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Thread: Obama administration to order lenders to cut mortgage payments for jobless

  1. #11
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Wait until the looming COMMERCIAL crater hits as the interest only 5 year notes come due, the home owner bailout will seem like chump change.....
    Here in Emerald City, the largest building (Columbia Center) owners' (Boston based Beacon Capital Partners) failed to make a 1.65M payment on a $380M loan they took out in 2007......
    They borrowed a total of $480M to purchase the building for $621M, but not the building is valued at $380M, leaving them $100 million 'under water'....
    When purchased in 2007, it had an 89% occpancy rate, now it is at 60%....
    My guess is there are probably a lot more buildings in similar circumstances....
    Where's that money going to come from?....

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Partisan View Post
    Where's that money going to come from?
    he's gonna find it all in waste, fraud and abuse

    LOL!

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    unfortunately, it's far worse than the OP even

    all three housing indicators are at historic bads

    home SALES are at a RECORD LOW, four straight months

    home VALUES are thru the floor

    and most ominous, home FORECLOSURES have topped 300,000 a month for 11 straight months---WITH NO END IN SIGHT

    ap says 4.5 million NEW foreclosures will file in 2010

    bear in mind that fed efforts to keep down home interest rates expire THIS WEEK

    and the tax credit for first time buyers ends APRIL 30

    worse, ap reports PRESIDENT OBAMA'S HOME MORTGAGE RELIEF PROGRAM, HAMP, HAS BEEN A DUD

    1.1 million people applied for assistance but only 170,000 were able to FILL OUT THE FORMS

    (a lot like clunkers)

    and MORE THAN HALF OF THOSE WHO RECEIVED MORTGAGE MODIFICATIONS RE-DEFAULTED ON THOSE WITHIN 9 MONTHS

    it's almost SIXTY PERCENT if you go back a full year

    summary:

    1. the housing market is WORSE, a lot WORSE, now than when pieface moved into pennsylvania ave

    2. the housing crash is what PRECIPITATED all this pain

    3. FORECLOSURES ARE STILL RISING

    4. SALES are projected to a dismal 300,000 FOR A YEAR

    5. the pieface's HAMP is a DUD

    6. cuz everyone he keeps bailing out just keeps going bust

    everyone with a deadbeat brother warned him but obtuse obama just can't HEAR (despite the largeness of those lobes)

    a lot of the people we're talking about are currently residing in homes a lot bigger, shinier and NEWER than yours, by the way

    but we're all paying for em

    so the president decides to just do more of the same

    and those who physically can't make good on their debts will just walk away

    the federal deficit takes all the more balloon-like EXPANSION

    til everything just goes POP!

    OBAMA'S BIG BANG!

    Foreclosures exceed 300,000 for 11th straight month | The Money Times

    Housing market's recovery appears at risk - Boston.com

    Sales of New U.S. Homes Dropped in February to Lowest on Record - Bloomberg.com

    Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg.com
    Last edited by The Prof; 03-26-10 at 11:35 AM.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    why don't liberals like links?

    LOL!

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    In some cities, as many as 80% of mortgage holders are currently upside down in their mortgages. As a result, many homeowners are choosing to walk away from their mortgages and accept foreclosure. Anything that keeps people who want to stay in their homes in their homes is a positive alternative to masses of people walking away from their debt. We can absorb the former, we cannot absorb the latter, and it is a real possibility.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    we've been absorbing for a year and the problem is GROWING

    is he gonna blame all THAT on the weather?

    LOL!

    his HAMP was a DUD!

    more than half those he helped were, most unhappily, unhelpable

    it's horrific

    he's making it worse

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by The Prof View Post
    he's making it worse
    It's arguable that this is possible.

    Dicristo is in growing company. About 24% of all residential properties with mortgages had negative equity at the end of 2009, according to First American CoreLogic. That's up from 10.7 million and 23% at the end of September.

    Dicristo can't sell her home and move, but she may be forced to leave. She no longer can afford the payments on her home and expects to be foreclosed upon.

    She's living on Social Security and unemployment and drawing $800 a month from her $200,000 retirement account, but she says she has no choice but to walk away from her current home.

    Her credit score had been close to a sterling 800, reflecting the type of borrower many banks would lend to at low interest rates. Because she's been unable to make her mortgage payments, she believes her credit score has sunk to about 500, a score that would make it difficult for her to get a home loan.

    Dicristo's state, California, is among the top five states where negative equity is most concentrated. But it's not in the lead. Nevada had the highest percentage of negative equity with 70% of its mortgaged properties underwater, followed by Arizona at 51%, Florida with 48%, Michigan with 39%. California came in at 35%, according to First American CoreLogic.
    http://www.usatoday.com/money/econom...ter25_CV_N.htm

    Not only does this issue threaten large banks, but it also threatens the longterm stability of millions of families. Most of us grew up believing that our homes were a sort of savings account for the future. You have millions of seniors out there who were hoping that the money they put into their home would help them pay for retirement. And that may not happen.

    Anything the Obama administration can do to encourage actions like the one taken by Bank of America this week would probably be helpful.

    http://www.usatoday.com/money/econom...age-cuts_N.htm

    "It's a great idea. It's quite encouraging," says Mark Zandi, with Moody's Economy.com. "It's a very strong incentive for borrowers to remain current. If this can be broadened to more (mortgage) servicers, it could make a significant difference. This is the first real principal write-down plan that has a shot at making a difference. It's very creative."
    By all means, we want to encourage homeowners to continue IN THEIR HOMES. Our economy cannot handle another glut of foreclosures because homeowners are in underwater mortgages...and a lot are.
    Last edited by Catz Part Deux; 03-26-10 at 12:38 PM.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Catz Part Deux View Post
    By all means, we want to encourage homeowners to continue IN THEIR HOMES. Our economy cannot handle another glut of foreclosures because homeowners are in underwater mortgages...and a lot are.
    It's arguments like that which force us to live with unsustainable development that we have today instead of more cost-effective denser living.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by The Prof View Post
    we've been absorbing for a year and the problem is GROWING

    is he gonna blame all THAT on the weather?

    LOL!

    his HAMP was a DUD!

    more than half those he helped were, most unhappily, unhelpable

    it's horrific

    he's making it worse
    As I mentioned in another thread, we've made the decision at my company to reduce staff by 15 percent on top of the 25 percent reductions of last summer.

    The fed's agressive policy changes, we anticipate, is going to ratchet our operational costs upward quickly, and the economy won't sustain our current sales levels in 2011. And we're a very healthy company, relatively speaking.

    It is going to get ug-ly.

    Obama is screwing this up so badly; is he doing this on purpose? I think he wants this capitalistic pig of a country destroyed beyond recognition.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by phattonez View Post
    It's arguments like that which force us to live with unsustainable development that we have today instead of more cost-effective denser living.
    Oh, yummy. I always wanted to live in a 1,000-apartment tower in Tokyo.

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