“ATTENTION PEOPLE OF PHILADELPHIA – YOU NO LONGER HAVE TO PAY YOUR MORTGAGES! “

[waiting hawk]

lol ya you would be telling lenders that they cannot assume thier assets while it loses more value while waiting to reach a payment agreement with someone that wont even call you. Last I checked ~50% of all people in foreclosure never even call them. I hope California takes this on as lenders wont lend in these areas createing a cash only demand. Sign me up!

[Stradivarius]

I moved to SD from Philly about a year ago (don’t worry, renting), so the result of this overly bold maneuver may affect the welfare of my friends and family who reside there.

It seems that most of these foreclosures are doomed for eventual sale anyway, so isn’t it just postponing the inevitable? And when this “unspecified period” ends, is there going to be a huge flood of foreclosures that have been backed up the entire time? Unconstitutional or not, this order doesn’t seem to help borrowers or lenders in the long run. It’s like putting a band-aid on a volcano.

Please enlighten me if I am thinking incorrectly; I am not very experienced in this field.

-S

[Stradivarius]

I moved to SD from Philly about a year ago (don’t worry, renting), so the result of this overly bold maneuver may affect the welfare of my friends and family who reside there.

It seems that most of these foreclosures are doomed for eventual sale anyway, so isn’t it just postponing the inevitable? And when this “unspecified period” ends, is there going to be a huge flood of foreclosures that have been backed up the entire time? Unconstitutional or not, this order doesn’t seem to help borrowers or lenders in the long run. It’s like putting a band-aid on a volcano.

Please enlighten me if I am thinking incorrectly; I am not very experienced in this field.

-S

[Stradivarius]

I moved to SD from Philly about a year ago (don’t worry, renting), so the result of this overly bold maneuver may affect the welfare of my friends and family who reside there.

It seems that most of these foreclosures are doomed for eventual sale anyway, so isn’t it just postponing the inevitable? And when this “unspecified period” ends, is there going to be a huge flood of foreclosures that have been backed up the entire time? Unconstitutional or not, this order doesn’t seem to help borrowers or lenders in the long run. It’s like putting a band-aid on a volcano.

Please enlighten me if I am thinking incorrectly; I am not very experienced in this field.

-S

[Stradivarius]

I moved to SD from Philly about a year ago (don’t worry, renting), so the result of this overly bold maneuver may affect the welfare of my friends and family who reside there.

It seems that most of these foreclosures are doomed for eventual sale anyway, so isn’t it just postponing the inevitable? And when this “unspecified period” ends, is there going to be a huge flood of foreclosures that have been backed up the entire time? Unconstitutional or not, this order doesn’t seem to help borrowers or lenders in the long run. It’s like putting a band-aid on a volcano.

Please enlighten me if I am thinking incorrectly; I am not very experienced in this field.

-S

[Stradivarius]

I moved to SD from Philly about a year ago (don’t worry, renting), so the result of this overly bold maneuver may affect the welfare of my friends and family who reside there.

It seems that most of these foreclosures are doomed for eventual sale anyway, so isn’t it just postponing the inevitable? And when this “unspecified period” ends, is there going to be a huge flood of foreclosures that have been backed up the entire time? Unconstitutional or not, this order doesn’t seem to help borrowers or lenders in the long run. It’s like putting a band-aid on a volcano.

Please enlighten me if I am thinking incorrectly; I am not very experienced in this field.

-S

[temeculaguy]

Another city tried to make a regulation about home loans a few years back, I think it was in the South and it was something to do with not allowing banks to charge PMI or something. The result was three months where not a single loan was approved and national lenders just refused to loan money to people in that area. The locality gave up after they realized they were doing more harm than good and they can’t legislate private companies into losing money.

Philly will cause the same thing to happen, no new loans will be initiated because the lenders will have no options if they arent paid back, they will just blacklist Philly. Those who are only mildly struggling, making their payments but needing to refi out of a toxic loan will be turned down because of their wacky city council, I give it 90 days, tops.

