bank assets or government assets?

[Butthead]

is there no ownership in this country anymore?

http://www.bloomberg.com/apps/news?pid=20601087&sid=ahuuwBS8KYq8

[ga_skyline_rydr]

is there no ownership in this country anymore?

http://www.bloomberg.com/apps/news?pid=20601087&sid=ahuuwBS8KYq8

Now we are talking about the socialists aren't we. In the USSA there is no individual ownership. All your goodies are owned by the COLLECTIVE

[MrBlah]

looks like a good plan, anything they do to keep a homeowner paying is a good thing, the last thing we need is more foreclosures, this will only help those that want help and dont want to loose their home

I have NO sympathy for banks at this point, all too many of these home loans probably should never have been made in the first place.

[Butthead]

Hile!


looks like a good plan, anything they do to keep a homeowner paying is a good thing, the last thing we need is more foreclosures, this will only help those that want help and dont want to loose their home

I have NO sympathy for banks at this point, all too many of these home loans probably should never have been made in the first place.

[MrBlah]

Hile!

nothing socalist about it, all it does is try to get more homeowners into the program, foreclosures still move forward, like we need anymore of those

my home has gone from 220k to 140k in the past 2 years, they need to work harder to stop foreclosures if people can afford to live in the homes


About 2.82 million U.S. homeowners lost properties to foreclosure last year and 4.5 million filings are expected in 2010, RealtyTrac Inc., an Irvine, California data company, said last month.


if those numbers turn out to be true, anyone that owns property is in big trouble

[ga_skyline_rydr]

nothing socalist about it, all it does is try to get more homeowners into the program, foreclosures still move forward, like we need anymore of those

my home has gone from 220k to 140k in the past 2 years, they need to work harder to stop foreclosures if people can afford to live in the homes



if those numbers turn out to be true, anyone that owns property is in big trouble

Point is we bought too much with little to nothing in our pockets. It was the feds that got this feeding frenzy started with the idea of the right to own a house. If the govt is helping you out with a grant or a loan that is money coming out of your pocket and mine etc. Foreclosures affect those looking to sell houses and the local govt tax assessment. Still boils down to over inflated prices and now the market is correcting itself. If the Bushies and Obamites never got involved and let the market do its thing do you think we would still be enduring inflation. By what the feds did actually prolonged and still prolongs what could be considered the inevitable.

[MrBlah]

I doubt you guys even read what your commenting on, all they do is renegotiate interest rates or extend out the terms, they do not give out grants or take anything from the bank. In real dollars banks are better off keeping the loan current, but because of our investor driven bullcrap market right now, they want loans off the books even if they loose their ass, or in the case of georgia banks, forclose until the bank itself fails

the gov did nothing to twist banks into giving out loans, it was all about profit margins, capitalism 101, if you were a banker, and were not cashing in on all that money, you were stupid imo.

[ga_skyline_rydr]

I doubt you guys even read what your commenting on, all they do is renegotiate interest rates or extend out the terms, they do not give out grants or take anything from the bank. In real dollars banks are better off keeping the loan current, but because of our investor driven bullcrap market right now, they want loans off the books even if they loose their ass, or in the case of georgia banks, forclose until the bank itself fails

the gov did nothing to twist banks into giving out loans, it was all about profit margins, capitalism 101, if you were a banker, and were not cashing in on all that money, you were stupid imo.


I did read this, renegotiating loans with banks is something the average person can do themselves why get the feds involved. No no one twisted anyone's arm to accept the terms of the loans, the fools did this to themselves. Which brings about why do the feds need to get involved. So we all lived the life of riley until guess what our lack of fortitude got us in to a big mess.

[MrBlah]

I did read this, renegotiating loans with banks is something the average person can do themselves why get the feds involved. No no one twisted anyone's arm to accept the terms of the loans, the fools did this to themselves. Which brings about why do the feds need to get involved. So we all lived the life of riley until guess what our lack of fortitude got us in to a big mess.

they are not doing it, that's why the fed had to step in, homeowners dont know how it works, banks are overwhelmed

they still get to forclose, if it's going into forclosure it's still going there, it's just delayed enough to check to see if the homeowner can do it with a standard loan, it'll save some of these really stupid people that took out ARM's

[Butthead]

tough shit. being stupid hurts. if the bank wants to forclose (which they only do as a last resort) and they are following the law, the fed should stay the hell out of it.


they are not doing it, that's why the fed had to step in, homeowners dont know how it works, banks are overwhelmed

they still get to forclose, if it's going into forclosure it's still going there, it's just delayed enough to check to see if the homeowner can do it with a standard loan, it'll save some of these really stupid people that took out ARM's

[wallypiper]

So far, the program has failed miserably anyway, with less than 1% of borrowers who applied for HAMP assistance actually qualifying for a permanent modification. In general, it boils down to "they couldn't afford the original mortgage and they can't afford the modified mortgage." HAMP modified loans are essentially ARMS. New more affordable terms are determined based mostly on borrower net income but those terms only last 5 years. Then the loan can be adjusted at a rate of 1% per year until they match current rates. Sound familiar?

