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November 29, 2009 09:09 PM UTC
13 Comments
is if 10% of homeowners did this. And each one then asked to see the original loan documents. That would devastate the banks.
shot themselves in the foot.
[well, not all banks, but enough of the behemoths did]
I have been a professional in finance for many years and I work with other professionals who identify themselves as Republicans but when I say to them, what happens when you take out the middleclass in a society? They don’t respond. I then follow up with something even lay people can understand and that is when you take out the middleclass in a society no one is left to buy the products of the filthy rich and powerful. Everyone gets this concept, professional or lay person they get the concept.
Banks have been greedy and it was only a matter of time before the smoke and mirror house of cards fell leaving them holding loans that no one can pay back. What were they thinking? I don’t feel sorry for them and I’m glad that one way or other homeowners will get help with or without the banks consent.
is there were a hellava lot of people who knew what was going on, but because everybody was raking in the dough, everybody just looked the other way, just like the S & L debacle 20 years ago. It wasn’t just the banks, it was the mortgage brokers, the real estate agents, the appraisers (with their inflated appraisals), the title companies, the builders and developers – everyone in the business who stood to make a buck off the boom.
In 2005 I had a young guy (married with 2 kids) tell me that he and his wife just bought a house off some builder with no money down, and he was getting $20,000 back at the closing.
Just like the S & L scandal, it was`all smoke and mirrors.
the banks are getting exactly what they deserve.
and the prof has some cojones to do it too.
Brent T. White, a University of Arizona law school professor, AND GUY WHO IS NEVER GOING TO GET A HOME LOAN AGAIN SO DON’T EVEN ASK says that it’s in the homeowners’ best financial interest to stiff their lenders and that it’s not immoral to do so
Most of us are innocent victims in this scandal. The banks created the bubble by fraudulently overstating incomes of mortgagees and providing appraisals that overstated the value of the property. Even those who pay their mortgages got stiffed. How you ask? Because appraisals were inflated, incomes were overstated resulting in many foreclosures which caused property values to drop. Now, homeowners who diligently paid their loans on time can’t sell their home or can’t get refinanced.
I agree with Patrick the banks deserved this.
Best of all, if you happen to hate all your neighbors, by walking away from your mortgage, you’ll trash all their home values too.
Then when they’re underwater, they can walk away from their mortgages and their homes.
Pretty soon all that will be left in the neighborhood will be a handful of retirees who own their homes outright at a value about equal to what they paid 30 years go.
That’ll sure teach those banks a thing or two!
That the banks (and the investors in Mortgage Derivatives) would get rescued at a cost of billions to the taxpayer, only to find out that the housing market had collapsed to the point that enough people who were underwater on their mortgages would walk away from the deal and cause a second round of failures.
If this were a business decision, walking away from the mortgage would be considered a wise move – cut your loss, write it off, and move on.
The mortgage companies need to make some financial decisions here, and some of them are going to look unpalatable. But writing down 10% on a home loan is nothing over time if they still get 5-7% back per year on the remainder.
Adjusting the principle is better for the homeowner but they could also lower the interest rate, after all they are borrowing money at 0%. They are greedy still and continue to insist on tightening the screws.
If you’re home value is valued at 30-40% less a 10% reduction is still not going to do it if the homeowner is making a business decision to walk away. The banks are going to need to work harder to keep these homeowners from walking away.
From a cost benefit perspective the banks would be better off and they would have been better off but as long as tax payers are bailing them out there is no incentive for them to work with homeowners.
but there is another problem.
Because of securitization no one “owns” the mortgage.
The bank only has the “mortgage serving right” which doesn’t give them the right to modify the mortgage. This makes modifying loans difficult even when everyone knows its in the best interest of the lender.
I am not saying this to defend the banks, only pointing out the nature of the problem.
BTW I have advised people on this and sometimes “jingle mail” (mailing your keys to the bank) is the best option.
According to Representative Marcy Kaptur homeowners shouldn’t vacate the property until the banks produce the note. Many homeowners have stopped foreclosures by going to court and fighting for their rights. I would advice them to take them to court. It’s worth it to be able to stay in your home for as long as it takes them to produce the loan documents. Here’s an excerpt from an interview The Nation Magazine did with Rep. Marcy Kaptur. I happen to agree, let them produce the note. Isn’t it a law now in Colorado that they have to do this?