This page has been archived and commenting is disabled.
As A Reminder, The President's Mortgage Plan Is "Dead On Arrival"
Obama's latest attempt to stimulate the housing sector and inflate home prices "before waiting for them to hit bottom" (which they never will as long as central planning tries to define what clearing prices are) is a noble reincarnation of now an annual, and completely ineffectual, theatrical gambit. There is, unfortunately, one major snag. It is Dead on Arrival (just like every single iteration of the Greek bailout), for the simple reason that it has to get congressional approval. Which it won't. And that's not just the view of biased political pundits. Wall Street agrees.
Courtesy of the WSJ, which summarizes the prevailing views on this topic:
Edward Mills, analyst, FBR Capital Markets: “We believe that this program would be dead on arrival in Congress, as congressional Republicans are opposed to additional intervention in the mortgage market and are philosophically opposed to a bank tax. This should be confirmation that the administration realizes that a mass-refinance program can only be achieved by legislation and not by regulatory fiat.”
Jaret Seiberg, senior policy analyst, Guggenheim Securities: “The question is whether Congress will enact this into law. To us, that is a very high hurdle in an election year. Republicans will be loathe to give the president a political win and we expect they will portray this as a policy that rewards the irresponsible at the expense of the responsible. Yet one should not dismiss this idea outright. We believe it may be far less expensive for the government than the market may believe. That could make it difficult for Republicans from states still suffering from housing woes to object.”
Alec Phillips, economist, Goldman Sachs: “While the universe of eligible borrowers isn’t entirely clear, this implies that the legislation might go beyond refinancing loans backed by Fannie Mae and Freddie Mac and could also allow refinancing of loans held by investors or banks. Given the stalemate in Congress on most housing-related issues at present, the fact that the president is seeking congressional approval should probably be interpreted as a sign that the administration has taken its own refinancing efforts as far as it can without legislation.”
Issac Boltansky, policy analyst, Compass Point Research & Trading: “While the details of the plan were almost nonexistent, the broad contours of the plan lead us to believe that the likelihood of successfully enacting it are exceptionally low. We are concerned that the proposal would have to be enacted legislatively, that it would call on the government taking on much more mortgage risk, and that the corresponding proposed bank tax will serve as a political wedge.”
»
- 12985 reads
- Printer-friendly version
- Send to friend
- advertisements -
so how about that vix.
sincerely,
- crushed
I just don't get it. If your house is significantly underwater and you can't refi it, give them back the fucking keys, and WALK AWAY.
And the day before you do it, take whatever spare change you have and short their stock!
thats what they do in countries with free markets, not the USSA
Free Market Elections are working out ok though.
Romney Sees Surge in Wall Street Donations
http://www.youtube.com/watch?v=M3Q4gh5JS5E&feature=youtube_gdata&utm_source=dlvr.it&utm_medium=twitter
Ron Paul Military Donations Q4 2011
Active Duty: $162,358.82
Veteran: $5,961.31
Other: $6,027.46
Active Duty + Veterans
Active Duty Air Force 201.20
Active Duty US Army 251.20
Active Duty US Navy 1250
Air Force 1957.39
Air National Guard 501.20
Army 3501.20
Army Reserve 192.10
Department of Army 3652.40
Department of Army Civilian 150
Department of Defence 250
Department of Defense 6065.14
Department of Navy 100
Department of the Air Force 1300
Department of the Army 1051.20
Department of the Navy 1342
Dept of Defense 1881.20
Dept of US Air Force 250
Disabled Veteran 347.50
DOD 4863.09
DOD-USMC 201.20
Former DOD/Unemployed-Refused Unemp 100
Formerly DOD(Federal Government) 1000
National Guard 25
Navy 3118
Navy Reserve 200
Retired Army 201.20
Retired Military 201.20
Retired USAF(SAC)/USMC and China La 201.20
The United States Army 20.12
U Navy 1500
U.S. Army 451.20
U.S. Navy 451.20
Unied States Army Guard 250
United Stated Air Force 250
United States Air Force 8487.50
United States Air Force Reserve 201.20
United States Air Force Reserves 201.20
United States Armed Forces (USAF) 100
United States Army 3723.01
United States Army & Veritiss, LLC 560
United States Army National Guard 600
United States Coast Guard
United States Marine 50
United States Marine Corp 250
United States Marine Corps 1655.20
United States Military 434.20
United States Navy 4627.31
United States States Navy 201.20