Home ownership is not a right. People that can't afford to buy a house shouldn't be buying them. People that managed to get their name on a loan even though they can't afford to pay it back should get out of those loans. It'll hurt, but one way or another, sooner or later, it has to happen.

[MrBlah]

so much false and missinformation

here's the facts




Obama’s foreclosure prevention initiative, announced in February 2009 to help as many as 4 million Americans avert foreclosure, has modified 116,297 loans through steps such as lowering interest rates or lengthening repayment terms. More than 830,000 borrowers received trial repayment plans through January, according to Treasury data.


RTFA it's all right there, every home owner that sticks to it, helps all of us, this is one of the only programs the obama administration got right

[wallypiper]

Those are just the initial applicants. Most don't actually qualify for the new loan terms or they fail to follow through on the process in some way and end up in default anyway. Receiving a trial payment is just the beginning of the process. It doesn't mean they will qualify and actually end up with a new mortgage. From a report at HSH Associates: "The Treasury Department updated its statistics in January and indicated that HAMP had 853,696 borrowers in trial modifications at the end of December 2009, 125,288 more than November's total. Only 7% of homeowners in the 902,620 trial modifications have been granted permanent changes so far."

1%. 7%. 4 million. 830,000. The numbers are all over the place. But the trend is clear. Most that try don't end up with a new mortgage. And of those that do, the predictions I've heard are that the foreclosure rate will still be high, especially when the rates start climbing again in 5 years.

[MrBlah]

Those are just the initial applicants. Most don't actually qualify for the new loan terms or they fail to follow through on the process in some way and end up in default anyway. Receiving a trial payment is just the beginning of the process. It doesn't mean they will qualify and actually end up with a new mortgage. From a report at HSH Associates: "The Treasury Department updated its statistics in January and indicated that HAMP had 853,696 borrowers in trial modifications at the end of December 2009, 125,288 more than November's total. Only 7% of homeowners in the 902,620 trial modifications have been granted permanent changes so far."

1%. 7%. 4 million. 830,000. The numbers are all over the place. But the trend is clear. Most that try don't end up with a new mortgage. And of those that do, the predictions I've heard are that the foreclosure rate will still be high, especially when the rates start climbing again in 5 years.

anything is better than flooding the markets with more houses that are shot

[Karl Hungus]

tough shit. being stupid hurts. if the bank wants to forclose (which they only do as a last resort) and they are following the law, the fed should stay the hell out of it.

There doesn't need to be any law. There's the contract that the borrower signed. If it says that if you miss a payment the banker gets to screw your wife, then that should be the deal.

[MrBlah]

There doesn't need to be any law. There's the contract that the borrower signed. If it says that if you miss a payment the banker gets to screw your wife, then that should be the deal.

one of the problems is each state has different foreclosure laws, and they are very complicated, some states forced banks to stop foreclosures altogether, some dont allow it in the winter, it varies by state/region. From what I understand georgia's is pretty lender friendly, however that's wrecking our home values, and the banks, we have one of the highest bank failure rates in the country

in 2008 georgia passed a little bit of the law the feds want to pass, I did not hear any outrage on here when they did this? the complaints on here seem purely partisan



In 2008 the Georgia Legislature passed, and the Governor signed, a change to Georgia’s foreclosure laws that now require all foreclosure notices to include the name, address and telephone number of the individual or entity who has authority to negotiate a loan modification.

[Karl Hungus]

Someone I know got their loan modified recently. This couple had both lost their jobs and had 2 car loans with $500 per month payments on each, and mortgage payments (1st and 2nd mortgage) of $1500-2000 per month. There was just no way they could pay all of it, so they missed at least a year of house payments. The new deal is that they have a new 15 year first mortgage at 2%. It can go as high as 5%, but that's probably way better than they had before. All of the missed payments and penalties are owed as a balloon payment at the end. I don't know how much that is, but probably a ton. They're still kinda screwed in that they don't have any equity and they owe a lot of money if they ever sell it or reach the end of the 15 years. The husband got a good job recently and the wife is awaiting a decision on a good job after 3 interviews, so it looks like they're going to make it.

