IIRC it still has some rules so we are not rewriting loans that should have never been written in the first place such as the low income worker buying a McCastle. There still has to be some basis of affordability. They are not going to drive down a $800,000 mortgage to a $80,000 mortgage.
I think the found a good middle ground. You also have to remember that banks still have the option to cooperate in these mortgage rewrites outside of bankruptcy court ones. So they can refuse to modify a stupid mortgage that should never have happened.
I think the big challenge will be finding the true owner of some of these really sketchy mortgages since they were more of the ones that were cut up and resold.
Of course, I'll need to carefully read the whole thing, but for the most part, when the government starts moving money around from one place to another, trouble almost always results. I personally could benefit, since our home's value has bottomed out since our purchase a mere 3 years ago, while our interest rate has not. We have been unemployed for 6 months and have not missed a payment. We're doing all we can to keep up. But I'm not convinced we would accept this "help" if it were offered. I don't want my problems to become the problems of our society at large, nor put a debt load on my grandchildren.
Yeah, our country is in tough times. There've been tougher, and it might get worse. I don't think the actions that are being taken now are the right way to handle it at all.
No, this in no way rewards those of us who have been responsible in not only making our payments on time but who also bought home that was inline with our salaries. This will most likely help the bus driver recently shown on CNN who is losing her $800,000 home that she suddenly realized she can't afford on her $50,000/year salary. I think the people who are being bailed out should be required to take some kind of Personal Finance 101 course.
For anyone who lives in Washington State, there is a website called Washington Online and it is accredited and offers degrees and classes solely online through community colleges across the state. I have been using it for awhile now and I think it is excellent:
I have not heard of this version yet. These couple of years the 419ers seem to be come up with a number of variations. I have had those which start as "Dearest One....
and others which claim that I have been selected by some legal firm as the benefeciary of a huge fortune left by one their clients etc..
BTW, can we still assume that this is a purely Nigerian affair, though 419 does refer to a section in their penal code or something like that relating to crimes of this sort.
Since I did not get in over my head with house payments, I will be charged somehow by the gov't (pay for it via higher taxes or somehow) to fix the problems caused by other people's greed and lazyness (both the lenders and debtors).
F### the Feds. Thats how I feel about these rip-off plans. All of them, regardless of their pretty words, are just f@@@ing thieves.
I agree with you about everything except for actually owning a TV... For similar reasons, I have decided that watching TV isn't good for me. So I don't watch TV. But I still have a TV....it simply acts as a monitor for movies. My laptop can play DVDs, but a TV does better justice to the whole experience (larger screen, couch to watch it on...). So, I agree with you, except that owning a TV is important, even if you don't use it for its intended purpose.
Thanks for this analysis- I hadn't read anything quite so clear yet. I really hope it works- I'm not a homeowner myself, but some of my friends and family have been quite affected.
the thing that we would really like the most is better quality restaurant coupons for buy 1 one free or half price. I havent bought a book in many years as the ones we did buy we didnt cover even the cost of the book. I heard they are much better now, but havent had a chance to find out if they cover the better restaurants yet. adn also if they cover movie theatre tickets or amusement park tickets.
Hey I’m no Ivy League scholar but my take on the cause:
1. Bad Fed Legislation - CRA which led to ridiculously high risk credit decisions by lending institutions. The intent was noble but not practical or good business. Not just underserved sub prime borrowers but because of fair lending laws prime borrowers are also in on this. So now not only can a sub prime borrower get a $200k mortgage (no money down, interest only or ARM) that they won’t be able to afford when rates adjust but now a prime borrower who can afford the $200k mortgage all of a sudden thinks they can afford the $500K+ mortgage (no money down, interest only or ARM) that they won’t be able to afford when rates adjust. Legislation drove poor credit risk management.
2. Securitization of Mortgages – Greed on Wall Street
I don’t think going after banks with additional regulation without correcting the bad legislation will create anything more than higher costs to tax payers and burden on financial institutions. Simple rule – Cooks should go to jail, ethical businesses should be able to run their business.
Well here we are. I put 60% down on the house I bought a year and a half ago. I just refinanced a few months ago to take advantage of lower interest rates. I save and pay cash for my vehicles (I buy older used cars) and am focused on saving enough to send my three kids to college. I hope my job survives the situation we’re in but will be able to make my mortgage payment making less than half what I make now. I thought it was funny to hear Obama say “we all need to learn to live within our means”…. The last time I checked there’s a huge Federal deficit and the government just borrowed billions to finance the spending bill…..
The reason these people are going to the office to pay their cable bill before it's turned off, is probably because a good number of them already HAVE their food and heat and other neccessities.
WELFARE, FOOD STAMPS, WIC, ETC........
You can't pay the cable will with those, so ya gotta take the rest of your cash, after getting your 2 inch nail tips filled in, and go waste your UNbusy day, paying the bill.
HA! I was JUST at my local Comcast office two days ago, and noticed the REALLY thick glass, and how I had to put my old digital box in a door area that only the employee could open when it was time.....
I thought it was all very strange, but then I remembered what town I was in, and thought it must be because of that.
So hearing that all the offices are that way is WEIRD!!!!!!
