The Washington Independent - Latest Comments in Bailout Bill Must Include Help for Homeowners

Re: Bailout Bill Must Include Help for Homeowners

Inchirieri Masini — Thu, 25 Nov 2010 05:33:40 -0000

At the very least there should be a freeze on foreclosures until Congress figures out a solid plan, and I don't care how much of their 6 week vacation they cut into! They should have been working on this the last year. Bush put through a terrible plan, but Congress has not looked out for Americans, loyality to too many lobbyists and contributors. The housing plan they already passed did not help Americans either and we will owe on it for years to come.

Re: Bailout Bill Must Include Help for Homeowners

Rent a Car — Thu, 25 Nov 2010 05:32:50 -0000

Why should they get up to $500,000 per person when a family can loose there home that was $200,000. This not fair and I believe that the American people should revolt against this bill being passed. The government is trying to sell this as a “must do" financial crisis, why can't Americans stand up and say OK "a must do for Americans in foreclosure is to write down the loan and the interest rate" and the banks must AGREE to that for every home that is in foreclosure. Call your Congressman, take a stand “do not let this pass unless this bill INCLUDES AMERICANS IN FORCLOUSURE

Re: Bailout Bill Must Include Help for Homeowners

Jenn Dize — Fri, 20 Feb 2009 11:27:15 -0000

Your last paragraph summed it up very nicely. It seems that with the way things are headed right now, it's clear that past solutions didn't necessarily have the desired effect. Thank you for this well-written piece.

Re: Bailout Bill Must Include Help for Homeowners

FX — Sat, 24 Jan 2009 07:54:53 -0000

Too many people went too far without understanding the implications of what they were signing. The mortgage companies took advantage of the uneducated and under educated for there short term profits not completely understanding all the trouble they would be causing in the future. It is just a shame for so many.

Re: Bailout Bill Must Include Help for Homeowners

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Re: Bailout Bill Must Include Help for Homeowners

donna — Tue, 06 Jan 2009 16:09:27 -0000

why can we not get help for our forcloser home . ive tried every thing still nothing please help

Re: Bailout Bill Must Include Help for Homeowners

Lisa_P — Fri, 21 Nov 2008 00:36:23 -0000

The bailout plan is ambitious and is designed to bring stability to the shaken economy, it will affect only a narrow slice of homeowners in the U.S.
Treasury Secretary Paulson’s Troubled Asset Relief Program was not the kind of credit repair scores the endangered homeowners needed. However, a new mortgage program is underway. Thanks to the Federal Deposit Insurance Corp Chairman Sheila Bair, 1.5 million homeowners will have a sturdy backbone when they’re facing foreclosure. This $24.4 billion program will be drawn from the $700 billion pool that TARP set up. With this straightforward system, lenders will be given a fixed amount of $1,000 per loan they renegotiate with financially stuck homeowners. In addition, the FDIC has promised to take on up to 50 percent of the loss in the event of a default on a loan. While others view the action on Bair’s part as a needed investment to maintain liquidity in the mortgage industry, Paulson has predestined this as mere spending that will only bankrupt the FDIC. Although this will no doubt require a lot of time to solve, it’s definitely a noble effort to help repair credit.

Click to read more on Credit Repair

Re: Bailout Bill Must Include Help for Homeowners

Mark Argentino — Wed, 08 Oct 2008 20:56:38 -0000

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Re: Bailout Bill Must Include Help for Homeowners

LadyFLRealtor — Thu, 02 Oct 2008 17:54:37 -0000

Lauren, you are so correct. At the very least there should be a freeze on foreclosures until Congress figures out a solid plan, and I don't care how much of their 6 week vacation they cut into! They should have been working on this the last year. Bush put through a terrible plan, but Congress has not looked out for Americans, loyality to too many lobbyists and contributors. The housing plan they already passed did not help Americans either and we will owe on it for years to come.

Re: Bailout Bill Must Include Help for Homeowners

LadyFLRealtor — Thu, 02 Oct 2008 17:48:50 -0000

You are so correct.

Re: Bailout Bill Must Include Help for Homeowners

LadyFLRealtor — Thu, 02 Oct 2008 17:46:54 -0000

The Bankruptcy courts already allow for re-modifications of second homes and investment properties, but unbelievably there is no help for the homeowner. There could be a cutoff period so that this is not a precedent for filings in the future, but these times are different. Perhaps it could only affect those properties "upside down" financed between 2004-2007. If the loan balances were adjusted to the current market with a lower interest rate (arms went up 3% higher even on conservative rates of 6.25) requiring PITI (principal, interest, tax & insur) it would be far better for the economy for people to stay in their primary homes.

Empty houses and foreclosures are driving the values of the neighborhoods down lower & lower with no end in sight. The bleeding has to stop, and throwing billions to reward Wall Street's speculative actions with no retributions is not the way to go. Perhaps Congress better take an extra week, listen to economics (and not just the financial institutions/politicians with their own agenda), and then put forth a plan than Americans can begrudgely support, with an end to the crisis in site.

Re: Bailout Bill Must Include Help for Homeowners

Maria — Mon, 29 Sep 2008 11:52:55 -0000

Why should those who a) bought more house than they could afford, b) used their house as a piggy bank to live way beyond their means or c) flipped houses as a way to get rich quickly without having to work for their money get any kind of bailout? I live in Miami where huge numbers of people were buying and selling the houses they lived in every couple of years or buying and selling half-million dollar condos as "second homes" with borrowed money, time and time again. Then they used their profit to buy expensive vacations, plastic surgery, designer bags and luxury cars. They used flipping as second incomes. They took chances they should now be liable for. Those of us who lived within their means are now being asked to bailout our deadbeat neighbors. Everyone has their hand out. Maybe I could stop paying my mortgage or take out credit and spend it recklessly?

