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

  1. #81
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by TheGirlNextDoor View Post
    I am very glad I live in the Midwest where not only are house prices affordable, but they seem to be holding their value fairly well. I have a 2200 sq ft home and my mortgage payment is under 800 bucks/mo. So while I may struggle to make the payment if I lost my job, I could continue to make my payment even if I had to take a job that paid a lot less than what I had earned before.

    I am fortunate not to be in that situation.

    The sister of a friend of mine, lives out in Cali and her husband and her tried to get the bank to work with them when he was laid off.. they wouldn't and they let the house go back to the bank and they moved back here where they are renting a nice size home. After struggling to try to make the payment (the house was really expensive and was but a mere shoebox) and then trying to sell the house, they couldn't get anywhere close to what they even owed on the house.. nevermind trying to make any kind of small profit. So.. .foreclosure it was.

    I don't see the upturn in the housing market OR the job market. How long exactly, is this "change" supposed to take?

    Personally, I don't think we've hit rock bottom yet.
    No we have not

    The residential housing market has another leg downward to go. From ARM hitting the adjustment time very soon.

    Then we have those that are unemployed who are going to lose thier homes.

    Then with a large increase in the number of foreclosed properties, property values will take another hit. Leading to more people doing a strategic default

    As for the job market

    It will not get better for a few years at best. The US is going to see government layoffs in greater numbers (local and state). Leading to a reduction in consumer spending, and because of that a further reduction in private sector employement
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    the truth is so simply stated

    don't forget to factor in the impact this shiny new mandate upon millions of young people suddenly to go out and buy for themselves and their families medical insurance which, in many instances, can cost more than the house payment itself...

    it looks like leadership lost sight of these looming, ugly realities

    housing, employment, consumer spending, mandates on individuals to buy blue cross---all these things are CONNECTED

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

    Quote Originally Posted by Goldenboy219 View Post
    Did you purchase your home with the intention to live there or for it to go up in value? If your answer both.... and you wait... i am 99.9% positive it will eventually be worth more than $269k.
    I bought this house with the intention of dying here someday, whenever that might be. It was not purchased with any notion of making money on it, since I never intend to sell it. And yes, it probably will some day be worth more, but again, that's not why I bought the place, nor was it the reason I told my story (although it does annoy me no end that it's been assessed so low).

    I was attempting to show braindead how silly and simplistic his/her "solutions" to the problem are ("sell your house, get a job, don't behave badly"), and that homeowners are NOT the cause of the nationwide drop in home values. The unscrupulous bankers and brokers who gamed the market (and those in government who allowed/encouraged their gambling with homeowners' assets) bear the lion's share of the blame for dropping home values.

    Quote Originally Posted by Goldenboy219 View Post
    If your answer was to speculate on its value….
    Nope.

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

    Quote Originally Posted by Ockham View Post
    the rest of us who have seen our homes value drop is not due to the owners doing. We're at the mercy of the market and the forces that drive it.
    Um. Yeah.

    See where I said the same thing to Catz in post 31?

    Quote Originally Posted by Glinda View Post
    And through no fault of their own, but rather as a direct result of the greedy and unscrupulous mortgage brokers and lenders who set the foreclosure extravaganza in motion by trading hyper-inflated junk.
    I then responded to braindrain, who said:

    We should not be rewarding bad behavior by letting people keep the houses that they should have never got in the first place.
    … by giving her a simple example of how the market and economy affect the value of a home regardless of a homeowner's actions. As for "bad behavior," that belongs to the unscrupulous mortgage brokers and lenders who set the foreclosure extravaganza in motion by trading hyper-inflated junk.



    Quote Originally Posted by Harry Guerrilla View Post
    If you totally alleviate the negligence of the home buyers, this crap will happen all over again.
    I'm not advocating "totally alleviating the negligence of the home buyers." Where did you get that idea?

    Quote Originally Posted by Harry Guerrilla View Post
    Your supposed to make sure you have enough money to continue your payments even if you loose your job. It's called financial planning.
    Who said I don't "have enough money to continue my payments?" Where is this coming from?

    Quote Originally Posted by Harry Guerrilla View Post
    So the government is supposed to insure your investment?
    No. I didn't say that either. This odd penchant you have for reading things that simply aren't there is quite annoying.


    Quote Originally Posted by phattonez View Post
    With free will, they won't get their hands on much capital unless the government steals it for them, which is what Glinda wants.
    WTF? Do you people know how to read? Do you know the meanings of all the words or do you just make it up as you go along?

    Where in the hell did I say the government should pay my mortgage for me? Direct quote, please. Thanks.


