Comments on: Are you really surprised that more than half of borrowers with mortgage modifications redefault?

By: Study finds that home loan modification is not profitable. No! Really? — The Baglady

Thu, 09 Jul 2009 01:57:37 +0000

[...] incentive for a lender to change the rates voluntarily. This new study also echos past data that a large percentage of those who get modification redefault very quickly. As I have said before, this whole mortgage bailout is simply prolonging the mess because [...]

By: FinancialStability.gov or FinancialDisaster.gov? — The Baglady

FinancialStability.gov or FinancialDisaster.gov? — The Baglady — Tue, 10 Feb 2009 21:29:31 +0000

[...] language about preventing “avoidable foreclosures”. I am not sure if Geithner read the old news that modifying mortgages for people who cannot pay just does not work. One of the biggest problems facing the entire country right now is the rising unemployment rate, [...]

By: Ian Ian Ian

Ian Ian Ian — Thu, 25 Dec 2008 19:29:28 +0000

What, no Christmas post? What the eff?!

By: michael

michael — Thu, 18 Dec 2008 03:19:54 +0000

hey this is mike

I am right now living in Greenwich Connecticut. I love Connecticut because first it is not expensive as California and The jobs up here in Connecticut pay good. I used to live in California back in 1984, but because of the cooruptive real estate business of California, rising up the house prises and taxes, I lost my house. I moved to Conneticut in 1995. During these 11 years from 1984 to 1995, I was living in New Hampshire. Were I startd getting back up to my feet. I decided to move to New Hampshire in October of 1984 because during those times New Hamphire had allot of cheap house prises. I also attend college in New Hamshire. After I graduated, I work in the Financial business in New Hamshire then I was transfer to work at another financial business in Conneticut. I have earn more money in the east then I have earn in California. Today I own a mansion with a swimming pool right here in Connecticut. Right now I’m rich and I am living the rich version of life.

By: jeflin

jeflin — Sat, 13 Dec 2008 05:07:10 +0000

You are spot on in this article. Just let the foreclosures begin and get it over with.

When it was suggested in the past that leverage is getting out of control, the lobbyists cried out that homeowners will be unfairly penalised if loans and interest rates are tightened.

Now, the US govt is trying to retain people in homes which is out of their affordability range. This is a continuation of past mistakes.

With the help of the government and taxpayers, the subprime borrowers hang on to their houses and hopefully turnover their investment for a 20k-100k profit.

Throwing problems to the govt and lender becomes rewarding while those who are prudent with their finances are punished.