State leads nation in foreclosure jump

I'm no financial wizard, but why don't the banks just "REWRITE" the bad original mortgages they forced on buyers for newed ones that they can afford?? I say it is better to receive less, than nothing at all! So you have them start over with the lenght of the loan but at a FIXED rate and make ARMS illegal - now that we know what can happen. A 90-day wait period is nothing and the banks know that, it is just an excuse. If one looks around, one will notice that the foreclosures in Connecticut are mainly in areas where there are or were major companies and it is those that work/worked in these companies that purchased homes bigger than they paychecks could sustain - WANNA BE"S. Let the WANNA BE's fall because they were soo smart to start with, but help those that were TRICKED into these ARMS and did not know better. Not eveyone is a lawyer that understands financial gibberish! The banks wanted to show PROFITS to their share holders and did not care WHO gets hurt later on, well now everyone is hurting! Twenty-one years ago it was the Real Estate mess that killed our economy, and not Greedy Mortgage Bankers did us in, in twenty year who will do us in again??? All in the name of GREED!!!!!!!!

"All in the name of GREED!!!!!!!!"

You hit that one right on the head.
The banks ARE THE PROBLEM not the solution.
Giving them billions of our tax dollars insults the injury.
Let the banks that made these bogus loans fail.
It is the people, not the banks that drive the economy. The banks simply snatch a piece of every transaction making it that much more expensive.
Given sensible credit at reasonable rates the people will buy. Squeeze them too hard and the whole monetary system will fail.
Ever wonder why the interest rate on your credit card isn't falling to the same all time lows as the rate the Federal reserve loans money to the banks?
THE BANKS ARE GREEDY!!!!!!
Shut the bad boys down.

Four Ways to End the Foreclosure Crisis http://financialstuffs.blogspot.com/2008/11/f...

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banks are not our friends wrote:

"All in the name of GREED!!!!!!!!"
You hit that one right on the head.
The banks ARE THE PROBLEM not the solution.
Giving them billions of our tax dollars insults the injury.
Let the banks that made these bogus loans fail.
It is the people, not the banks that drive the economy. The banks simply snatch a piece of every transaction making it that much more expensive.
Given sensible credit at reasonable rates the people will buy. Squeeze them too hard and the whole monetary system will fail.
Ever wonder why the interest rate on your credit card isn't falling to the same all time lows as the rate the Federal reserve loans money to the banks?
THE BANKS ARE GREEDY!!!!!!
Shut the bad boys down.

They HAVE failed, by the hundreds.
Trouble is, no one addresses the fact that all the "bad paper" is still out there, owned or "serviced" by another bank. Most are reluctant to modify those loans. If Uncle Sam is supporting the banks that acquired that "bad paper," the string on our money should be loan modification. So far the banks which were kept afloat with our dollars have pretty much been sitting on that money when it comes to loans.

Wally in Stamford wrote:

I'm no financial wizard, but why don't the banks just "REWRITE" the bad original mortgages they forced on buyers for newed ones that they can afford?? I say it is better to receive less, than nothing at all! So you have them start over with the lenght of the loan but at a FIXED rate and make ARMS illegal -

Tell me again how the banks FORCED bad mortgages on buyers? Did they just twist their arms, or did they threaten them with guns? Was it blackmail, or did they hold their children hostage?

The banks do have some responsibility, and perhaps ARMs should be made illegal, but the buyers were presumably all competent adults who could have chosen to buy for less.

Isn't it also greedy to buy beyond your means and then expect the govt to bail you out?

Publius wrote:

<quoted text>
Tell me again how the banks FORCED bad mortgages on buyers? Did they just twist their arms, or did they threaten them with guns? Was it blackmail, or did they hold their children hostage?
The banks do have some responsibility, and perhaps ARMs should be made illegal, but the buyers were presumably all competent adults who could have chosen to buy for less.
Isn't it also greedy to buy beyond your means and then expect the govt to bail you out?

More stupidity than greed.
And a hell of a lot of "affinity predation" as well.
Then, there's more stupidity or bad luck - either not being represented by an attorney, or being represented by one who preferred the fee for closing the loan to telling his client(s) to run away from a designed disaster.
I don't know that any of that obligates us.
But I feel it is only right for banks saved with our tax dollars to have to do some "good" with them through loan modifications.