Chump Check!(*#$^#)!!!

[1HOPE4U]

I read about something like this happening a while ago, but I didn’t think it would actually happen. Banks are bailing out irresponsible borrowers.

Check the following link at CNN.com’s money section:
http://money.cnn.com/2007/11/01/real_estate/Countrywide_bail_out_bashers/index.htm?postversion=2007110513

Does anyone know any more about the stipulations that banks have in restructuring these loans for in-crises borrowers? Are there any types of additional fees that come due after a certain period of the restructured loan? How is this going to affect the housing market’s downward slide and reset of prices to affordability?

I hate to see our nation go into the dumps over irresponsible investing/home purchasing behavior but we’ve got to come up with other ways of remedying the situation. This type of response from banks/lenders is just going to further stimulate irresponsible investment choices.

[kev374]

If they are giving 5.25% to delinquent borrowers what rate are they giving to their new customers with 700+ FICO score and 10-20% downpayment? It’s got to be way less than 5.25% otherwise it wouldn’t make sense. I think anyone who finances through countrywide is an idiot, but then again anyone who buys a property now is a complete idiot so…

[Raybyrnes]

Phrases like “as low as” “up to” “around” are marketing phases. They also help to sell advertising. Without knowing what the loan note is the only thing I get from the article is that Countrywide is going to work with borrowers to maidfy loasn. Whether this helps or not only time will tell.

[Raybyrnes]

Phrases like “as low as” “up to” “around” are marketing phases. They also help to sell advertising. Without knowing what the loan note is the only thing I get from the article is that Countrywide is going to work with borrowers to maidfy loasn. Whether this helps or not only time will tell.

[Raybyrnes]

Phrases like “as low as” “up to” “around” are marketing phases. They also help to sell advertising. Without knowing what the loan note is the only thing I get from the article is that Countrywide is going to work with borrowers to maidfy loasn. Whether this helps or not only time will tell.

[Raybyrnes]

Phrases like “as low as” “up to” “around” are marketing phases. They also help to sell advertising. Without knowing what the loan note is the only thing I get from the article is that Countrywide is going to work with borrowers to maidfy loasn. Whether this helps or not only time will tell.

[(former)FormerSanDiegan]

I think anyone who finances through countrywide is an idiot

I guess I am an idiot.

I refinanced a rental property through them a while back. They ended up as the servicer of a loan I had since 2002, and locking in about 250K loan with them at 6.25% was pretty easy (essentially no doc) and seemed prudent after riding a 5-year rate at 5.5%.

[(former)FormerSanDiegan]

I think anyone who finances through countrywide is an idiot

I guess I am an idiot.

I refinanced a rental property through them a while back. They ended up as the servicer of a loan I had since 2002, and locking in about 250K loan with them at 6.25% was pretty easy (essentially no doc) and seemed prudent after riding a 5-year rate at 5.5%.

[(former)FormerSanDiegan]

I think anyone who finances through countrywide is an idiot

I guess I am an idiot.

I refinanced a rental property through them a while back. They ended up as the servicer of a loan I had since 2002, and locking in about 250K loan with them at 6.25% was pretty easy (essentially no doc) and seemed prudent after riding a 5-year rate at 5.5%.

[(former)FormerSanDiegan]

I think anyone who finances through countrywide is an idiot

I guess I am an idiot.

I refinanced a rental property through them a while back. They ended up as the servicer of a loan I had since 2002, and locking in about 250K loan with them at 6.25% was pretty easy (essentially no doc) and seemed prudent after riding a 5-year rate at 5.5%.

[kev374]

If they are giving 5.25% to delinquent borrowers what rate are they giving to their new customers with 700+ FICO score and 10-20% downpayment? It’s got to be way less than 5.25% otherwise it wouldn’t make sense. I think anyone who finances through countrywide is an idiot, but then again anyone who buys a property now is a complete idiot so…

[kev374]

If they are giving 5.25% to delinquent borrowers what rate are they giving to their new customers with 700+ FICO score and 10-20% downpayment? It’s got to be way less than 5.25% otherwise it wouldn’t make sense. I think anyone who finances through countrywide is an idiot, but then again anyone who buys a property now is a complete idiot so…

[kev374]

If they are giving 5.25% to delinquent borrowers what rate are they giving to their new customers with 700+ FICO score and 10-20% downpayment? It’s got to be way less than 5.25% otherwise it wouldn’t make sense. I think anyone who finances through countrywide is an idiot, but then again anyone who buys a property now is a complete idiot so…

[CMcG]

Wow, read the comments on that article. Hundreds of people, almost all of them very pissed off…especially people who feel like they are the biggest “chumps” of all…people who have saved money for years in order to buy but waited.

I am going to assume that this CW restructuring is going to involve tacking 10 or 20 years onto the loan. Do you think that’s what will happen?

[kev374]

I guess I am an idiot.

I refinanced a rental property…

sorry, I should’ve clarified, I meant anyone who is *going to* finance through countrywide going forward, knowing they are adjusting the loans this way, giving their prime customers a worse deal than the delinquents.

[kev374]

I guess I am an idiot.

I refinanced a rental property…

sorry, I should’ve clarified, I meant anyone who is *going to* finance through countrywide going forward, knowing they are adjusting the loans this way, giving their prime customers a worse deal than the delinquents.

[kev374]

I guess I am an idiot.

I refinanced a rental property…

sorry, I should’ve clarified, I meant anyone who is *going to* finance through countrywide going forward, knowing they are adjusting the loans this way, giving their prime customers a worse deal than the delinquents.

[kev374]

I guess I am an idiot.

