Moratorium on Foreclosures Urged in Ca.

[waterboy]

Our legal system is too soft. A good majority will get away with their scams & fraud and figure out a new way to screw others come the next boom.

Maybe more Piggington’s need to be contracted out to help catch all these con artists

[NotCranky]

Rustico the messenger of bad news mentioned moratoriums a few weeks ago. It has happened before ,in 26 states during the depression and for about two years I believe. Hopefully this is mostly political grandstanding. The fact that lenders are present for the hearings on the moratorium disturbs me. If this happens it won’t be to fix everything in six months. It will just be a start on implementing further fixes down the road. No doubt about it, loss mitigation is underway(for the banks). How extreme the protection will be is anyone’s guess. My guess is that the FED and Bankers and Lenders are raising or planning on raising the nominal support level with various strategies. That is what they will need more than anything.

We might as well just institutionalize debt slavery.
I think we should organize permanent vacation compounds in Mexico and rotate ourselves up here to work in 3 momth shifts to pay for our subsistence. No Kool-aid allowed.

[NotCranky]

Rustico the messenger of bad news mentioned moratoriums a few weeks ago. It has happened before ,in 26 states during the depression and for about two years I believe. Hopefully this is mostly political grandstanding. The fact that lenders are present for the hearings on the moratorium disturbs me. If this happens it won’t be to fix everything in six months. It will just be a start on implementing further fixes down the road. No doubt about it, loss mitigation is underway(for the banks). How extreme the protection will be is anyone’s guess. My guess is that the FED and Bankers and Lenders are raising or planning on raising the nominal support level with various strategies. That is what they will need more than anything.

We might as well just institutionalize debt slavery.
I think we should organize permanent vacation compounds in Mexico and rotate ourselves up here to work in 3 momth shifts to pay for our subsistence. No Kool-aid allowed.

[NotCranky]

Rustico the messenger of bad news mentioned moratoriums a few weeks ago. It has happened before ,in 26 states during the depression and for about two years I believe. Hopefully this is mostly political grandstanding. The fact that lenders are present for the hearings on the moratorium disturbs me. If this happens it won’t be to fix everything in six months. It will just be a start on implementing further fixes down the road. No doubt about it, loss mitigation is underway(for the banks). How extreme the protection will be is anyone’s guess. My guess is that the FED and Bankers and Lenders are raising or planning on raising the nominal support level with various strategies. That is what they will need more than anything.

We might as well just institutionalize debt slavery.
I think we should organize permanent vacation compounds in Mexico and rotate ourselves up here to work in 3 momth shifts to pay for our subsistence. No Kool-aid allowed.

[hipmatt]

I’m glad we are all on the same page here. My heart aches and my stomach churns as I watch our country deceive its own citizens in the name of greed, and then even more despicable, they use words like “poor, victims, and american dream” in vain. Responsibility is a word that doesn’t exist anymore. I am truly sad for my 9 moth old daughter.

I can only pray that good can prevail form all this, and that some day, our economic system will be more just.

[hipmatt]

I’m glad we are all on the same page here. My heart aches and my stomach churns as I watch our country deceive its own citizens in the name of greed, and then even more despicable, they use words like “poor, victims, and american dream” in vain. Responsibility is a word that doesn’t exist anymore. I am truly sad for my 9 moth old daughter.

I can only pray that good can prevail form all this, and that some day, our economic system will be more just.

[hipmatt]

I’m glad we are all on the same page here. My heart aches and my stomach churns as I watch our country deceive its own citizens in the name of greed, and then even more despicable, they use words like “poor, victims, and american dream” in vain. Responsibility is a word that doesn’t exist anymore. I am truly sad for my 9 moth old daughter.

I can only pray that good can prevail form all this, and that some day, our economic system will be more just.

[no_such_reality]

The existing loss mitigation process works well. Let it work. The worse thing that can happen to the poor and over extended homeowners is some idiot program designed to keep them in the albatross that is draining them.

It’ll drain their money. For those without, it will artificially inflate home value. For those with rent, it will decrease inventory and put more pressure on rents.

All of the above is bad for the poor.

[no_such_reality]

The existing loss mitigation process works well. Let it work. The worse thing that can happen to the poor and over extended homeowners is some idiot program designed to keep them in the albatross that is draining them.

It’ll drain their money. For those without, it will artificially inflate home value. For those with rent, it will decrease inventory and put more pressure on rents.

All of the above is bad for the poor.

[no_such_reality]

The existing loss mitigation process works well. Let it work. The worse thing that can happen to the poor and over extended homeowners is some idiot program designed to keep them in the albatross that is draining them.

It’ll drain their money. For those without, it will artificially inflate home value. For those with rent, it will decrease inventory and put more pressure on rents.

All of the above is bad for the poor.

[bsrsharma]

My suggestion: Create a lot of shelters for the newly homeless. It will be a very good investment in educating them about living within means.

[bsrsharma]

My suggestion: Create a lot of shelters for the newly homeless. It will be a very good investment in educating them about living within means.

[bsrsharma]

My suggestion: Create a lot of shelters for the newly homeless. It will be a very good investment in educating them about living within means.

[AK]

Increase regulation. Fund it through user fees, i.e. real estate transfer taxes.

Work with local governments to file liens and forfeiture actions against lender-owned nuisance properties, encouraging lenders to rent or sell vacant houses.

But a moratorium? That would kill lending, and go down in history as another nail in the coffin of the great California real estate bubble.

[AK]

Increase regulation. Fund it through user fees, i.e. real estate transfer taxes.

Work with local governments to file liens and forfeiture actions against lender-owned nuisance properties, encouraging lenders to rent or sell vacant houses.

But a moratorium? That would kill lending, and go down in history as another nail in the coffin of the great California real estate bubble.

[Author]

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