Posted on 03/25/2020 5:32:53 PM PDT by rintintin
SACRAMENTO, Calif. (AP) — Five of the nation's largest banks agreed to temporarily suspend residential mortgage payments for people affected by the coronavirus, California Gov. Gavin Newsom said Wednesday.
The announcement came as Newsom provided yet another grim statistic about the economic devastation from the virus: 1 million Californians have filed for unemployment benefits since March 13 as businesses shut down or dramatically scaled back because of a statewide “stay-at-home” order to prevent the spread of the virus.
Meantime, Newsom said California is rapidly expanding its supply of equipment for health care workers and hospital beds in anticipation of the expected surge in patients that will come as more people are infected. Testing for the virus is accelerating quickly as the state adds locations for the public to get checked.
(Excerpt) Read more at gazette.com ...
See, the Big Banks are discriminating against those of us that don’t have paid off our mortgages, they should send me a check then just to make it fair
Hmmm, I wonder. Will they then raise the ready with new fees? Why don't I believe it's THAT simple?
But, if I made more than $75k I’m out?
First to be taxed, as usual...
Defer....
You ain’t getting NOTHING FOR FREE.
Interest will accumulate.
See, the Big Banks are discriminating against those of us that don’t have paid off our mortgages”
The banks took the federal bailout in 2009 - our tax money - and distributed bonuses to executives while still foreclosing on millions of homeowners.
What about commercial buildings?
Insanity. I guess I should cancel my autopayment, though I’m assuming the interest will continue to accumulate. And I’m betting this isn’t so good for your credit rating...
Does that include escrow for taxes, insurance, etc.?
Flip of a coin chance if this country economically collapses and never is the same again.
You better believe the payments will compile. At the end there’ll be a bill for 3 or 4 months due.
“Interest will accumulate.”
....yep, that interest will get ya. ....no free rides
I am soooo glad I sucked it up and paid off my house early.
C’mon, FReepers!
This is California Government!
They work hard each and every day to continue to bankrupt their state and screw it into the ground.
Other Blue States to follow suit?
All of this ‘Flu’ INSANITY will be over sooner than soon - the LOSER LibTards NEED to double down while they can!
We’ve witnessed it time and time and time and time again!
This hysteria is fertile ground for communism.
Oh but that right. Science an rational data analysis have no business in our hysteric narcissistic Fake New click bait society anymore.
“They work hard each and every day to continue to bankrupt their state and screw it into the ground.”
And no matter how hard they try, no matter what scheme they come up with...they still can’t get it done!
The richest state in the union continues to wallow in money.
CA’s rainy day fund exceeds many state’s entire budget. And the rainy day fund is surplus above annual obligation.
IIRC in Commiefornia most mortgages are interest only notes.
When you’re spending $750K on a house that really is only $150K elsewhere and you’re middle income, you can only make the interest payments and so after 20-30 years you still have a $750k nut to crack. The theory is that the house will have appreciated in that time to yield some equity when you cash out.
Unfortunately, this is a pyramid scheme that assumes there is some sucker to buy that hyper-priced house at a level to provide the equity mentioned above. If not...you’re screwed having to try and crack that equity nut.
Wisconsin is in the same boat. On a much lesser scale, of course.
If I understand it right, the government, via FreddieMae and FreddieMac, owns 85 percent of all home mortgages. Not the banks themselves. The banks “service” the loan, but the government owns the lien.
Let that sink in and consider the implications. This has been true, to my knowledge, since 2008. The mortgage business was Nationalize over a decade ago.
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