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Old 03-20-2008, 05:58 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,998,514 times
Reputation: 5057

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ok everybody knows the mess that the real estate market is in. but is it fair that on cnnmoney dot com it talks about one of those people helping people getting foreclosed on.. it also mentions that they were thousands of dollars behind in payments.. the house was 300k + with a piggyback loan so no money down..and they probably couldnt afford it in the first place, after negotiations 3.5% fixed for 5 years then a possibility of a refinance...

are you kidding? What about all the people who make their payments on time, dont have the problem, invested wisely, and are paying 5-6% or more. where is our 3.5%
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Old 03-20-2008, 06:18 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by airics View Post
ok everybody knows the mess that the real estate market is in. but is it fair that on cnnmoney dot com it talks about one of those people helping people getting foreclosed on.. it also mentions that they were thousands of dollars behind in payments.. the house was 300k + with a piggyback loan so no money down..and they probably couldnt afford it in the first place, after negotiations 3.5% fixed for 5 years then a possibility of a refinance...

are you kidding? What about all the people who make their payments on time, dont have the problem, invested wisely, and are paying 5-6% or more. where is our 3.5%
The lenders have an interesting problem. Should they reduce interest or principal to keep people from walking or hold to the contract and have the people walk? Interesting problem. If it were mine I would probably do some heavy modeling to try and guess how I minimized my losses.

Could well lead to some criteria where the lenders rescue some and not others. Unfair but minimizes the lenders loss.

It is none that probability gods have weird senses of humor.
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Old 03-20-2008, 06:21 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,998,514 times
Reputation: 5057
i believe in help one help all
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Old 03-20-2008, 06:24 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,208,368 times
Reputation: 2661
Quote:
Originally Posted by airics View Post
i believe in help one help all
That is nice...but you ain't a lender trying to minimize the damage.

To help all you will have to elect Hilary or Barack and a sympathetic congress.
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Old 03-20-2008, 06:31 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,998,514 times
Reputation: 5057
i vote for daffy duck... actually that is understandable but do you think some good credit people will just say screw it, and give me the 3.5 or i wont pay
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