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briansd1.
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July 30, 2009 at 2:07 PM #439944July 30, 2009 at 3:02 PM #439224
DWCAP
Participant[quote]From June 2008 to June 2009, the number of American mortgages that were 90 days or more delinquent soared from 1.8 million to nearly 3 million, according to the realty research company First American Core Logic. During that period, the number of loans that resulted in the bank taking ownership of the home declined to 245,000, from 333,000. [/quote]
It would be interesting to find out if the reason that fewer houses were ending in foreclosure was because more were short selling, being refi’d, or just ignored by the banks who refuse to foreclose. I know they allude to the idea that banks are just trying to wait this out (Thanks to your tax dollars BTW) when they add
[quote]The company has been waiting and hoping the economy will improve and delinquent customers will resume making payments[/quote]but I wonder if that is what they are actually doing. I really suspect they just dont wanna take the losses, and with mark to fantasy accounting, then can wait.
And why are they ‘traitors’? Have they sold inside knowledge to some foreign country or something? Are they plotting to overthrow the governement? Are they breaking any laws, anywhere? The only way they could be ‘traitors’ is if you somehow equate refiing loans for deliquent borrowers with the national good. I wouldnt agree with that, because what the government is doing right now is pretty much against every American ethos I knew of until 2008.
July 30, 2009 at 3:02 PM #439426Participant[quote]From June 2008 to June 2009, the number of American mortgages that were 90 days or more delinquent soared from 1.8 million to nearly 3 million, according to the realty research company First American Core Logic. During that period, the number of loans that resulted in the bank taking ownership of the home declined to 245,000, from 333,000. [/quote]
It would be interesting to find out if the reason that fewer houses were ending in foreclosure was because more were short selling, being refi’d, or just ignored by the banks who refuse to foreclose. I know they allude to the idea that banks are just trying to wait this out (Thanks to your tax dollars BTW) when they add
[quote]The company has been waiting and hoping the economy will improve and delinquent customers will resume making payments[/quote]but I wonder if that is what they are actually doing. I really suspect they just dont wanna take the losses, and with mark to fantasy accounting, then can wait.
And why are they ‘traitors’? Have they sold inside knowledge to some foreign country or something? Are they plotting to overthrow the governement? Are they breaking any laws, anywhere? The only way they could be ‘traitors’ is if you somehow equate refiing loans for deliquent borrowers with the national good. I wouldnt agree with that, because what the government is doing right now is pretty much against every American ethos I knew of until 2008.
July 30, 2009 at 3:02 PM #439752Participant[quote]From June 2008 to June 2009, the number of American mortgages that were 90 days or more delinquent soared from 1.8 million to nearly 3 million, according to the realty research company First American Core Logic. During that period, the number of loans that resulted in the bank taking ownership of the home declined to 245,000, from 333,000. [/quote]
It would be interesting to find out if the reason that fewer houses were ending in foreclosure was because more were short selling, being refi’d, or just ignored by the banks who refuse to foreclose. I know they allude to the idea that banks are just trying to wait this out (Thanks to your tax dollars BTW) when they add
[quote]The company has been waiting and hoping the economy will improve and delinquent customers will resume making payments[/quote]but I wonder if that is what they are actually doing. I really suspect they just dont wanna take the losses, and with mark to fantasy accounting, then can wait.
And why are they ‘traitors’? Have they sold inside knowledge to some foreign country or something? Are they plotting to overthrow the governement? Are they breaking any laws, anywhere? The only way they could be ‘traitors’ is if you somehow equate refiing loans for deliquent borrowers with the national good. I wouldnt agree with that, because what the government is doing right now is pretty much against every American ethos I knew of until 2008.
July 30, 2009 at 3:02 PM #439823Participant[quote]From June 2008 to June 2009, the number of American mortgages that were 90 days or more delinquent soared from 1.8 million to nearly 3 million, according to the realty research company First American Core Logic. During that period, the number of loans that resulted in the bank taking ownership of the home declined to 245,000, from 333,000. [/quote]
It would be interesting to find out if the reason that fewer houses were ending in foreclosure was because more were short selling, being refi’d, or just ignored by the banks who refuse to foreclose. I know they allude to the idea that banks are just trying to wait this out (Thanks to your tax dollars BTW) when they add
[quote]The company has been waiting and hoping the economy will improve and delinquent customers will resume making payments[/quote]but I wonder if that is what they are actually doing. I really suspect they just dont wanna take the losses, and with mark to fantasy accounting, then can wait.
And why are they ‘traitors’? Have they sold inside knowledge to some foreign country or something? Are they plotting to overthrow the governement? Are they breaking any laws, anywhere? The only way they could be ‘traitors’ is if you somehow equate refiing loans for deliquent borrowers with the national good. I wouldnt agree with that, because what the government is doing right now is pretty much against every American ethos I knew of until 2008.
