Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You know I'm specifically referring to those who've stopped paying their mortgage payments or had the mortgage debt discharged in bankruptcy. If foreclosure doesn't ensue within the statute of limitations, in either case, the borrowers file for quiet title and get a mortgage-free home without paying for it.
The link I posted earlier explains how it's done, and the fact that incidences of such are increasing.
You know I'm specifically referring to those who've stopped paying their mortgage payments or had the mortgage debt discharged in bankruptcy. If foreclosure doesn't ensue within the statute of limitations, in either case, the borrowers file for quiet title and get a mortgage-free home without paying for it.
The link I posted earlier explains how it's done, and the fact that incidences of such are increasing.
Yeah but you're acting like in general "people can just get free mortgages."
LOL.
Definitely not the norm.
But sure, if i didn't have to pay mine and could get away with it, I wouldn't.
Status:
"It Can't Rain All The Time"
(set 25 days ago)
Location: North Pacific
15,754 posts, read 7,588,006 times
Reputation: 2576
Quote:
Originally Posted by InformedConsent
It has nothing to do with it. The $2 trillion in artificially-created QE to buy Fannie and Freddie MBS was a separate program. Look for yourself. $1.4 trillion worth of Fannie and Freddie MBS are still on the Federal Reserves H.4.1:
Please try to understand this... the problem with that $2 trillion in artificially created QE to bail out Fannie and Freddie... Those mortgage loans in the F&F MBS held by the Federal Reserve may never be paid. They'll just roll off the Federal Reserve's H.4.1 as the MBS mature, paid or not. We'll never know as the Federal Reserve doesn't have to state or recognize losses. It's artificial liquidity in the form of US Dollars injected into the economy which can't be reined back in if the MBS loans default and/or the MBS lose value. Since the Federal Reserve just created that $2 trillion with a few keystrokes, they can reduce or delete that amount whenever they want. But the damage is done, the money has been injected into the US economy to pay home builders, home sellers, etc., so the US Dollar is devalued by the corresponding amount of the loss. Tens of thousands (if not more) got (and more are still getting, according to that recent link I posted) a mortgage-free home while we all lose.
Quote:
Originally Posted by InformedConsent
You know I'm specifically referring to those who've stopped paying their mortgage payments or had the mortgage debt discharged in bankruptcy. If foreclosure doesn't ensue within the statute of limitations, in either case, the borrowers file for quiet title and get a mortgage-free home without paying for it.
The link I posted earlier explains how it's done, and the fact that incidences of such are increasing.
This came off of my posting about corporations who where bailed out by the government, but never repaid and it was at the taxpayer expense that was done. (every one should own a home, Pres. Bush 2008)
You've come back with mortgage free homes (I was still half asleep this morning when I posted) and I did a google search and yes there are mortgage free homes, I'm thinking cash for a house, yes? But you're still on ---
Quote:
Those mortgage loans in the F&F MBS held by the Federal Reserve may never be paid.
The bank may not collect, but the taxes on those properties are most certainly being collected. Fannie Mae, may not have paid back on their loan ... and that's on them and the taxpayers left holding the debt.
"The Trump administration has a new plan to re-privatize the mortgage groups Fannie Mae and Freddie Mac — reversing one of the first actions taken to address the 2008 financial crisis and raising the prospect of a fundamental reworking of the multi-trillion-dollar market in mortgage-backed securities.
<snip>
Treasury Secretary Steve Mnuchin’s blueprint would abandon that libertarian dream, seeking instead to take Fannie and Freddie out of public control while minimizing disruption to the mortgage market. That means formally admitting that these companies will be bailed-out again if they get into trouble, with a new regulatory structure designed to prevent those bailouts from being costly to taxpayers.
This raises the big picture question of why bother to go through privatization at all if the goal is mostly to keep things the same. Hanging over that question is the struggle of a handful of hedge fund managers (several of whom are allied to President Donald Trump) to secure a huge payday for themselves. "
Lol where do I sign up to refinance with one of these companies so I can not pay?
(I'm seriously asking.)
As long as it doesn't scam the taxpayers, I'm in.
You missed the explanation of how everyone loses when this happens.
Here it is, again: The problem with that $2 trillion in artificially created QE to bail out Fannie and Freddie... Those mortgage loans in the F&F MBS held by the Federal Reserve may never be paid. They'll just roll off the Federal Reserve's H.4.1 as the MBS mature, paid or not. We'll never know as the Federal Reserve doesn't have to state or recognize losses. It's artificial liquidity in the form of US Dollars injected into the economy which can't be reined back in if the MBS loans default and/or the MBS lose value. Since the Federal Reserve just created that $2 trillion with a few keystrokes, they can reduce or delete that amount whenever they want. But the damage is done, the money has been injected into the US economy to pay home builders, home sellers, etc., so the US Dollar is devalued (diluted by that artificially created EQ injected into the economy) by the corresponding amount of the loss.
Did you read the recent link I posted about homeowners not paying their mortgage or having the mortgage debt wiped out in bankruptcy, and then filing for quiet title when the statute of limitations on foreclosure has expired? It specifically cited that Fannie Mae did not foreclose. And that's what the Federal Reserve holds. Trillions of dollars worth of Fannie and Freddie MBS. Bought with artificially created US Dollars.
Tens of thousands (if not more) got (and more are still getting, according to that recent link I posted) a mortgage-free home while we all lose as the US Dollar is diluted and devalued by every Fannie and Freddie MBS mortgage that isn't paid.
This came off of my posting about corporations who where bailed out by the government, but never repaid and it was at the taxpayer expense that was done. (every one should own a home, Pres. Bush 2008)
You've come back with mortgage free homes (I was still half asleep this morning when I posted) and I did a google search and yes there are mortgage free homes, I'm thinking cash for a house, yes? But you're still on ---
The bank may not collect, but the taxes on those properties are most certainly being collected. Fannie Mae, may not have paid back on their loan ... and that's on them and the taxpayers left holding the debt.
I didn't say the real estate tax isn't being paid. I said the mortgages aren't being paid. The average US mortgage debt is $202,284. That's what's not getting paid.
Read my explanation of how each unpaid mortgage while the homeowner keeps the house (no foreclosure -> quiet title) dilutes and devalues the US Dollar (via the Federal Reserve and the $2 trillion of artificially created money it used to buy Fannie and Freddie MBS) in my prior post.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
