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Actually they dont mean a longer loan.. they mean forcing banks to lower the principle balance on teh account so that people can afford their homes.
Of course people fail to understand that once they do that,
1) people who are responsible and can pay their mortgage will be left picking up the table
2) banks will not have funds to reinvest into new mortgages
3) banks will have to write off the "loss" on their taxes, and the taxpayers will be forced to pay for the banks imaginary loss by the banks not paying for their fair share of taxes
4) when the economy turns around, these individuals who get reduced monthly payments, will then profit from the economy recovery (after all 30 years is an awful long time) without the banks having the ability to recover the write down..
The mortgage mess needs to clean iteself up.. let people ask for refinancing plans or lose their homes due to forclosures. Only until that happens and housing prices get back to a reasonable limit will people be in a situation to begin to buy properties and thereby boosting the economy again.
A bailout, at the taxpayers expense will do nothing but delay or allow individuals to take advantage of the "new" plan.
Airforce retired
ever situation is not the same. I lost business because of a number of things the economy #1
that cause me to get behind in my mortgage payments. i used nearly all of my IRAs funds for three years to keep out of foreclosurer. i went out got retrained started another business. i need helps for a minute to allow me to get things up to where i can maintain. so some americans need help, other why i totally agree.
I'm just waiting for the government to start bailing out credit card holders. Then maybe we'll get somewhere. HAY I SPENT TO MUCH MONEYZ ON BEER AND I CANNOTS AFFORD MY MINIMUM PAYMENTS COME HELP ME UNCEL SAM1!!
Airforce retired
ever situation is not the same. I lost business because of a number of things the economy #1
that cause me to get behind in my mortgage payments. i used nearly all of my IRAs funds for three years to keep out of foreclosurer. i went out got retrained started another business. i need helps for a minute to allow me to get things up to where i can maintain. so some americans need help, other why i totally agree.
its not the same and i feel bad fo your situation, but other people should not have to pay for your house
You people with money make me sick always bagging on the working class of people you know the ones that do your dirty work and make you millionaires and kick in the dirt the first chance you get.
whah whah you bought something you cant afford now
as usual the govt will bail out banks and disguise it as helping people keep their homes while we all pay for it in taxes and inflation
I am sick and tired of the people who keep saying that because my home is up for foreclosure that I am not being responsible. You do not know me or the other people who are in this predicatment. I am a very responsible person who always made my house payment until the mortgage company raised my payment by $650.00 per month.
This made it impossible for me to make my payments on time so for the first few months I made partial payments and some how, by the Grace of God my payment got paid by the end of the month. Then all of a sudden the mortgage company would not accept partial payments, then after being behind one month they added on some fees that I still don't understand, and wanted a large sum up front and stopped accepting any payments.
I am not thrilled about having the government step in but I do think that the mortgage company should be held accountable for fraud. I also want to keep my house I have lived in the same neighborhood for 20 years, raised my children, and have pets so I really don't want to have everything I have worked hard for be taken away from me because I took out a mortgage that I could afford at the time, and because of a dishonest mortgage company have to get everything taken from me in a short period of time.
Please stop judging people until you learn the facts, bad things, that are out of our control can happen to anyone and any time.
I am sick and tired of the people who keep saying that because my home is up for foreclosure that I am not being responsible. You do not know me or the other people who are in this predicatment. I am a very responsible person who always made my house payment until the mortgage company raised my payment by $650.00 per month.
This made it impossible for me to make my payments on time so for the first few months I made partial payments and some how, by the Grace of God my payment got paid by the end of the month. Then all of a sudden the mortgage company would not accept partial payments, then after being behind one month they added on some fees that I still don't understand, and wanted a large sum up front and stopped accepting any payments.
I am not thrilled about having the government step in but I do think that the mortgage company should be held accountable for fraud. I also want to keep my house I have lived in the same neighborhood for 20 years, raised my children, and have pets so I really don't want to have everything I have worked hard for be taken away from me because I took out a mortgage that I could afford at the time, and because of a dishonest mortgage company have to get everything taken from me in a short period of time.
Please stop judging people until you learn the facts, bad things, that are out of our control can happen to anyone and any time.
when you took the loan, did you know it was a adjustable rate mortgage? How did they explain the loan to you? What was the loan described as on the paper you signed? Also relative to your income at the time, how much did your residence cost? example was it 4, 5, 6 times your annual income?
I am sick and tired of the people who keep saying that because my home is up for foreclosure that I am not being responsible. You do not know me or the other people who are in this predicatment. I am a very responsible person who always made my house payment until the mortgage company raised my payment by $650.00 per month.
It sounds like you got yourself an arm...did you know this when you signed?
I am sick and tired of the people who keep saying that because my home is up for foreclosure that I am not being responsible. You do not know me or the other people who are in this predicatment. I am a very responsible person who always made my house payment until the mortgage company raised my payment by $650.00 per month.
This made it impossible for me to make my payments on time so for the first few months I made partial payments and some how, by the Grace of God my payment got paid by the end of the month. Then all of a sudden the mortgage company would not accept partial payments, then after being behind one month they added on some fees that I still don't understand, and wanted a large sum up front and stopped accepting any payments.
I am not thrilled about having the government step in but I do think that the mortgage company should be held accountable for fraud. I also want to keep my house I have lived in the same neighborhood for 20 years, raised my children, and have pets so I really don't want to have everything I have worked hard for be taken away from me because I took out a mortgage that I could afford at the time, and because of a dishonest mortgage company have to get everything taken from me in a short period of time.
Please stop judging people until you learn the facts, bad things, that are out of our control can happen to anyone and any time.
My mother taught me at a young age before you ever sign anything make sure you understand what you are signing. If you don't understand it, have someone who does, explain it to you. And NOT the person who want's you to sign it. When I get a mortgage or any aggrement that has money and payments involved I let my Attorney go over it with me. And I will not sign it until I understand it completly.
My mother taught me at a young age before you ever sign anything make sure you understand what you are signing. If you don't understand it, have someone who does, explain it to you. And NOT the person who want's you to sign it. When I get a mortgage or any aggrement that has money and payments involved I let my Attorney go over it with me. And I will not sign it until I understand it completly.
Sound advice thebigr. Well worth the $$ on the attorney even if only to explain it to you. Sometimes a little money spent now can save you alot of money later.
If Gov does not pass this bill (or a version of it) the treasury believes that:
Morgan Stanley will go out of business
Goldman Sachs will go out of business.
All types of financial instituitions will go out of business (investment, insurance, bank)
Almost every mortgage broker co will go out of business b/c there is no one to buy the mortgages in the secondary market.
There will then be mass bank failures due to coutnerparty risk.
There will be a run on banks b/c it will become evident that so many banks are failing that one would rather get their money than wait for FDIC to return their money. FDIC would be so understaffed, they would not be able to give depositors their insured deposits back in a timely manner.
There will be a run on money markets which will cause selling of bonds and commerical paper which will reduce their value and interest rates will go through the rough. (mortgage rates may go over 10%)
With rates shooting up and NO LENDER willing to lend the credit crisis will spread like wildfire.
With no one willing to lend money, the only ones that can really buy a house are ones who have cash to buy it.
This leads to house depreciation of 50-60%.
Unemployment rate would skyrocket.
The scary part is the thought is this stuff might happen within next 3 months.
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foreclosure
