Starting on 15-12-2008 Federal Plan to Rework Fannie and Freddie Loans »
Posted By altnrg 1 year, 1 month ago in News
In a bid to finally stem the tide of foreclosures, the government released a new modification plan aimed to rework loans handled by Fannie Mae and Freddie Mac.
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GehlLady1 year, 1 month ago
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B is the one I have a big problem with. Do I understand it right? If you've paid for years, lost your job, a medical emergency, taxes/insurance hikes, have put you in a foreclosure situation, your going down? No help?
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FTA:
a) the borrower is already delinquent by at least three payments
b) have loans that are at least 90 percent of the home value
c) living in these homes as their primary residence
d) have not filed for bankruptcy-
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jordan111 year, 1 month ago
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I think they're saying if you have equity of 10% or more, you can pull the equity & fix your own financial problems. So yes, for those who've played fair, built equity, and hit hard times.....they're on their own. The interest is in helping those with overvalued homes and bad mortgages. Why? Because they're making a deal with the banks to stop thousands of foreclosures which flood the market and further erode everyone's property values, as well as cause bank failures. For their trouble, the banks get paid their losses in tax payer money, including the poor guy who played fair and loses everything. And yes, it stinks.
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reallypsst1 year, 1 month ago
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There are other tools to save your home,if you are unemployed and you have children the last resort is welfare,a couple of years ago one of my family members lost their job went threw unemployment and went to welfare a horrible process but they payed the mortgage and utility's. I was told by law they cannot put you in the street there is a law that protects your home, i don't know the legalities but it hasn't changed a lot of people are going threw this nightmare but its a life saver for people at the end of their rope!
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4thchance1 year, 1 month ago
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I have the answer to all the home mortgage problems.
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Lets just have all the banks close their doors, go down and out of business right now. They can just forget that anyone owes them anything. In other words, all debts are now gone, erased, deleted.. All the banks are going to fail soon anyway. So why can't we get something from these FAILURES.
They have enough nerve to ask us to save their failing azzes, so why can't we ask them to save our azzes before they fail themselves. Sounds reasonable enough to me! -
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Hhussk1 year, 1 month ago
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I wish I could do this another time, but you'll fail to see the connection otherwise.
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In the last two years, Congress raised the minimum wage. Now you are seeing jobs decline.
Because the minimum wage was increased, the economy, which is already losing jobs, will lose them at a higher rate. Now, you tell me: is it better to have a low wage or no wage?
Illegal Immigration: Many companies will try to hire illegal immigrants. You decide: Is illegal immigration fair in this economic climate?
I own a company. My solution is the lower my operating costs by having less workers perform more duties. I have less flexibility; some jobs aren't as needed as others. Please notice that I am not going to cut my own salary. Do not expect any boss to do so.
And finally, to route this conversation towards the article: Please notice that the enactment of bailouts, and all these other packages designed to save the "masses", is nothing more than rewarding poor performance and bad decisions. YOU ALL should see that the people, companies and homeowners, being saved are the ones who created this problem.
And the problem is this: Our government seems to be in the business of trying to give every person wealth...even when they don't earn it.
This is what socialism does...
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Charlson1 year, 1 month ago
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I sure would like to know the average price of the homes in foreclosure around the country. In the last 5 to 10 years, all I've seen built were what I'd consider mansions in the $300 to $500 thousand range in the ares in Georgia that I live. Small to moderate homes were rare. So, I'm not surprized when prospective home buyers are steered to these homes with the creative financing that seemed to make these homes affordable. Sort of analogous to the auto industry building the huge and expensive gas guzzling autos that you could hardly afford to fill because of the rising gas prices.
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lloydm651 year, 1 month ago
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Anybody who bought a home with exotic financing, knew exactly what they were doing.I don't know what they call it,I call it gambling. I do it quite often at the Choctaw Casino,Durant,OK.Some times you win,some times you lose.
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After ten years of fantastic gains for home prices the bubble burst.Of course four,and one half trillion dollars of bad mortgages was a major factor.Shame on you Acorn,shame on you Freddie,and Fannie,shame on you Bill Clinton for allowing the failed lending practice to start up again after two prior presidents had put a stop to it.And shame on the democrats by way of payoffs stuck their heads in the sand,and else where instead of doing their job.PS shame on you Obama for taking the same payoffs.
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