United Stsates Air Force 201.20
US Air Force 7434.62
US Air Force Reserves 100
US Air National Guard 134.99
US Army 39521.84
US Army (Ret) 201.20
US Army (Retired) 402.40
US Army/UNM 50.50
US Army Active Duty 201.20
US Army Military 85.42
US Army National Guard 851.20
US Army Reserve 600
US Army Retired 201.20
US Army, CT NG - Veteran 100
US Army/ Jack in the Boc/Self Emp 206.98
US Coast Guard 4550.20
US DOD 500
US Marine Corps 3762.32
US Marines 550
US Navy 25134.57
US Navy (Civil Service) 500
US Navy Band 250
US Navy Reserve 250
USAA 451.20
USAF 9438.43
USAF (Ret) 100
USAF, DOD 500
USAFR 540
USAFR Retired 111.43
USAR 468.76
USCG 708.94
USM 250
USMC 3273.60
USMC Retired 250
USMC Veteran 500
USN 1202.40
USN Veteran 91.58
USNavy (Retired) 500
USNGovt 201.20
USNR 452.4
Veteran 1201.20
Other
AK Army National Guard-Part Time 201.20
Arkansas National Guard
AZ Air National Guard 50
Florida Army National Guard 40.24
Georgia Army National Guard 188.12
Idaho National Guard
Indiana Army National Guard 100
Iowa Air National Guard 1270
Missouri National Guard & Tree Patc 250
MN Army National Guard 201.20
NJ National Guard/American Sprinkle 500
State of Idaho - Military Division
Texas National Guard 201.20
Utah Air National Guard 50
Virginia Air National Guard 250
WI Air National Guard 650
This guy sounds like he had a full year: US Army/ Jack in the Boc/Self Emp 206.98
Anyone else here ever get the feeling that we are living in one, gigantic, Potemkin village?
Yes.
http://img837.imageshack.us/img837/9679/imagezdg.jpg
We are, and when it goes down it will take the whole economy with it and possibly the centralized federal govt..
and HOW MANY of the people to took $8K of government cash to pay $50K more for a house then they would had they waited two years? The wealth destroyed by the last program is probably in the low $trillions.
Debt holiday, the only solution.
Shouts from the gubbamint clients: "USSA! USSA! USSA!"
ahhh yess i remember those days.... But but the government is giving away 8k if you buy a house now and look how low the prices are so low and the 30 yr mortgage rates are epic.... that scam fooled many here in CA... i begged some of my co workers to wait... maybe a house in the suburbs on a 4000sf lot isnt a great deal..after all you become the golden goose for the county city state and fed who will provide salvation for all our woes... just get the house dammit...fill out those 29% credit card apps. and stop asking questions!
as we learned in Dallas in the late '80s: the bottom isn't in until most properties have been foreclosed on twice. I bought my first home as a 2nd foreclosure at less than half the price from 5 years earlier. GE capital lent to the first round of foreclosure "investors" and ended up owning most of the complex.
The banks win. Twice.
What about MERS and fraudclosure?
If the bank can't show you the ink then the bank doesn't own the property any more than you do.
But remember, posession is 9/10th's of the law, so just stay in that house and stop paying.
Thing is the banks don't own it, but are servicing it for the real owner. The owner? Why it's Uncle Sugar, of course, where a captured criminal justus system trumps possession time and time again.
MERS used to always show my 2 yr. old note as "investor chooses to remain unidentified." I checked again last week, and saw a new option to enter my name and ssn in order to solve the mystery. So, I did, and discovered it was bought by GinnieMae.
Because not everyone lives in a nonrecourse jurisdiction... meaning, if I am underwater and turn in my keys, the bank comes after me for the difference... (and I now have no place to live, where I was staying for free because I wasn't making my mortgage payments).
That's why they want him re-elected...
4 more years of "Dead on Arrival" proposals = a lot of can kicking still to do...
Romney Sees Surge in Wall Street Donations
http://www.youtube.com/watch?v=M3Q4gh5JS5E&feature=youtube_gdata&utm_source=dlvr.it&utm_medium=twitter
http://en.wikipedia.org/wiki/Kolob
So, Obama better watch out! becuase Wall Street is on Mitt's side... AND! Mitt knows where God Lives!
?I see NASA getting a boost! LULZ!!
for a second there, i thought the headline was:
The President Is "Dead On Arrival"
they may take our Constitutional Rights!
but they can NOT! take our Dreams!
Liberman would do such a better Job! of representing israel's interests!
we need a Jewish President!
that way you Goy's could get whipped into shape! and be just that much better slaves!
1,200? Goy Slaves per jew? can someone make sure I am Quoting the Talmud correctly please, Thanks in advamce!
http://www.youtube.com/watch?v=FJjSzXkm55o
The President's plans vis a vis mortgage relief only have one goal: to save the banks. I think it's wise to remember that.