[wallypiper]

anything is better than flooding the markets with more houses that are shot

I disagree.

The market has to absorb those houses sooner or later. And they have to be purchased by people that can afford them. The government program tries to keep marginal borrowers in a house they can't really afford. It makes the loan unprofitable for the lender and when the five year window expires, the interest rate will just ratchet back up pushing the borrower out again and dumping the house back on the market. Believe me, as a mortgagee with a loan originated in late 2004, I feel the burn. I bought my house for $265K. It's probably worth about $200 now. I'm not upside down in my mortgage because I put a bunch of cash in the deal but it doesn't matter. I bought it for $265K and it's lost at least 25% of its market value. I don't think the market will go much lower but the building business is going to be bad for quite a while. But it NEEDS to be. It was way way too big, outrunning real demand by a large margin due to artificial demand created by the excess money.

[Karl Hungus]

I agree with Wally. The building business is going to be bad for several years, partly because it was artificially good for a long time.

[MrBlah]

you all realize the market is only bad right here around atlanta, other areas are still building, greensboro, still building, huntsville still building, huntsville values never even dropped our home values in atlanta are a local problem. I'll go ahead and say it, atlanta did not manage growth at all.

anything they can do to help people that can afford to stay in their homes is a good thing, I'm not sure how much it will help, because georgia ALREADY HAS a similar law

all the complaining on here is partisan crap, complaining about something that our georgia republicans already partly passed a few years ago, nobody said crap then, the only reason you all are complaining now, is because the democrats want to put something in place similar to what we have, for the rest of the country

[Butthead]

no, actually i did not know anything about the local repub laws. had i, i would have bashed them too. both are wrong.


you all realize the market is only bad right here around atlanta, other areas are still building, greensboro, still building, huntsville still building, huntsville values never even dropped our home values in atlanta are a local problem. I'll go ahead and say it, atlanta did not manage growth at all.

anything they can do to help people that can afford to stay in their homes is a good thing, I'm not sure how much it will help, because georgia ALREADY HAS a similar law

all the complaining on here is partisan crap, complaining about something that our georgia republicans already partly passed a few years ago, nobody said crap then, the only reason you all are complaining now, is because the democrats want to put something in place similar to what we have, for the rest of the country

[winmutt]

is there no ownership in this country anymore?


That is silly talk. Atleast as far as land goes, we've never owned anything.

[Hammerhead]

This guy has an off-the-wall solution....

http://directorblue.blogspot.com/2010/02/radical-housing-proposal-o-day.html

"I've come up with a radical scheme that could possibly work to end the housing crisis:
1) People that can't or won't pay their mortgage lose the house.
2) The banks take the house and sell it to people who can afford it.

There are a few flaws:
1) It doesn't require massive amounts of government money.
2) It doesn't protect people from their mistakes.
3) It doesn't punish responsible people who are patiently waiting for houses to become affordable.
4) It could result in the banks that helped create this mess failing.

In spite of these issues, I believe we should give it a try."

[impalanar]

I'm not sure how much it will help, because georgia ALREADY HAS a similar law


Link please.

[wallypiper]

the market is only bad right here around atlanta

? What sources are you looking at? Everything I can find says something to the effect that although the market seems to be stabilizing, prices are still at 2003 levels nationwide. Some markets have started to show increases but most predictions are that they will dip again when the influx of tax credit driven purchases is spent. That amounts to about a 5% subsidy for homes purchased by first time buyers. That would tend to drive prices up, but it expires soon.

[MrBlah]

Link please.

I quoted part of the law, you would have to google it to find it, I don't have the exact code anymore

[Troutman]

I understand this is a bit off topic.

I myself just utilized the refinacing tool offered by Freddie Mac. It was great because I lost 18k on my house and could not qualify for all of these lower interest rates even though I paid every payment and never was late. With the govenrment program I was able to refinance up to 125% my home value and retain a lower interest rate. I was able to switch from a 30 (7%) to 15 (5,2%) year loan and only have my payment go up 100 dollars a month. Everything the government is doing is not always bad. I am no longer going to be held hostage in my home. After two years I will have positive equity and will be able to move as I please. I didnt cause this problem and have been a responsible home owner.

[Butthead]

i understand what you are saying, and you obviously benefited from this program. but let me ask you a hypothetical question -- let's suppose you refinanced to 125% LTV and you default. who is going to pay the negative equity from your deal?


I understand this is a bit off topic.

