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by Peter G. Miller
November 3rd, 2008

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This entry was posted on Monday, November 3rd, 2008 at 2:05 am and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

5 Responses to “No Hope For Homeowner Loans From HUD — Not One”

  1. s2kreno Says:

    I think the problem is with the current lenders’ bookkeeping. They haven’t wanted to write down the value of the loans to match the value of the collateral. So they have been willing to bring the borrower “current” on paper and grant a second loan for the arrearages (which of course the borrower can’t pay). But on paper it still looks good. If the original lender agrees to write off balances to 90% of the home’s value, the paper loss becomes real. The stockholders don’t like it and I understand some hedge fund managers are putting up roadblocks as well. Too much conflict of interest is screwing up the program.

  2. Mark Wangerin Says:

    Yes. I tried to get this program today from Countrywide Home Loans. They said no. They cant change terms of loans. Their investors wont do it. The same investors that messed the stock market up buy buying these bundles of mortgages. No one wants to budge. So, thus, the foreclosures will continue. As will mine. They can have it. My home is worth 300,000.00 now. I owe 460,000.00. I think they can stick it. I was willing to work this all out.

  3. Darleen Saxon Says:

    I think bailing out individuals that overextended themselves is crazy in the first place. I am a homeowner that didn’t take out equity against my home because I didn’t think it was wise or bought beyond what I could afford just because a bank would lend me the money to do so. I would love to refinance at the percentages being offered in this program, however I am not at risk of going through forclosure at this time. I do believe there is a need for reform but I also believe it should be for the people that didn’t buy a house beyond their means. That the bail-out is for new homeowners that can reap the benefits of the lowered values and the others that can’t afford it realize that sometimes life is a hard lesson in that you can’t have everything you want. That sometimes you just have to start over (personal responsibility) When will this country learn that homeownership isn’t a right it’s a privilege and with that risk comes responsibility and sometimes failures. You can start over without looking to the government. To those who may have been living within their means and lost a job or due to sickness should only be the ones to be bailed out and maybe they too were in a house that was over their head and can downsize to better fit their needs to keep it going. I know too many people in this position that were greedy and living a life of material stuff and got caught up in keeping up with the Jone’s. I say no bail-out, let it ride and benefit the new home buyers coming in with new guidelines of approval that don’t overextend these people too. Keep it real!

  4. marge Says:

    They will not help my son they have no clue

  5. Mark Wangerin Says:

    I love reading about the bums that dont believe in a bailout. Why dont you complain about the banks robbing the american people with high interest and deception. Its not the homeowners. We all signed what we thought were cheap loans. We are not overextended. Not until they raised interest rates.

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