Comments on: Mortgage Forgiveness Debt Relief Bill http://daytonos.com/?p=336 Thu, 09 Sep 2010 15:06:51 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Gretchen http://daytonos.com/?p=336&cpage=1#comment-3561 Gretchen Fri, 30 May 2008 23:24:35 +0000 http://daytonos.com/?p=336#comment-3561 In all of the foreclosure mess, caused mainly by the crooked lending companies, no one is doing anything about the families who have lost their homes. All I hear is only "creditworthy" people deserve help. So please tell me, how did the poor families, who lost their homes to these crooks, become not creditworthy?? These people deserve a second chance!! Wake up America!! In all of the foreclosure mess, caused mainly by the crooked lending companies,
no one is doing anything about the families who have lost their homes. All I hear is only “creditworthy” people deserve help. So please tell me, how did the poor families, who lost their homes to these crooks, become not creditworthy?? These
people deserve a second chance!! Wake up America!!

]]> By: Greg Hunter http://daytonos.com/?p=336&cpage=1#comment-2743 Greg Hunter Mon, 10 Mar 2008 03:34:28 +0000 http://daytonos.com/?p=336#comment-2743 Stan, It is easy to stop foreclosure. The County Sheriff refuses to enforce the laws passed by the corrupt congress and local banking backed officials. It happened at some point during the depression, but we have a deep and abiding respect for LAW, in spite of how stacked against people it is. I do not trust New York. Good Luck! Be Midwest! Be Obama! Illinois over NY anyday! Stan, It is easy to stop foreclosure. The County Sheriff refuses to enforce the laws passed by the corrupt congress and local banking backed officials. It happened at some point during the depression, but we have a deep and abiding respect for LAW, in spite of how stacked against people it is. I do not trust New York. Good Luck!

Be Midwest! Be Obama!

Illinois over NY anyday!

]]> By: Stan Hirtle http://daytonos.com/?p=336&cpage=1#comment-2740 Stan Hirtle Mon, 10 Mar 2008 01:43:55 +0000 http://daytonos.com/?p=336#comment-2740 Who makes out like a bandit at this point? A lot of people already have, mostly mortgage salesmen and their employers, plus the servants and owners of the securitization industry. But now you have people with unaffordable mortgages on overpriced houses, due either to corrupt appraisals or a popping housing bubble. A lot of these unaffordable mortgage payments are owed to us through our mutual funds. So who is the bandit? I am always amazed by how little sympathy ordinary people have for those who are losing their homes, and how the lending industry fights tooth and nail for the right to foreclose on mortgages even though they lose money doing that. It may be that they see a larger issue as holy writ. Everyone in debt must be made to repay or else come hell or high water, or the whole social contract and its enforcement go out the window. "If you can't pay your mortgage, you lose your home, period." Industry's allies in the public are those who were lucky enough to to get caught with a bad subprime mortgage, and I guess want to be rewarded by having those unfortunate enough to believe the salesmen and to not be able to catch the traps buried in miles of complex legal mortgage documents that only expert insiders really understand, pay the ultimate price. The loss of homes, what they mean as investments and what they mean to social cohesion and family life is a little like a Hurricane Katrina without the water. This seems like something people ought to care about, even in a consumer society where some people doing well comes at the price of other people doing badly. These days the consumer economy is based on debt, where people are supposed to borrow and spend. However we then beat up on those who are unable to pay back what they borrowed, due mostly to the vagaries of the economy and particularly the loss of jobs to the global mobility of capital to where the cheaper labor is. The Republicans held together to block a change in the bankruptcy laws, that would essentially remove a special immunity that first home mortgages have against the bankruptcy remedy that is known in the trade as the "cram down." This essentially means that a secured debt is not worth more than the property securing it is worth. The other aspect would be to eliminate the "explosive" adjustable rates that guarantee that after two or three years homes will be lost. Elsewhere these would be seen as inherently defective products for most people and in most circumstances, similar to a car that was going to wreck or a house that was going to fall down after 2 or 3 years. However the lending industry is still trying to figure out how it can make money off the foreclosure crisis now that the investors are seeing through the myth that subprime securitizations produce free money. We clearly need a political system where the damage done by the loss of hundreds of thousands of homes is more important than more profits for lenders Who makes out like a bandit at this point? A lot of people already have, mostly mortgage salesmen and their employers, plus the servants and owners of the securitization industry. But now you have people with unaffordable mortgages on overpriced houses, due either to corrupt appraisals or a popping housing bubble. A lot of these unaffordable mortgage payments are owed to us through our mutual funds. So who is the bandit?
I am always amazed by how little sympathy ordinary people have for those who are losing their homes, and how the lending industry fights tooth and nail for the right to foreclose on mortgages even though they lose money doing that. It may be that they see a larger issue as holy writ. Everyone in debt must be made to repay or else come hell or high water, or the whole social contract and its enforcement go out the window. “If you can’t pay your mortgage, you lose your home, period.” Industry’s allies in the public are those who were lucky enough to to get caught with a bad subprime mortgage, and I guess want to be rewarded by having those unfortunate enough to believe the salesmen and to not be able to catch the traps buried in miles of complex legal mortgage documents that only expert insiders really understand, pay the ultimate price.
The loss of homes, what they mean as investments and what they mean to social cohesion and family life is a little like a Hurricane Katrina without the water. This seems like something people ought to care about, even in a consumer society where some people doing well comes at the price of other people doing badly. These days the consumer economy is based on debt, where people are supposed to borrow and spend. However we then beat up on those who are unable to pay back what they borrowed, due mostly to the vagaries of the economy and particularly the loss of jobs to the global mobility of capital to where the cheaper labor is.
The Republicans held together to block a change in the bankruptcy laws, that would essentially remove a special immunity that first home mortgages have against the bankruptcy remedy that is known in the trade as the “cram down.” This essentially means that a secured debt is not worth more than the property securing it is worth. The other aspect would be to eliminate the “explosive” adjustable rates that guarantee that after two or three years homes will be lost. Elsewhere these would be seen as inherently defective products for most people and in most circumstances, similar to a car that was going to wreck or a house that was going to fall down after 2 or 3 years. However the lending industry is still trying to figure out how it can make money off the foreclosure crisis now that the investors are seeing through the myth that subprime securitizations produce free money. We clearly need a political system where the damage done by the loss of hundreds of thousands of homes is more important than more profits for lenders

