Loan Mod? No Problema.
- Thread starter awgee_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
How about the NY Times.
As an Exotic Mortgage Resets, Payments Skyrocket
You really should at least read the links people provide. Dr. Housing Bubble cited the NY Times article and linked to it.
That is where Awgee's quote ultimatly came from.
Ordinary interest only loans recasting today are not going to rise to catastrophic levels and 2013 is a long way off.
Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?
Before the melt down the max loan from fannie or freddie was 417k tell me why this is important.
Oh and to answer your question YES I DO DOUBT all of those things.
Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.
And how many homes will be sold on the courthouse steps today ?
You suffer from a lack of imagination. If this type of loan is not demonized there is a far greater chance of a yet another solution involving Fannie Mae.
Are we discussing the current market or are we discussing that which cannot be known?
172 with 131 of them in Anaheim.
tmare_IHB
New member
I am so tired of the idea of a loan modification. When will anyone actually say, "You bought something you couldn't afford, now move on with your life"? The whole idea is ridiculous, if even 5% of the people who need them are somehow eventually helped (I think 5% is too generous), does that make all of this worth it? We really need to push the re-start button and stop with all of the foolishness. The whole thing is just making me angry because it wastes so many people's time.
cletus_IHB
New member
Ya... a 1 year moratorium on foreclosures to give people time to figure out whether they are eligible or not... that makes sense...??
Today's LA Times Article
In some cases, loan servicers are using the plan's rules to keep homeowners from taking part, which results in homes heading to foreclosure anyway, said Bruce Dorpalen, director of housing counseling for the Assn. of Community Organizations for Reform Now, or ACORN.
"We need stronger enforcement," Dorpalen said. "We're still finding foreclosure sales going through with no review to see if homeowners are eligible for loan modifications."
ACORN is calling for the federal government to impose a one-year freeze on foreclosures to allow homeowners more time to figure out whether they are eligible for loan changes under the program.
Today's LA Times Article
In some cases, loan servicers are using the plan's rules to keep homeowners from taking part, which results in homes heading to foreclosure anyway, said Bruce Dorpalen, director of housing counseling for the Assn. of Community Organizations for Reform Now, or ACORN.
"We need stronger enforcement," Dorpalen said. "We're still finding foreclosure sales going through with no review to see if homeowners are eligible for loan modifications."
ACORN is calling for the federal government to impose a one-year freeze on foreclosures to allow homeowners more time to figure out whether they are eligible for loan changes under the program.
awgee_IHB
New member
More from
Dr. Housing Bubble:
The Mollers owe so much more than their house is worth, and have so few options, that they are already anticipating doom.
“I’m praying for another boom,” said Mr. Moller, 34. “Otherwise, we’ll have to walk.”
“The interest-only periods, which put off the principal payments for five, seven or 10 years, are now beginning to expire. In the next 12 months, $71 billion of interest-only loans will reset. The year after, another $100 billion will reset. After mid-2011, another $400 billion will reset.”
"Leave it to California to have these same players proclaim that the bottom is here. Where do you think most of the $1.1 trillion in loans sit? California, Florida, Nevada, and Arizona own 75 percent of the option ARMs. Alt-As? California holds 42 percent of all loans categorized as Alt-As. Yet here people are thinking it won’t impact them in Pasadena, Culver City, or other semi-prime areas."
"You might ask why banks have not dealt with these loans. Easy, that loan of Mr. Clavon is still on the bank balance sheet at face value. Do you think they want to lower it to $400,000 and eat the loss? They will go under. Shadow inventory is here and only those who are blind choose to ignore it."
Dr. Housing Bubble:
The Mollers owe so much more than their house is worth, and have so few options, that they are already anticipating doom.
“I’m praying for another boom,” said Mr. Moller, 34. “Otherwise, we’ll have to walk.”
