Dec
29
Why Does Timmay And Obama Want Loans Modified To Avoid Foreclosure When A Majority That Were Have Failed?
Byhttp://www.bloomberg.com/apps/news?pid=n…
Almost 53 percent of borrowers whose loans were modified in the first quarter were more than 30 days overdue by the third quarter, John Dugan, head of the Treasury Department’s Office of the Comptroller of the Currency, said today at a housing conference in Washington.
Timmay and Barack want to send the “swat” teams in to get these loans modified. Why do it when a majority of them will fail again anyway?
10 Comments
December 29th, 2009 at 7:40 pm
becaue someone is making big money off of it! 0bummer is also grandstanding and using it to buy votes
December 30th, 2009 at 1:56 am
Because people fall behind because they lose their jobs or have some other misfortune. Many get back on their feet and can make the payments if they can become current. The modification allows them to become current, get a better interest rate, and reduce their monthly payment. I deal with this all the time when I file Chapter 13 bankruptcies for people, and people get through them successfully all the time. Modification is better because they don’t have a mortgage payment and a Chapter 13 payment.
December 30th, 2009 at 2:21 am
They have to try something, and not just for those likely to go into foreclosure. I was recently unable to re-fi my house because it happens to be on a street where several foreclosures have destroyed property values. Foreclosure hurts more than just those who lose their homes. Anyone living within the same zip code is affected and it drags the whole system down.
December 30th, 2009 at 2:34 am
They are trying to get them to rent them back on a years lease then at there pleasure.
Last I heard.
“The results, I confess, were somewhat surprising, and I say that not in a good way,” Dugan said, citing a third-quarter survey his agency plans to release next week.
December 30th, 2009 at 5:51 am
That is because they are hoping that the government loan modification program has better success than the private non-profits that already were doing this before the bailouts.
December 30th, 2009 at 9:12 am
Yeah, better to let the families and their children sleep on the street during the chilly Christmas season. Season’s Greetings Con, lets hope Santa has a heart for you.
December 30th, 2009 at 3:19 pm
I don`t know but it is their fault for taking those bad loans. That is my right wing crank answer.
December 30th, 2009 at 9:23 pm
Hey, at least they got a chance, right?
What about all of the families that got to stay in their homes because of the modifications? Would you rather they all be homeless this Christmas?
December 30th, 2009 at 10:21 pm
I am not one for wanting to put people out on the streets, but in the same respect when a person has over bought and cannot maintain payments, why should they be bailed out by the government.
Years ago while looking for my first house, the real estate agent showed me a very nice place that had a no qualifying assumption on it, the payments would have been more than my monthly income at the time, who would be to blame and who should take the brunt of the repercussions if I had made the choice to go through with an obvious stupid idea knowing full well that I would not be able to make the payments.
I do realize some mortgages are going into default due to loss of income, but typically a bank or lending company will work with a person through the bad times and until they are back on their feet (not always, but typically).
Other than a group of people wanting something for nothing (or something for very little) I do not see the need to coddle people for their irresponsibility.
December 31st, 2009 at 5:17 am
Bush left so many problems for our country that we can not live in the past but everyday open to whatever can possibly help people. We have so many crises going on that we have to save as many people as we can. If 50% can live in their houses for a certain amount of time isn’t that better than nothing? I wonder what you are suggesting he do? If you suggest he have people move into pauper camps ask yourself what you would rather he did if your house was foreclosing. I am a personal coach & go to meetings where people are sharing their stories. People from all walks of life & yes I do mean millionaires are in financial trouble. I don’t know if your job is to ask these questions on here but whatever it is this could be you needing help. Put yourself in the shoes of others cause you will probably end up there whether you find that hard to beleive or now. I know I make my money thanks to people having money. I am so fortunate to live in an area where the unemployement rate is lower than the national average & that has a lot to do with having government workers. I live close to D.C. in a very properous area but still people in other areas of the country depend on their neigbhors to be able to have money. If you are a plumber in the worst hit area of the country where people have left their homes how do you think you will make money? Wake up.We are ll in this together & then there are people in the top 1% who benefit from people lined up to take jobs at any amount of money. The 99% needs to work together & republicans are fools not seeing this.