I refinanced a rental property…

sorry, I should’ve clarified, I meant anyone who is *going to* finance through countrywide going forward, knowing they are adjusting the loans this way, giving their prime customers a worse deal than the delinquents.

[CMcG]

Wow, read the comments on that article. Hundreds of people, almost all of them very pissed off…especially people who feel like they are the biggest “chumps” of all…people who have saved money for years in order to buy but waited.

I am going to assume that this CW restructuring is going to involve tacking 10 or 20 years onto the loan. Do you think that’s what will happen?

[CMcG]

Wow, read the comments on that article. Hundreds of people, almost all of them very pissed off…especially people who feel like they are the biggest “chumps” of all…people who have saved money for years in order to buy but waited.

I am going to assume that this CW restructuring is going to involve tacking 10 or 20 years onto the loan. Do you think that’s what will happen?

[CMcG]

Wow, read the comments on that article. Hundreds of people, almost all of them very pissed off…especially people who feel like they are the biggest “chumps” of all…people who have saved money for years in order to buy but waited.

I am going to assume that this CW restructuring is going to involve tacking 10 or 20 years onto the loan. Do you think that’s what will happen?

[SHILOH]

What we need is someone like Chef Gordon Ramsay (Kitchen Nightmares, Wednesday nights…) to go into some of these Corps and tell these CEOs “like it is” because it appears that lying in the sun, aka Mozilo, is more important than
knowing the financial strength of your company.

It won’t be long, if the mortgage reform bill passes the senate, that mortgage originators will be required to give loans only to borrowers with a reasonable ability to pay it back….”The Bush administration says current trends suggest there will be just over 1 million foreclosures this year, with 620,000 of those in the subprime market.”
http://www.marketwatch.com/news/story/house-committee-oks-mortgage-reform/story.aspx?guid=%7B42A759C3-BE3B-4A6D-B215-EBD2EAE2D532%7D
I would think that will stop a lot of people in their tracks.

After all, Countrywide is in dire straits and those who invested aren’t going to be happy about getting zero returns while they continue to hand out free money. I wonder how much personal liabilitly Mozilo has.

And Citigroup is another ridiculous story- because these CEOs have lame “excuses” which can only be construed as blatently negligent or fraudulent (in my view). What use is a CEO if he/she does not know how their company is operating?

[SHILOH]

What we need is someone like Chef Gordon Ramsay (Kitchen Nightmares, Wednesday nights…) to go into some of these Corps and tell these CEOs “like it is” because it appears that lying in the sun, aka Mozilo, is more important than
knowing the financial strength of your company.

It won’t be long, if the mortgage reform bill passes the senate, that mortgage originators will be required to give loans only to borrowers with a reasonable ability to pay it back….”The Bush administration says current trends suggest there will be just over 1 million foreclosures this year, with 620,000 of those in the subprime market.”
http://www.marketwatch.com/news/story/house-committee-oks-mortgage-reform/story.aspx?guid=%7B42A759C3-BE3B-4A6D-B215-EBD2EAE2D532%7D
I would think that will stop a lot of people in their tracks.

After all, Countrywide is in dire straits and those who invested aren’t going to be happy about getting zero returns while they continue to hand out free money. I wonder how much personal liabilitly Mozilo has.

And Citigroup is another ridiculous story- because these CEOs have lame “excuses” which can only be construed as blatently negligent or fraudulent (in my view). What use is a CEO if he/she does not know how their company is operating?

[SHILOH]

What we need is someone like Chef Gordon Ramsay (Kitchen Nightmares, Wednesday nights…) to go into some of these Corps and tell these CEOs “like it is” because it appears that lying in the sun, aka Mozilo, is more important than
knowing the financial strength of your company.

It won’t be long, if the mortgage reform bill passes the senate, that mortgage originators will be required to give loans only to borrowers with a reasonable ability to pay it back….”The Bush administration says current trends suggest there will be just over 1 million foreclosures this year, with 620,000 of those in the subprime market.”
http://www.marketwatch.com/news/story/house-committee-oks-mortgage-reform/story.aspx?guid=%7B42A759C3-BE3B-4A6D-B215-EBD2EAE2D532%7D
I would think that will stop a lot of people in their tracks.

After all, Countrywide is in dire straits and those who invested aren’t going to be happy about getting zero returns while they continue to hand out free money. I wonder how much personal liabilitly Mozilo has.

And Citigroup is another ridiculous story- because these CEOs have lame “excuses” which can only be construed as blatently negligent or fraudulent (in my view). What use is a CEO if he/she does not know how their company is operating?

[SHILOH]

What we need is someone like Chef Gordon Ramsay (Kitchen Nightmares, Wednesday nights…) to go into some of these Corps and tell these CEOs “like it is” because it appears that lying in the sun, aka Mozilo, is more important than
knowing the financial strength of your company.

It won’t be long, if the mortgage reform bill passes the senate, that mortgage originators will be required to give loans only to borrowers with a reasonable ability to pay it back….”The Bush administration says current trends suggest there will be just over 1 million foreclosures this year, with 620,000 of those in the subprime market.”
http://www.marketwatch.com/news/story/house-committee-oks-mortgage-reform/story.aspx?guid=%7B42A759C3-BE3B-4A6D-B215-EBD2EAE2D532%7D
I would think that will stop a lot of people in their tracks.

After all, Countrywide is in dire straits and those who invested aren’t going to be happy about getting zero returns while they continue to hand out free money. I wonder how much personal liabilitly Mozilo has.

And Citigroup is another ridiculous story- because these CEOs have lame “excuses” which can only be construed as blatently negligent or fraudulent (in my view). What use is a CEO if he/she does not know how their company is operating?

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