July 30, 2009 at 3:02 PM #439994Participant[quote]From June 2008 to June 2009, the number of American mortgages that were 90 days or more delinquent soared from 1.8 million to nearly 3 million, according to the realty research company First American Core Logic. During that period, the number of loans that resulted in the bank taking ownership of the home declined to 245,000, from 333,000. [/quote]
It would be interesting to find out if the reason that fewer houses were ending in foreclosure was because more were short selling, being refi’d, or just ignored by the banks who refuse to foreclose. I know they allude to the idea that banks are just trying to wait this out (Thanks to your tax dollars BTW) when they add
[quote]The company has been waiting and hoping the economy will improve and delinquent customers will resume making payments[/quote]but I wonder if that is what they are actually doing. I really suspect they just dont wanna take the losses, and with mark to fantasy accounting, then can wait.
And why are they ‘traitors’? Have they sold inside knowledge to some foreign country or something? Are they plotting to overthrow the governement? Are they breaking any laws, anywhere? The only way they could be ‘traitors’ is if you somehow equate refiing loans for deliquent borrowers with the national good. I wouldnt agree with that, because what the government is doing right now is pretty much against every American ethos I knew of until 2008.
July 31, 2009 at 12:01 PM #439641CricketOnTheHearth
ParticipantBankster Shenanigans!
I noticed in the article that it said the loan servicers are the ones who benefit from the fees generated by delaying:
“Even when borrowers stop paying, mortgage companies that service the loans collect fees out of the proceeds when homes are sold in foreclosure. The longer borrowers remain delinquent, the greater the opportunities for these mortgage companies to extract revenue – fees for insurance, appraisals, title searches and legal services….
Mortgage companies, some of which are affiliated with the nation’s largest banks, are paid to manage pools of loans owned by investors. Under their contracts, the companies typically collect a percentage of the value of the loans they service. They extract their share regardless of whether borrowers are current on their payments. Indeed, their percentage often increases on delinquent loans.
Legal experts said the opportunities for additional revenue in delinquency are considerable, confronting mortgage companies
with a conflict between their financial interest in harvesting fees and their responsibility to collect as much as they can
for investors who own most mortgages.”In other words, the actual owners of the mortgages, who should be most interested in cleaning them up, are taking it in the shorts because the mortgages are actually being managed by others, who get off clean no matter what happens to the mortgages.
And then there is this bit of loveliness of which the mortgage originators are accused:
“Pratt, whose story we’ve been tracking, was “steered” into a sub-prime loan by Countrywide Financial. “Steering” is the polite term for forcing folk into crappy loan terms. And not just any folk: Black folk, like Pratt. Over 60% of African-American mortgage applicants were (and ARE) steered into “sub-prime” predatory loans.
According to exhaustive studies by the Federal Reserve Board and the Center for Responsible Lending (CRL), African Americans are 250% more likely to get a loan with an “exploding interest” clause than white borrowers – and notably, the higher the income and the better the credit rating of a Black borrower, the more likely the discrimination.”
This is anything but a “free” market. But we all knew that. The question is how much longer the banksters will be allowed to get away with it.
July 31, 2009 at 12:01 PM #439841ParticipantBankster Shenanigans!
I noticed in the article that it said the loan servicers are the ones who benefit from the fees generated by delaying:
“Even when borrowers stop paying, mortgage companies that service the loans collect fees out of the proceeds when homes are sold in foreclosure. The longer borrowers remain delinquent, the greater the opportunities for these mortgage companies to extract revenue – fees for insurance, appraisals, title searches and legal services….
Mortgage companies, some of which are affiliated with the nation’s largest banks, are paid to manage pools of loans owned by investors. Under their contracts, the companies typically collect a percentage of the value of the loans they service. They extract their share regardless of whether borrowers are current on their payments. Indeed, their percentage often increases on delinquent loans.
Legal experts said the opportunities for additional revenue in delinquency are considerable, confronting mortgage companies
with a conflict between their financial interest in harvesting fees and their responsibility to collect as much as they can
for investors who own most mortgages.”In other words, the actual owners of the mortgages, who should be most interested in cleaning them up, are taking it in the shorts because the mortgages are actually being managed by others, who get off clean no matter what happens to the mortgages.
And then there is this bit of loveliness of which the mortgage originators are accused:
“Pratt, whose story we’ve been tracking, was “steered” into a sub-prime loan by Countrywide Financial. “Steering” is the polite term for forcing folk into crappy loan terms. And not just any folk: Black folk, like Pratt. Over 60% of African-American mortgage applicants were (and ARE) steered into “sub-prime” predatory loans.
According to exhaustive studies by the Federal Reserve Board and the Center for Responsible Lending (CRL), African Americans are 250% more likely to get a loan with an “exploding interest” clause than white borrowers – and notably, the higher the income and the better the credit rating of a Black borrower, the more likely the discrimination.”
This is anything but a “free” market. But we all knew that. The question is how much longer the banksters will be allowed to get away with it.
July 31, 2009 at 12:01 PM #440167ParticipantBankster Shenanigans!