Any ancillary boost it might give the economy is purely a secondary concern, if at all.
Obama, the President for the banks, of the banks, and by the banks.
It is Dead on Arrival only up until the point when the banks are overtly in hemorrhage mode again, and then it will be swept through with just enough votes to give each party plausible deniability.
Yep gotta pump some money in those banks before they have to write down the value of those assets.
Correct in the extremous! The big 3 banks either have to write down - sell the assets at true market value ( ie absolute) and take their haircut OR engineer some sort of bailout.
Which do you think they would prefer?
You got that right! Explains why BAC & C are +4% today.
No, no, no. The only goal is to appear presidential in order to get votes. Besides, this new plan kills the banks that actually have preforming mortgages, as they will lose their only remaining source of revenue.
Fuck that. Wells needs to let me refi without paying more PMI..... FUCKERS!!!
First rule of election years:
Nothing gets said past 1 January that is not part of campaign strategy.
There is no plan for this proposal to happen. The plan is to blame Congress for it not happening.
He is doing all wrong.
First he needs to make a cultural revolution, and then other revolutions.
Our circus clown/presidente is a fool--lawn jockey to Goldman Sachs.
You mean your, not our. I have no presidents, nor do I desire any,
Gasp!! DOA...in an election year?!?! Who'da thought?
Oh, and I am curious how many billions this plan needs? 5? 10?
Sorry this post is inaccurate. A version of the Presidents mass mortgage plan already passed in November. Fannie Mae is making some adjustments so the investors can provide guidelines and pricing. Two weeks ago Bank Of America announced that they were no longer doing cash out refinances, so they could make room for the Volume that will be coming in. Last week Bank of America announced that they have started the Obama Refinance program which is called by three names in the market. Bank of America calls it MHA “Making Home Affordable” or “HARP” The Whole sale market calls this Du Refi Plus.
I have been a loan officer for 9 years and I have worked for Wells Fargo, Countrywide, Bank of America, Metrocities Mortgage, RightStart Mortgage
I have been a loan officer for 9 years and I have worked for Wells Fargo, Countrywide, Bank of America, Metrocities Mortgage, RightStart Mortgage
Congrats, you have just been nominated as permanent mole for ZH. If you refuse to accept this honorable offer, you will be deemed "troll grade" and henceforth degraded and kicked in the nuts, (via junking and verbal beatings), for your "9 years" of being part of the larger problem.
Long Soup nailed it. Prepare to be MDB'd and Robo'd
I graduated from college into a crappy job market just after the tech bubble burst and right before the housing market started to heat up. I am a loan officer by trade due to circumstance. If i had graduated into a different economy at a different time i would have another profession.
I have been investing in the stock market for the last 7 years, and like most people on this site, I think the mainstream media is BS and ZH is the best sourse of financial information avaialble. I was just sharing some insite from within the mortgage business which makes this article innaccurate. Thought the investors here on ZH would appreciatie it.
Hey loan guy. Q? What form did I (all homeowners) sign that says that MY home loan can be packaged/bundled and sold as a 'security' to investors? And... Do you see this as an asset or a problem in your industry and why?
It is under the sucessor's clause in your note agreement. It essentially says the note agreement is binding regardless of who actually owns the note. If it goes from Lender A to Lender B you still have to abide by the agreement.
It isn't succession proper, it's more or less just an express provision that states you, as mortgagor, acknowledge that the mortgage may be assigned and that you consent to the asignment without requirement of approval and waive protest, etc. It's a little more robust than a standard succession clause.
Not only that, but let's not forget waiver... It looks pretty baffling to a court for you to pay the assignee (BoA on behalf of the GSEs) for a year after assignment by your local bank and then turn around one day and decide that they need to show you proof of who they are... should have done that at the onset.
lean forward and choke yourself
Goddamn it, with MY hand, numb-nuts!
Not with your hand, with MINE! Now Choke.
"Sorry this post is inaccurate."
Go back to school, junior. Fannie Mae calls their version of HARP "DU REFI PLUS" not the wholesale market. Everyone knows HARP 2.0 is coming, but you need to read on.
Non-Agency being transerred to FHA? Do you know what that means? Not currently in the cards along with much of what is being proposed.
