You think you could fix housing by reworking everyone's mortgages? Bwahaha. That's a laugh. Why don't you do a little analysis and think about what would happen if your every liberal dream came true and every lying borrower who racheted up their debt beyond anything reasonable or affordable and who no longer has a job anyway, suddenly gets their principal cut in half, their interest rate set to 1% and they get a free puppy, too.
First, they'd default again in a matter of months. Have you ever heard of the HGTV Dream House sweepstakes? Every year they give away, that's GIVE AWAY a house free and clear, and usually the people GIVE IT BACK or sell it. You can't get much more affordable than free, but unfortunately you forget that houses come with expenses, such as taxes and maintenance, and if you don't have a job you can't pay the expenses.
Besides, many of these lying borrowers were speculators who never even occupied the house or condo in question. They've been rent-skimming, sure, and I guess that's OK with you if they continue that for another few months or years. As long as nobody gets foreclosed! Oh, the horror of facing consequences for one's actions! Perish the thought that anyone should become a (shudder) renter! If you're a renter and you can't pay, you get a 3-day notice and you're out on the street if you can't come up with the dough. Nobody modifies your lease to make it affordable. How unfair! Doesn't the landlord know s/he can make more money by modifying the lease than evicting someone?
Second, the lenders and investors are going to go broke anyway. You're just propping up a house of cards, extending and pretending. Could you make money by lending $500,000 and getting back $250,000 over 30 (or, in your dream, 40) years? No matter how you slice it, they made bad loans and they're toast.
hey cunstress... your parents have any kids that lived?
kinda like your a poster child for abortion huh?!
your just the kind to hear the term unemployment and you think of a check.
yea!
.......go team obama-nation...oopoops!
now go away
The Reno Class Action attorneys and others, including Elizabeth Warren, Chairwomen of the Congressional Oversight Committee, want to know where this money went, whether it satisfied obligations, and whether the obligations satisfied inure to the benefit of homeowners who purchased loan products from a Ponzi securitization scheme or otherwise. $13 trillion in mortgages were issued during the mortgage meltdown period, and $11.3 trillion was paid in by the public sector. During the same period, trillions of dollars in payments, prepayments, payoffs through sales and refi’s also went into the system. These numbers are readily available through dozens of sources on the internet.
Simple addition reveals that more money went into the system in cash and commitments than went out in loans. It would seem that an appropriate question to ask is “were these mortgage debts paid by third parties and what rights does the taxpayer have to recover the payoff to Wall Street firms?” Is the taxpayer a holder in due course or possessed of some claim to collect on the obligations created when homeowners purchased these loan products? If homeowners have claims for fraud, TILA violations, predatory and deceptive lending, usury, etc., whom do they sue? When the homeowner sends a Qualified Written Request or Debt Validation Letter, to whom should the letter be addressed?
as long as the loan is in default it keeps paying...Geithner & da dirt Boys
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