I would hope that I would be reminding him of something he would already know, but everything they do has got to be focused on stemming these tides of layoffs.
i think the foreclosure needs to be addressed. in philly the courts require lenders to meet with borrowers to try and renegotiate the terms of the loan. 70% of borrowers who go to these meetings are able stay in their homes and keep making payments. i think other areas should try this, it's a win win. the banks still get money coming in and families get to keep their home and dignity.
Personally, I think it was a lot of Bush's handlers calling the shots. First of all, Bush didn't know JACK about business. He had several failed businesses, so much for his degree from Harvard
Now that's predatory lending at its finest. Let's encourage those who paid too much for their overvalued properties to stay there! What a joke. Forclosures need to go through--and then the market will stabilize.
These people (former owners) can rebuild their credit in the meantime while they rent something they can afford. They can save for a down payment and eventually buy a properly price home they can actually afford (if the so desire).
What are the stats on those who accept loan "modifications"....something like 70% or more are back in forclosure status within six months......
These people (former owners) can rebuild their credit in the meantime while they rent something they can afford. They can save for a down payment and eventually buy a properly price home they can actually afford (if the so desire).
What are the stats on those who accept loan "modifications"....something like 70% or more are back in foreclosure status within six months......>>
i didnt put this in the summary but the report said that not all the foreclosures were a result of people being reckless. the person they interviewed got injured and lost his job. since 30% of the negotiations dont reach an agreement, i imagine it might be because there is no way the borrowers could ever reasonably pay back the loan. at the meeting there is a third party representative-dont remember who, but i imagine it is to make sure the negotiations are feasible and reasonable. ...and it isnt just about the borrowers' credit... it is about the banks losing money b/c they cant sell a foreclosed home
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I would hope that I would be reminding him of something he would already know, but everything they do has got to be focused on stemming these tides of layoffs.
i think the foreclosure needs to be addressed. in philly the courts require lenders to meet with borrowers to try and renegotiate the terms of the loan. 70% of borrowers who go to these meetings are able stay in their homes and keep making payments. i think other areas should try this, it's a win win. the banks still get money coming in and families get to keep their home and dignity.
here is the segment, it is only 3.5 minutes long (i pretty much summed it up above): http://www.npr.org/templates/story/story.php?storyId=95400066
i think we need a stimulus bill that only focuses on creating/saving jobs. all of pelosi's partisan politics can wait.
Personally, I think it was a lot of Bush's handlers calling the shots. First of all, Bush didn't know JACK about business. He had several failed businesses, so much for his degree from Harvard
Now that's predatory lending at its finest. Let's encourage those who paid too much for their overvalued properties to stay there! What a joke. Forclosures need to go through--and then the market will stabilize.
These people (former owners) can rebuild their credit in the meantime while they rent something they can afford. They can save for a down payment and eventually buy a properly price home they can actually afford (if the so desire).
What are the stats on those who accept loan "modifications"....something like 70% or more are back in forclosure status within six months......
How about this one...I heard it this morning and think it sounds ok.
reduce mortgage rates to 4.5% and let people re-finanace.
Maybe this explains it better:
Why Be a Nation of Mortgage Slaves
http://www.thisisgoingtobebig.com/2009/01/why-be-a-nation-of-mortgage-slaves---wsjcom.html
I disagree with you, but I'm pretty sure
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These people (former owners) can rebuild their credit in the meantime while they rent something they can afford. They can save for a down payment and eventually buy a properly price home they can actually afford (if the so desire).
What are the stats on those who accept loan "modifications"....something like 70% or more are back in foreclosure status within six months......>>
i didnt put this in the summary but the report said that not all the foreclosures were a result of people being reckless. the person they interviewed got injured and lost his job. since 30% of the negotiations dont reach an agreement, i imagine it might be because there is no way the borrowers could ever reasonably pay back the loan. at the meeting there is a third party representative-dont remember who, but i imagine it is to make sure the negotiations are feasible and reasonable.
...and it isnt just about the borrowers' credit... it is about the banks losing money b/c they cant sell a foreclosed home
I don't see how allowing people to walk away from loans will be an answer to the financial crisis.
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