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If you own a home....

Discussion in 'Sports and News' started by poindexter, Feb 11, 2008.

  1. poindexter

    poindexter Well-Known Member

    Stop making payments. Today.

    In three months, you will have saved a boatload of money; and then be eligible for favorable restructure of your loan. Its win-win.

    Prodded by politicians alarmed by a surge in defaults, six major mortgage lenders are due to announce Tuesday another effort to prevent foreclosures.

    Under the latest plan, dubbed Project Lifeline ... the lenders are to seek contact with homeowners who are 90 or more days overdue on their mortgages. ... Unlike the recently announced plan to freeze interest rates at current levels on certain subprime loans, this latest drive would involve all kinds of home loans...

    The participating banks are Bank of America Corp., Citigroup, Countrywide Financial Corp., J.P. Morgan Chase, Washington Mutual and Wells Fargo & Co. -- all members of the so-called Hope Now Alliance. They are working with the U.S. Treasury and Department of Housing and Urban Development. Those two departments scheduled a briefing on the plan for 11:15 a.m. Tuesday.

    Project Lifeline... these things write themselves.
  2. Rosie

    Rosie Active Member

    My bank isn't on that list.

    'Course, I could never bring myself to miss a mortgage payment.

    Just can't do it.
  3. Tom Petty

    Tom Petty Guest

    i'm waiting to buy a house. i wish these fuckers would quit bailing people out who were stupid enough to sign on the dotted line.
  4. dixiehack

    dixiehack Well-Known Member

    For those who aren't WSJ subscribers, a full story at this link.


    What ticks me off is the people saying that paying down debts when Uncle Sam sends out care packages this spring won't help the economy. What's killing the economy is that the banks are scared shitless to lend out money to any person or business that doesn't have a diamond-studded credit score. If people are starting to actually make good on their debts, maybe we can take a deep breath and realize that recessions aren't forever.
  5. Twoback

    Twoback Active Member

  6. Pete Incaviglia

    Pete Incaviglia Active Member

    I'm totally with you, Tom. It's pissing me off. All this help for these idiots who dived in over their heads. Where's my help? I'm saving my ass off but no one's helping me.
  7. Armchair_QB

    Armchair_QB Well-Known Member

    What a bunch of fucking bullshit.

    My bank is on that list but, like Rosie, I could never see missing a mortgage payment. We probably have a little more house than we need but we never, ever miss a payment. And we were smart enough to get out of our ARM a couple of years ago as well.

    It pisses me off that fuckwits who never had a hope in hell of affording the house they're in now made the purchase to begin with.

    And fuck the assholes who gave them the loan to begin with with a rusty fucking chainsaw. Thanks to those clowns should we need to sell our house for any reason we'll

    1) have a hell of time finding a buyer and;

    2) get fucked in the ass on terms when we try to buy the next one.

    Thanks assholes.
  8. Rosie

    Rosie Active Member

    Back years and years ago (close to 20 now), when I took my real estate license, I remember thinking one thing during a finance class.

    There is no way in hell will I ever take an ARM.

    And we didn't when we bought our house.
  9. Bubbler

    Bubbler Active Member

    I heart my FRM.
  10. qtlaw

    qtlaw Well-Known Member

    Not good advice if you've got equity. Plus your credit rating is going to go to crap.

    Now if you're underwater on the loan, how much worse can it get right?

    Bailouts, that sucks because it drains resources that could be used elsewhere and rewards the people who made the bad transaction in the first place.
  11. rpmmutant

    rpmmutant Member

    Why would anyone ever agree to an ARM loan? Especially when rates were so low? We bought our house five years ago, when rates were really low and never once considered an ARM loan. Sure rates could have gone lower, but worst-case scenario is they would go up. And with a lot of these ARM loans, there was no doubt the payments would go up eventually. Just stupid. Never, ever agree to an ARM loan, especially when the loan has six figures in it.
  12. Shaggy

    Shaggy Guest


    Read it. Memorize it. Don't get offended by it.
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