Start education here>>> https://www.efanniemae.com/sf/mha/mharefi
I didnt want to get to technical with my explanation. of course i know that fannie mae calls the program DU Refi Plus, and Freddie mac has a relief refinance program both under the making home affordable programs. The MHA 2 or HARP 2 are going to be released. Why dont you call bank of america and ask them about their recently released program that allows up to 150% LTV refinanced and get back to me
I did get back to you...the first time. Read the entire proposal and tell us where (it) all dovetails in whith HARP in existing form or 2.0 for that matter. Don't worry about getting "too technical" (dumbing it down) around here, btw. There are readers who have much more experience than you on this subject.
And especially when you sound like you don't know what you are talking about and you are countering the author by saying "this post is innacurate."
You're talking about HAMP not HARP.
I'm addressing his comments re harp... The revised overall plan will be referred to as chump.
Considering that property market is still rolling down the hill and all this free and recently issued money sloshing around markets and refusing to trickle down to the folks in form of credit of cause, I wonder not , of all this attempts to reheat property bubble again. However I find it is worrying that this time the government is in the seat of market bubble blower ( If one think of unlimited money supply and back stop of responsibility ultimately taken over by tax payer) and secondary the banks where bailed out in order to provide the credit to people and small businesses which they didn't instead investing in bonds and collaterising it again to central banks. We will see. But I don't see why not for reasons stated above( if I had 90% of toxic assets, unlimited money and no risk I would definitely chuck money in it as long until greed of sheeple would force them to take the hook the line and sinker again.)
He knows that this bird will not fly, it will be "those damn republicans". Class Warfare Part XX, I am sick of this movie, I want my money back.
I can almost hear the sound bite now...
You can feel the ideologues winding up like it's like a football cheer, 'go red go' or 'sic'em blue'
I wasn't aware it's the government's job or responsiblity to refinance mortgages.
What next, my IPad purchase, my 3-D TV, my furniture purchase, my credit card debt.
Why not just call it "Cash for everyone"?
Something to do with the goobermint owning roughly 90% of current mortgages.
Because the banks failed in their fiduciary responsibilty to protect thier investors from bad securities and went hunting for bonuses... and the Federal Reserve took all of the sub-prime shit on behalf of the government and now has a responsibility to do the best they can to make their investors (us) whole. That's all the apologizing I will ever do for the Bernanke who along with Timmay and Lloyd are doing Gods work.
i'm still paying taxes - so actually - i would rather bernake sent me the money directly, rather than through the banks.
and i'd rather he did it to the people on welfare also. let's see it trickle 'up' for a change.
More politics and propaganda from Presidente Zero. He could turn lose his judicial branch to get the money, but instead he proposes a bank tax he knows Republicans will oppose.
The Democrats love their muslim and his wookie.
& not to mention, but all bubbles over correct...
http://www.psychopathiceconomics.com/DavosEconomicForum/wp-content/uploa...
If the dollar keeps falling we will go to war!
If the dollar keeps rising we will go to war!
It's alright, Obama can blame republicans and say he wanted to help people and the evil republicans only wanted to give tax cuts to the rich.
Don't believe anything this guy says until after November 2012 ... if he's still there of course.
http://theimperatore.blogspot.com
he will be there - and then he won't care. all the shit hits the fan then.
And here is why. No upside other than 1 million happy borrowers, MBS holders take a haircut (including banks) and then it would add a bank tax. Was meant to give House Republicans a black eye, nothing more.
http://confoundedinterest.wordpress.com/2012/02/01/obamas-latest-mortgage-refi-program-and-mba-mortgage-applications-down-2-9-last-week/
I'd be one of those happy borrowers. Why should the clowns the overspent, the rich, and the poor be the only ones who benefit from the government? As we both know, those of us who only borrowed what we could afford have gotten screwed.
My irony meter broke when I tried to attach it to the idea that the repubs who are beholden to the banks might feel a need to protect them from this plan.
The *whole* point of the plan, as explained in great detail at the Naked Capitalism site, is to get the banks out of this problem more cheaply the they deserve to get out of it. That's all Obama and Eric "Place" Holder are doing here.
If Obama was serious about this plan he would open up a market for the 3.0 MBS coupon. If that was done the Fed could drive 30 year rates down to the 3.0 level. 30 year rates in Japan at around 2.0%. None of this would matter, of course, unless homeowners could refinance.
Agreed. The biggest reason they can't refi is income verification -- and debt to inc -- all of which is made more complicated by those with under-water mortgages.
