Posted on 12/05/2008 9:58:18 AM PST by AngieGal
And just think of the extra holiday cash you’ll have on hand with 3 months of mortgage payments unpaid!/s
We are all 'homeowners' now. Just saying that two parties got us in the mess when Gov't should be involved.
President Calls for Expanding Opportunities to Home Ownership
Fact Sheet: President Bush Calls for Expanding Opportunities to Homeownership
“Weird. So they ‘own’ the home but are late on the payment?”
They aren’t owners, they are squatters and should be tossed out on the street!!!
Those are from the year 2002! And by 2003 this is what the president was calling for:
“New Agency Proposed to Oversee Freddie Mac and Fannie Mae”
NYTs
Published: September 11, 2003
By STEPHEN LABATON
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
http://foreclosures.rgj.com/maps/foreclosures/89434
Here’s a link for foreclosures in my Zip Code. Remember there’s another year to go before all the sub primes are done with.
A local real estate broker told me that 89506 is an area where a bunch of illegals bought into.
Amen! That's exactly the kind of statistic that engendered the phrase: "Statistics don't lie but statisticians do!"
Using the word "or" opens up a huge can of worms. One could legitimately say: "Over 90% of former Heisman Trophy winners have gotten a speeding ticket or murdered their ex-wife." (O.J. is back in the news today, getting some well-deserved prison time.)
>We got a call from Citi asking if we wanted to refinance since the rates have dropped.<
Something about that just smells bad to me. Is there going to be any changes to your contract; such as something stating that you will not be allowed to homestead your property while there is a balance on the loan?
Large corporations don’t make offers such as this without a gimmick in it that benefits them.
No, it was a gentleman we have dealt with before. We bought the house this time last year, when the interest rates we over 6%. We had also had a Citi loan when we moved to MI in 2004, and one when we lived in KY the first time. Just good customers!
In other news....
90% of American homeowners are current with their mortgages or have their homes paid off..
The Congress is convenient but really are just ignorant bystanders and sometime campaign fund recipients - the real culprits are the banksters that puffed up the world's economy with their Enron accounting and business plan.
Illegals, affirmative action, sub prime are all nice scapegoats but are not at the bottom of this....it's the guys who have been bailed out; moved it offshore and will move it back in once everything has tanked and have 75% of the wealth in the country as opposed to the 57% they had before.
Why keep current if going delinquent means you might get gvt $?
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I’m current and always have been but I’ve received letters each month for 2 months now from my mortgage company asking how they can help ... I am at least 100k upside down and I bought this house in 1998 and refi’d at 80% in 2003 ,, with the gov’t willing to put an easy .5==>1 million of debt on my family’s head (thanks bwarney Fwank!) I’m about a half inch away from going into full-on “survival mode” ,, my wifes business stinks ,, mine is slowing precipitously ... if that means intentionally hiding income and skipping a few mortgage payments to qualify for new terms ,, well then so be it..
Huh? a 26% increase in foreclosures sounds freakin’ catastrophic to me.
Of course banks want you to refinance early and often. They charge a few thousand in fees with every refinance. This is free money to them and I don’t know that it costs them any more money to do it, since all the loans get sold off and end up with somebody like Fannie Mae anyway. So they earn a fat transaction fee, and they have no increased costs. This was a massive boom during the housing bubble — they were making a killing on refinancing fees everytime the same couple came back to suck more equity out of their house as it gained in phoney appreciation.
That's exactly what I was going to ask. Is there any source of U.S. citizen primary-residence homeowner data?
I have a 5% rate now - fixed - so I'm not tempted - but I can see where this would have a seductive appeal to some...
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