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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on April 30, 2009, 05:33:51 PM

Title: No bankruptcy help for homeowners
Post by: Bindare_Dundat on April 30, 2009, 05:33:51 PM
NEW YORK (CNNMoney.com) -- The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.

The defeat left many housing advocates questioning the effectiveness of the president's loan modification plan. The so-called cramdown provision, which would allow judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.

The financial industry lobbied hard against the bill, arguing that letting judges change mortgage contracts would add instability to the market and raise interest rates. Senate Republicans and some moderate Democrats were concerned about the bill's impact and about the growing resentment among homeowners in good standing.

The bill was defeated by a 51-45 vote. The House had passed similar legislation last month.

The vote comes on the day that a new report showed foreclosure starts spiking to a record high in March. Servicers initiated foreclosure proceedings against 290,000 borrowers, according to Hope Now, a coalition of lenders, servicers, investors and housing counselors. That's the highest monthly total since the group began tracking data in mid-2007.

Title: Re: No bankruptcy help for homeowners
Post by: SAMSON123 on April 30, 2009, 06:01:13 PM
Maybe the homeowners should say that their homes are actually car manufacturing plants...they'd get plenty of money that way....
Title: Re: No bankruptcy help for homeowners
Post by: 2ND COMING on April 30, 2009, 06:04:01 PM
meh...what can you say.
Title: Re: No bankruptcy help for homeowners
Post by: Bindare_Dundat on April 30, 2009, 09:17:38 PM
Quote from: SAMSON123 on April 30, 2009, 06:01:13 PM
Maybe the homeowners should say that their homes are actually car manufacturing plants...they'd get plenty of money that way....

lol
Title: Re: No bankruptcy help for homeowners
Post by: Hereford on May 01, 2009, 09:18:45 AM
Anybody have any stats on how mony of these foreclosed homes are primary residences vs. investment properties (rentals)?
Title: Re: No bankruptcy help for homeowners
Post by: Soul Crusher on May 01, 2009, 09:32:39 AM
Quote from: Hereford on May 01, 2009, 09:18:45 AM
Anybody have any stats on how mony of these foreclosed homes are primary residences vs. investment properties (rentals)?

You want to laugh, I used to have many arguments with clients and collegues telling them that their second homes were going to kill them $$$$.  They thought the appreciation justified the carrying costs and would outpace the costs.

Look who was right.
Title: Re: No bankruptcy help for homeowners
Post by: Slapper on May 02, 2009, 12:11:15 PM
A homeowner is someone who OWNS a HOME. If you're paying a mortgage you DO NOT OWN a home. The bank does. By Obama bailing out the "homeowners" he is, for all intents and purposes, making sure that the banks get their due slice. Remember, banks MUST always be paid. You do not.

(http://planetsmilies.net/vomit-smiley-9532.gif)
US ECONOMY
Title: Re: No bankruptcy help for homeowners
Post by: Hereford on May 02, 2009, 05:54:35 PM
Quote from: Slapper on May 02, 2009, 12:11:15 PM
A homeowner is someone who OWNS a HOME. If you're paying a mortgage you DO NOT OWN a home. The bank does. By Obama bailing out the "homeowners" he is, for all intents and purposes, making sure that the banks get their due slice. Remember, banks MUST always be paid. You do not.

(http://planetsmilies.net/vomit-smiley-9532.gif)
US ECONOMY


I agree with you here.

However the jargon seems to refer to anyone who is in a residence they are paying a mortgage on. Instead of giving trillions to the largest financial equity corporations in the country, how about giving $10,000 checks to all 'homeowners', with the requirement it has to go to the paydown of debt on a primary residence? Bail people out by paying their mortgage for a year.

But no, lets go pay banks so that (hypothetically) they might loan a fraction of it out to new people.