Re: Bailout Bill Must Include Help for Homeowners

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Re: Bailout Bill Must Include Help for Homeowners

D. Curry — Sun, 28 Sep 2008 19:26:11 -0000

Homebuyers who buy a house that the cannot afford and hoping to benefit from the inflated home prices should not receive any help. This is called greed. They are taking a gamble and sometimes you loose.

Re: Bailout Bill Must Include Help for Homeowners

Lauren — Sun, 28 Sep 2008 18:27:31 -0000

I am in the Real Estate Business and I think that the government once again has screwed the American people. I believe that Corporate America should not be allowed to take one dime as pay outs. Why should they get up to $500,000 per person when a family can loose there home that was $200,000. This not fair and I believe that the American people should revolt against this bill being passed. The government is trying to sell this as a “must do" financial crisis, why can't Americans stand up and say OK "a must do for Americans in foreclosure is to write down the loan and the interest rate" and the banks must AGREE to that for every home that is in foreclosure. Call your Congressman, take a stand “do not let this pass unless this bill INCLUDES AMERICANS IN FORCLOUSURE

Re: Bailout Bill Must Include Help for Homeowners

Loans — Sat, 27 Sep 2008 22:07:59 -0000

Payday Loans are great because things happen, and most of the time when they do, we don't have the money we need

Re: Bailout Bill Must Include Help for Homeowners

Moe Bedard — Sat, 27 Sep 2008 13:40:51 -0000

The facts remain that without provisions mandating loan workouts and loan modifications, increased regulation on mortgage servicers, servicer accountability and without complete 100% control of these mortgages, themselves, this bailout plan WILL NOT work.

Well, at least for the people on Main Street losing their homes.

The proposed $700 bailout proposed by U.S. Treasury Secretary Henry Paulson, in its current form, will do absolutely NOTHING to help you, your family or your neighbors on Main Street. This bill’s costs will be gargantuan, yet it is suffering from famine in the substance department.

Meaning there is no meat and potatoes for Main Street. Only more gravy for Wall Street.

The way this bailout bill is written, our government and the Treasury would have very limited ability to gain “complete” control of troubled mortgages. What the Treasury has planned is to buy troubled assets from the various banks and investment banking institutions consisting of mostly residential and commercial mortgage-backed securities.

To put this is layman’s terms for my readers. The US Treasury, oops I mean us, the American people are going to buy up Wall Street’s bad and toxic investments in an effort to try stabilize Wall Street for a just a “little” bit longer.

Paulson has claimed that after the Treasury buys these bad assets, the purchase will have benefits that will trickle down to Main Street in the form of restored liquidity and credit for making mortgages and other credit to consumers available.

Why the plan will not help homeowners.

Every single Hope Now, FHA Secure, plan, bill and initative has made it “only voluntary” for mortgage servicers to comply and participate in these proposed solutions to our mortgage and housing crisis. Meaning they do not have to do anything they do not want to do and all of this Hope Now talk and puffing of foreclosure prevention chests has been nothing more than botoxed lip service and media propaganda.

This is all about the Benjamin’s (money) people. Please, never think, for a mili-second that this is about what is morally and ethically right. It’s business and servicers are in the business of collecting, demanding and making money off of homeowners.

They are definitely NOT in the home saving business!

Mortgage servicers have absolutely no or little financial incentive to help struggling homeowners. They are severely inundated and bottle necked with calls, faxes, pleas, cries, delinquent mortgages, short sales, loan modifications, foreclosure sale dates, disgruntled and under paid employees. They do not have enough space, staff and phone lines to properly assist the people who are seeking it.

Couple that with the facts that they actually make money when you’re delinquent on your mortgage and they also fear possible liability in the form of lawsuits from disgruntled investors.

The Mortgage Servicing Industry Has Failed! It’s broke and in need of immediate repair, cash and help. They know it, the banks know it, our Secretary Treasury and our government knows it.

Yet, nothing is being done to fix it.

Americans on Main Street need to demand that this bill provides relief to struggling homeowners:

Ø Open home preservation centers that are operated by third parties such as non-profits and legal aid agencies to insure consumer protection and safety.

Ø The bill must mandate all servicers to perform some type of loan workouts (whether it be a loan modification, repayment plan, short sale or deed in lieu, judicial or non-judicial).

Ø Foreclosure moratoriums on primary residences

Ø New mortgage servicing regulation

Ø Loan workout accountability and tracking system

Ø Prosecute and fine lawless mortgage servicers

Ø Give us all a do over like Wall Street gets!

Please write your state Senator who is supposed to represent you, the people, and tell them what you think and want. A silent voice will never be heard!

Re: Bailout Bill Must Include Help for Homeowners

Murphy — Fri, 26 Sep 2008 13:20:35 -0000

Why are homeowners given such special status? If an investor who rents loses $20,000 in the stock market, how is that any less costly to the individual or the economy than a homeowner losing his down payment (if any)? Most of these deadbeat homeowners put nothing down on the house, and many were subsidized. They were basically renters.

I fail to see why one person's monetary loss should be treated any differently from another's.

Re: Bailout Bill Must Include Help for Homeowners

gilmanc — Fri, 26 Sep 2008 12:59:43 -0000

The government bailout legislation can include the ability of servicers to modify the debts, if that is more palatable than the necessary bankruptcy language.

It is this level of anonymity in the financial services world that has allowed us to ignore the plights of those around us.