Comments on: Fannie Mae and Wells Fargo Announce Creative Mortgage Solutions: A New Thing Called Renting. Option ARM Scenarios, Lease for Deed, and Delaying the Financial Future.

By: linda

linda — Mon, 09 Nov 2009 21:02:07 +0000

Jo, true that gov’t doesn’t create jobs, but it can *help* create jobs by reducing red tape and lowering taxes and minimum wages.

Not that it will, but it can.

By: linda

linda — Mon, 09 Nov 2009 20:59:51 +0000

6-12 months? Where have you been, Greg in LA? It’s now at least 12-18 months. I read several “sob” stories where the poor, downtrodden, victim of a homedebtor hasn’t paid a cent since early ‘08, like Jan or Feb.

By: Swiller

Swiller — Mon, 09 Nov 2009 20:05:42 +0000

Waaaaahhhh!!!! Waaaaaaahhhh!!!! All I hear is crying how people who defaulted are “deadbeats” and how they get such wonderful terms and rates on housing.
There is *NOTHING* holding all you whiners back from purchasing a new, over-priced home. You too can get in, lose your 10-20% down, be upside down, and then default…ruin your credit, risk losing the home you bought….BUT, hey man, you will get the deal bro……those deadbeats have life sooo good.
If it’s all that, then everyone here should be doing the same thing.
Banksters started this bubble fraud, and the government just keeps giving them OUR money to subsidize. Everyone takes it in the arse on this one, EXCEPT the banksters, they get paid on both sides. It’s time for a revolution.

By: smokingham

smokingham — Mon, 09 Nov 2009 16:33:11 +0000

Will the banks include in the amount of monthly rent, the HOA monthly fees, property taxes on appraised value at time of purchase which happens to be 50% higher than today’s appraised value, and PMI? All of this added up is more than some folks today can afford, especially if they are now unemployed, and not receiving any unemployment monthly benefits. I think this is just another government stall act, as they don’t want the real numbers out there for the public to see how many folks are reallly in deep, deep waters on their mortgages. And who are the banks that are doing this, the big ones that gobbled up all the smaller banks, along with that came the toxic loans.

I have been in the industry for over 35 years, and the banks brought this on themselves with their creative ideas of liar loans, no income verify, no job verify, no asset verify, in other words, if you could fog a mirror you got the loan. By the way, I am no longer doing mortgages as all the wholesale lenders pulled out of the market, as if it was our fault. I never once did a loan that I personally did not verify the assets and income, that was an old habit I never dropped, and to this day all my clients are still in their homes making their payments as they could really afford it!!!

By: TheREOlife.com

TheREOlife.com — Mon, 09 Nov 2009 14:57:40 +0000

What if we understood that foreclosure is more about the recovery process than destruction? If the banks were allowed to process the foreclosures there would be a true floor established. Do you realize that over 40% of modified mortgages from the first Qtr 09 have already suffered late payments? How about the idea that by the time a foreclosure is completed, there hasn’t been a payment made in over a year. Now somebody sitting at a desk thinks that GSEs playing landlord looks good on paper. These are the same guys who said that housing will have a smooth landing.