Originally posted by: waggy
they are saying on tv that over 50% of the rescured homeowners are back in foreclosure and askign for more help. t his is nuts!
it really does not suprise me but its sickening. this guy on tv is saying we need ot do MORE to help them out.
Originally posted by: manlymatt83
Why can't we just let all these companies fail? let GM fail. let chrystler fail. let the banks fail. let ford fail. let all of the people go on unemployment. let these people default on their mortgages they can't afford. then, let new companies come in and fill the voids.
whats the problem?
Originally posted by: HardcoreRobot
you heartless bastard
oh, you are totally completely right, but i still get to call you a greedy selfish heartless bastard
Originally posted by: rezinn
The number is 52% IIRC. And all of these people would be in foreclosure otherwise. 48% is a lot better than 0%.
That would upset the status quo, reward those of us who have actually been responsible, and allow those in the lower tiers of society to have a chance to get ahead. This can't be allowed to happen because, as stated in 1984, those in power need to keep it to prevent becoming part of the middle class again.Originally posted by: manlymatt83
Why can't we just let all these companies fail? let GM fail. let chrystler fail. let the banks fail. let ford fail. let all of the people go on unemployment. let these people default on their mortgages they can't afford. then, let new companies come in and fill the voids.
whats the problem?
Originally posted by: manlymatt83
Why can't we just let all these companies fail? let GM fail. let chrystler fail. let the banks fail. let ford fail. let all of the people go on unemployment. let these people default on their mortgages they can't afford. then, let new companies come in and fill the voids.
whats the problem?
Originally posted by: waggy
Originally posted by: HardcoreRobot
you heartless bastard
oh, you are totally completely right, but i still get to call you a greedy selfish heartless bastard
yes i am. i want people to pay for the bills they have. i want the money I earn to stay in MY accounts. I don't want to pay for anyone else's house.
Originally posted by: rezinn
The number is 52% IIRC. And all of these people would be in foreclosure otherwise. 48% is a lot better than 0%.
question is now what? they have shown that they can't afford it. they tried to save them once. so its either more drastic measures or let them fall.
I'm in California. I've been waiting for this for at least 4 years now (and it seemed pretty obvious to me that it was coming). I'll give it at least another 2 years.Originally posted by: Turin39789
Hi! I want to buy a house. Let the prices fall.
Originally posted by: manlymatt83
Why can't we just let all these companies fail? let GM fail. let chrystler fail. let the banks fail. let ford fail. let all of the people go on unemployment. let these people default on their mortgages they can't afford. then, let new companies come in and fill the voids.
whats the problem?
Originally posted by: dullard
1) Like someone said above, going from 0% success rate to 50% success rate is pretty good. Not perfect, but it is a step in the right direction.
2) Since most of the data that has come in so far is from old-style changes, we are getting the worst first. What I mean is that they used to try to help a mortgage by moving a payment from now until the end of the term. That certainly can help a bit. If you owe a few thousand dollars and can't seem to get your head above water, that is great. But, nothing fundamental has changed - you still are stuck owing more on a house than it is worth and you still owe monthly payments that you can't afford. The first mortgage revisions were doomed since they never addressed the real problems. People who scrimp and save may be helped by delaying a few thousand dollar payment. But, if they blew any of that money, they are right back where they started. Nothing was done to address that very likely outcome.
3) What we really need is to: (A) Foreclose on people who never have a chance - screw them as they are lost causes. A foreclosure moratorium does nothing for these people, so why waste time and money on it. (B) Give meaningful changes to the rest. This means making payments affordable, and NOT just moving payments around. (C) Put an incentive in the game for the homeowners. As it is, you get a little slap-on-the-wrist ding to your credit score and move on after a foreclosure. Heck, the government even temporarilly gave you a tax BREAK for foreclosing this year. WE need the opposite. We need people to have financial incentives to NOT foreclose. Tax the heck out of them (the "income" from debt forgiveness) if they do foreclose and take that money and use it as a carrot for those people who do pay off their house properly. You won't collect much right away since these people have nothing, but you can collect over time.