The real test of creditworthiness is payment history. If a borrower has made payments for the past 12 months, on time, then banks should refi that loan to a lower rate. Freddie Mac has been betting against current borrwers ability to refi mortgages into lower rates -- and have helped people who stopped making payments altogether. This iteration puts money in the pockets of middle class Americans. It's NOT a new idea. Whether or not Obama just jumped on the bandwagon is not the point. Would you rather help people that have stopped paying their mortgages ages ago -- living on taypayers backtopping foreclosure mitigation -- and given more opportunities to continue scamming the system -- or reduce the interest rate carry for borrowers who are actually paying and current? There are lots of self-employed and under-employed Americans making less income and needing cash-flow relief who are unable to take advantage of lower rates.
So the Banks get to charge the Government what? Say like $500.00 refie fee...for maybe 15 minutes of work to look over and DECLINE the applicant. This is a very good deal...for the Banks. Go Obama Go! This will get more $$$$ straight into the economy...oh wait......
DOA --- LOL Why do you think he still has all of that stimulus money still set aside... Watch and learn kids watch and learn.....
You know what I would have liked to hear him say.
"You know what, I don't give a damn about your granite counters, your his/her bathrooms in your master bedroom suite or your heated swimming pool. It's time for government to get out of the housing business so from now on, screw the property tax deduction and the interest deduction and in exchange, I'm lowering everyone's tax rates. And if you don't like it, walk away from your house and rent an apartment cuz guess what, screw the banks too for giving you the money for a house like that without considering all the risks and if they go under, so be it."
The thing that really bugged me was the notion about all these poor mortgage holders who "did everything right and played by the rules". What fucking rules? Where is it written in this fucked-up country of ours that a house you buy today won't go down in value tomorrow.
But you know what? It doesn't matter. The middle class, the people who actually can buy these homes, is shrinking every day. The next generation of 20-30 somethings have low-paying service jobs and massive student loans. They aren't going to have the money to buy homes at their current price levels. So if Obama and that jack-ass housing secretary are successful in keep home prices elevated, sales volume is going to plummet because no one can afford to buy the homes.
Just one more example that I can't wait for our current system to collapse. We need a modern-day Robespierre to clean out all the crap in this country.
This iswhat corporate fascism looks like. Hold onto your homes folks. They are trying to nationalize housing.
"The REO Initiative will allow qualified investors to purchase pools of foreclosed properties with the requirement to rent the purchased properties for a specified number of years."
I think he should focus on the 'homeowners bill of rights' With one very important 'right' The right to NOT have your house "bundled"/"packaged"/ "securititized' into some form of "investment vehicle"
Does anyone know the form I/we signed on closing day that makes this practice legal to begin with?
IANAL, but I'm sure the language allowing transfer is within the mortgage note/deed you voluntarily signed.
I agree, and have no idea what rights I signed away in that multi-hour 'closing' session, but I would like to re-visit that form and take another look at the legalities.
See post above about succession... once you sign away the right to assignment, I think you're fair game after that...
Now, obviously no one can slander or cloud your title improperly (you don't sign that one away, but it's difficult to use as a sword/cause of action)... I'd also think that many of them violate the duty of good faith and fair dealing implied in every contract (which for some reason is seldomly known). Who knows.
I also have reservations about whether or not, in fact, the assignees of the mortgages have been assigned rights greater than the assignor... which is an inherent speed limit to assignments.
I agree.
Reinstall Glass-Steagull.
Problem Solved.
Take investment options away from the banks.
Let them be banks or let them fail.
Many of the banks that failed predated GS, some like WAMU by 40yrs, but don't let that get in the way of more useless regulation.
I can not believe that people will go to political rallies or listen on TV to politicians say what they are gonna do when they are President. I always expect to see heads exploded in the audience. I can't even watch a SOTU. I think I watched Mysteries at the Museum during the last one. It was pretty good.
I'm still worried. When exactly has Obummer ever restricted what his administration does from petty nuisances like receiving Congressional approval?
Whenever it's something he really doesn't want to do, but wants it to look that way for PR purposes.
Obama's latest attempt to stimulate the housing sector and inflate home prices "before waiting for them to hit bottom"..
once upon a time the word stimulate had a positive connotation...sadly the word has now been degraded by central planners....
Did you see that u-tube video of the Secretary of Agriculture pointing out that the "increase in food stamps is actually a 'stimulus' to the economy."? They can't make this stuff up on comedy shows.
Give me a break. Maybe they should give us all food stamps -- think how that would stimulate the economy!!!
I Present to you "The American Way"
“Facebook has really increased its lobbying and also started raising cash to make friends of its own in Washington politics,”
http://www.bloomberg.com/news/2012-02-01/facebook-builds-washington-pres...
Obama has graduated from a monkey chewing on it's fingernails, to a monkey chewing on a "FLY" swatter.