    Quote Originally Posted by StandUpChuck View Post
    I would guess that the house was likely in not such attractive state when you bought it or you wouldn;t have had to do all that.
    Actually, the house was in great condition. Just six years old and nicely maintained, but it was just a fairly basic structure without many bells and whistles. I upgraded everything inside and out, but the house was in fine shape to start with (although the road and the yard were not).

    Quote Originally Posted by StandUpChuck View Post
    Assessed value is not the same as fair market value. Hopefully your assessed value is well under FMV so you won't pay as much in taxes. Do you want the assessed value to be higher??
    Good grief, people! Follow the conversation!

    I told the story of how my home value dropped to show braindead that his/her "solutions" ("get a better job, sell your house, don't behave badly") were not only silly, but ignorant; that the market (and how lack of government regulation on the industry allowed it to be manipulated by unscrupulous mortgage brokers) caused my home value to drop, NOT anything I did wrong or foolishly or without proper caution and consideration.

    Sheesh!

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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
    One thing I've seen happen in my area is that people are trapped. There have been cuts in local companies (job losses), and people can't find a new job and can't sell their house for what they presently owe. So they are stuck.
    YES.

    Again, my reason for telling my own story was to show how millions of homeowners are upside-down and/or in foreclosure, NOT because of "bad behavior" but because of egregious market manipulations coupled with a failing economy. Not all homeowners got sub-prime loans they knew they couldn't afford. Not all homeowners got caught holding investment properties they suddenly couldn't flip. A lot of good, hardworking people are caught in this mess, through no fault of their own.

    Quote Originally Posted by Catz Part Deux View Post
    The thing is...a lot of lenders haven't really tried very hard to work with people so they could stay in their homes. Particularly people with ARMs and balloons are in a world of hurt. The more lenders can be encouraged to help keep people in their homes, rather than foreclosing, the less the market deflates.
    This is true - lenders haven't tried to help homeowners. In fact, banks are dragging their feet as slowly as they can. That's why I support the administration's actions on this matter.

    Taxpayers lent millions to failing banks, because to let them crash would be disastrous to our economy. It's time for those banks and lenders to return the favor, by working to keep people in their homes, because the alternative would be just as disastrous.

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

    1. foreclosures are expected to be SIXTY PERCENT HIGHER in tearful 2010 than they were even in awful 09

    2. foreclosures in awful 09 were SO BAD they led us all HERE, to the bottom of some obamite abyss

    3. and yet foreclosures THIS YEAR are gonna be SIXTY PERCENT HIGHER than last (2.8 million foreclosures in 09, 4.5 million expected in '10, source ap, link on this thread)

    4. meanwhile, by all accounts (ap, bloomberg, dem congresswoman from CA jackie speier, tarp inspector general neil barofsky), the president's HAMP (home affordable modification program) is "not just a failure, it's a dismal failure," says ms speier (source: bloomberg above)

    5. it appears 1.1 million people applied for home affordable modifications, but only 170,000 were able to complete the applications (reminds me a lot of clunkers)

    6. and, most ominously, SIXTY PERCENT OF THOSE WHO RECEIVED ASSISTANCE HAVE ALREADY RE-DEFAULTED IN JUST THE LAST 12 MONTHS (source: bloomberg, and it's actually 58.something)

    7. so: foreclosures are murderous and worsening, the president's relief program is what ap called A DUD, half those we've already extended billions on have already done with OUR MONEY what they did with theirs, which is somehow like some nothing-up-his-sleeve houdini make REAL stuff just disappear

    8. the president's proposal is more of the same

    (that's when he's not in iowa trying to sell that which he already crammed)
    Last edited by The Prof; 03-27-10 at 03:36 PM.

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

    Quote Originally Posted by The Prof View Post
    1. foreclosures are expected to be SIXTY PERCENT HIGHER in tearful 2010 than they were even in awful 09

    2. foreclosures in awful 09 were SO BAD they led us all HERE, to the bottom of some obamite abyss

    3. and yet foreclosures THIS YEAR are gonna be SIXTY PERCENT HIGHER than last (2.8 million foreclosures in 09, 4.5 million expected in '10, source ap, link on this thread)

    4. meanwhile, by all accounts (ap, bloomberg, dem congresswoman from CA jackie speier, tarp inspector general neil barofsky), the president's HAMP (home affordable modification program) is "not just a failure, it's a dismal failure," says ms speier (source: bloomberg above)

    5. it appears 1.1 million people applied for home affordable modifications, but only 170,000 were able to complete the applications (reminds me a lot of clunkers)

    6. and, most ominously, SIXTY PERCENT OF THOSE WHO RECEIVED ASSISTANCE HAVE ALREADY RE-DEFAULTED IN JUST THE LAST 12 MONTHS (source: bloomberg, and it's actually 58.something)

    7. so: foreclosures are murderous and worsening, the president's relief program is what ap called A DUD, half those we've already extended billions on have already done with OUR MONEY what they did with theirs, which is somehow like some nothing-up-his-sleeve houdini make REAL stuff just disappear

    8. the president's proposal is more of the same

    (that's when he's not in iowa trying to sell that which he already crammed)
    Obama caused these foreclosures?

