Claudette, You're The Inspiratin Behind This Post with your post on Loan Modifications which have been a major source of concern for me for sometime now. http://activerain.com/blogsview/1272590/new-housing-bill-will-force-loan-modification Sorry to make you the fall guy but you hit a nerve and I just have to get it off my chest.
AR members please bear with me. This post is the comment I made to Claudette's post on Loan Modifications yesterday. Albeit rather wordy and I know I'm jumping all over the place but every so often someone shares something that just hits the right hot buttons. What's our little community for if not to share our thoughts and concerns with one another.
I've been waiting for this to happen for the past year now. Not that I'm in favor nor happy about it. In fact I agree with some of the comments above about the government sticking their noses into another mess that they really won't do anything but screw up worse. If you have a moment read the series of posts I did on AR during the last month to give you even more insight into this whole loan modifacation debacle.
Now having said all this I don't see anyway for homeowners to ever get out of this mess without some government intervention. Greedy lenders made it easy for unwary borrowers to obtain these loans so I think, investor or not, lenders have a major cupability in causing this whole downward spiral to happen in the first place and should thereby be held accountable for some form of real fix whether they lose money or not.
I personally think that the only thing the government can really do is mandate an accross the board write down on all mortgages made between 2003 and 2006 to within 85% of todays market value. Sure investors would take it in the shorts and I am one of them because I too have money invested in equities and the banking mess. But then you could have the banks make the investors well by reimbursing them with all the bailout money they've received with our tax dollars. The market could then adjust to current values and homeowners could keep their homes. But that just makes too much sense so I won't hold my breath for a logical solution anytime soon.
But.....and I say But with a Capital B. What about the other shoe that has not yet dropped? I'm talking about the next traunch of foreclosures from the prime, Jumbo and commercial ARMS, 5 year interest only and Neg Ams that are currently looming on the horizon and will be re-setting in the next 12 to 18 months?
What we've experienced during the past 18 months is but a precursor to things to come and I don't even hear the war drums beating in the distance yet. We're so caught up in trying to figure out how fast we can socialize America with government bailouts and outright takeovers in the auto, real estate and healtcare industries, dealing with a failing war in Afghanistan and gearing up for the next election that our dummed down society can't see the forest through the trees.
Negative? Perhaps. But then someone has to assume the position of reality. If we don't wake up and smell the corruption that is inundating our once strong, healthy and powerful America soon we will all be working for if not enslaved by China, India and even Russia for decades to come.
I'm 64 years old and have been in business since the 60's. I've had a very prosperous and successful life and have brought 5 beautiful children into this world who have gifted Janis and me with 9 adorable grandchildren. It's not me I'm worried about. I've lived my life and if I dropped dead as I speak I would not feel cheated in any way.
It's our children who will have to bear the cross of our greed, ignorance and indifference for decades to come unless we take a stand now. Before it's too late we need to unite and synergize our efforts regardless of our political bent and beat those war drums loudly. So loud that they will deafen the ears of those so called leaders in DC.
Only we can make the difference. Our politicians are bought and paid for by powerful lobbies and our Administration is roaming the globe playing Kissie face with our enemies so it's you and me Baby. It's do or be done and I don't mean next year. I mean right now this very moment it's time to start being heard. We did it in the 60's and we can do it now. But we need that burning desire. If we continue to bury our heads in the sand with our fannies in the air we will surely get it kicked right into the next century.
Well there. I've said it and I feel much better now. Nothing like starting the day out with a little rant. Have a good day everyone.
Boy I think I'll make this response to you my next follow-up post. I will definitely subscribe to your post because you have some very good and logical information. I will also list you as an associate of mine. Please feel free to do the same and thanks for some really good information.
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