tag:blogger.com,1999:blog-3098264341625381422.post1820517718416993498..comments2024-03-18T17:01:07.165-07:00Comments on The Provocateur: The Coming Mortgage Class War IIImike volpehttp://www.blogger.com/profile/02999118519606254362noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-3098264341625381422.post-86792463419728027962009-07-05T01:56:28.147-07:002009-07-05T01:56:28.147-07:00By the way, the modifications aren't the huge ...By the way, the modifications aren't the huge financial benefit some complainers are making them out to be. Each modification also extends the length of the loan, to at least 30 years or possibly 40.<br /><br />So pretend you took out a 30-yr fixed 3 years ago. Then you lost your job, paid your mortgage with credit cards to keep it current, and finally found a new job but at a 40% income reduction, plus now you have a credit-card cash advance to pay off. Pretend your servicer reduces your monthly $1000payment to $750 for the first year, $850 for the second, $950 the third, then back to your normal payment. Well, that means getting the mod saved you $5400 during the first 3 years. But now you have to make payments 3 years longer than you would've otherwise, i.e. paying an extra $36,000 out-of-pocket. So in the long run the person who gets a modification actually spends more... it's just spread out over a longer period so it's less each month.<br /><br />All the people who are jealous and griping should think about the numbers and realize that they are actually getting the best deal by staying in the loans they currently have if they can afford them.<br /><br />The people who can't afford them because of hardship are getting an alternative payment plan (a mod) but are paying for it in the long run.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-90621973301848049752009-07-05T01:45:14.753-07:002009-07-05T01:45:14.753-07:00The modifications aren't awarded to people who...The modifications aren't awarded to people who "bought more than they could afford" or who "signed paperwork they didn't understand". The modifications are granted to people who were qualified for the loans they received and were paying them fine until they endured a hardship (i.e. loss of income, loss of job, terrible illness, etc.).<br /><br />Holier-than-thou people who are griping about "why is Johnny getting something better than me just because he was more foolish" need to step back and take a look at the true circumstances.<br /><br />Are you willing to endure a job loss, just so you can have a temporary loan modification? Are you willing to endure a loss of 50% of your income and take all the panic and and never-ending stress that comes with that, just so you can have a temporary loan modification? Are you willing to get cancer, or get your leg accidentally ripped off under a bulldozer, just so you can get a modification?<br /><br />The people who are getting these modifications (which are only temporary mods, by the way) have gone through unexpected and HORRIBLE experiences, and are faced with losing their sleeping place because of the horrible experiences.<br /><br />So if you have gone through something horrible, then by all means call your lender and apply for a mod and then you won't have to be jealous of the other people doing it. But if you HAVEN'T EXPERIENCED a horrible life-changing event or loss of income, then quit griping and thank your lucky stars and thank GOD that you are still having a good life.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-38333519494007155582009-03-02T08:03:00.000-08:002009-03-02T08:03:00.000-08:00Very interesting.I have stumbled across an interes...Very interesting.<BR/><BR/>I have stumbled across an interesting article that looks at the current banking crisis and compares it to previous banking crises around the world and looks at the likely effects on the economy based on past information.<BR/><BR/>The article is titled <A HREF="http://wwfp.net/weekly-articles/recession--the-uk-economy/26-february-09.htm" REL="nofollow"> The Banking Crisis - Where are we now?</A> and makes for an interesting read.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-26003461935306992062009-02-26T22:04:00.000-08:002009-02-26T22:04:00.000-08:00"You have hit the nail on the head"that's what eve..."You have hit the nail on the head"<BR/>that's what every body need.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-11614193193816474512009-02-21T22:25:00.000-08:002009-02-21T22:25:00.000-08:00As I read the plan, it seems they are actually goi...As I read the plan, it seems they are actually going to try to focus on people who are paying on time, but are in danger of falling behind. Sure, some borrowers were "deliberately irresponsible," but the vast majority are folks who didn't know what they were getting into, and not being financially saavy like the bank people just assumed that house values would continue their decades-long climb, and so were finessed by bankers who should be more knowledgeble into taking on subprime loans. If the plan being proposed focuses on getting them to pay at a reasonable rate they can afford, then I say why not. I would say why not even if I had my own mortgage, and was paying it without trouble, etc. I mean, what's the point of pushing massive numbers of families into homelessness, when foreclosures can cost banks more than doing the renegotiation of the loan. This plan if implemented correctly should indirectly have stimulative effect on the economy as well.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-11320461968218896432009-02-21T04:26:00.000-08:002009-02-21T04:26:00.000-08:00That "massive collapse" happened because lots and ...That "massive collapse" happened because lots and lots of folks got loans they never should have. These people overbought.<BR/><BR/>I have the benefit of being in the business for seven years. <BR/><BR/>Now, there are all sorts of reasons that someone can't pay their mortgages. Yet, ultimately, someone that is paying on time won't see them being bailed out as anything but irresponsibility.<BR/><BR/>I am not judging. I am in no position to juddge. I am telling you what those that have paid their bills on time will think when someone that hasn't gets a bailout.mike volpehttps://www.blogger.com/profile/02999118519606254362noreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-75610452119922636072009-02-20T21:52:00.000-08:002009-02-20T21:52:00.000-08:00Again, the context of this plan is a massive coll...Again, the context of this plan is a massive collapse of our housing economic center. And there are lots of reasons why someone might be struggling with mortgage in the current economic climate besides a case of them being "irresponsible." It's not so simple and black-and-white. I know, in your philosophy the well-off must in all cases be virtuous and noble (as evidenced by the fact that they are wealthy--that means they are moral). And in your philosophy the poor or stuggling must be immoral and weak. But in the real world such a clean-cut dividing line does not apply so neatly. For instance, many folks might be struggling after being laid-off, as millions have been so far in this catastrophe. You would give him no unemployment benefits, and no help whatsoever. You would say to all such people "eat dirt and die." I say, why not help people in that kind of situation--what is the point of kicking families in that kind of situation into the street.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-48331100090138268352009-02-20T17:24:00.000-08:002009-02-20T17:24:00.000-08:00Rick Santelli for President. At least he represent...Rick Santelli for President. At least he represents Americans.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3098264341625381422.post-1533115547335966302009-02-20T16:06:00.000-08:002009-02-20T16:06:00.000-08:00You have hit the nail on the head. We have to be h...You have hit the nail on the head. <BR/>We have to be heard.<BR/>Join Facebook group:<BR/>Tea Party 2009 - Mortgage Bailout OPPOSITIONUnknownhttps://www.blogger.com/profile/02187512298340215956noreply@blogger.com