Comments on: More Mortgage Lying

By: FrenchNail

FrenchNail — Sat, 19 Dec 2009 16:52:08 +0000

Thanks for the link.

I went to my share of trouble also with a restructuration program. They restructured my loan at 7% when the going rate were around 5%.

It taught me a very good lesson. Once I sold my house and left considerable money on the table, I decided to live debt-free and under my means. Much smaller house paid in full, third hand car paid in full, no more feel-good trips to the Mall, no more China produced junk cluttering the closets.

Contray to most of my friends this time of the year is peaceful. No more white nights, no more anxiety attacks. I highly recommend it.

By: candymarl

candymarl — Fri, 18 Dec 2009 23:33:07 +0000

So if I tell them I have zero income and am lying about it I can get a really cheap mortgage. That will work well until that pesky ARM thing kicks in.

Kewl.

By: NomNomNom

NomNomNom — Fri, 18 Dec 2009 22:05:42 +0000

Me too plz, thx, Nom

By: NomNomNom

NomNomNom — Fri, 18 Dec 2009 22:00:37 +0000

Do you read Corrente? lambert had a post up saying that the mortgage modification program has a clause allowing these banksters to sell your house out from under you without prior notice;
http://www.correntewire.com/obamas_mortgage_mod_plan_lets_banksters_reject_borrowers_and_auction_their_houses_without_any_writte

By: Peggy Sue

Peggy Sue — Fri, 18 Dec 2009 21:57:16 +0000

My post was gobbled, Larry. Retrieve if you can.

Thanx.

By: Peggy Sue

Peggy Sue — Fri, 18 Dec 2009 21:55:37 +0000

Thanks again, Larry, for the updated material.

Sadly, this confirms the reason for what I’ve read over the last month or two: modifications, cramdowns and whatever other “creative” financial tools being used will not secure the housing market. This is merely pretend and extend. Those who could not afford the mortgages the first time out, still cannot afford them and will default, again.

Perhaps the only positive on this is that [for a time] these families will have a roof over their heads, rather than being dumped into the street.

But it won’t play forever, not when the score was crooked the first time around.

Depressing!

By: Sonic Ninja Kitty

Sonic Ninja Kitty — Fri, 18 Dec 2009 21:33:07 +0000

RIP, The American Dream: killed by the nation’s leaders, I mean looters.

By: Ginger Snaps Back

Ginger Snaps Back — Fri, 18 Dec 2009 20:41:01 +0000

I know. I keep beating myself up over the same thing. What’s the point of instilling a need to be honest and to have a strong work ethic? It is easier to game the system. When that fails, what’s left of Uncle Sam will bail you out. Problem is, Uncle Sam is officially broke.

By: Ginger Snaps Back

Ginger Snaps Back — Fri, 18 Dec 2009 20:35:17 +0000

My friend lost her home, and her credit rating. The bank lost another $40,000 in the process. Tell me this is not deliberate run down of a country.

I’m very sorry to hear that, French Nail. Unfortunately, it will get worse before it gets better. That is, assuming it ever gets better again.

There is absolutely no sanity left in the world of finances. Gone are the days when Wharton and Harvard MBAs were long term thinkers, consciensous of both the bottom line and the system at large.

I think while we were looking the other way, we did not notice that we are actually in a depression.

By: FrenchNail

FrenchNail — Fri, 18 Dec 2009 18:49:32 +0000

There is absolutely no sanity left in the world of finances. Gone are the days when Wharton and Harvard MBAs were long term thinkers, consciensous of both the bottom line and the system at large.

What happens to the saying “You do not kill the Golden Goose”.

There is no more denying it, the present coterie wants to end the American wealth and get outrageously rich in the process.

A friend of mine approached the bank holding her mortage back in May/June and offered to restructure her loan on the basis of $310,000 (the bank had $610,000 in it) The bank refused to talk to her under %340.000. She opted to go in short sale/foreclosure.

Now the bank presently holding her mortgage (the first one was bought off thanks to our TARP money, screwing up a first short sale in the process) has accepted a second short sale offer to close end of January for $310,000. The HUD statement accepted by the bank reveals a net for the bank of $270,000.

My friend lost her home, and her credit rating. The bank lost another $40,000 in the process. Tell me this is not deliberate run down of a country.

By: Diana L. C.

Diana L. C. — Fri, 18 Dec 2009 16:23:44 +0000

This is ssuch infuriating news. I worry about my young adult children as they try to build a good life for themselves. I always emphisized honesty as, perhaps, the highest virtue. I probably raised them wrong for the world they will live in.