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Now, this recovery plan alone will not solve all the problems that led us into this crisis. We must also work with the same sense of urgency to stabilize and repair the financial system we all depend on. That means using our full arsenal of tools to get credit flowing again to families and business, while restoring confidence in our markets. It means launching a sweeping effort to address the foreclosure crisis so that we can keep responsible families in their homes.
Uh, yeah, this was a partisan talking. Quite obviously.Let me clue you in, genius – if too many houses go into foreclosure, it won't just chasten the rabble, as you'd like to believe. It'll take down the banks too. Then you, the "financial professional," will also be out of a job (and probably unable to pay your mortgage). Won't that be funny.Foreclosed houses are put back on the market by their mortgage-holders. But in a market where nobody's buying, at least not in quantity, the houses just sit. Banks would get no money out of foreclosing, and with no cash flow, they go under.That's what mortgage renegotiation is trying to prevent. But don't believe me – ask the banks themselves, led by Citigroup, which are backing foreclosure-delay legislation.
I'm not sure exactly what that means but if banks are holding onto far too many loans that are in foreclosure then they likely should not be around anyway. In fact, if you were in the business, you would know that one of the booming industries right now is for those buying foreclosed properties. In fact, the only realtors making money right now are those that specialize in foreclosed properties. If the market were allowed to take care of this as it is supposed to, then what you would see are those willing to take risks take advantage. Instead, Barack Obama will make sure that irresponsible borrowers are awarded for their irresponsibility with brand new loans.I didn't add it in the piece, but about half of loan mods are now in default, so it's quite a program.
The reason that half of loan mods are in default is because they aren't true loan mods. They are re-pay plans with past due amounts and late fees tacked on to the homeowners mortgage payment. A true loan modification is supposed to leave the homeowner with a surplus of cash. If Obama forces loan mods onto servicers, I can't wait to see how he deals with Select Portfolio!! I hate dealing with those clowns.
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Uh, yeah, this was a partisan talking. Quite obviously.
Let me clue you in, genius – if too many houses go into foreclosure, it won't just chasten the rabble, as you'd like to believe. It'll take down the banks too. Then you, the "financial professional," will also be out of a job (and probably unable to pay your mortgage). Won't that be funny.
Foreclosed houses are put back on the market by their mortgage-holders. But in a market where nobody's buying, at least not in quantity, the houses just sit. Banks would get no money out of foreclosing, and with no cash flow, they go under.
That's what mortgage renegotiation is trying to prevent. But don't believe me – ask the banks themselves, led by Citigroup, which are backing foreclosure-delay legislation.
I'm not sure exactly what that means but if banks are holding onto far too many loans that are in foreclosure then they likely should not be around anyway.
In fact, if you were in the business, you would know that one of the booming industries right now is for those buying foreclosed properties. In fact, the only realtors making money right now are those that specialize in foreclosed properties. If the market were allowed to take care of this as it is supposed to, then what you would see are those willing to take risks take advantage. Instead, Barack Obama will make sure that irresponsible borrowers are awarded for their irresponsibility with brand new loans.
I didn't add it in the piece, but about half of loan mods are now in default, so it's quite a program.
The reason that half of loan mods are in default is because they aren't true loan mods. They are re-pay plans with past due amounts and late fees tacked on to the homeowners mortgage payment. A true loan modification is supposed to leave the homeowner with a surplus of cash. If Obama forces loan mods onto servicers, I can't wait to see how he deals with Select Portfolio!! I hate dealing with those clowns.
Post a Comment