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…

[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…

[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%.

[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?

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