Comments for Foreclosure Crisis Keep Getting Worse - Why? »
Posted By altnrg 1 year, 1 month ago in NewsDespite the government’s and the housing industry’s efforts to curb rising foreclosure rate, there is still little change in market conditions. It is very likely that there are still other factors contributing to the mortgage mess.
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philmelton1 year, 1 month ago
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No, you don't have to be an expert, but you do have to use common sense when TAKING OUT A LOAN that you can't afford in the first place. It is not the problem merely of the government or of banks or of greedy lenders, but of a mentality that refinanced homes incessantly to make cash available to pay the loans from equity...which is now gone, as is the money borrowed to repay the loans.
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ekklesiawarriorComment removed: Hard Banned2 Replies
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tinamariebiggs1 year, 1 month ago
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I am a Loan Officer, and I will tell you...the right hand doesn't know what the left hand is doing! The government has stepped in which is great, but now people that were behind that HAVE JOBS, and aren't in crazy loans, still now can't get refinanced because now they have changed "credit score requirements" so, your behind, now your score has dropped under 580.. and now your really stuck, because lenders decided to "change" their tactics when the government stepped in. We have people now upside down in appraisal value, and can't get refi'd out of an arm, even if they can afford fixed payments,,, JUMBO loan limits need to change more, maybe increase for now the Loan to Value limits to maybe 120% so people can get rate & term refi's? And change the credit score limit back down to 500 so everyone can get help, then the market would turn around, but until someone steps up and regulates the "lenders" change policies, we are going to see more of this.
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Mark_Knowles1 year, 1 month ago
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The problem is not the mortgages guys. If every single mortgage was paid in full today it would not fix the problem.
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The banks used these poor quality mortgages to borrow thousands of times the value from other banks. And round and round they went.
They basically lent and borrowed money they did not have. No one had it. The government bailout will just fill that hole. Nothing else.
http://markpknowles.com/housing-crisis-what-housin...-
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beavith11 year, 1 month ago
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the bailout won't fill that hole. its a fraction of the total exposure.
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i'm waiting for the other shoe to drop. with the election of Obama, and he's still serious about raising taxes on the wealthy and bumping up capital gains AND 'renegotiating' trade agreements like NAFTA , we are teetering in about the same place FDR found himself when he took over. i'd like to think that we are more sophisticated now, but when deflation kicks in, there are very few useful weapons against it. interest rates are close to zero now. the japanese even had negative (!!!!) interest rates and that didn't do anything either.
Obama has to drop taxes and sharply cut the capital gains rate. if he does nothing less, we are all in the soup.... -
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markmawn21 year, 1 month ago
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The problem is creating money out of nothing tangible. Income from Interest and so-called securities alone. Who would not be tempted to become extremely wealthy and not lift a finger except to hit the Enter key on your computer?
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http://www.fdrs.org/money_creation.html
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joebiggestComment removed: Hard Banned5 Replies
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joebiggestComment removed: Hard Banned2 Replies
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joebiggestComment removed: Hard Banned
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fabulousimages1 year, 1 month ago
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Joebiggest you are an idiot. The Republicans have run us into the ground. Seems like they are the antichrist (666) don't you think? They are thieves and been getting away with it for years. It's time for a change.
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I feel sorry for people like you. Your misery is embarrassing!-
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Endoscopy1 year, 1 month ago
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supposed to be under rushran
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ROTFLMAO
The Compassionate Democrats created the CRA which gave us the housing bubble. All of those mortgages are out on papers based on the current sale price. When the bubble burst in 2006 all of that paper lost the percent that houses lost. This after repeated attempts by the Republicans to fix Fannie Mae and Freddy Mac that the Democrats stonewalled and called people nasty names trying to fix it.
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stalemateComment removed: Retracted by user
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krp01511 year, 1 month ago
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If Obama is on the up and up he would provide full disclosure of his vault birth certificate which exists along with any naturalization papers and college records. I could accept him if he complies if not there will always be a doubt. Then again if you really do your research it is not the republicans that caused the mortgage meltdown it has been Pelosi, Frank, Dod, reid and company. Congress has a lower approval rating than Bush and the stupid electorate gave them more power to cause more damage. How dumb can you people be.
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markmawn21 year, 1 month ago
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The Economy is debt based, not profit-based as we are led to believe. Debt is the biggest and most lucrative commodity. Otherwise, why are there hedge funds? To buy debt and charge more interest and fees to create more.
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Educate yourself here:
http://www.youtube.com/watch?v=NT-2fenmLnc
Note one of the segments interviews a former corporate hitman. Interesting confessions. -
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4cprocess1 year, 1 month ago
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I would just like to say to start congratulations to those here who's candidate won yesterday regardless of your party affiliation. My candidate did not win but what the hey, there's always next time. Let's just not lose sight of the fact that now that he has been elected he is "our" president like him or not. I can only hope that there were enough people who truly understood the deep aspiration one has to achieve to retain this position and witnessed the depth at which it can emotionally "move" the masses that the "respect" of this position that has long been absent based on not much more than differences of opinion can be restored and retained by all Americans.
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I hold no bitter feelings but will continue to hold the politicians responsible for their actions regardless of party affiliation.
Those here pointing fingers should spare themselves the disgrace of appearing foolish knowing full well there is enough blame to share for this financial crisis from all sides including:
Uneducated Borrowers
Bought and Paid-for Politicians
Greedy lenders and investors
Outdated regulations
Unethical Lobbyist
Bureaucratic Mismanagement
I could go on and on and on. The president, nor the congress were solely responsible for getting us here and they won't be the sole parties who will fix this mess either. We have invested 3 trillion dollars (just to give you an idea of how much money this is, if it were to be distributed to the people as another "incentive" package our share this time would have been $18,000 for singles, $36,000 for couples with an additional $9,000 for each child) so far and have a lot longer road to travel. So the next time they decide to pull out the nations checkbook, if might not hurt for us to tell them it's "our" turn.
In God We Trust-
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markmawn21 year, 1 month ago
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Great post! When everyone's hand is in the basket and pulling out whopping heaps of cash, who has a hand free to blow a whistle? Or who even wants to? Bubbles throughout history were never deflated from within. They pop under their own weight.
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4cprocess1 year, 1 month ago
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Thanks!
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It just amazes me why they didn't/couldn't figure out that if they distributed this cash among the people where in God's name did they think it would end up?
Duh! The Banks! Whaaaalaaaa! Tons of new cash!
And the greatest benefactor of all would be the American people and the economy! Please tell me all these guys aren't this stupid, please!
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