Comments on: House FHA Vote Today, Bush Threatens Veto

By: Javed Rashid

Javed Rashid — Wed, 14 May 2008 18:36:48 +0000

Refinance is not the answer to person who is late 4-6 month on mortgage People need jobs, job losses have created the home go in FCL help them get job forgive the late payment and start new mortgage payment from the day of borrower getting their first paycheck. Only sub-prime is not the reason for staewide foreclousre but loss of job is, Even people with FHA loan are in FCL due to loss of jobs GIVE THEM JOBS AND NOT REFINANCE

By: Javed Rashid

Javed Rashid — Wed, 14 May 2008 18:32:32 +0000

Home in FCL are not only sub-prime mortgages but also FHA mortgages, reason is lost of jobs why not some one try to solve this problem, people in need of funds to pay their back up mortgage payment for 4-5 months are in need of job and not refinance of any kind, why not give them a break who lost their job and forgive 4-5 month of PITI and start payment from the day they get their first pay check, Think about it give them job and not refinance and again go into FCL

By: jdj

jdj — Thu, 08 May 2008 16:56:58 +0000

Where I live in Los Angeles, everyone I know who bought a house in the past five years knew exactly what they were doing. They were far from “borrowers who were screwed with such financing”.

They knew that their parents didn’t use the trickery that they used to buy and refinance a home: piggy-backs for down payments (they actually saved up the money back then — HORROR!); Cash-out refis; HELOCS; Pay-Option ARMS; liar loans and on and on.

Let’s be honest about it, the majority of people who bought at the height of the bubble were speculating at worst and willfully ignorant at best. There are some at the fringes who were duped by aggressive mortgage brokers and realtors and they deserve some help. But the rest, who never had any skin in the game to begin with, need to stop whining and consider the 20% they are underwater as their belated down payment.