HAMP Failed - Bank Foreclosed Homes Overtake Loan Modifications »
Posted By altnrg 4 months, 3 weeks ago in News
Progress reports on the Obama Administration’s loan modification program showed that the initiative has failed to make a dent on the foreclosure problem of the country. In North Florida, the number of bank foreclosed homes is way ahead of the loan modification figures.
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mark-stevens4 months, 3 weeks ago
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I was in a restaurant where the waitress told me that their Hispanic dish washer just had his home foreclosed on.
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Let me guess a little above minimum wage, how many kids in high school bought a house while working at Jack In The Box.
Maybe being an Hispanic adult, the banks knew that a foreclosure was as good as gold, the government would cover it
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beavith14 months, 3 weeks ago
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should this be a surprise?
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which note/bondholder is going to accept a rewrite of a contract arbitrarily? how do you book the loss(es) when ANY contract is only good for as long as someone wants?
maybe its better to take a bath and be done with it than get bled white over an indeterminate amount of time. that loss is immediately bookable.-
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Natureboy4 months, 3 weeks ago
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"maybe its better to take a bath and be done with it than get bled white over an indeterminate amount of time. that loss is immediately bookable."
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The question, as always, is who takes the bath, who does the bleeding.
Easy to say it when it's not your neck on the chopping block.
We are coming on hard times. Measures like this are the equivalent of sticking a bandaid on a severed limb and walking away.
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xiaohuandi001Comment removed: Hard Banned
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xiaohuandi001Comment removed: Hard Banned
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DarkWizard4 months, 3 weeks ago
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FTA - "[s]ome distressed homeowners are complaining on the difficulty of getting help from lenders despite the voluntary compliance of banks with HAMP. Many large banks such as JPMorgan Chase have worked with the U.S. Department of Treasury since the program’s inception. Some of these banks have even established their in-house initiatives to boost their loan modification efforts.
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However, some homeowners are facing difficulties of obtaining the funds despite meeting the requirements because banks are swamped with the large volume of people who want to save their properties from foreclosures."
I think this confirms what Natureboy said, "We are coming on hard times. Measures like this are the equivalent of sticking a bandaid on a severed limb and walking away."-
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DarkWizard4 months, 3 weeks ago
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I have been stating since the beginning of the foreclosure modification program that these programs wouldn't work as intended because they aren't really addressing the issue. That is why they are only bandaid solutions.
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The next wave of unemployment woes, prime foreclosures, and credit freezes is yet to come. I'm not a doom sayer, but it is obvious that the bailouts have only helped the banks and not "tickled down."
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PainesrightComment removed: Spam
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Painesright4 months, 3 weeks ago
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This 60 Minutes report on the coming second wave of foreclosures in '09 and '10 is definitely worth a watch.
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http://www.youtube.com/watch?v=iUuROWEMjm0
Also, this recent article predicting HALF of all U.S. mortgages will be "underwater" by 2011 is worth reading:
http://www.marketwatch.com/story/nearly-half-of-mo... -
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Painesright4 months, 3 weeks ago
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This is not just a subprime or Alt-A crisis... it's not even just a mortgage crisis.
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It is a national debt catastrophe of ALL types of debt... Individual, Corporate, Municipal and Federal.
Peter Schiff explains it brilliantly in this video from the Austrian Scholars Conference. Just over an hour, but well worth your time!
http://www.youtube.com/watch?v=EgMclXX5msc -
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Bopi3654 months, 3 weeks ago
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Peter Schiff ..... even a broken clock is right twice a day
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If you watch more of his interviews , you'll find that he blames the deregulation of the Bush years for the current mess and would let the free market correct itself as a means of solving the economic crisis. As in no bailouts. This would be great if repugs would take responsibility for the ensuing chaos but that will never happen. Business as usual. Obama will try to maintain some semblance of normality and we all will pay for years to come. Repugs will thus critique Obama's every move without ever admitting how badly they screwed up.They then will claim to be able to do it better even though THEY got us here in the first place.
Schiff also states that the rest of the world will shoulder America's continued debt . I say that Since the American consumer bought the rest of the world into prosperity, so be it.
So back to the topic at hand, the problem with the free market is the unending greed that accompanies it. If in this instance, regs were loosened so that more people could qualify for mortgage assistance, more people would simply stiff the government and leave the taxpayer holding the bag.
This is really the part that cracks me up... Puks talk about values as in abortion , gay marriage, and baby jesus etc... How about this for values ... Work hard and save your money, and Puks, don't deny Reagans era of greed. Perhaps History will be kind.
After all, Somebody convinced the unwashed masses that they could get their money for nothin and their chicks for free.
All you need is a tax cut...Right puks
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