Wow. And I was wondering why my cable/internet bill was so high!
Seriously? Do people actually rob these places???
(I didn't read any other comments yet...I just thought it was funny that I JUST was there the other day, and this article showed up.)
Just another obsurdity of the human race, I guess...
Comcast is the devil, they have the most worthless customer service staff on the face of the earth and are incapable of human decency. Other than that tidbit of hatred, it is a strange place to people watch, and if you had been there the last time I was in their office you would have gotten more than you had bargained for.
Agreed with above posters, Comcast is "the man." It's the only internet provider around where we live so we have to go with it (grr), but we've long since discontinued our cable. It was rough at first, but now, we wouldn't have it any other way! Any shows we care about, are posted online and we have the 3-at-a-time Netflix. Life is good!
'Guest' said "saving a marsh may be it isn't going to create the jobs this economy needs." Maybe you didn't read the earlier post - there is nothing about saving the marsh mouse in the stimulus. Maybe that's one of those GOP talking points I shouldn't criticize?
I think it is reasonable to criticize statements made with absolutely no evidence or citation -- like the one about all economists oppose the stimulus. I try to provide some basis for what I say, rather than simply throwing out outlandish statements without anything to back them up.
I would like you to point out where I mentioned "GOP talking points" though - I can't find it in anything I wrote. Ever hear of a straw man argument? You just made one.
Considering our GDP has been largely based on housing for the last decade is this really a surprise to anyone paying attention?
That's another thing the "stimulus bill" does nothing to address the mitigating factor that created the recession.
Chris,
Quit accusing people of GOP talking points if you don't like what they have to say. As laudable as saving a marsh may be it isn't going to create the jobs this economy needs. Furthermore, I could care less whether some putz in California praised an organization that runs around criticizing minimum wage while paying its folks minimum wage for their efforts. They have no business being funded in a stimulus bill. None, whatsoever.
I have been trying to get sallieMae to lower my payments so I can pay them, but my payments are to high, can you tell me HOW I can convince them to do this, I want to pay, but I can not pay the amount they want me to pay, Help sylvan
IIRC it still has some rules so we are not rewriting loans that should have never been written in the first place such as the low income worker buying a McCastle. There still has to be some basis of affordability. They are not going to drive down a $800,000 mortgage to a $80,000 mortgage.
I think the found a good middle ground. You also have to remember that banks still have the option to cooperate in these mortgage rewrites outside of bankruptcy court ones. So they can refuse to modify a stupid mortgage that should never have happened.
I think the big challenge will be finding the true owner of some of these really sketchy mortgages since they were more of the ones that were cut up and resold.
Of course, I'll need to carefully read the whole thing, but for the most part, when the government starts moving money around from one place to another, trouble almost always results. I personally could benefit, since our home's value has bottomed out since our purchase a mere 3 years ago, while our interest rate has not. We have been unemployed for 6 months and have not missed a payment. We're doing all we can to keep up. But I'm not convinced we would accept this "help" if it were offered. I don't want my problems to become the problems of our society at large, nor put a debt load on my grandchildren.
Yeah, our country is in tough times. There've been tougher, and it might get worse. I don't think the actions that are being taken now are the right way to handle it at all.
No, this in no way rewards those of us who have been responsible in not only making our payments on time but who also bought home that was inline with our salaries. This will most likely help the bus driver recently shown on CNN who is losing her $800,000 home that she suddenly realized she can't afford on her $50,000/year salary. I think the people who are being bailed out should be required to take some kind of Personal Finance 101 course.
For anyone who lives in Washington State, there is a website called Washington Online and it is accredited and offers degrees and classes solely online through community colleges across the state. I have been using it for awhile now and I think it is excellent:
http://www.waol.org/
I have not heard of this version yet. These couple of years the 419ers seem to be come up with a number of variations. I have had those which start as "Dearest One....
and others which claim that I have been selected by some legal firm as the benefeciary of a huge fortune left by one their clients etc..
BTW, can we still assume that this is a purely Nigerian affair, though 419 does refer to a section in their penal code or something like that relating to crimes of this sort.
I am not a fan of the giving $1000 a year for three years to those people in this predicament who do then start paying their mortgage on time.
That is completely unfair to those who have been paying their mortgage on time for years and still continue to do.
...it seems to me to do the opposite.
Since I did not get in over my head with house payments, I will be charged somehow by the gov't (pay for it via higher taxes or somehow) to fix the problems caused by other people's greed and lazyness (both the lenders and debtors).
F### the Feds. Thats how I feel about these rip-off plans. All of them, regardless of their pretty words, are just f@@@ing thieves.
I agree with you about everything except for actually owning a TV... For similar reasons, I have decided that watching TV isn't good for me. So I don't watch TV. But I still have a TV....it simply acts as a monitor for movies. My laptop can play DVDs, but a TV does better justice to the whole experience (larger screen, couch to watch it on...). So, I agree with you, except that owning a TV is important, even if you don't use it for its intended purpose.
Thanks for this analysis- I hadn't read anything quite so clear yet. I really hope it works- I'm not a homeowner myself, but some of my friends and family have been quite affected.
