Bailout plan: hot off the press

[JPJones]

So from reading several articles this morning, these are a few points about this “bail-out”:

-Minimum 660 FICO requirement

-No more than 60 days past due on payments

-Must have at least 3% equity

Please correct me if I’m wrong about any of them, but if accurate, that doesn’t sound like much of a bailout to me.

[pbnative]

I’m curious what the people who hold all these loans think they should do. They don’t like this idea of a freeze, and put lots of requirements around it. Seems like they want to continue foreclosing if the borrower can’t pay as scheduled. Of course that’s the reasonable, legal thing to do, but how can that be in their own financial best interest in the current situation?

Do they think people will start to magically make more money and pay their bill? Do they think the market is coming back any sec? Or do they want the whole situation to get so bad the govt has to truly bail them out?

[pbnative]

I’m curious what the people who hold all these loans think they should do. They don’t like this idea of a freeze, and put lots of requirements around it. Seems like they want to continue foreclosing if the borrower can’t pay as scheduled. Of course that’s the reasonable, legal thing to do, but how can that be in their own financial best interest in the current situation?

Do they think people will start to magically make more money and pay their bill? Do they think the market is coming back any sec? Or do they want the whole situation to get so bad the govt has to truly bail them out?

[pbnative]

I’m curious what the people who hold all these loans think they should do. They don’t like this idea of a freeze, and put lots of requirements around it. Seems like they want to continue foreclosing if the borrower can’t pay as scheduled. Of course that’s the reasonable, legal thing to do, but how can that be in their own financial best interest in the current situation?

Do they think people will start to magically make more money and pay their bill? Do they think the market is coming back any sec? Or do they want the whole situation to get so bad the govt has to truly bail them out?

[pbnative]

I’m curious what the people who hold all these loans think they should do. They don’t like this idea of a freeze, and put lots of requirements around it. Seems like they want to continue foreclosing if the borrower can’t pay as scheduled. Of course that’s the reasonable, legal thing to do, but how can that be in their own financial best interest in the current situation?

Do they think people will start to magically make more money and pay their bill? Do they think the market is coming back any sec? Or do they want the whole situation to get so bad the govt has to truly bail them out?

[pbnative]

I’m curious what the people who hold all these loans think they should do. They don’t like this idea of a freeze, and put lots of requirements around it. Seems like they want to continue foreclosing if the borrower can’t pay as scheduled. Of course that’s the reasonable, legal thing to do, but how can that be in their own financial best interest in the current situation?

Do they think people will start to magically make more money and pay their bill? Do they think the market is coming back any sec? Or do they want the whole situation to get so bad the govt has to truly bail them out?

[SHILOH]

I don’t understand how they can change the terms of a loan…when these loans have been split up and sold as MBS with contracts….
Since when can you just start changing contracts? If both parties agree?

What about all the other people who were foreclosed on under the contract? Will they have recourse if the contract has changed?

[SHILOH]

I don’t understand how they can change the terms of a loan…when these loans have been split up and sold as MBS with contracts….
Since when can you just start changing contracts? If both parties agree?

What about all the other people who were foreclosed on under the contract? Will they have recourse if the contract has changed?

[SHILOH]

I don’t understand how they can change the terms of a loan…when these loans have been split up and sold as MBS with contracts….
Since when can you just start changing contracts? If both parties agree?

What about all the other people who were foreclosed on under the contract? Will they have recourse if the contract has changed?

[SHILOH]

I don’t understand how they can change the terms of a loan…when these loans have been split up and sold as MBS with contracts….
Since when can you just start changing contracts? If both parties agree?

What about all the other people who were foreclosed on under the contract? Will they have recourse if the contract has changed?

[SHILOH]

I don’t understand how they can change the terms of a loan…when these loans have been split up and sold as MBS with contracts….
Since when can you just start changing contracts? If both parties agree?

What about all the other people who were foreclosed on under the contract? Will they have recourse if the contract has changed?

[kev374]

-Minimum 660 FICO requirement

-No more than 60 days past due on payments

-Must have at least 3% equity

This bailout is an eyewash. If a buyer had an exotic loan or teaser rate ARM it’s almost certain they haven’t built any equity!!

And there is an additional requirement that the purchase must be post 2005. Since that time housing values have only gone down so almost 100% of these people are upside down. Any equity requirements rules them out completely!

[kev374]

-Minimum 660 FICO requirement

-No more than 60 days past due on payments

-Must have at least 3% equity

This bailout is an eyewash. If a buyer had an exotic loan or teaser rate ARM it’s almost certain they haven’t built any equity!!

And there is an additional requirement that the purchase must be post 2005. Since that time housing values have only gone down so almost 100% of these people are upside down. Any equity requirements rules them out completely!

[kev374]

-Minimum 660 FICO requirement

-No more than 60 days past due on payments

-Must have at least 3% equity

This bailout is an eyewash. If a buyer had an exotic loan or teaser rate ARM it’s almost certain they haven’t built any equity!!

And there is an additional requirement that the purchase must be post 2005. Since that time housing values have only gone down so almost 100% of these people are upside down. Any equity requirements rules them out completely!

[kev374]

-Minimum 660 FICO requirement

-No more than 60 days past due on payments

-Must have at least 3% equity

This bailout is an eyewash. If a buyer had an exotic loan or teaser rate ARM it’s almost certain they haven’t built any equity!!

And there is an additional requirement that the purchase must be post 2005. Since that time housing values have only gone down so almost 100% of these people are upside down. Any equity requirements rules them out completely!

[Author]

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