Comments on: Loan Modifications Don’t Reduce Payments

By: U NO HOO

U NO HOO — Sun, 05 Apr 2009 19:14:23 +0000

“she thought she was going to KB Toys for a barbie”

Yeah, and with it being Barbie’s 50th birthday all the papers that had to be signed were just Happy Birthday cards…

By: Gila Monster

Gila Monster — Sat, 04 Apr 2009 17:58:25 +0000

Gloria Nieto describes how KB Home coerced her family into taking a bad mortgage, then refused to negotiate when the loan went into foreclosure when their Buckeye, Ariz., home became worth about half what they had paid,

Coercion aside, this statement is just laughable. The loan went into foreclosure because the house value dropped by half? LOL..!! I needed a good laugh this morning.

By: yadayada

yadayada — Sat, 04 Apr 2009 16:28:12 +0000

oops. try again

let’s see… single mom of three, $30k income, I shop around in an inflated market in summer of 2005, find a $200k house, 4 bdrm so each child can have own room, and am barely getting by enough to buy 50 in. plasma tv, full service sat. tv packge , xbox, cell phone, etc . in august 2008 my adj. rate rmortgage jumps from $800/ month to $1250 (said so right there 12 times on 8 of the 23 pages I signed) and the lender won’t renegotiate for more than 10% decrease?

“Damn mogeg compny dun ript me off!”

10% decrease on your monthly mortgage payment? usually 10% is enough to covers the principle payment. I wish my lender would do that. I’d have my house paid for in 8-10 yrs.

By: yadayada

yadayada — Sat, 04 Apr 2009 16:27:43 +0000

monly motgae pyet? uual th a coers th p rncpe amet wis my lender would d t I ve my or in 8-1 0 yr.

By: canary

canary — Sat, 04 Apr 2009 10:40:45 +0000

sorry meant to post youtube of Ronald Reagan’s inaugerational speech.

By: Liberals Make Great Speedbumps

Liberals Make Great Speedbumps — Sat, 04 Apr 2009 04:32:05 +0000

“Contracts are contracts.”

I can think of a few folks at AIG who might disagree with your assertion Canary. You forget, we are now in Obamaworld.

By: Liberals Make Great Speedbumps

Liberals Make Great Speedbumps — Sat, 04 Apr 2009 04:26:38 +0000

“We’ve failed. We’re punks.

Hey Doc,

Unfortunately, I agree with you in an awful lot of cases. However there are an an awful lot of Americans who still do believe in doing the right thing. They are unfortunately overlooked because they are too busy serving on active duty or in the reserves, working for a living to support their families and trying to teach their kids something resembling values. These are the people that are going to have to say “enough of this BS”. It will happen eventually, I know it will, I just fear that the damage will be irreversible by that time. Good people have a very long fuse but there is a real b***h of a bang at the end of it.

By: Liberals Demise

Liberals Demise — Sat, 04 Apr 2009 03:56:27 +0000

Hey Dr.Rock…….you make house calls?

By: Liberals Demise

Liberals Demise — Sat, 04 Apr 2009 03:48:58 +0000

It’s late……I smell of gun powder, cigs and alcohol…….and I’ve wet me pants from the laughter. Thanks people….I REALLY needed it!!

By: DoctorRock

DoctorRock — Sat, 04 Apr 2009 03:45:17 +0000

And our ups and downs are the American Way. Given our system of education, who but a partisan moron would expect that we learn to succeed in any other way? But, as there is a God, and this used to be a free country, there’s still a fair quantity of us who’ve yet to fall beneath the wheels. AND we can still think for ourselves. So let me be the first to say that Cloward-Piven is too easy. We’ve been kicking this around as the watershed socialist strategy to subvert our fair country while the fascists have been counting their money. Can you say Oligarchy? I learned that word during the Clinton years, but it may well have begun with Bush I. Here’s the idea I haven’t been comfortable with – How exactly was our government able to coerce our financial community to make bad loans?
Think about it. My common sense tells me that any politico trying to dictate a more politically correct albeit risky policy to any self-respecting banker is going to have a very hard time getting re-elected. I see the blue screen. Please tell me if I’m wrong here. But I’m thinking that the bailouts were understood from the jump. “You have nothing to lose, and when the stuff hits the fan, look at the power you’ll have!” Scary, right? WHO has been bailed out exactly? I rest my case.
Ronnie must be spinning. TCO apologized to Europe for our arrogance. I just coughed up an astute observation, so pardon me while I rant, as it’s Friday night, and I’ve had a few. As this is about learning from our failures, I want to share. No, really. The single greatest shame I have to bear in this life is that my parents had to witness 9-11. I’m still sick over it. There are those who are presently comparing us to the Weimar Republic – they win. The generation before us was assaulted by the evil of fascism, and made every sacrifice to defeat that evil. And in their dotage they saw its return. We’ve failed. We’re punks. If it was my call, the stimulus package would be about building tanks and aircraft in anticipation of bringing regime change to the Arab world. But of course, then we wouldn’t have to – the Romans knew that, Dummy!
Ahhhh – done. Enjoy the weekend kids. Next week, “Why the Russians hate us.”