“The interest-only periods, which put off the principal payments for five, seven or 10 years, are now beginning to expire. In the next 12 months, $71 billion of interest-only loans will reset. The year after, another $100 billion will reset. After mid-2011, another $400 billion will reset.”
"Leave it to California to have these same players proclaim that the bottom is here. Where do you think most of the $1.1 trillion in loans sit? California, Florida, Nevada, and Arizona own 75 percent of the option ARMs. Alt-As? California holds 42 percent of all loans categorized as Alt-As. Yet here people are thinking it won’t impact them in Pasadena, Culver City, or other semi-prime areas."
"You might ask why banks have not dealt with these loans. Easy, that loan of Mr. Clavon is still on the bank balance sheet at face value. Do you think they want to lower it to $400,000 and eat the loss? They will go under. Shadow inventory is here and only those who are blind choose to ignore it."
N
NewportSkipper_IHB
Guest
Please find some sources that aren't named Dr Housing Bubble.
trrenter_IHB
New member
NewportSkipper said:
How about the NY Times.
As an Exotic Mortgage Resets, Payments Skyrocket
You really should at least read the links people provide. Dr. Housing Bubble cited the NY Times article and linked to it.
That is where Awgee's quote ultimatly came from.
N
NewportSkipper_IHB
Guest
trrenter said:
Ordinary interest only loans recasting today are not going to rise to catastrophic levels and 2013 is a long way off.
trrenter_IHB
New member
You sound like this guy...
That quote is from Alan Greenspan in October of 2004 regarding a housing bubble.
That quote is from Alan Greenspan in October of 2004 regarding a housing bubble.
irvine_home_owner_IHB
New member
The NY Times is not as credible as the Chron.
/sarcasm
/sarcasm
awgee_IHB
New member
Who needs "Shadow Inventory"? Let us just call it what it is: "a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time.”
From Zero Hedge
From Zero Hedge
bltserv_IHB
New member
For Skippy its the NAR Report or nothing.
N
NewportSkipper_IHB
Guest
You are aware that Fannie Mae makes interest only loans, no?
"Mortgages With an Interest-Only Feature
Interest-only is a standard feature available to all lenders."
Do you really doubt for a minute that there will be a workaround to this situation? Do you doubt a simple extension will be drawn up?
"Mortgages With an Interest-Only Feature
Interest-only is a standard feature available to all lenders."
Do you really doubt for a minute that there will be a workaround to this situation? Do you doubt a simple extension will be drawn up?
N
NewportSkipper_IHB
Guest
bltserv said:For Skippy its the NAR Report or nothing.
Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?
trrenter_IHB
New member
NewportSkipper said:
Before the melt down the max loan from fannie or freddie was 417k tell me why this is important.
Oh and to answer your question YES I DO DOUBT all of those things.
CapitalismWorks_IHB
New member
NewportSkipper said:bltserv said:For Skippy its the NAR Report or nothing.
Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?
Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.
bltserv_IHB
New member
CapitalismWorks said:NewportSkipper said:bltserv said:For Skippy its the NAR Report or nothing.
Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?
Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.
And how many homes will be sold on the courthouse steps today ?
N
NewportSkipper_IHB
Guest
trrenter said:
You suffer from a lack of imagination. If this type of loan is not demonized there is a far greater chance of a yet another solution involving Fannie Mae.
N
NewportSkipper_IHB
Guest
CapitalismWorks said:NewportSkipper said:bltserv said:For Skippy its the NAR Report or nothing.
Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?
Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.
Are we discussing the current market or are we discussing that which cannot be known?
N
NewportSkipper_IHB
Guest
bltserv said:CapitalismWorks said:NewportSkipper said:bltserv said:For Skippy its the NAR Report or nothing.
Stop being disrespectful and start answering the tough questions. Why are people paying $2.5m in Turtle Ridge?
Because there is always some portion of price indifferent/knife catcher buyers in any market. In no way does the presence of transactions indicate a bottom.
And how many homes will be sold on the courthouse steps today ?
172 with 131 of them in Anaheim.