It's all about addiction and lack of priorities . . . sad.
Its so much fun!
Have any other scam baiter's found that the further into a conversation you get in with a scammer, the worse their English gets? :D
Its rate funny :)
Thanks for sharing these wonderful money making opportunities. I liked the second one.
Nice post Catherine
I agree we all have indulgences, however when we can't afford those indulgences(like in the case of the cable customer) it's time to stop.
Also I don't think the indulgences should come at the expense of what we really value in life.
When you die, do you want to be known as someone who loved lattes?
-Nate
the thing that we would really like the most is better quality restaurant coupons for buy 1 one free or half price. I havent bought a book in many years as the ones we did buy we didnt cover even the cost of the book. I heard they are much better now, but havent had a chance to find out if they cover the better restaurants yet. adn also if they cover movie theatre tickets or amusement park tickets.
Thanks for sharing your experiences
Hey I’m no Ivy League scholar but my take on the cause:
1. Bad Fed Legislation - CRA which led to ridiculously high risk credit decisions by lending institutions. The intent was noble but not practical or good business. Not just underserved sub prime borrowers but because of fair lending laws prime borrowers are also in on this. So now not only can a sub prime borrower get a $200k mortgage (no money down, interest only or ARM) that they won’t be able to afford when rates adjust but now a prime borrower who can afford the $200k mortgage all of a sudden thinks they can afford the $500K+ mortgage (no money down, interest only or ARM) that they won’t be able to afford when rates adjust. Legislation drove poor credit risk management.
2. Securitization of Mortgages – Greed on Wall Street
I don’t think going after banks with additional regulation without correcting the bad legislation will create anything more than higher costs to tax payers and burden on financial institutions. Simple rule – Cooks should go to jail, ethical businesses should be able to run their business.
Well here we are. I put 60% down on the house I bought a year and a half ago. I just refinanced a few months ago to take advantage of lower interest rates. I save and pay cash for my vehicles (I buy older used cars) and am focused on saving enough to send my three kids to college. I hope my job survives the situation we’re in but will be able to make my mortgage payment making less than half what I make now. I thought it was funny to hear Obama say “we all need to learn to live within our means”…. The last time I checked there’s a huge Federal deficit and the government just borrowed billions to finance the spending bill…..
The reason these people are going to the office to pay their cable bill before it's turned off, is probably because a good number of them already HAVE their food and heat and other neccessities.
WELFARE, FOOD STAMPS, WIC, ETC........
You can't pay the cable will with those, so ya gotta take the rest of your cash, after getting your 2 inch nail tips filled in, and go waste your UNbusy day, paying the bill.
THAT'S WHY!!!!
HA! I was JUST at my local Comcast office two days ago, and noticed the REALLY thick glass, and how I had to put my old digital box in a door area that only the employee could open when it was time.....
I thought it was all very strange, but then I remembered what town I was in, and thought it must be because of that.
So hearing that all the offices are that way is WEIRD!!!!!!
Wow. And I was wondering why my cable/internet bill was so high!
Seriously? Do people actually rob these places???
(I didn't read any other comments yet...I just thought it was funny that I JUST was there the other day, and this article showed up.)
Just another obsurdity of the human race, I guess...
Comcast is the devil, they have the most worthless customer service staff on the face of the earth and are incapable of human decency. Other than that tidbit of hatred, it is a strange place to people watch, and if you had been there the last time I was in their office you would have gotten more than you had bargained for.
Agreed with above posters, Comcast is "the man." It's the only internet provider around where we live so we have to go with it (grr), but we've long since discontinued our cable. It was rough at first, but now, we wouldn't have it any other way! Any shows we care about, are posted online and we have the 3-at-a-time Netflix. Life is good!
'Guest' said "saving a marsh may be it isn't going to create the jobs this economy needs." Maybe you didn't read the earlier post - there is nothing about saving the marsh mouse in the stimulus. Maybe that's one of those GOP talking points I shouldn't criticize?
I think it is reasonable to criticize statements made with absolutely no evidence or citation -- like the one about all economists oppose the stimulus. I try to provide some basis for what I say, rather than simply throwing out outlandish statements without anything to back them up.
I would like you to point out where I mentioned "GOP talking points" though - I can't find it in anything I wrote. Ever hear of a straw man argument? You just made one.
Chris
This will really come in handy--thanks!
my grandmother's "secret indegredient" in her honey cake was coffee. i never knew about it until decades later when my sister told me.
Considering our GDP has been largely based on housing for the last decade is this really a surprise to anyone paying attention?
That's another thing the "stimulus bill" does nothing to address the mitigating factor that created the recession.
Chris,
Quit accusing people of GOP talking points if you don't like what they have to say. As laudable as saving a marsh may be it isn't going to create the jobs this economy needs. Furthermore, I could care less whether some putz in California praised an organization that runs around criticizing minimum wage while paying its folks minimum wage for their efforts. They have no business being funded in a stimulus bill. None, whatsoever.
I have been trying to get sallieMae to lower my payments so I can pay them, but my payments are to high, can you tell me HOW I can convince them to do this, I want to pay, but I can not pay the amount they want me to pay, Help sylvan