A couple weeks ago, get a letter from my bank, "....to let you know about a situation regarding your Home Equity Line of Credit."
According to them our home value has decreased by 2/3rds, and thus they have suspended the line of credit. Interestingly, we don't owe anything at all on the HELOC, and the mortgage itself has a 24% LTV, 810 credit score, etc.
It makes no sense. Have already lined up a new line with no problem, Zillow shows the property valued in line with the county tax rolls.
Max out that new HELOC, buy a shitload of XAU and a fireproof safe. Then burn that Mother F..ker down. ( Make sure your PMI is up to date)... sarc on/
I find it hilarious that Obama cannot dictate the actions of the GSEs without the blessing of Congress, yet can start wars with impunity.
How bout just doing a short sale back to yourself, or a "partnership". If prices keep dropping one might be able to buy back it .30-.40 cents on the dollar?
I WISH! Let me know how ur "partnership " thang if you have pulled it off, works... but NO short sales to the homeowner or any of their friends, neighbors, ar family members! must be "an arms length transaction" agreement between the homeowner and someone that he has never met....*
THIS IS a big part of the problem! I can quit paying my mort for 6 mos-6 years before the banks kick me out and then after they clean it and put it on the market where it sits for more months/years then the bank can sell it for a lose to some other schmuck but they wont sell it to the original schmuck because they have some sort of derivative/insurance/bet against the loan...
So, my house worth now only 100k (paid 220k, borrowed 160k) can not be sold to me for 100k but can be sold to some other fool for the same 100k.....but after years of NO payments on the house!
* anybody know how to cheat this broken system!? I have friends/neighbors/family that could help me keep my house, but the banks seem to want me to get foreclosed on, thus ruining my credit and not thus not qualified to buy a different 100k foreclosed house...
The rich people around here are starting property investment companies to create the appearance of "arms-length" transactions, then defaulting and short-selling their houses to the group.
I'm quite sure the success rate correlates with political connectivity, but since I have none, it's merely speculation.
Yes, The WSJ is not a den of "biased political pundit"s ...
Maybe they can start up the FEMA camps early to work out the bugs. Maybe the Brown Clown will just declare himself El Presidante for life. Maybe the military will have the balls to surround the White House and Congress and arrest all the parties guilty of Treason against the United States of America.
As the Ghetto expands at an exponential rate through Obamanomics, screams shall be heard all over the once great American nation echoing those words coming straight from Michelle's mouth.
"Damn, Barry I ain't nots never seens no house like dis. We gonna go all out in herea. My babies livin large, hells yeah."
being short this market with everything but the kitchen sink having been thrown at it has been dead on arrival. not many have won fighting the tape.
Anyone who buys real estate in the USSA today is stark raving insane. Once the next election is past, everyone who is tied down by ANY asset will be endlessly raped in untold ways, shapes and forms.
You can assume that any re-financing plan will include a provision that makes it impossible for you to ever default and walk away (just like student loans).
SIGN NOTHING.
Does Robo-Signing count? I agree.
I concur in that any "new deal' put on the table by this administration will have an "escapeless clause". Much like the student loan death trap.
One doesn't need to wait until after this coming election for the endlessly rape of being an asset holder. The local taxation of real property is exploding as municiplaities go ever further in the hole for pensions, services and improvements.
I completely agree. Getting out and being a renter means being free, we just don't know yet how free that is. If you sign something now and commit yourself to a contract you'll never, EVER be able to get out of -- particularly if you're in a non-recourse state where right now they can't come after you for say, anything past the primary mortgage and they can't make you pay taxes on the loans that you didn't pay off, you may wind up in a deep pile that you'll regret for decades to come.
I know that only a fraction of people will qualify for Obama's plan. Just hope that you aren't one of them.
It's likely just a ruse to get the suckers to sign new mortgage and lien paperwork, so the banks can roboforeclose with proper documents instead of those nasty forgeries that even 60 minutes couldn't ignore.
Linda Green has retired, but Jane Doe is always available.
The bigboys are always 2 steps ahead, laying the trap for the next leg down. Notice the stipulation, you must be current on your current loan. They just want a valid signature on a new loan, so they can foreclose when the bottom falls out after the election is over.
Christ these bastards are transparent.
With a million or two bank owned homes not even on the market... jsut how is this market ever going to hit bottom so as to begin recovery? Bottom feeders (like me) will buy if super low, and then maybe, finally a turn around...
Of course there is no economy and no jobs, but don't confuse me with facts...
The market never hits true bottom. It has been like this since 30 year mortgages became the norm.
