Government Considers Foreclosure Freeze

[chanel]

The White House is considering changes to its mortgage modification plan that could include a freeze on home foreclosures, sources tell FOX Business.

According to industry officials who have been briefed on the plan, the administration is considering changes that would require home-loan servicing companies to push delinquent borrowers into the Home Affordable Modification Program before they consider foreclosure.

Lenders, investors and mortgage-service companies would be prevented from foreclosing on a homeowner while a home buyer is solicited, responds and eventually goes through a trial period under HEMP.

Analysts tell FOX Business that the possible changes, if adopted, effectively prevent virtually all foreclosure action in the country for an extended period.

Government Considers Foreclosure Freeze - FOXBusiness.com

Good idea?

 

[California Girl]

Hardly fair on those who have already lost their homes... and those who continue to pay their mortage. Damn, these people are seriously stupid.

 

[Ravi]

Yes, it's much better to watch people bulldoze their homes or commit suicide when foreclosed and fill neighborhoods up with vacant homes further driving down the property values of those that pay their mortgages and bankrupting the states with loss of property taxes.

 

[CrusaderFrank]

Instead of giving $2 Trillion to Goldman Sachs and JP Morgan and other banks, the Fed should have reduced every mortgage in the USA by that amount

 

[California Girl]

Yes, it's much better to watch people bulldoze their homes or commit suicide when foreclosed and fill neighborhoods up with vacant homes further driving down the property values of those that pay their mortgages and bankrupting the states with loss of property taxes.

So, the government freezes foreclosures..... why are we gonna keep paying mortgages if nothing bad will happen if we don't? So more and more people stop paying, the banks start going belly up.... but they're too big to fail so the government bails them out - again. And around we go again.

It is time that Americans faced up to some very hard realities. We cannot afford for our government to spend its way out of recession, we cannot afford to keep bailing out banks, we cannot afford to keep bailing out the terminally stupid.

We do not have the money.

 

[Ravi]

Yes, it's much better to watch people bulldoze their homes or commit suicide when foreclosed and fill neighborhoods up with vacant homes further driving down the property values of those that pay their mortgages and bankrupting the states with loss of property taxes.

So, the government freezes foreclosures..... why are we gonna keep paying mortgages if nothing bad will happen if we don't? So more and more people stop paying, the banks start going belly up.... but they're too big to fail so the government bails them out - again. And around we go again.

It is time that Americans faced up to some very hard realities. We cannot afford for our government to spend its way out of recession, we cannot afford to keep bailing out banks, we cannot afford to keep bailing out the terminally stupid.

We do not have the money.

It sounds more like a program that negotiates between banks and mortgage holders...similar to those programs for people that spend too much on their credit. Doesn't mean the debts won't be paid or that if you can afford to pay your mortgage you'll be accepted into the program.

 

[California Girl]

Yes, it's much better to watch people bulldoze their homes or commit suicide when foreclosed and fill neighborhoods up with vacant homes further driving down the property values of those that pay their mortgages and bankrupting the states with loss of property taxes.

So, the government freezes foreclosures..... why are we gonna keep paying mortgages if nothing bad will happen if we don't? So more and more people stop paying, the banks start going belly up.... but they're too big to fail so the government bails them out - again. And around we go again.

It is time that Americans faced up to some very hard realities. We cannot afford for our government to spend its way out of recession, we cannot afford to keep bailing out banks, we cannot afford to keep bailing out the terminally stupid.

We do not have the money.

It sounds more like a program that negotiates between banks and mortgage holders...similar to those programs for people that spend too much on their credit. Doesn't mean the debts won't be paid or that if you can afford to pay your mortgage you'll be accepted into the program.

That decision should be the banks, not the government.

 

[Ravi]

It's the banks fault to a large extent that we are in this mess...and since WE bailed them out, WE have the responsibility to regulate them if need be.

Or we can watch people bulldoze their homes and commit suicide and riot on the street.

 

[eagleseven]

Prices freezes worked really well under Nixon, too! Caused a gas shortage, but at least it was cheap!

Fucking morons.

 

[Ravi]

Prices freezes worked really well under Nixon, too! Caused a gas shortage, but at least it was cheap!

Fucking morons.

What price freezes?

 

[eagleseven]

Prices freezes worked really well under Nixon, too! Caused a gas shortage, but at least it was cheap!

Fucking morons.

What price freezes?

Nixon Imposes Wage and Price Controls

Everyone cheered back then, too...but couldn't understand how the gas stations could run out of gas.

 

[Annie]

It's the banks fault to a large extent that we are in this mess...and since WE bailed them out, WE have the responsibility to regulate them if need be.

Or we can watch people bulldoze their homes and commit suicide and riot on the street.

Shouldn't the penalties be assessed on those that needed bailouts? Why punish all for the few?

What about Fannie and Freddie? Shouldn't their salaries been addressed?

 

[Ravi]

Prices freezes worked really well under Nixon, too! Caused a gas shortage, but at least it was cheap!

Fucking morons.

What price freezes?

Nixon Imposes Wage and Price Controls

Everyone cheered back then, too...but couldn't understand how the gas stations could run out of gas.

No, I meant what price freeze are you referring to now?

 

[Ravi]

It's the banks fault to a large extent that we are in this mess...and since WE bailed them out, WE have the responsibility to regulate them if need be.

Or we can watch people bulldoze their homes and commit suicide and riot on the street.

Shouldn't the penalties be assessed on those that needed bailouts? Why punish all for the few?

What about Fannie and Freddie? Shouldn't their salaries been addressed?

Could you explain how working out a payment plan for people that are in over their heads is punishing all for the few?

