their houses as they see values plummet

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

katiek — Thu, 06 Dec 2007 13:00:00 GMT

This is all great for the sub-primes but what about the VICTIMS of deliberate FRAUD? I am one of these and am losing my home due to a deliberate bait and switch loan that has stripped my home ofequity, raised the interest rate 4 times in 3 months and jacked the payment up so high i can't pay it. Oh yea, I did submit w-2's, bank statements,pay stubs to the loan officer. Sad country that still allows this scam to continue.

RE:Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report

Frustrated with Ignorance — Thu, 06 Dec 2007 13:00:00 GMT

If President Bush would have payed as much attention to the USA as he did foreign interest perhaps the mess that has been caused would not be as big. Then again the housing market does not produce OIL or invoke TERRORISM. However Banking is a private industry not controlled by government. So why start now?