You are correct that it will never bottom until bottom feeders come in and start buying with cash.
my co-worker's step-aunt makes $82 hourly on the internet. She has been laid off for 6 months but last month her paycheck was $8731 just working on the internet for a few hours. Read more here... LazyCash9.com
Shit, dude, this is ZH. You gotta troll better than that.
But neither you nor your co-worker are "doing her plan" and making $82 / hr.
Nice try.
I get scam emails like that all the freikin time. LOOK what SOMEONE ELSE did !!!!! Click HERE !!!!
NOBODY who has a good money making scheme / plan / whatever is gonna tell the world about it.
NOBODY.
ZHedger's are too smart to get scammed by your little tricks, better go spam somewhere else you little fuck.
No right minded person would permit any further damage by this man. Secondly, whay now after 3 fucking years?
my co-worker's step-aunt makes $82 hourly on the internet. She has been laid off for 6 months but last month her paycheck was $8731 just working on the internet for a few hours. Read more here... LazyCash9.com
Die dickhead.
So when suffering the effects of a contracting housing debt bubble, brought on by overly lax mortgage lending, the appropriate action is always to re-inflate the bubble so what... you can postpone the ill effects till after the election?
... brought on by overly lax mortgage lending
Partly yes, but mostly by a collapsing economy, people losing jobs and having to take a lower paying job, people losing jobs and not finding any kind of job, along with a steadily debasing currency (from bank bailouts) reducing the purchasing power of money people do have.
You can't keep home prices inflated in an economic depression. Demand for single-family homes drops off a cliff, resulting in big price drops.
In economic lingo it's called "elasticity". The housing market is very elastic, quite sensitive to the broader economy, unlike food for example, which is said to be "in-elastic", meaning a drop in the economy doesn't reduce demand for food.
Obummer has done nothing to rebuild the economy. Every plan he comes up with is intended to help banks, not people at large, not the economy.
Plans like this try to create demand that's not really there.
The only way real demand will come back is big price reductions, like a store having a 50% off sale, and yes home prices need to drop 50%, maybe 60%, maybe 70%, to bring back any real demand.
But banks don't want prices to drop, because they would have to write down the value of current mortgage debt paper on their balance sheet, pushing many banks into insolvency and bankruptcy.
I'd love to see an 50% drop in home prices. 60% would be even better. 70% would be wonderful. THEN that huge backlog of homes might start selling.
One of the biggest crimes that will be recorded is TARP.
They never put a restriction on what the money could be used for and it became a SLUSH FUND for the administration to buy votes.
Remember in November who brought it. HP....and I dont mean the computer company.
Like a clock Tyler reacts in his "all-but-not-colored-president" retoric and the super-pacs pay him handsomely. Puke.
http://ftalphaville.ft.com/blog/2012/02/01/860841/us-unemployment-progress/
ha ha, just read on Drudge that Prez doubling down
President Obama on Wednesday rolled out new proposals aimed at helping troubled homeowners, including a plan that would allow more borrowers to take advantage of record-low interest rates and lower their monthly mortgage payments.
http://www.washingtonpost.com/business/economy/obama-to-announce-new-housing-refinance-plan/2012/02/01/gIQAw8YghQ_story.html?wpisrc=al_comboEP_p
http://strikelawyer.wordpress.com/2012/01/28/crisis-continues-and-the-ag...
It's just like the AG's "settlement" and the new Schneiderman headed commission. Meaningless theatrics, won't accomplish anything.
If they really wanted to make the banksters squirm for their fraud and provide some real relief for homeowners, they'd start talking about, and maybe even pass, a foreclosure moratorium, nationwide.
But that's precisely why they will never do it.
I'm afraid the only peaceful, lawful way out of this is a constitutional amendment:
http://strikelawyer.wordpress.com/2011/12/27/saving-the-world-revised-ed...
http://strikelawyer.wordpress.com/2011/12/27/saving-the-world-revised-ed...
...Rosemary's Baby wants to offer security for home owners by casting people out of their homes and getting the evil dipshits that voted for his dusty ass in, and Rosemary's Baby represents thier tax to abort themselves as their labor also fields a military where you can have an Adam's Apple dressed in a BDU skirt, standing fast at the Alter married to the same image. That is the image of the American black hole. Lol. Paaaathetic. There is no defense for this country and these donations define it. The public says they support the troops but yet they voted against thier own defense and for the offensive George Bush and Rosemary's stinking Baby, and now with some Mormon moron in secret magic masonic underwear and a Newt that want's to screw you while his wife stands fast. Those troops are not really getting blown to shit by suicidal Iman Mahdi meatheads are they? ...it's really just the pathetic weakness of the general American public, and that is murder suicide. These Troops know it. They are out there in the field at zero interest and over 100% debt to GDP. Lol. There is no defense for that what so ever, much less cause for the offense suffered by the children of war.