It's certainly not going to punish me. In fact it would indirectly benefit me. Foreclosures in my state are epic and it would be great not to see any more vacant houses in the neighborhood.

I'm not familiar with the salary question but if they are earning too much then I've no problem limiting their salaries.

 

[chanel]

There are very few foreclosures in my area. According to realtors I've spoken with, the banks have been modifying their terms. The banks do not want to get into the real estate biz, they just want their money. But let's face it. Many of these people will not be able to pay even if the loans are re-worked. It just seems like an exercise in futility to schedule a payment plan for someone with no income. And in that case, California Girl is absolutely correct.

 

[eagleseven]

What price freezes?

Nixon Imposes Wage and Price Controls

Everyone cheered back then, too...but couldn't understand how the gas stations could run out of gas.

No, I meant what price freeze are you referring to now?

The government, by suspending foreclosures, is effectively freezing the cost (price) of those mortgages. Further, they would be increasing the risk (and price) of mortgage-backed securities, creating another bubble.

Fools.

 

[California Girl]

There are very few foreclosures in my area. According to realtors I've spoken with, the banks have been modifying their terms. The banks do not want to get into the real estate biz, they just want their money. But let's face it. Many of these people will not be able to pay even if the loans are re-worked. It just seems like an exercise in futility to schedule a payment plan for someone with no income. And in that case, California Girl is absolutely correct.

It's just hysterical when people blame the banks. The banks didn't force money on anyone... the fucking government (mainly the democrats but the republicans can grab a share of the blame too) forced banks to provide mortgage to people who should never have qualified. The subprime market was instrumental in the current fuck up. For that, Barney Franks and his pals at ACORN and the SEIU et al should be held responsible. ACORN actually organized sit ins at banks who refused to provide mortgages to low income and the unemployed. Now tell me the banks were irresponsible.... it was only once it was forced upon them that they started doing business this way and making profits that it got out of hand. Everyone with even half a brain could see this coming years ago and everyone ignored it..... except a few Republicans.... including President Bush.

* Disclaimer: that does not exonerate the banks. They behaved seriously badly and those in positions of decision making should be held liable.

 

[JenyEliza]

There are very few foreclosures in my area. According to realtors I've spoken with, the banks have been modifying their terms. The banks do not want to get into the real estate biz, they just want their money. But let's face it. Many of these people will not be able to pay even if the loans are re-worked. It just seems like an exercise in futility to schedule a payment plan for someone with no income. And in that case, California Girl is absolutely correct.

It's just hysterical when people blame the banks. The banks didn't force money on anyone... the fucking government (mainly the democrats but the republicans can grab a share of the blame too) forced banks to provide mortgage to people who should never have qualified. The subprime market was instrumental in the current fuck up. For that, Barney Franks and his pals at ACORN and the SEIU et al should be held responsible. ACORN actually organized sit ins at banks who refused to provide mortgages to low income and the unemployed. Now tell me the banks were irresponsible.... it was only once it was forced upon them that they started doing business this way and making profits that it got out of hand. Everyone with even half a brain could see this coming years ago and everyone ignored it..... except a few Republicans.... including President Bush.

* Disclaimer: that does not exonerate the banks. They behaved seriously badly and those in positions of decision making should be held liable.

Yeah, Einstein.

And then there are the MILLIONS of Americans who bought their homes years ago (like the man who bulldozed his home and it was 1/2 paid for). They FULLY qualified for thier STANDARD mortgages, paid their bills for years and then for whatever reason (ie, mainly JOB LOSS IN THIS LOVELY ECONOMY), they found themselves temporarily unable to pay.

The banks grab the homes, throw the long-term owners out on the street and they don't give a fucking shit they've stolen these homes and left these people homeless. Oh, and unless you're a minority, don't go expecting any financial assistance to get into a rental property or to save your home. It ain't there. Seen it happen to several people here....SEVERAL.

Obviously, since you live "in Europe" as you do, you don't have a fucking clue what's going on over here. So just shut the fuck up you limeywannabe.

Not ALL of the people being foreclosed on are "sub-prime losers", you stupidfuck.

But you just go right on believing that. You seem to enjoy fucking fairy-tales.

 

[Annie]

It's the banks fault to a large extent that we are in this mess...and since WE bailed them out, WE have the responsibility to regulate them if need be.

Or we can watch people bulldoze their homes and commit suicide and riot on the street.

Shouldn't the penalties be assessed on those that needed bailouts? Why punish all for the few?

What about Fannie and Freddie? Shouldn't their salaries been addressed?

Could you explain how working out a payment plan for people that are in over their heads is punishing all for the few?

It's certainly not going to punish me. In fact it would indirectly benefit me. Foreclosures in my state are epic and it would be great not to see any more vacant houses in the neighborhood.

I'm not familiar with the salary question but if they are earning too much then I've no problem limiting their salaries.

I was referring to your post of what I quoted. I didn't comment on foreclosures. You railed about the banks, I asked about them and Fannie and Freddie that had so very much to do with the mess in real estate. If you don't know about that or the salaries of such, why are you de facto standing up against the many banks that acted responsibly and are being punished in ways those responsible are not?

 

[Ravi]

Nixon Imposes Wage and Price Controls

Everyone cheered back then, too...but couldn't understand how the gas stations could run out of gas.

No, I meant what price freeze are you referring to now?

The government, by suspending foreclosures, is effectively freezing the cost (price) of those mortgages. Further, they would be increasing the risk (and price) of mortgage-backed securities, creating another bubble.

Fools.

I don't see it, maybe I'm just misunderstanding you. The worth of the mortgages currently for people that are being foreclosed on is zero.