Comments for Bankers and Lenders Oppose to Judges' Role in Heading Off Foreclosures »
Posted By altnrg 9 months, 2 weeks ago in NewsBankers, such as members of the Mortgage Bankers Association, are fiercely opposing President Obama’s proposal of involving judges in averting foreclosures.
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Wolfie20079 months, 2 weeks ago
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Dionys9 months, 2 weeks ago
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Yes!
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God forbid someone with an education and the consumer's well being in mind should help figure out how to get out of the mess the bank created.
Much better that the same bank that screwed these people many times over now gets yet another opportunity to screw them again with the government's help.-
capecoralMComment removed: Retracted by user7 Replies
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doggammitComment removed: Retracted by user
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jordan119 months, 2 weeks ago
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Given the track record of the banks, I'd say they need close scrutiny. Whether or not a judge has the qualifications for this type of activity, I couldn't say. Not enough information about what their exact role would be.
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I do know this; if judges are allowed to undervalue homes, it will affect ALL mortgage holders, and their equity.-
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Dionys9 months, 2 weeks ago
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"I do know this; if judges are allowed to undervalue homes, it will affect ALL mortgage holders, and their equity."
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They wouldn't be undervaluing them. They'd be valuing them at market rate.
Believe me, if all those homes go into foreclosure, your house value will plummet a LOT faster.-
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jordan119 months, 2 weeks ago
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They wouldn't be undervaluing them. They'd be valuing them at market rate>>>>
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Which leads us back to their qualifications for deciding what 'market rate' is for any given area. If a particular area has high foreclosures, would a judge make future decisions based on that phenomenon alone, would he consider whether the foreclosures were due to job loss or too many sub prime mortgages....would he consider the values pre sub primes, and make adjustments for the years following....or would he just make his decision based on comps for a short period of sales figues.
If a judge bases decisions on comps over a short period reflecting high foreclusure sales, home values will plummet anyway. His decision on the new mortgage amount would be on record, would it not? Buyers would consider that a comp, would they not?-
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Dionys9 months, 2 weeks ago
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Let's just do a hypothetical.
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The people living in the house next to you are having a hard time making ends meet now that they've been fired from their manufacturing job and daycare facility. They bought the house for $225k.
A. The house goes into foreclosure and the bank auctions it off. It sells for $100k (and that's being VERY generous considering the foreclosure sales I've seen lately). How does that affect your house value?
B. The judge says it's worth 150k based on comps, market comparison and guesstimation. How does that affect your house value?
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ffbrodey9 months, 2 weeks ago
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If the buyer did not understand, why did they sign. Arms are easy to understand you pay less now when it resets in 2-3 years your payments are higher. Ballon payments, low for 5-10 years they you own the lump sum. interest only, negative balance(amortization) no principle paid.... It is not rocket science, just greed from buyer sand sellers
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bustedbtym9 months, 2 weeks ago
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This mortgage mess started long ago. The largest equity funds started losing money on bad investments hopelessly funneling money from taxpayers & stock holders. Mostly robbing from Peter too pay Paul. This was done to hide their taking money that didn't beklong to them. In other words: Insider trading. The only real cost of a house is what somebody will pay to buy the home. An appraisal is somebody's professional opinion on a homes worth. Higher appraisals = more money in property taxes, better home services, making money for various business men. The value might change that day or the next evening, fire or wind damage, etc. ect.. Most appraisals are good for 6 months. Now FHA wants to keep banks & mortgage brokers from contacting appraiser. FHA wants that responsibilty. The government encouraged banks to loan money in poor neighborhoods, for the purpose of obtaining votes & to give many americans the home ownership dream.
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