Comments on: Modify Mortgages Now Program | Fix Housing

By: bank management risk management

bank management risk management — Thu, 03 Jun 2010 16:48:54 +0000

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By: Leadership Styles

Leadership Styles — Tue, 23 Jun 2009 18:36:03 +0000

The ability to modify mortgages is absolutely neccessary (and the current leadership realise this) to making debt repayments flexible enough to allow homeowners to keep up with payments, and hence keep the debt from being written off.

By: Todd Covington

Todd Covington — Mon, 02 Feb 2009 20:00:04 +0000

Yes, I think there are some sharks in the water when it comes to loans but dosen’t the responsibility ultimately fall on the consumer. I just have a tough time saying all this is the banks fault. Consumers should have enough intelligence to understand what they are getting into and not just believe what they are told. Yes, I do blame the banks and consumers but the national media seems to be putting all the blame on the financial institutions. If you are a consumer, take responsibility, learn from your mistake, and actually understand what you are getting into next time you sign off on the biggest investment in your life.

By: JerseyGuy

JerseyGuy — Thu, 29 Jan 2009 16:42:27 +0000

Unfortunately I don't think that consumers are educated enough and the lenders who teach their asset managers how to pick on consumer weakness is going to hold this back. There are tons of plans that have the potential to be a great bailout but there is a dead-lock. I don't like the fact that defaulted loans can modify when the good-paying customer cannot until they damage their credit score by defaulting first. They force them into a refinance. I have a friend in Montclair, NJ that is trying to refi. He is a school teacher and makes an extra 12k per month in extra carricular coaching jobs. They don't know if he will be on coaching staff this coming year, so he called the bank to ask for a modification to today's current rates. They kept him on hold an hour, declined it and said to go late on payments first. Stupid stupid JerseyGuys last blog post..Jan 28 Fed meeting & Rates

By: JaysonNHS

JaysonNHS — Thu, 29 Jan 2009 08:31:37 +0000

@Charles – I think we may be friends

The CEOs of these companies that failed should be fired. (that’s it – no more conversation about it) – Their job was to run the company and they failed miserably, they should be fired. What CEO gets 2 chances to ruin a company? NONE exactly – it’s absurd. Every day they walk into work is absurd.

LOL – did you see that Jamie Dimon (chase) and Kenneth Lewis (I think) (BofA) invested like $11.5 million of their own money in their companies? This was done to show their confidence in the companies. Only problem – it was done after they realized they ran company’s that weren’t allowed to fail. They did it only after there was no risk. Just cheezy…

By: Charles@Las Vegas NV Real Estate

Charles@Las Vegas NV Real Estate — Wed, 28 Jan 2009 20:56:53 +0000

"I think most of the consumers that opted for an ARM were told by professionals “Don’t worry, you can just refinance in a couple years”" @JaysonNHS I think you are exactly right. Mortgage professionals and yes, some Realtors thought that prices would just continue to go up. Another major problem is the amount of denial going on with CEOs. Taking millions in bonuses while Rome burns. Buying corporate toys, lavish redecoration projects, the list goes on. That same sickness has infected regular America as well...consumers aren't off the hook either. That kind of corporate spending in the face of bankruptcy or bailouts should be considered criminal. At the minimum, shareholders should be outraged and remove those CEOs that are detrimental to the growth and security of the company. Charless last blog post..Looking at the Las Vegas Real Estate Market

By: turning debt into wealth

turning debt into wealth — Tue, 27 Jan 2009 01:17:56 +0000

I agree with Charles that we face a lot of problems because of whats happening to the banks right now. If that wasn’t an issue we wouldn’t be this deep.

By: Mike Taylor@Indianapolis Real Estate

Mike Taylor@Indianapolis Real Estate — Mon, 26 Jan 2009 10:39:52 +0000

I totally agree Derek. How could they not realize that allowing mods to their ARMs years ago would not only benefit them but also the economy as well? It is amazing how these guys still have jobs.

By: JaysonNHS

JaysonNHS — Sun, 25 Jan 2009 19:10:28 +0000

@Derek, I can’t agree with you more. I’m not sure why any CEO, except Jamie Dimon (Chase Bank), still has their job. They failed miserably and should have been fired years ago.

Many of them still get huge bonuses for running their companies into the ground – what a joke.

By: Derek Weeks

Derek Weeks — Sun, 25 Jan 2009 17:45:24 +0000

Its rediculous that loan modification programs even exist. The moment the financial institutions realized that adjustable rate loans were going create such a mess they should have immediately put a stop to the adjustments and kept them fixed at the entry rate!

With everything coming out, I personally feel we have a bunch of incompetent CEOs running these banks.