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loan reductions/modifications = welfare for the middle class let us call it what it is- Hawaii or anywhere else.
It really frosts me when they restructure refi's that paid for the escalade and european vacation the "homeowners" could not afford in the first place.
The car companies loved it - do a refi for the car - now the car interest is a write off.
End the mortgage deductions for cash out refi's - or extend the interest deduction to all of our long term purchases would be my play
What makes folks with a home loan a privileged group anyway - lobying by the same banks maybe?
What next - re - structure credit cards?
I believe the average american owes 17 grand to very same banks as short term debt.
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It must be true what you say, Bullwinkle heard it on Glenn Beck and Bill O'reilly!!!!!!!!! DON"T WHAT FOX NEWS!
quote:
Originally posted by Bullwinkle
loan reductions/modifications = welfare for the middle class let us call it what it is- Hawaii or anywhere else.
It really frosts me when they restructure refi's that paid for the escalade and european vacation the "homeowners" could not afford in the first place.
The car companies loved it - do a refi for the car - now the car interest is a write off.
End the mortgage deductions for cash out refi's - or extend the interest deduction to all of our long term purchases would be my play
What makes folks with a home loan a privileged group anyway - lobying by the same banks maybe?
What next - re - structure credit cards?
I believe the average american owes 17 grand to very same banks as short term debt.
Obie, if the mortgage bankers had been overseen so that they couldn't defraud investors -- and by investors that would include the retirement accounts/401K's of Americans -- then it wouldn't have mattered that there was a push for everyone to own a home.
The sale of worthless "secured" instruments caused the meltdown. The ugly part is that the people in it could see the meltdown coming, but continued to reap benefits. Had I known what was really going on with mortgage-backed securities, I would have rented instead of purchased back in 2007 when I had a life change that required a housing transition.
Really, who would put their life savings into a home knowing that all the equity would be gone and then some within a year? 100--150K just vanished. And I actually got what was considered a very solid buy and a good price at the time.
The banks have set out to harvest the equity and the property of Americans, and of course there are people who are so short-sighted that all they see is their own loan or their own taxes, and they cry welfare.
People, none of us is an island. If the economy is attacked by a cancer, it's going to metastasize and affect all of us eventually. Very few people are being helped, so the idea that you are funding people's Escalade addiction is not accurate at all.
Do you own any property? Would you like for it to be worth something like what you paid for it if, say, you need to move? Things happen in life that we can't control. One day you may feel all smug and looking down on the stupid people; the next month you are one of the people in the ditch wondering what the heck happened when you were so wise and smart and prudent.
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Exactly, Kathy. I am really starting to believe this was all orchestrated to get lots and lots of money, fast. And the lowly home buyer was just a pawn in the game. The homebuyer should not feel its their fault. It was rigged. My only hope is that justice will happen and the big banks will fall. Now, the real problem in all this is property rights. Who has them? Will governenment make it all better? Again, I say, take matters into your own hands...talk to an attorney, maybe sign up for prepaid legal, plan on suing to get quiet title to your property. That is the only solution for everyone caught in this mess that I can see.
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[quote] DON"T WHAT FOX NEWS![quote]
What do you mean "Don't what Fox news"?
-Veritas odium parit”(Terence 195–159 BC))-"Truth begets hatred".
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KathyH,You are saying none of the home buyers had anything to do with this ?
The people who I saw on News programs who were standing in line to buy unbuilt houses in Las Vegas so the could flip them didn't cause any of this ?
The people who lied about their income ?
The people who had payments so high that they were bound to default?
I could go on and on.
Nancy,I would be very careful about making a payment to a third party.
Beware of Scams
Since mortgage issues are so common right now, a lot of scammers are trying to prey on desperate homeowners. If you work with a third party to try to resolve your mortgage problems, make sure they are a reputable agency. Watch out for anyone who tries to charge you a fee, pressures you to sign over your deed, or tries to collect mortgage payments from you. There are no miracle fixes for mortgage problems, so don’t believe anyone who tells you they can quickly and easily help you out. If it sounds too good to be true, it probably is.
If you have quit making your payments because of Mers I think you are making a big mistake.There is a lot of wild speculation about Mers on the internet and the vast majority is false.If you want to waste your money on a lawyer that's up to you.
MERS acts as nominee in the county land records for the lender and servicer. Any loan registered on the MERS System is inoculated against future assignments because MERS remains the nominal mortgagee no matter how many times servicing is traded. MERS as original mortgagee (MOM) is approved by Fannie Mae, Freddie Mac, Ginnie Mae, FHA and VA, California and Utah Housing Finance Agencies, as well as all of the major Wall Street rating agencies.
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my first post so hello everyone!
yes, i live in North Kohala but i'm going back to school at UH Hilo and will most likely invest in a small property in Puna to more comfortably navigate the next 4-5 years. this is a pretty cool site to get some inside scoops!
on topic...my Dad told me long ago if you can't afford a house with a 30 year fixed mortgage with the going rate....you can't afford the house. i have always lived by this conservative attitude toward real estate so it bothers me to pay for others mistakes/foolishness. although i really feel for people who took out conservative mortgages with solid down payments who are now underwater, if they did their due dilligence they should be able to make their payments and are merely stuck until the market returns.
real estate, like any investment, is a risk. for those that lost their jobs or have a medical reason i think there should be help but what a task it seems to determine who was foolish and who was simply unlucky.
the real problem was the Govt. intervention that eased lending policies. this was the flashpoint that caused this whole mess. it would seem more Govt. intervention is the last thing we should do. a choice example of the Feds interfering with the free market process and screwing everything up.
aloha
Aloha,
Michael
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"It must be true what you say, Bullwinkle heard it on Glenn Beck and Bill O'reilly!!!!!!!!! DON"T WHAT FOX NEWS!"
Bullwinkle being more of a npr guy - sorry you could not make out the liberal bent and & bias - its there and now disclaimed .....
In life we roll the dice and take our chances - sorry you drank the Mozilo and BofA cool aid and got burned - blame them not me
Posts: 3,188
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"The sale of worthless "secured" instruments caused the meltdown"
I beg to dis agree - it was a set up, between the rating, mortgage and insurance companies that rated these junk notes as AAA and then insured by the likes of AIG which did not establish sufficient reserves.
The melt down came when the greedy buyers defaulted after not being able to refi or sell and panicked at the thought of being upside down - starting the stampede
Bartender! - cool aid all around for all my banker buddies
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DON'T WATCH FOX NEWS!!!! Sorry you couldn't figure that out Cagary, also sorry for my spelling error, Merry Christmas
quote:
Originally posted by Cagary
[quote] DON"T WHAT FOX NEWS![quote]
What do you mean "Don't what Fox news"?