I myself just utilized the refinacing tool offered by Freddie Mac. It was great because I lost 18k on my house and could not qualify for all of these lower interest rates even though I paid every payment and never was late. With the govenrment program I was able to refinance up to 125% my home value and retain a lower interest rate. I was able to switch from a 30 (7%) to 15 (5,2%) year loan and only have my payment go up 100 dollars a month. Everything the government is doing is not always bad. I am no longer going to be held hostage in my home. After two years I will have positive equity and will be able to move as I please. I didnt cause this problem and have been a responsible home owner.

[jkhonea]

The negative equity problem has come into play because of all of the foreclosure sales that have been dumped into the area. In many cases its dropped home values to thoroughly unrealistic amounts. We can only hope as things go on, the numbers will start coming back to normal. Typically my area is $110k to $125k but foreclosures have screwed us, dropping values to like $40k to $60k.

[wallypiper]

I understand this is a bit off topic.

I myself just utilized the refinacing tool offered by Freddie Mac. It was great . . I didnt cause this problem and have been a responsible home owner.

Were you about to default on your mortgage? The purpose of the government's program is to slow the rate of foreclosures. If you weren't about to get foreclosed, you weren't the target. I'm not saying what you did is wrong. You qualified. You took advantage of the opportunity. But you ended up with a HIGHER monthly payment - not something that your average joe facing foreclosure is looking for.

[Dan43]

And in todays paper is a article that says in an effort to slow foreclosures, the Obama administration wants to "COMPELL" banks to make short sales as long as the sale price is equal or greater than the current appraised value of the property. They also want to bar the lender from trying to collect the balance of the mortgage from the orginal borrower.

[MrBlah]

why are they not going after the original borrower in every case? All these people walking away are not liable for the losses?

[Dan43]

why are they not going after the original borrower in every case? All these people walking away are not liable for the losses?Not if you walk away and let the bank forclose. You pledged the property as collateral. That collateral is all the lender is entitled to in they forclose.

The Obama administration is talking about preventing the foreclosure process by compelling the lender to accept a short sale instead.

[impalanar]

Not if you walk away and let the bank forclose. You pledged the property as collateral. That collateral is all the lender is entitled to in they forclose.


This depends on the state.

[Dan43]

This depends on the state.Then that would be a state issue. We are talking about the Federal government stepping in an changing mortgage contracts in all 50 states. The federal government has no business even considering a course of action such as this.

I would like an example though. In what state does the lender have the legal right to continue collection efforts on a residential first mortgage after they have foreclosed on the property that was pledged as collateral?

[impalanar]

Then that would be a state issue. We are talking about the Federal government stepping in an changing mortgage contracts in all 50 states. The federal government has no business even considering a course of action such as this.

Agreed.


I would like an example though. In what state does the lender have the legal right to continue collection efforts on a residential first mortgage after they have foreclosed on the property that was pledged as collateral?

Specifically relating to GA: http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/12095-georgia-deficiency-judgements.html


The foreclosure sale may not produce enough cash to pay the loan balance in full, after deducting expenses and accrued unpaid interest. In this case, the lender may be entitled to a personal judgment against the borrower for the unpaid balance. The lender is not required to seek a deficiency judgment and most commercial and residential lenders in Georgia do not seek deficiencies; however, it is allowed. Deficiency may also be obtained against any endorsers or guarantors of the note and against any owners of the mortgaged property who assumed the debt by written agreement. If any money remains from the foreclosure sale after paying the debt and other liens, such as the second mortgage or any mechanic's liens, expenses and interest, these proceeds are paid to the borrower.

If the lender seeks a deficiency judgment in Georgia, the lender must file for a deficiency within thirty (30) days of the foreclosure sale and follow the procedures outlined in OCGA § 44-14-161, or the claim for a deficiency is barred. The foreclosure sale must be confirmed and the deficiency judgment must be approved by a judge of the Superior Court in the county in which the sale occurred.

EDIT: This is the actual article I was looking for. http://money.cnn.com/2010/02/03/real_estate/foreclosure_deficiency_judgement/

[Dan43]

Agreed.



Specifically relating to GA: http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/12095-georgia-deficiency-judgements.html



EDIT: This is the actual article I was looking for. http://money.cnn.com/2010/02/03/real_estate/foreclosure_deficiency_judgement/In almost all foreclosures the lender winds up buying the property at the foreclosure sale though. If the lender buys the property at the foreclosure sale I do not believe they can use that statute to seek further compensation from the the borrower.

And none of that changes the fact that the Fed has no business even trying to force banks to accept shortsales.