30 replies to this topic

[Redone]

I think the banks should be held to the same legal procedures that you or I would be in court.

That's fine, but it shouldn't be used a loophole for someone to not make payments when they otherwise could or to delay foreclosure longer than necessary.

[rpo]

That's fine, but it shouldn't be used a loophole for someone to not make payments when they otherwise could or to delay foreclosure longer than necessary.

I think we all agree with that, but that is also not what the lawsuit is about. It is simply about banks committing fraud to speed up the foreclosure process.

[Redone]

I think we all agree with that, but that is also not what the lawsuit is about. It is simply about banks committing fraud to speed up the foreclosure process.

That's great-- speed it up -- were short on Inventory.
Only getting shorter with this newly announced "Obama is now your landlord" program.

[rpo]

That's great-- speed it up -- were short on Inventory.
Only getting shorter with this newly announced "Obama is now your landlord" program.

So....you are for the banks breaking the law. Got it. Well, I am not. They should be held responsible for their own actions.

[nomad]

So....you are for the banks breaking the law. Got it. Well, I am not. They should be held responsible for their own actions.

Banks = govt these days. Good luck getting the govt to be held responsible.

[folsom500]

Looks like they now have enough states to gain the full $25 B from the banks...

http://www.nytimes.c...tml?_r=1&emc=na

[tgianco]

Ran into an old boss yesterday in Roseville. He just opened his own company in Danville (plowed lots of money into it) and is now living down there as well, having lived in a pretty palatial house in Granite Bay for the last 8 years or so. Because he was WAY underwater on his Granite Bay home, he hasn't made a payment on it for over two years but has still lived there (until about two months ago).

apparently, because of this passing, his new, lowered monthly payments on the Granite Bay property will be low enough that he can rent it out for more than he pays on his mortgage. So, for those keeping score, here is someone who buys whatever he wants whenever he wants, bought more house than he could afford and is now going to make out like a bandit. How many others are in this hole?

Personally, i am pissed because I qualify for a much larger payment, but I used my head to understand not only what I could afford now, but what could I afford if I lost my job and some other calamity. Basically, I get to subsidize dumb-asses that don't have the first clue how to budget or ever consider that "what if's." This is total BS!

[Robert Giacometti]

I've been supportive of President Obama's attempts to keep people in their homes where possible. I don't have any problems with him encouraging Banks to try and work with people to do this. If he has to lean on Banks a bit to get them to cooperate, I'm OK with that. ( we the taxpayers did bail some of these banks out, so maybe they do need to cooperate)I think we all benefit from keeping as many people in their homes as possible as long as its down mainly through the private sector.

I just can't believe people who had their homes foreclosed will be getting $2000. IF the Banks did something wrong that should be between the Person and the Bank to resolves that. There are plenty of attorneys out there who can do this.

The people who had stated income no documentation loans who may have inflated their incomes to get qualified ( possibly committing fraud in the process) are they now going to get $2000 for doing this?

If people signed documents misrepresenting their incomes why isn't the FEDs going after them for fraud instead of just the banks? We all know the answer to this question, people vote for President and Banks don't! If OBama can get 1.5 million people $2000, than thats another possible 1.5 million votes! I guess its just a coinincidence this is happening in an election year?

What happens to the people who made the choice to walk away from their homes, who had the ability to make payments, but let it fall into foreclosure? Do they get $2000 as well?

What about those who did loans for people who knowingly participated in inflating incomes? Are they ALL going to be investigated as well?

What about all those people who had their homes foreclosed by Banks who aren't part of this settlement, do they get nothing?

IMO, this is one of the biggest attempts at pandering EVER seen in recent history! Anybody with an ounce of integrity should be able to see through this!

[Robert Giacometti]

I just want to know where I can sign up for this gov't help, I'm tired of working hard and making payments...

Its simple stop working and stop making payments, they'll even through in a free cell phone!

[nomad]

Its simple stop working and stop making payments, they'll even through in a free cell phone!

Cmon these are all perfectly acceptable things to do because of, ya know, the recession.

[Redone]

For all you Crusaders against Banks, you didn't really think they'd be paying for it ?

http://www.bloomberg.com/news/2012-02-10/pimco-says-foreclosure-deal-cheap-for-banks-costly-for-pension-investors.html

Pension funds, 401(k)s and mutual funds are going to pick up a lot of the load

[rpo]

Ran into an old boss yesterday in Roseville. He just opened his own company in Danville (plowed lots of money into it) and is now living down there as well, having lived in a pretty palatial house in Granite Bay for the last 8 years or so. Because he was WAY underwater on his Granite Bay home, he hasn't made a payment on it for over two years but has still lived there (until about two months ago).

apparently, because of this passing, his new, lowered monthly payments on the Granite Bay property will be low enough that he can rent it out for more than he pays on his mortgage. So, for those keeping score, here is someone who buys whatever he wants whenever he wants, bought more house than he could afford and is now going to make out like a bandit. How many others are in this hole?

Personally, i am pissed because I qualify for a much larger payment, but I used my head to understand not only what I could afford now, but what could I afford if I lost my job and some other calamity. Basically, I get to subsidize dumb-asses that don't have the first clue how to budget or ever consider that "what if's." This is total BS!

Your former boss is likely going to learn a harsh lesson. First, the government refinance program only applies to Fannie and Freddie owner mortgages. It sounds like he probably has a jumbo mortgage, which is likely not owner by Fannie or Freddie, so he will not qualify for the refinance program. Second, non-owner occupied homes do not qualify for any of the modification or refinance programs, so he will be out of luck there as well.

You should wish him luck, as the only way he is getting any assistance would be by lying and committing fraud on the application to his mortgage lender for assistance.

[rpo]

For all you Crusaders against Banks, you didn't really think they'd be paying for it ?

http://www.bloomberg.com/news/2012-02-10/pimco-says-foreclosure-deal-cheap-for-banks-costly-for-pension-investors.html

Pension funds, 401(k)s and mutual funds are going to pick up a lot of the load

That accounts for 15% of mortgages that may qualify. The banks are responsibly for the other 85%.