... another 7-14 million homes lost needlessly to foreclosure ...
Why do you assume all foreclosures are "needless"? People who can't pay need to leave. How come you don't care if renters get evicted when they can't pay? Renters in California get 3 days to pay or quit; nobody cares one iota about keeping them in their homes -- unless they're renting a foreclosure.
Then suddenly everyone cares. Why? Not to keep the renter in their home, but to keep the price of the home propped up. If that renter gets a lease from Fannie Mae and doesn't pay, do you think anybody will insist on a "lease modification"?
Banks share the blame for lowering their standards but borrowers deserve some of it for lying and acting imprudently. Prudent people were somehow able to resist taking money, and they were shut out of the market for their trouble. Borrowers lied so they could overpay for a house, or they used their family home like an ATM and squandered the cash.
If they signed without reading, that doesn't absolve them. If they read without understanding, that doesn't absolve them. If they understood but took the risk anyway, that certainly doesn't absolve them. If the bankers helped them lie, and they went along with it, that doesn't absolve them.
Actually foreclosures aren't needless; they're NEEDED to rebalance everything that was thrown out of whack by a Potemkin-village economy.
This epic fraud has nothing to do with the homeowner...
During the housing boom, lenders passed around mortgages as if they were whiskey bottles at a frat party. Notes were lost, destroyed, sold into multiple pools. Mortgages were not recorded and exorbitant fees were collected by the big firms on Wall Street.
Now that the bubble has burst, “lenders” are trying to collect on loans they do not own, in most cases never lent a dime on the transaction, have no right to, or were paid 30 times over in bailouts, insurance, credit default swaps, etc.
They are doing this because they can. They are steamrolling the courts rocket dockets because hardly anyone is contesting their foreclosures. Think about it. If you could go into a court and file thousands of foreclosures a week, and only a mere 10% challenged the authority of the foreclosing entity, what would you do if you were the greedy bankster?
The crises is even worse in non judicial states...
In almost every case these pretender lenders do not and did not own the loan. Almost all loans during the boom were securitized and it was investors that put up the money. Not the banks.
Now these "pretender lenders" along with MERS are trying to steal the homes by filing fraudulent assignments, by the thousands, to process the foreclosures.
... another 7-14 million homes lost needlessly to foreclosure ...
Why do you assume all foreclosures are "needless"? People who can't pay need to leave. How come you don't care if renters get evicted when they can't pay? Renters in California get 3 days to pay or quit; nobody cares one iota about keeping them in their homes -- unless they're renting a foreclosure.
Then suddenly everyone cares. Why? Not to keep the renter in their home, but to keep the price of the home propped up. If that renter gets a lease from Fannie Mae and doesn't pay, do you think anybody will insist on a "lease modification"?
Banks share the blame for lowering their standards but borrowers deserve some of it for lying and acting imprudently. Prudent people were somehow able to resist taking money, and they were shut out of the market for their trouble. Borrowers lied so they could overpay for a house, or they used their family home like an ATM and squandered the cash.
If they signed without reading, that doesn't absolve them. If they read without understanding, that doesn't absolve them. If they understood but took the risk anyway, that certainly doesn't absolve them. If the bankers helped them lie, and they went along with it, that doesn't absolve them.
Actually foreclosures aren't needless; they're NEEDED to rebalance everything that was thrown out of whack by a Potemkin-village economy.
PUNSTRESS...
Your arguments would be easier to understand and reply to, were they made a year or two ago... today, they just show that you're not up on what's going on today vs. what's gone on in past two years. Few losing homes today did anything wrong to get where they are today.
Thought you would like this..the truth comes out regarding how HAMP is the reason who MILLIONS of AMERICANS are not getting modification.
Ok..received letter today from OneWest/Indymac Bank with what I expected it to say regarding my moms attempt at a modification:
Date 10/23/09
Thank you for your recent request to modify the terms of your mortgage serviced by IndyMac Mortgage Services, a division of OneWest Bank.
On March 4, 2009 the Deparment of the Treasury launched the Home Affordable Modification Program(HAMP). The program was adopted by IndyMac Mortgages Services on August 11, 2009. By signing up for the HAMP, IndyMac Mortgage Services has agreed to follow the rules and guidelines that have been established by the United States Department of Treasury. While the program is designed to help borrowers who are expecting a financial hardship, not all borrowers will meet the eligibility qualifications established by the Department of the Treasury, and therefore, not all borrowers are eligible for a HAMP modification.
In reviewing your loan for a possible modification(now it has been almost a year), we have determined that your loan does not qualify for a HAMP due to OUR CONTRACTUAL OBLIGIATIONS WITH THE OWNER OF YOUR LOAN. IndyMac Services performs loan servicing for numerous different owners and in each case, a SERVICING AGREEMENT with the OWNER of the LOAN GOVERNS OUR ACTIONS. HAMP REQUIRES the servicer to comply with the terms of THEIR SERVICING CONTRACT WITH THE OWNER OF THE LOAN(so bascially HAMP is there to hurt you not help you). This REQUIREMENT prohibits us for modifying your loan at this time.
We are prepared to discuss alternatives to foreclosure and work with you to find the option that works best for you. We also strongly encourage you to consult with a HUD approved housing counselor to discuss potential alternatives for reducing expenses not related to your primary mortgage(so they want me to replace one useless law like HAMP with a another useless goverment agency!) HUD approved housing counselors can be reached at 1-800-280-6194.
We regret that we are unable to modify the terms of your loan(love this part coming up), but are interested in working with you to determine if there are any further alternatives to foreclosure tha best fit your circumstances. We encourage you to call us at 1.888.280.6194 to discuss possible PARTICIPATION in our short sale or CASH FOR KEYS(oh wow how generous of them!..so I guess they can pay me from my tax dollars that bailed them out!) PROGRAM.
Sincerely,
Brandon Latman
First Vice President
IndyMac Mortgage Services
OK..so..this should leave no doubt..its Deutsche Bank(who is the owner of the loan) pulling the strings with IndyMac Bank in a air tight contract that HAMP says they must OBEY..so folks..the US government and OBAMA just screwed you! They created a program that leaves room for the lender to have a exit strategy...Thank you to all those that voted for our wonderful representatives in congress and the american idol, running the country, who now is making MILLIONS of AMERICANS lose their homes with his HAMP program!
P.S. My mom was a victim of predatory lending...the mortageg broker already lost his license and she signed papers without knowing what they were because, "of the nice young man next door who wanted to help her!"
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