]]> By: T. Ruddick http://daytonos.com/?p=336&cpage=1#comment-2735 T. Ruddick Sun, 09 Mar 2008 20:58:36 +0000 http://daytonos.com/?p=336#comment-2735 Let's not overlook that there have been hundreds of thousands of families who have already lost their homes in this crisis, and there's no suggestion that they'll get help. Seems like it's now a sort of lottery; figure out when it's the right time to default on your mortgage, and you'll come out like a bandit; do it too early or too late, and you lose. Let’s not overlook that there have been hundreds of thousands of families who have already lost their homes in this crisis, and there’s no suggestion that they’ll get help. Seems like it’s now a sort of lottery; figure out when it’s the right time to default on your mortgage, and you’ll come out like a bandit; do it too early or too late, and you lose.

]]> By: Greg Hunter http://daytonos.com/?p=336&cpage=1#comment-2730 Greg Hunter Sun, 09 Mar 2008 14:18:41 +0000 http://daytonos.com/?p=336#comment-2730 It appears that once the forgiveness starts, everybody will want it. There is no reason for a person that has been paying his mortgage on time to keep paying, if his/her house has dropped significantly below the value of the loan. This country cannot afford the debt obligations it owes for Social Security, Medicare, let alone Iraq and now this payback for an 8 year spending spree? I think people may finally get it this time. What this crisis is exposing is that NY wants the country to live like the Ant, while they live like the Grasshopper. What I love about the "Free Market" is that it is holy writ, until the boys in New York have to pay the price; then, here comes the bailout. The bailout has the potential of driving costs up for Cities and Counties. Why save a few houses in a development, while the rest fail? Stupid. But it was equally stupid for the houses to be built in the first place. The elected official’s lust to maintain power by increasing tax revenues from the new properties is coming home to roost. Nice work, while the populace is convinced by the big developers that it does need a Regional Government with expansive zoning powers that are commensurate with the NEEDS OF THE REGION. Local food production, connected greenways, mixed development, water use, land use...... I wonder if we well have the time and money to do it over again. In the declining energy and political environment, I doubt it. It appears that once the forgiveness starts, everybody will want it. There is no reason for a person that has been paying his mortgage on time to keep paying, if his/her house has dropped significantly below the value of the loan. This country cannot afford the debt obligations it owes for Social Security, Medicare, let alone Iraq and now this payback for an 8 year spending spree? I think people may finally get it this time. What this crisis is exposing is that NY wants the country to live like the Ant, while they live like the Grasshopper. What I love about the “Free Market” is that it is holy writ, until the boys in New York have to pay the price; then, here comes the bailout.

The bailout has the potential of driving costs up for Cities and Counties. Why save a few houses in a development, while the rest fail? Stupid. But it was equally stupid for the houses to be built in the first place. The elected official’s lust to maintain power by increasing tax revenues from the new properties is coming home to roost. Nice work, while the populace is convinced by the big developers that it does need a Regional Government with expansive zoning powers that are commensurate with the NEEDS OF THE REGION. Local food production, connected greenways, mixed development, water use, land use……

I wonder if we well have the time and money to do it over again. In the declining energy and political environment, I doubt it.

]]> By: Teri http://daytonos.com/?p=336&cpage=1#comment-2726 Teri Sun, 09 Mar 2008 10:17:41 +0000 http://daytonos.com/?p=336#comment-2726 Mr. Robertson- Every situation is unique. Not knowing the personal details of your situation, please let me point you to more information: http://www.homeownershipdayton.org/ http://www.themortgagereports.com/2007/10/looking-for-inf.html Mr. Robertson-

Every situation is unique. Not knowing the personal details of your situation, please let me point you to more information:

http://www.homeownershipdayton.org/

http://www.themortgagereports.com/2007/10/looking-for-inf.html

]]> By: T. Ruddick http://daytonos.com/?p=336&cpage=1#comment-2724 T. Ruddick Sun, 09 Mar 2008 04:44:21 +0000 http://daytonos.com/?p=336#comment-2724 I'm wondering if I should call my mortgage lender and argue that I'm a good guy who paid my subprime mortgage consistently, and so I ought to get a reward like reduced interest or principal--or if I should just shut up and enjoy the lower interest rates on auto loans and credit cards that I get for making my payments on time. I’m wondering if I should call my mortgage lender and argue that I’m a good guy who paid my subprime mortgage consistently, and so I ought to get a reward like reduced interest or principal–or if I should just shut up and enjoy the lower interest rates on auto loans and credit cards that I get for making my payments on time.

]]> By: Mr. Robertson http://daytonos.com/?p=336&cpage=1#comment-2722 Mr. Robertson Sun, 09 Mar 2008 02:39:30 +0000 http://daytonos.com/?p=336#comment-2722 I currently have a subprime mortgage and am in need of some assistance please advise..........thank you I currently have a subprime mortgage and am in need of some assistance please advise……….thank you

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