Comments on: Loan Modifications Another Taxpayer Bailout to the Housing Industry: Mortgage Modification Default Rates over 50 Percent. Over 4 Percent of Subprime Loans First Payment Defaults. http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/ How I Learned to Love Southern California and Forget the Housing Bubble Sat, 31 Jul 2010 22:55:07 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Laura Morton http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/comment-page-1/#comment-49626 Laura Morton Sat, 05 Jun 2010 03:09:47 +0000 http://www.doctorhousingbubble.com/?p=1876#comment-49626 The modification program is needed and thankfully it's working. My problem with the program is why are we paying incentives to the banks. This is what they should be doing. It's their job and duty. They would have foreclosed on these houses anyway. And we know that foreclosures cost money. This doesn't help the bank's bottom line. The modification program is needed and thankfully it’s working. My problem with the program is why are we paying incentives to the banks. This is what they should be doing. It’s their job and duty. They would have foreclosed on these houses anyway. And we know that foreclosures cost money. This doesn’t help the bank’s bottom line.

]]> By: marvin http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/comment-page-1/#comment-37566 marvin Mon, 06 Jul 2009 23:17:36 +0000 http://www.doctorhousingbubble.com/?p=1876#comment-37566 The current <a href="http://www.obama-bailout.us/" rel="nofollow">Obama Bailout</a> plan is working. The news about the profit of $1.8 billion in interest payments on the first set of bank loans that were repaid is a good indication to it. The current Obama Bailout plan is working. The news about the profit of $1.8 billion in interest payments on the first set of bank loans that were repaid is a good indication to it.

]]> By: ResponsibleHomeowner http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/comment-page-1/#comment-37228 ResponsibleHomeowner Mon, 22 Jun 2009 14:04:34 +0000 http://www.doctorhousingbubble.com/?p=1876#comment-37228 Loan modifications are a joke! This program does nothing but reward people for making bad financial decisions. When we purchased our home, we were told that we could easily afford a much larger home in a much better area. We opted for an affordable home with a fixed mortgage just in case something happened to one of our incomes. We live in Michigan and my husband did lose his job. We have had to cut back drastically but we can still make our house payments and don't have to worry about foreclosure. On the other hand, friends of ours who had an income level similar to ours did purchase a large home in a very nice area and even though they still have both their incomes, were on the verge of foreclosure. Who got the government help? The irresponsible party. Because they fell behind on their mortgage they were able to get a loan modification that cut off approximately 1/3 of their payment. Their house payment is now actually lower than mine. I'm struggling to put food on the table right now but because I made responsible choices, I get no assistance. How does the government expect people to make responsible choices if they keep bailing them out when they don't? I don't feel sorry for the people whose ARM's are going up. They knew that was a possibility. I chose a fixed rate and paid a higher interest rate for years when they were paying a lower rate. How is this fair? Loan modifications are a joke! This program does nothing but reward people for making bad financial decisions. When we purchased our home, we were told that we could easily afford a much larger home in a much better area. We opted for an affordable home with a fixed mortgage just in case something happened to one of our incomes. We live in Michigan and my husband did lose his job. We have had to cut back drastically but we can still make our house payments and don’t have to worry about foreclosure. On the other hand, friends of ours who had an income level similar to ours did purchase a large home in a very nice area and even though they still have both their incomes, were on the verge of foreclosure. Who got the government help? The irresponsible party. Because they fell behind on their mortgage they were able to get a loan modification that cut off approximately 1/3 of their payment. Their house payment is now actually lower than mine. I’m struggling to put food on the table right now but because I made responsible choices, I get no assistance. How does the government expect people to make responsible choices if they keep bailing them out when they don’t? I don’t feel sorry for the people whose ARM’s are going up. They knew that was a possibility. I chose a fixed rate and paid a higher interest rate for years when they were paying a lower rate. How is this fair?

]]> By: blutown http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/comment-page-1/#comment-36962 blutown Wed, 10 Jun 2009 00:58:07 +0000 http://www.doctorhousingbubble.com/?p=1876#comment-36962 Interesting article on Alt A/Pay Option Implosion: http://www.bigbuilderonline.com/industry-news.asp?sectionID=363&articleID=987439 Interesting article on Alt A/Pay Option Implosion: http://www.bigbuilderonline.com/industry-news.asp?sectionID=363&articleID=987439

]]> By: Kelli in Chicago http://www.doctorhousingbubble.com/loan-modifications-another-taxpayer-bailout-to-the-housing-industry-mortgage-modification-default-rates-over-50-percent-over-4-percent-of-subprime-loans-first-payment-defaults/comment-page-1/#comment-36955 Kelli in Chicago Tue, 09 Jun 2009 22:03:47 +0000 http://www.doctorhousingbubble.com/?p=1876#comment-36955 AnnS, That was the best summary of what a cramdown is and is not I have seen on any blog. The general response is as predictable as it is regrettable. Still, thanks you. AnnS,

That was the best summary of what a cramdown is and is not I have seen on any blog. The general response is as predictable as it is regrettable. Still, thanks you.

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