Congress races to find mortgage fix

None wrote:

MAKE PEOPLE PAY THEIR DEBTS. KICK THEM OUT OF THE HOUSE THEY BOUGHT BUT COULDN'T AFFORD AND ARE NOT MAKING PAYMENTS ON - BUT STILL HOLD THEM TO THE DEBT. PEOPLE KNOW THEY CAN JUST WALK AWAY AND NOT PAY IT AND THEN THE REST OF US - THE HONEST WORKING PEOPLE HAVE TO PAY. JUST ISN'T RIGHT.

If honest people were lending out money with affordable terms to homeowners instead of throwing out bad termed loans which become unaffordable after a short time, we would not be in this mess.
Banks will get possibly $66,000 recovery from a foreclosed property valued at $100,000 and invest a considerable amount of money removing possession of the property. I have yet to receive a bill for other peoples losses of homes. You are not paying anything for their losses. You are however losing value appraisal on your home and getting a break on property taxes as a result.
A lot of states do allow for deficiency judgments to be levied after the home is lost. However the goal here should be to keep more people in their homes thus keeping property values from falling.(Call out the Wal-mart smiley here).
Hey! The person could initially afford the home before reset. The type of loan was honeymoon followed by divorce in comparison to after the reset.
You getting bills for others foreclosed properties probably is some scam someone dreamed up to catch the honest working person such as yourself. Take the bill down to your police department and maybe they can find the spammers. Oh, it is fictitious BS propagated by the banking industry and corrupt politicians.
Investors usually just walk away and cut their losses. Remember the homeowner walking away would still require them paying for another place to live as well as pay any deficiency judgments. Why would a homeowner faced with an unaffordable loan after reset just walk away? They would need to go underground in the economy to avoid garnishments. They could opt to quit working altogether.
Homeowners are not ATM machines being supplied with money periodically though some have used increasing values to extract money loans from their houses.
Turn off the fearmongers who are throwing a false situation that you are financing lost property to banks. Do you get bills from these banks or are they garnishing your wages?

whoa nelly wrote:

I have a very simple solution. Those people who got in on a very low interest rate, and that were making their payments at that amount, lower the payments back down! getting something every month is better than nothing! I guess it's just too simple.

Huury UP...

My water got turned off my gas is off...power is next....they opps made a mistake on turning off my water...

Is the water public or private? I read they are not allowed to sell power and water for anymore than what they get it from the water Commision...

but we keep getting slipped disks on the meters...

And not allowed to use the local water yet the water Authority has been buying up water rights...Go figure...

And we pay for it.....Nothing like donating to help others suck you dry...

wooster wrote:

The financial system - the whole enchilada.
There is no fixing this turd.

Thanks for clarifying what you meant to fall down. It is a big mess and hardly could be saved in its current conditions. I guess it will be time to rebuild after the turd is ready to go down when the flushing lever is pulled. Too bad the turd seems to be heading to a stream and probably toward the taxpayer to rescue, like another Bear Sterns or worse. maybe number 1 instead of #5.

Do not bail out the lowest form of life known to our planet, ok almost lowest after lawyers and mortgage bankers -- home builder. Let them go belly-up and let the sharks enjoy the feast.

Just say no to $6 billion dollar bail out for Kalifornia & Florida builders. Let them rot!

they giving the majority to big buissnesses . and leving the one who got ripped out in the cold

forgot they took out the part where the home owner would have been able to renagotiate their loan terms

Oh, there has been several Congressman in the pass that tried their hardest to warn us over and over about this illegal monetary system that we let develop over the years past. These foreign bankers knew exactly what they were doing right from the start, and knowing that the ordinary citizen didn't have a clue what was going on.

Bob wrote:

they giving the majority to big businesses . and leaving the one who got ripped off out in the cold

Yep, the legislation was stripped from items which would make it effective, Title IV which would restore fairness by removing the unfair exception was removed from the legislation.
The only thing that I learned from the Senate cutting out the heart of the bill is that there are 10% of the Senate which are running under the Democratic party who are being paid by the Banks and related business to disregard the homeowner. This problem in addition to the Usual corrupted load of Republican Senators makes any attempt to remove undue protection for the lenders a hard obstacle to overcome.
Hopefully the Senate can be cleansed from its corrupted elements and truly representing members for their states constituents can instead be elected to those Senate seats.

Bob wrote:

forgot they took out the part where the home owner would have been able to renegotiate their loan terms

It is hard to comprehend that there are so many that protest so hard and say that we have a free market, it needs to adjust and then cry out that if the exception in title 11 at 1322(b)(2) was removed the poor bankers would not able to give out low interest loans.
They gave out low interest loans with a short period of low interest. This exception in our BK codes allowed the lender to say, "yes we can" and they did.
Therefore there abusive and predatory dependence upon this exclusion which promotes abuse needs stricken in order to allow for a less restrictive environment which unfairly disadvantages people's primary residence. Remove 1322(b)(2) to say to the abusive loan industry, you still may be able to make disadvantageous loans, however you will not be unduly protected if your loan product results in sinking the owner of primary residences.
Other provisions and legislation would address the bad loan origination issues.

This needs a bump because of all the money involved.

Races to find a fix! A snail moves a lot quicker than Congress!