This is dinkamoe's Profile page. Use it to view dinkamoe's comments, other users' replies
to these comments, and comments dinkamoe has endorsed.
It is about time something is done to reign in these servicers. They are out of control and this is a good start.
The servicers are all about making a buck. They need to be held to mortgage modification offers. If they lose paperwork, it needs to be on them, NOT the homeowner. Modifications should be processed and approved with or without paperwork.
The main problem with HAMP and the other programs is that they are voluntary on the part of the servicers and banks. These programs need to be mandatory. The taxpayers bailed out the banks. Now the banks need to bailout the taxpaying homeowners.
The servicers aren’t non-profit organizations. They were hit with an influx of loans tht were defaulting for various reasons from job loss, bankruptcies, medical emeregencies, etc. But recall that some people used their homes as ATM machines and that was another part of the problem. There is definitely enough blame to go around. But going forward, adding “expectations” and regulations doesn’t really add up to a solution. Fair and reasonable enforcement needs to be part of the solution.
This option does not take into account the fraud perpetrated by many lenders. While they manipulated LIBOR rates and charged outrageous interest, lying to homebuyers about the loans and ignoring phone calls and pleas for workouts until it was too late to fix the problem.
The lenders were required to write modifications by our government, however it was not legally enforceable so they played games with borrowers by dragging out the modification process until the borrower missed a payment or became dismally discouraged or lost a job.
Many of these lenders are still playing games with the homebuyers and not working with them, but foreclosing with impunity.
I think that lenders should be forced to include principle write-downs as part of their “workout” to prevent foreclosure.
“The… more »
The amount of information that is publicly available regarding the fraud that brought us into this place should be enough evidence that the homebuyer should not have to bear this burden alone.
It is time to get some real relief for the homebuyers – currently their are more foreclosed homes than families without homes, and no sign of letting up. The consumer cannot continue to carry this fraud alone – we did not initiate it. « less
No, It doesn’t. The new industry practice is that loss Mitigation or modifications are to be offered IF it is financially better for the INVESTOR to modify the homeowner instead of foreclosing, a positive net present value.
But the proposed rules are just a delay for Wall Street to continue business as usual with no regard for fairness or equality, when there were over 5 million modifications issued to avoid the investors fiancial loss when negative equity was involved, setting the new industry practice or legal precedent what is offered in the normal course of business for negative equity homeowners.
The home was bought and the mortage was invested in under the principles of capitalism, we need our governmental agencies to not only recongnize this but to act on it.
There is… more »
My argument is unless we treated housing as the capitalistic product it is, there will be no recovery.
What is being proposed is that we continue to allow the “fox in the hen House” making their own decisions on who gets a modification or gets foreclosed on based on totally unrevelant factors, this is what must be changed. All homeowners have a built in reliance because of existing laws that Wall Street would have to act with good faith and fair dealings with them. « less