You know, prayer is not a choice, it comes upon you, if you do not get in the way with your own image. What is upon me is a prayer for the revelation of mercy to come upon the people, but, only silence confirms the responce and the image of judgment is risen. That is troubling and a sure sign we are going to witness what they, the general public, think is sudden destruction when it is really just the end of this slow train wreck for everyone that has been watching it happen and making and effort to pull people off this track to self destruction. http://www.youtube.com/watch?v=crGd3mlOxTo
just stay in your house and fight the banks at every step.........SO SIMPLE !
...you mean stay in their whore house and pay the Pimp while you screw yourself. Catch 22. Lol. Yossarian naked upon The Branch of Mercy in the Tree of Life while the ''S I N'' snydicate conducts a funeral for a young soldier nobody really ever got a chance to know anything about, other than his name and number of the beast. LMAO! http://www.youtube.com/watch?v=dEizHF-NRYs
Well..... Think about this carefully, people.
The banks hate this plan , but what would they hate even worse? The return of MARK TO MARKET.
ergo:
"Section 132 of the Emergency Economic Stabilization Act of 2008, titled "Authority to Suspend Mark-to-Market Accounting" restates the Securities and Exchange Commission’s authority to suspend the application of FAS 157 if the SEC determines that it is in the public interest and protects investors"
Therefore: Obama, via the Treasury and the SEC, already has the bankers by the balls- if the Administration SINCERELY wanted to help re-fi owners who are current in their payments then they COULD get it done.
One teleconference between the SEC and the heads of the banks is all it would take and they would all be screaming "hurray, we're going to re-finance everyone's house for free!" from the rooftops.. But they won't be doing that.
Why? Because this is all just more smoke in mirrors to make it look like the gov't is trying to promote the concept of doing the right thing...
64 months till I buy my home on wheels....wheeeee @ 62 I become a hippie again !
I'm sure you didn't sell us all down the fucking river for a free lunch, but tell your boomer friends to cram it with walnuts:
http://qkme.me/35taie
Fucking thieves:
http://blogs.reuters.com/felix-salmon/2010/11/09/the-force-placed-insurance-scandal/
Ron Paul should go home, you fucking livestock have piss and shit all over this fucking trashdump. Men like that shouldn't waste time on fucking trash livestock and pigfuckmen.
forbes begins to understand:
No Hope For Recovery As Housing Falls Deeper Down The Rabbit Holeand sums it up as:
"The latest decline in the Case-Shiller index is another sign that real estate markets are still lost deep in the woods. While Goldman’s analysts expects prices to bottom out in late 2012, there is little expectation for those markets to recover at a decent pace, particularly given tight lending standards.
With housing still deeply depressed, it seems a little farfetched to be optimistic about the economic outlook, even if other indicators suggest improvement."
http://www.forbes.com/sites/afontevecchia/2012/01/31/no-hope-for-recover...
I don't want to gloat but I figured this out 3 years ago. This is a major reason why the depression will last until 2022-2024. Of course a major war changes everything and clouds the picture, but if things continue on the current path, it will take a decade to climb out of this crater.
Reuters:
Exclusive: Mortgage deal would give states enforcement clouthttp://www.reuters.com/article/2012/02/01/us-mortgage-settlement-exclusi...
(Reuters) - A proposed settlement to resolve mortgage abuses by top U.S. banks will give states broad authority to punish firms that mistreat borrowers in the future, according to documents seen by Reuters on Wednesday.
Under the settlement, which states are currently reviewing to decide whether they will join, the states and a separate "monitoring committee" will have the authority to go to court to enforce the terms and seek penalties of up to $5 million per violation.
Thought this was a worthy comment:
"
breezinthru wrote:I bought my home six years ago and I’ve never made a late mortgage payment so I won’t be eligible for any of the settlement cash. I guess I’m not distressed enough or not dishonest enough, but I have lost my butt and I’m too old to ever recover that kind of loss.
Thus, in exchange for a 50K down payment, 15K in improvements and the attorney general’s sale of my constitutional right of due process, I get the opportunity to refinance the 145K mortgage I’m carrying on my 210K house that is now worth 80K.
If the bastards on Wall Street ever do something like this again, I will have recourse through the state? Are you kidding me? Who the hell decided that the laws broken by the financial community this time aren’t worth enforcing?
How can anyone with a conscience arrive at a decision like that?"