Zyroh
Member
- Joined
- Jan 6, 2011
- Messages
- 237
- Reaction score
- 78
- Gender
- Male
- Political Leaning
- Other
The way this debacle is being handled shows why BUSINESSmen need to have a voice in Congress and in the White House. Mortgage Modification my lily white ass.
A home was purchased 4 years ago for $200,000. The lender let the buyer get into the house with 0-3% down. Now that house's worth $150,000. Let the current owner default on the $200K and re-mortgage $150K at today's interest rates!!!!
Nah. That makes too much sense. Sooooo, they foreclose on the property...the current owners live rent/mortgage free for 12-18 months; bank gets nothing; then they strip the house and half-destroy it when they move. THEN the bank puts $5-$10K into the house getting it ready for sale and it still only gets $150K for the house. Stooooopid!!!
two problems with that maggie, first of all 'the bank' doesn't own most mortgages in this country. most of them are wrapped up as various types of cdo's. nearly all of which have been shifted and sold to pension funds and gse's and the fed, which means you and i will pay for them as some point. while it is true that banks tend to be the servicers of most of this debt, and therefore they're the one's doing the foreclosures, that doesn't mean they own the debt. this is why bank of america just paid the gse's $1.8Billion to settle the garbage loans that have been foreclosed on that bank of america took on after it bought countrywide for pennies on the dollar at the government's urging. many see the acceptance of this settlement as a defacto bailout for bank of america since the future losses on this debt is likely to be much much higher than $1.8 billion.
the second problem is that the only reason they got away with all this fraud at yours and my expense, is because the BUSINESSmen have the ONLY voice in congress. they tell congress what to do, your congressman tells you why it's what's best for you.
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