Mr Mortgage on Loan Mods, TARP & Home Sales 11-12-08

Mr Mortgage on Loan Mods, TARP & Home Sales

Category:

People & Blogs

Tags:

• foreclosures
• housing
• crisis
• subprime
• FDIC
• foreclosure
• Alt-A
• mortgage
• defaults

[markmti]

For all of you who did nothing wrong and are being punished, I sympathize.

But unless an effective, large scale mod effort at all banks is implemented and well-received by borrowers, housing will have a decade of pain ahead that will hit you hard as well.

All that a loan mod effort does is expedite revaluation and de-leveraging process so we can move on. The leverage has to be drained from the residential real estate market or the economy will not recover.

[markmti]

If the trillions given to banks and everyone else would have been spent here in the first place, the problem would never have become this bad in the first place. You will pay for all this one way or another. Paying to de-lever borrowers and expedite the real estate revaluation process will trickle back to you to a much greater degree than any other program I have heard yet.

[danceisvitalbreath]

Mr. Mortgage, Aren't some 80% of homeowners who bought between '03-'07 underwater right now? With these modifications being offered, even people who CAN afford the payments on their underwater homes will likely stop paying and force a modification too, no? That will mean MASSIVE writedowns for the banks still to come and perhaps less debt forgiveness that they are able to offer per mortgage as well...?

[markmti]

you are correct, which is another reason why a large scale mortgage mod effort is needed or this problem will drag out forever and housing will not recover for a decade.

[stinkypoon]

Mark, I find it repugnant that they are reducing the mortgages for these idiots. All my friends are underwater and can afford their overpriced houses, but will do everything possible to get a mortgage reduction. And despite their $100,000+ salaries, they probably will. This is morally despicable and I cannot believe somebody as smart as yourself could think this is a good thing. Let the market correct. Don't subsidize selfish idiots's houses.

[Kittenkattan]

Mr. Mortgage, What do I get, for paying my payments and paid it off with double payments?

I think that this stinks. I settled for a small "Summer Home" because I wouldn't get "Creative financing". What do I get???!!!

Why should I save the Fucks that were stupid enough to screw themselves! I get shit. Hey give me a $200,000.00 bonus for not screwing up the U.S. Economy! I know a lot of us non screw ups will be screaming our heads off this coming year. Let me know what I get.

Peace.

[tnoyy34rt]

@markmti - but the Banks payed taxpayers back in full, we even earned $24 Billion in profits from TARP, so you might want to do research before posting.

[justjacqueline2004]

As of 10.14.2009,a lot of what you spoke about in 2008 has come about,except for the implosion perhaps that is next.

Where have you gone,great vids?

[JerryE1961]

Maybe he was paid to shut the hell up.

[JerryE1961]

What happened to this guy? Did someone tell him to shut up and go away? He just dropped off the face of the Earth.

[dsauce84]

you know its dirtbags like tonmagicwon that has driven this economy down since they take out loans they cant obviously afford. why scam another mortgage company? if you want the american dream theres a price that has to be paid. stop being irresponsible and pay the bills and quit advocating for shit bag tactics...remember anyone can buy a house, it takes responsibility to make it a home. FUCK THE IDIOTS who don't know what they are getting themselves into.

[tonmagicwon]

you forgot the biggest thing buddy ,defaults! and negative equity, why stay in your home and pay 2700$ a month to buy a house ,when its only going to be worth 25% of what you paid 4 it after 5years of paying 4 it ,the key is finding some body to get/ you another loan?after forclosure,mother ,sis,uncle, inlaws i dont know

[tonmagicwon]

loan mods are a joke ! the best thing 4 you to do is ether,sue your lender and stay in your home 2 years free like we did ,and rent it out .get your wife, or husband ,mother,or father to get the new home in there name 4 pennys on the dollar!get out of your 500tho$ house and buy the 1 next door for 186tho$ simply put or ,rent [and save your money,]

[ollowert]

Mr. Mortgage, what is your take on the bad bank scheme they have cooked up. Is it really the salvation of the banking system that the markets are responding to?? Need some insight

[LouieFrias]

Great information! Thank you for helpinf educate people. Here's another resource to consider. FederalHomeLoanMods(dot)com