This is not the first time a government entity had tried to deny the invisible hand of economics, it’s never worked before and it wont work now.

[temeculaguy]

Another city tried to make a regulation about home loans a few years back, I think it was in the South and it was something to do with not allowing banks to charge PMI or something. The result was three months where not a single loan was approved and national lenders just refused to loan money to people in that area. The locality gave up after they realized they were doing more harm than good and they can’t legislate private companies into losing money.

Philly will cause the same thing to happen, no new loans will be initiated because the lenders will have no options if they arent paid back, they will just blacklist Philly. Those who are only mildly struggling, making their payments but needing to refi out of a toxic loan will be turned down because of their wacky city council, I give it 90 days, tops.

This is not the first time a government entity had tried to deny the invisible hand of economics, it’s never worked before and it wont work now.

[temeculaguy]

Another city tried to make a regulation about home loans a few years back, I think it was in the South and it was something to do with not allowing banks to charge PMI or something. The result was three months where not a single loan was approved and national lenders just refused to loan money to people in that area. The locality gave up after they realized they were doing more harm than good and they can’t legislate private companies into losing money.

Philly will cause the same thing to happen, no new loans will be initiated because the lenders will have no options if they arent paid back, they will just blacklist Philly. Those who are only mildly struggling, making their payments but needing to refi out of a toxic loan will be turned down because of their wacky city council, I give it 90 days, tops.

This is not the first time a government entity had tried to deny the invisible hand of economics, it’s never worked before and it wont work now.

[temeculaguy]

Another city tried to make a regulation about home loans a few years back, I think it was in the South and it was something to do with not allowing banks to charge PMI or something. The result was three months where not a single loan was approved and national lenders just refused to loan money to people in that area. The locality gave up after they realized they were doing more harm than good and they can’t legislate private companies into losing money.

Philly will cause the same thing to happen, no new loans will be initiated because the lenders will have no options if they arent paid back, they will just blacklist Philly. Those who are only mildly struggling, making their payments but needing to refi out of a toxic loan will be turned down because of their wacky city council, I give it 90 days, tops.

This is not the first time a government entity had tried to deny the invisible hand of economics, it’s never worked before and it wont work now.

[temeculaguy]

Another city tried to make a regulation about home loans a few years back, I think it was in the South and it was something to do with not allowing banks to charge PMI or something. The result was three months where not a single loan was approved and national lenders just refused to loan money to people in that area. The locality gave up after they realized they were doing more harm than good and they can’t legislate private companies into losing money.

Philly will cause the same thing to happen, no new loans will be initiated because the lenders will have no options if they arent paid back, they will just blacklist Philly. Those who are only mildly struggling, making their payments but needing to refi out of a toxic loan will be turned down because of their wacky city council, I give it 90 days, tops.

This is not the first time a government entity had tried to deny the invisible hand of economics, it’s never worked before and it wont work now.

[EconProf]

BobS
This is insane. Investors and lenders worldwide will run, not walk, away from US mortgages. The risk premium built into interest rates will naturally rise for homebuyers. ACORN and other feel good liberals will do great harm to lower and middle income families who seek to become homeowners.

[EconProf]

BobS
This is insane. Investors and lenders worldwide will run, not walk, away from US mortgages. The risk premium built into interest rates will naturally rise for homebuyers. ACORN and other feel good liberals will do great harm to lower and middle income families who seek to become homeowners.

[EconProf]

BobS
This is insane. Investors and lenders worldwide will run, not walk, away from US mortgages. The risk premium built into interest rates will naturally rise for homebuyers. ACORN and other feel good liberals will do great harm to lower and middle income families who seek to become homeowners.

[EconProf]

BobS
This is insane. Investors and lenders worldwide will run, not walk, away from US mortgages. The risk premium built into interest rates will naturally rise for homebuyers. ACORN and other feel good liberals will do great harm to lower and middle income families who seek to become homeowners.

[Author]

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