Comments on: The Mortgage Crunch: A View From Washington http://www.fhaloanpros.com/2008/02/the-mortgage-crunch-a-view-from-washington/ The Unofficial Guide to FHA Loans & Mortgages Thu, 16 Oct 2008 00:30:42 +0000 http://wordpress.org/?v=2.6 By: Jeanine http://www.fhaloanpros.com/2008/02/the-mortgage-crunch-a-view-from-washington/#comment-10642 Jeanine Mon, 19 May 2008 18:00:31 +0000 http://www.fhaloanpros.com/2008/02/the-mortgage-crunch-a-view-from-washington/#comment-10642 i owe way more than my house is worth right now. I don't think refinancing is even an option for me right now. But I am planning to move to a rental. Is there any option left for me. I can barely make the mounthly payment. I reach out to bank to see if we can work anything out but got no response. My payement is schedule to go up in August for $200. I am just anxious how i am going to make payments. Any advise for me as i am also trying to hang on my good credit. I don't want to be foreclosed. Thanks i owe way more than my house is worth right now. I don’t think refinancing is even an option for me right now. But I am planning to move to a rental. Is there any option left for me. I can barely make the mounthly payment. I reach out to bank to see if we can work anything out but got no response. My payement is schedule to go up in August for $200. I am just anxious how i am going to make payments. Any advise for me as i am also trying to hang on my good credit. I don’t want to be foreclosed. Thanks

]]> By: Lyn http://www.fhaloanpros.com/2008/02/the-mortgage-crunch-a-view-from-washington/#comment-3567 Lyn Mon, 25 Feb 2008 14:34:11 +0000 http://www.fhaloanpros.com/2008/02/the-mortgage-crunch-a-view-from-washington/#comment-3567 This article misdiagnoses the problem and gives a phony solution. The Alt-A mortgages are for speculators and fools. Banks and finance companies don't force these on borrowers. Instead, borrowers rushed in to these loans without thinking of the consequences. They used these Alt-A mortgages to buy homes they couldn't afford. Blame the borrower. The article says the subprime mortgages were made mostly to working class and minority borrowers. That was not a conspiracy by the banks. Instead, it is partly due to flaky government initiatives popular in California and other "progressive" states to subsidize homes for people that can't afford them. Poor people aren't entitled to nice homes. CA's housing prices are inflated in part because of government subsidies. These lower class subprime borrowers were not forced to sign these subprime mortgages. Instead, they rushed into them without thinking of the consequences. Blame the subprime borrowers. I don't want government passing laws that force lenders to write down or write off loans, interest, fees, anything. We have ample laws protecting lenders from exploitation. I know the media likes to write about predatory lenders, but they're just not out there. Now if the media wants to tell the truth they can write about parasitic borrowers. Don't blame banks for the foolishness of their customers. This article misdiagnoses the problem and gives a phony solution.

The Alt-A mortgages are for speculators and fools. Banks and finance companies don’t force these on borrowers. Instead, borrowers rushed in to these loans without thinking of the consequences. They used these Alt-A mortgages to buy homes they couldn’t afford. Blame the borrower.

The article says the subprime mortgages were made mostly to working class and minority borrowers. That was not a conspiracy by the banks. Instead, it is partly due to flaky government initiatives popular in California and other “progressive” states to subsidize homes for people that can’t afford them. Poor people aren’t entitled to nice homes. CA’s housing prices are inflated in part because of government subsidies. These lower class subprime borrowers were not forced to sign these subprime mortgages. Instead, they rushed into them without thinking of the consequences. Blame the subprime borrowers.

I don’t want government passing laws that force lenders to write down or write off loans, interest, fees, anything. We have ample laws protecting lenders from exploitation. I know the media likes to write about predatory lenders, but they’re just not out there. Now if the media wants to tell the truth they can write about parasitic borrowers. Don’t blame banks for the foolishness of their customers.

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