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The Foreclosure solution

People whose home is about to be foreclosed upon can now apply to a bank for a new loan and at a better fixed interest rate than they had on their old fixed or variable rate.
This due to the loaning banks being able to borrow from the Federal Banks at a rate about 75% better than previously
available.

At this point it is not known how much the Federal Banks stand to loose on this deal. If they do lose however, it will eventually be made up by taxpayers.

Now this puts the banks in a new position of having these loans at a good interest rate, guaranteed by the USA, instead of loans which would likely bankrupt many of them!

I'm not sure just how many people in trouble with their mortgages are going to benefit from this program. I think those even with half-million dollar, plus, homes can also participate.

Many people owe 20%-35% more on their home than it is worth! The banks under the new rules won't loan them any money for that, or for the rest either, probably. They are dead in the water!

Also, just how many can pay for any kind of mortgage at this juncture? If they could they would have paid it before foreclosure by re-financing!

I see it as a boondoggle by conglomerates who will take over these loans at a bargain and with some capital be able to sell them off at a profit.
The owners will be out totally with no house and likely other debts beyond their ability to pay.

Who then will benefit?
Bank stockholders.
Just as is the case with Big Oil Companies who are buying back their stock with the current profits, so those holding the rest will get double dividends!
Who are those holding the rest?

Bonkers's blog | login to post comments

Foreclosure Solutions??

Submitted by skyspy on Fri, 08/01/2008 - 8:14am.

I believe they are called JOBS!

Oooopppsss, sorry for using that 4 lettered word. I guess my fate is sealed. Unless Cal can see it in his heart to just give me a warning this time? Fingers crossed.

Another solution would be to live within your means instead of buying a McMansion on a McDonalds salary.

foreclosure

Submitted by rm.snell on Fri, 08/01/2008 - 3:05pm.

OK, I am going to dole some personal info and get a lot of crap from people but here it goes: A few years ago I bought my house and because I did not have outstanding, but OK credit I ended up in an ARM. What a mistake.(never go into a housing sale without your own lawyer and read all the tiny letters) I was assured I would never pay more than 10 percent mortgage but as of next month it climbs to 11% and will go up again in February. That promise was made by a company that is no longer in business. Because of illness I have been late and my credit has gone down the crapper. I am stuck in this mortgage because of credit. I have a job; I have had my job for 20 years and it is a step or two up from McD. I do not own a McMansion but a simple single family ranch. I have tried to get the mortgage company (countrywide) to stablize the ARM but apparently there is nothing they can or will do. The cost of living is kicking my tater and the threat of forecloser loams over my family. I work two jobs and try to save as much as possible. If I could legally sell my kids I have thought about it. (for about a second and only when they are acting impossible and I am at the end of my rope) So any other suggestions that all you smart people have is welcome. (single parent household with no one to pay the bills but me. We did not vacation this year nor did the kids do anything in camps. Smarta$$ answer need not respond because I am honestly looking for answers)

Rm Snell the liar!

Submitted by head_ragg on Fri, 08/01/2008 - 5:12pm.

You have done nothing on these blogs but attack 2 people in particular who are women. Are you now expecting us to believe you are a single woman with kids about to loose her house? The details of the comming and goings of Tyrone and how jealous and coventious you are, and your obsessiveness with good people trying to make a differece, make me think you are nothing short of something that at best, crawls and slithers. Do not try to reinvent yourself, if you do, please try to use another email besides....bellsouth.net. your day is comming. You are really sick

head-ragg= old beachbear=

Submitted by rm.snell on Fri, 08/01/2008 - 5:38pm.

crazy attacks and bouts of rage. You are the reason that I was hesitant to put anything personal on here. Enough said

the reason you were hesitant?

Submitted by head_ragg on Fri, 08/01/2008 - 7:20pm.

could it really be because of the vile things you have said about everyone else and now you want sympathy? I think you just want to reinvent yourself! You are one big Ugggllly!

heard-ragg equals old beachbear equals scared? Not!

Submitted by head_ragg on Fri, 08/01/2008 - 6:45pm.

Nasty= ugly= vile= rm.smear? really equals... person that tries their best to get people to not speak up against you! do you think you scare me or anyone else that understands you are vile? You can never change that! People will always take a stand against your kind. I don't think you are losing your house, I do think you have long ago lost your mind, if you had one!

and for the summer there were 3 more

Submitted by head_ragg on Fri, 08/01/2008 - 6:56pm.

how nice 3 more 3 mail avenues to say things about people..by by..blueskys!

rm.S.m.eee..aaaa..rrr ...a big difference!!

Submitted by head_ragg on Fri, 08/01/2008 - 6:35pm.

You try to intimidate...and hurt and nothing else. I don't think you are a female with small kids. If anyone goes to search and puts your name in, what you have said is the most vile and unsympathic things to women on this board. Why would you then pose as one of the sex you despise the most?

rm.snell-feel your pain

Submitted by wildcat on Fri, 08/01/2008 - 3:35pm.

I don't have cable, satellite, caller ID, call waiting, or any fancy stuff like that. DSL is free and my cell phone bill also is taken care of. The last time I paid to have my nails done was in the 90s and I was going to a wedding. I've paid someone else to cut my hair only twice since 1996 (I cut it myself, and yes, everyone can tell). I only buy clothes and meat on sale. The a/c in my truck is broken and will remain so. I don't go to Starbucks (maybe at Christmas time) and I seldom eat out. I also live in a modest home that I could afford at the time (13 year ago). I've been at my job for 15 years and while my pay has gone up; the cost of living has far surpassed it. I'm in a quandary as to what I will do as well. I'm looking for a second job after we all get settled into school. I've done everything that Suze O advises and there does not appear to be a light at the end of the tunnel. Well, maybe there is but it's a really long tunnel and I can't see it. Like you, I often feel overwhelmed as things are only getting worse. I don't know what to tell you. Hang in there? Pray? We could start a support group?

Wildcat

Submitted by rm.snell on Fri, 08/01/2008 - 5:49pm.

keep the faith. I wish I could help you because you are in worse shape than I am. I think there should be a support group out there. There are so many people that never thought they would be in the place they are in. It is a shame.

rm.snell...