By: pdsand

pdsand — Fri, 03 Apr 2009 23:30:47 +0000

It’s like she saw a line and stood in it, and ended up with the mortgage. She surely didn’t go out house shopping, then go to a few banks and apply for loans, then end up at this KB Homes place and put an offer down, go through the whole application rigamarole, close, have the whole contract read to her item by item, sign in 100 different places on three copies of the contract, etc., etc. Somehow or another this evil company was able to coerce her into a mortgage. Heck, she thought she was going to KB Toys for a barbie, then ended up in this bad situation!

By: jobeth

jobeth — Fri, 03 Apr 2009 23:24:33 +0000

First they held an evil pen to her hand….then they pushed an evil and dangerous key at them!

Come on…how is the poor thing to resist THAT kind of pressure!

“Read somethin?’ Ain’t got time….Gotta buy out da sto fo funitur fo my nu house!” She was heard to say as she burned rubber to get away….

By: jobeth

jobeth — Fri, 03 Apr 2009 23:20:37 +0000

Silly me…thanks for the heads up! LOL

By: reefdiver

reefdiver — Fri, 03 Apr 2009 23:15:39 +0000

Payments? Din’t nobody say nothin’ ’bout no stinking payments.
Where my ACORN homie at?

By: pdsand

pdsand — Fri, 03 Apr 2009 22:55:45 +0000

Haven’t you ever heard of squatter’s rights? It’s in the constitution right under fornicator’s rights.

By: pdsand

pdsand — Fri, 03 Apr 2009 22:52:31 +0000

The caption says Ms. Nieto is explaining how the company coerced her into taking a bad mortgage. I’d almost like to hear that explanation. And what clever device they used to get around the Truth In Lending disclosures.

By: retire05

retire05 — Fri, 03 Apr 2009 22:43:26 +0000

The article states that 9 months after refinancing, those loans are back in default. What the article doesn’t tell you, and is fact, is that after one year, that percentage is up to 50%.

The banks can modify loans all day long, but there is that little part of a mortgage payment called the escrow account that pays the taxes and insurance on these houses. I doubt that Arizona is jumping through hoops to make property taxes any lower or if the dimwits who are losing these homes have contacted the mortgage company and told them to lower their value and shop for cheaper insurance. If your the principal and interest are $800/month and you get it lowered to $600/month (25%), it doesn’t do a damn thing to lower your insurance and taxes which are probably around $300/month.

The article goes on to say that 12% of Americans are in default. Put simply, it means that the 88% of us who are not are going to have to pony up the money for the 12%.

And while we are at it; what happend to the $300 billion that Congress passed for mortgage relief, or the $75 billion that followed after YoMama took office? Why does the AP not report on all those home owners who have had their mortgages saved courtesy of the American taxpayer? Ummmmm?

By: canary

canary — Fri, 03 Apr 2009 22:12:25 +0000

The bailout was for the banks, not home owners, a small amount would be set to pay the banks when home owners were delinquent. Contracts are contracts. If people signed them. Loans are usually a risk.
And Obama’s everyone can now buy a car. The auto dealers already had all these extras, like insurance if you lose your job, pay for extra warrantie packages. People, won’t get out of paying for these extra’s. Obama isn’t going to send money to people pay those perks. Wouldn’t even doubt if prices on the cars go up. Nothing said the dealers couldn’t go up on car prices. They’ll have to in order to go green to meet the green requirements in order to get the bailouts. Maybe even have to charge more for the older models sitting in the lots, instead of selling them cheaper as they decrease in value by the blue book. The labor will still have to bargain with the bosses, and this is wear Obama might screw the unions. But, I truthfully, think all the books are cooked, like a tangled giant ball of string, no way they could have handled this correctly. Then Ford get’s in on the action. What a snowball effect.

By: jobeth

jobeth — Fri, 03 Apr 2009 20:16:12 +0000

The sign says “KB Homes STOLE our homes!”

Sorry, but it’s The BANK that wouldn’t stand still for YOU To STEAL THEIR houses, when you stopped paying the mortgage.

I never forget that until I have that mortgage burning ceremony after the last payement is made, the bank still holds the title to my house…thus, THEY own the house! (Minus what principle I’ve paid in of course)