Comments on: Tidal Wave of Foreclosures and REOs?

By: pp

pp — Fri, 06 Mar 2009 20:33:58 +0000

Parties are just a human invention. If you read the history there is no perfect political system. So people who argue this party is better than the other one are very naive people and the government is taking advantage of this fact.

By: NewGrad

NewGrad — Fri, 20 Feb 2009 06:31:45 +0000

I can’t get a job, and I need someone to pay my student loan, my rent, gas, food, and etc.
Am I gonna get the bailout money soon?

By: Johns Wu

Johns Wu — Fri, 20 Feb 2009 03:50:41 +0000

Mike,
There are no “parties” anymore. Regardless of whether a Dem or Rep is prez, the ones running the show will always be appointed from the CFR and Trilateral Commission.

By: Mike M

Mike M — Thu, 19 Feb 2009 21:16:09 +0000

I love how people make judgements on the plan before it’s released, based on false information…

And how they attack a bad idea by stating it could only come from a communist while supporting equally bad ideas from their own party.

Has the entire Dem/Rep debate come down to who can come up with the worse idea? Neither set of proposals was good, and both had socialistic components.

And I despise when people refer to everything as “socialist”, but these ideas from both parties truly were.

By: Pete

Pete — Tue, 17 Feb 2009 16:07:36 +0000

That’s right Straight talk, if you want partisan, you need look no further Obama’s “stimulus.”

This is a blog where people, including the author, are free to express their opinions. If you don’t like it, move on.

By: Jobless

Jobless — Tue, 17 Feb 2009 10:16:05 +0000

Good for You! dealster81
You still have the money to buy up SOME property.
Hope they won’t fall another 30% again.
Good Luck.

By: Pollniac

Pollniac — Tue, 17 Feb 2009 06:26:48 +0000

Apparently California and Kansas have no money to send out tax returns this year. You could end up getting an IOU. This could be a sign of the times and other states may jump on the band wagon.

Vote our poll on what you think of that by clicking my user name Polniac here. Make your mark now!

By: dealster81

dealster81 — Tue, 17 Feb 2009 00:54:14 +0000

Time to sit back and enjoy the fall of house prices in CA and then buy up some property!

By: Hong Kong Plumber

Hong Kong Plumber — Mon, 16 Feb 2009 00:46:59 +0000

We had a similar housing/economic crisis in 1997. But we didn’t bailout any bank nor Big 3, and let the market correct itself. We are doing ok so far.

By: SAVER-RIP

SAVER-RIP — Sun, 15 Feb 2009 14:25:56 +0000

Name Calling? Time to get serious about the “sinking ship”. I once saw a story about how the passengers of the Titanic could have all survived by “rigging” and improvising floatation devices, using the contents of the ship during the time they were being told not to panic. Unfortunately, too many of the doomed were never convinced that the great ship was really going to be under water. They never got the picture and as we all know most of them died. We need some ideas from people who have been through similiar economic times. Such as folks from other countries maybe? Let’s here what they have done and if there are ways to survive this and maybe even to prosper. Just like the passengers of the Titanic, let’s get serious because this ship IS goint to sink, but we that know it should be able to figure out ways to survive and even thrive until the disaster is but a memory. I want to place my hope in the ingenuity of the people who are survivors, not the losers playing the violins on the deck because the captain said so. Remember the movie, the captain!

By: BloggingBanks

BloggingBanks — Sun, 15 Feb 2009 09:33:01 +0000

BankMode,

It seems to me that the housing market will fall further lower. Interest on Fed funds is very low, the problem is that somehow despite all the TARP money banks are not lending and interest to borrowers haven’t declined as much..

By: Straight talk

Straight talk — Sun, 15 Feb 2009 05:17:17 +0000

Look…I come to this website to find out about good deals, advice and tips on where to put my money. This post and the subsequent talk really are quite annoying. If I want partisan crap talk I can log onto Fox or CNN. So can we keep the articles objective and focus people? Seriously…

By: SI Reasoning

SI Reasoning — Sat, 14 Feb 2009 23:51:57 +0000

I have a very interesting idea that might be done fairly quickly. What if there was an across the board evaluation of reasons that people defaulted on their mortgages. Those who bought above their means could be involved in a house swap event. This could involve every bank holding foreclosable and foreclosed houses and can be available even with those who have already been foreclosed on. The process is simple enough, after a proper evaluation (of both the homes and the owners), each house is given a price and each buyer is given a recommended price range and a ceiling. Then those participating in the program have a month to evaluate properties in their range, and then at the end of the month they can make a bid on a house. Once accepted by the bank, they inherit the original mortgage on the house in their price range and when someone bids and is accepted on their prior home, their credit record is cleared and all legal issues associated with the foreclosure are wiped clean.

This could have the affect of tremendously flipping a good percentage of houses and taking them out of foreclosure with the banks now having highly qualified borrowers and the ability to wipe our bad mortgages off of the books, creating potential solvency on paper.

By: Room 809

Room 809 — Sat, 14 Feb 2009 21:01:55 +0000

Is mortgage a problem for this guys? BORN RICH.

http://room809.blogspot.com/2008/06/rich.html

By: Renter30

Renter30 — Sat, 14 Feb 2009 07:25:51 +0000

I think the housing market is still way too high. I’ll wait for the REAL affordable price.
If I am one of those greedy home buyer, I’d definitely WALK AWAY and BUY another new and yet cheaper house.
Whats the point of that stupid subsidize mortgage payments?
Let’s walk away and let them drop to reasonable prices!!

By: Amar

Amar — Sat, 14 Feb 2009 07:10:57 +0000

Johns Wu, you are a moron. Please inform us of your economist background or any degrees you have in economics or finance.

By: Bankmode.com

Bankmode.com — Sat, 14 Feb 2009 05:44:06 +0000

BloggingBanks your right, selling would add to the economies current crisis.

By: Tom

Tom — Fri, 13 Feb 2009 20:53:46 +0000

It makes no sense at all. I’m responsible with my finances and I’m almost willing to just blow all my cash and buy things I can’t afford, the government will save me, right?

If only the government made these fools who are head over heels in debt take a weekly financial course, maybe this economy would be in better shape.

By: BloggingBanks

BloggingBanks — Fri, 13 Feb 2009 18:40:36 +0000

I don’t think that the government should be subsidizing people who took on higher mortgages compared to what they could afford. However if these people really sell now, the market would be even more depressed.

By: Johns Wu

Johns Wu — Fri, 13 Feb 2009 16:16:15 +0000

http://latimesblogs.latimes.com/money_co/2009/02/mortgage-subsid.html

“Let’s see. Neighbor One buys a home for $500,000 with a 20% down, doesn’t lie on his loan application, has a monthly payment he can afford and makes all his payments on time. Neighbor Two, living next door to Neighbor One, buys a home for $500,000 with no down, takes advantage of a teaser rate so he can barely afford the payments, and sees his payment more than double when it resets to market. Neighbor Two gets in trouble and is in foreclosure. Both Neighbor One and Neighbor Two have homes which now are worth $300,000.

Under the Obama plan, Neighbor Two, who had NO business buying a home in the first place, gets his mortgage “bought down” to $300,000 and is responsible for a corresponding reduction in payment (and interest rate). Neighbor One, on the other hand, is $200k upside down, lost his equity due to the fall in market values, continues making his payments (at the $500k level)and receives NO help for his honesty, hard work, and for fulfilling his obligations.

There is something wrong with the Obama proposal.”