Need to rant, this will probably start a poo storm, and that's just fine by me.......
I think the banks are single handedly destroying the economy and we are paying for it. How many stories have you heard that people in good standing are trying to get a screwed up loan modified to be able to survive and the banmks simply just ignore them?
I have heard several (like a dozen) stories that people are simply short every month and can't get the banks to help them out, I have only heard a couple of success stories and they are from people who did not deserve to be bailed out IMHO...Basically the system seems to cater to the irresponsible "gimme" that overspent and were mortgaged to the friggen hilt and now have loan mods. and principle adjustments that allow them to just do it again.....
These banks are just protecting their ass and really hurting the economy by letting people just lose their house to the bank and then they give it away lowering the prices of every home in the neighborhood for no good reason and destroying everything for the hard working tax and bill paying individuals making them victims as well....It's a bunch of crap if you ask me....My house was at one time worth over $700K, it is now worth less than $400K, what a load of shinola!
Instead of bailing out people who are close to getting their stuff caught up, they help those who are months and months behind....WTF?
Who do we contact to call BS? I have played Monopoly, and this was not in the rule booklet
If only I knew then what I know now.....You would not be reading this because I would be on my own private island sipping a Mai Tai with the sun in my face while my "people" run my estate.......
Frikken crooks IMO....
Originally Posted by Quickjet
Put a 300 on the back of it, Flywheel it and a nosecone. $15,000 later you'll have a 65 mph pile of shit......
To a certain degree I agree with this, and to a certain degree I do not.
First off, just because your house was worth 700k in a manipulated market, and is now worth 400k doesnt mean a thing. Its now worth what it probably should have been worth the whole time.
Banks are not the ONLY contributor to the market that was grossly over used. How about boat mfg, car mfg, and nearly every other industry that proffited?
As far as the loan mods go, you might not be getting the full story from the individuals that you say deserved it. Afterall many people will not fully disclose their financial information to you. I have successfully mod'd both our first and second (on my own, with no help from a mod co) and cut our payment nearly in half. In speaking with the UW at these companies, they state that most are not going through because they have no way to back up the info they claim on their hardship letters, therefore making the initial approval invalid since they cannot sattisfy the conditions of the mod.
So to say that the banking institutions are solely to blame is (IMO) a complete ignorant statement. Are they somewhat to blame? Yes. When it comes to the contribution from the RE/ Loan industry they have a large part. There are also many other contributors to that industry that are to blame. RE Agents, LO's, Brokers, AE's, Appraisers, etc... All of those people contributed to fraud on the loans that ended up in default. Remember the first waive of loans that defaulted and started this title wave were due to loan pools that had fraud discovered and to be repurchased from the investor.