    This economic mess is far beyond anything Obama, has done or could have done. Everything he has done so far has made the situation less severe in the short term (longer term is another story.

    Had the bailouts not occured or the massive stimulus package not been passed the economy currently would be in a far worse state then it is. It would recover sooner, but from a far lower level then it will be
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Glinda View Post
    And through no fault of their own, but rather as a direct result of the greedy and unscrupulous mortgage brokers and lenders who set the foreclosure extravaganza in motion by trading hyper-inflated junk.



    Let me tell you a story...

    In 2004, I purchased my home for $194,000. Over the course of the last six years, I've invested a lot of sweat and at least $50,000 toward improvements - completely rebuilt the gutted 1/5-mile gravel road, planted an enormous lawn, fruit trees, arbor vitae, 30+ rose bushes and hundreds of bulbs and assorted other plants, built an 8 x 12' greenhouse, three raised vegetable beds, an 8 x 12' Tuffshed, added a large deck on the front of the house and a roof and enclosure for the back deck, put in new carpet, new interior paint, new water heater, new kitchen sink/fixtures and Insinkerator, ran electrical lines to the outbuildings, new septic pump, completely rewired the garage, and on and on and on.

    Two years ago, my home was assessed at $269,000 (before the roof/room was added to the back deck).

    Today, the state assessor values my place at $187,000. Imagine its current "value" had I never invested a dime.

    Now explain to me how I can possibly be faulted for the loss of value to my home. Please.

    I'm all ears.

    I never said it was your fault but it is your problem. And not matter whose fault it is it is not my problem and since it is not my problem why should my taxdollars go to fix your problem. Some people might even say that it is your fault for buying a house that was way over price. If I go and pay 50000 for a 90 ford escort and than cant pay my bill that is my problem and would expect no one to help me out.

    Pray tell, who do you suppose is going to buy it? All the unemployed people out there whose homes are being foreclosed upon?

    Here again how is this my problem

    And when millions of jobs disappear because the economy is in a pit... Then what?



    I think it's clear you have no real understanding of how we've come to the point we have.
    And how many of these now unemployed people bought houses that they shoudnt have in the first place. There was a big story where I live about a man who owned a hot dog stand or something like that and made around 40000 a year. He took out a loan on a 1/2 million dollar house and suprise suprise he was not able to make his payments as the economy started to turn south. Why should the GOV help this idiot keep his house. While this may be a extreme example there are plenty of people that fall into this catagory. And for people that cant make there payments a month or 2 after losing thier jobs whose fault is it that they dont have an emergency fund. People need to live within thier means and quit buying everything on credit. Fixing the economy in the short term without fixing the fundamental problems with the way people manage thier money will only lead to having the same problems down the road.
    Last edited by braindrain; 03-27-10 at 03:51 PM.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by braindrain View Post
    And how many of these now unemployed people bought houses that they shoudnt have in the first place. There was a big story where I live about a man who owned a hot dog stand or something like that and made around 40000 a year. He took out a loan on a 1/2 million dollar house and suprise suprise he was not able to make his payments as the economy started to turn south. Why should the GOV help this idiot keep his house. While this may be a extreme example there are plenty of people that fall into this catagory. And for people that cant make there payments a month or 2 after losing thier jobs whose fault is it that they dont have an emergency fund. People need to live within thier means and quit buying everything on credit. Fixing the economy in the short term without fixing the fundamental problems with the way people manage thier money will only lead to having the same problems down the road.
    Why did the banks make such idiotic loans in the first place? None were forced to make such stupidl lending decisions such as that one
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Lord Tammerlain View Post
    Why did the banks make such idiotic loans in the first place? None were forced to make such stupidl lending decisions such as that one
    Oh I agree. That is part of the reason I was aginst bailing out the banks. They should have to pay for thier bad decisions all on thier own. But the banks giving loans they should not have does not take away any of the responsibility of the home owner. They signed the contrat no one made them and they in some cases lied about thier financial situation. And the home owner, just like the bank shoud now have to live with those decesions.
    President Franklin Roosevelt eulogized a fallen American Soldier by saying, “He stands in the unbroken line of patriots who have dared to die [that] freedom might live, and grow, and increase its blessings. Freedom lives, and through it he lives--in a way that humbles the undertakings of most men."

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