I noticed in the article that it said the loan servicers are the ones who benefit from the fees generated by delaying:
“Even when borrowers stop paying, mortgage companies that service the loans collect fees out of the proceeds when homes are sold in foreclosure. The longer borrowers remain delinquent, the greater the opportunities for these mortgage companies to extract revenue – fees for insurance, appraisals, title searches and legal services….
Mortgage companies, some of which are affiliated with the nation’s largest banks, are paid to manage pools of loans owned by investors. Under their contracts, the companies typically collect a percentage of the value of the loans they service. They extract their share regardless of whether borrowers are current on their payments. Indeed, their percentage often increases on delinquent loans.
Legal experts said the opportunities for additional revenue in delinquency are considerable, confronting mortgage companies
with a conflict between their financial interest in harvesting fees and their responsibility to collect as much as they can
for investors who own most mortgages.”In other words, the actual owners of the mortgages, who should be most interested in cleaning them up, are taking it in the shorts because the mortgages are actually being managed by others, who get off clean no matter what happens to the mortgages.
And then there is this bit of loveliness of which the mortgage originators are accused:
“Pratt, whose story we’ve been tracking, was “steered” into a sub-prime loan by Countrywide Financial. “Steering” is the polite term for forcing folk into crappy loan terms. And not just any folk: Black folk, like Pratt. Over 60% of African-American mortgage applicants were (and ARE) steered into “sub-prime” predatory loans.
According to exhaustive studies by the Federal Reserve Board and the Center for Responsible Lending (CRL), African Americans are 250% more likely to get a loan with an “exploding interest” clause than white borrowers – and notably, the higher the income and the better the credit rating of a Black borrower, the more likely the discrimination.”
This is anything but a “free” market. But we all knew that. The question is how much longer the banksters will be allowed to get away with it.
July 31, 2009 at 12:01 PM #440240ParticipantBankster Shenanigans!
I noticed in the article that it said the loan servicers are the ones who benefit from the fees generated by delaying:
“Even when borrowers stop paying, mortgage companies that service the loans collect fees out of the proceeds when homes are sold in foreclosure. The longer borrowers remain delinquent, the greater the opportunities for these mortgage companies to extract revenue – fees for insurance, appraisals, title searches and legal services….
Mortgage companies, some of which are affiliated with the nation’s largest banks, are paid to manage pools of loans owned by investors. Under their contracts, the companies typically collect a percentage of the value of the loans they service. They extract their share regardless of whether borrowers are current on their payments. Indeed, their percentage often increases on delinquent loans.
Legal experts said the opportunities for additional revenue in delinquency are considerable, confronting mortgage companies
with a conflict between their financial interest in harvesting fees and their responsibility to collect as much as they can
for investors who own most mortgages.”In other words, the actual owners of the mortgages, who should be most interested in cleaning them up, are taking it in the shorts because the mortgages are actually being managed by others, who get off clean no matter what happens to the mortgages.
And then there is this bit of loveliness of which the mortgage originators are accused:
“Pratt, whose story we’ve been tracking, was “steered” into a sub-prime loan by Countrywide Financial. “Steering” is the polite term for forcing folk into crappy loan terms. And not just any folk: Black folk, like Pratt. Over 60% of African-American mortgage applicants were (and ARE) steered into “sub-prime” predatory loans.
According to exhaustive studies by the Federal Reserve Board and the Center for Responsible Lending (CRL), African Americans are 250% more likely to get a loan with an “exploding interest” clause than white borrowers – and notably, the higher the income and the better the credit rating of a Black borrower, the more likely the discrimination.”
This is anything but a “free” market. But we all knew that. The question is how much longer the banksters will be allowed to get away with it.
July 31, 2009 at 12:01 PM #440411ParticipantBankster Shenanigans!
I noticed in the article that it said the loan servicers are the ones who benefit from the fees generated by delaying:
“Even when borrowers stop paying, mortgage companies that service the loans collect fees out of the proceeds when homes are sold in foreclosure. The longer borrowers remain delinquent, the greater the opportunities for these mortgage companies to extract revenue – fees for insurance, appraisals, title searches and legal services….
Mortgage companies, some of which are affiliated with the nation’s largest banks, are paid to manage pools of loans owned by investors. Under their contracts, the companies typically collect a percentage of the value of the loans they service. They extract their share regardless of whether borrowers are current on their payments. Indeed, their percentage often increases on delinquent loans.
Legal experts said the opportunities for additional revenue in delinquency are considerable, confronting mortgage companies
with a conflict between their financial interest in harvesting fees and their responsibility to collect as much as they can
for investors who own most mortgages.”In other words, the actual owners of the mortgages, who should be most interested in cleaning them up, are taking it in the shorts because the mortgages are actually being managed by others, who get off clean no matter what happens to the mortgages.
And then there is this bit of loveliness of which the mortgage originators are accused:
“Pratt, whose story we’ve been tracking, was “steered” into a sub-prime loan by Countrywide Financial. “Steering” is the polite term for forcing folk into crappy loan terms. And not just any folk: Black folk, like Pratt. Over 60% of African-American mortgage applicants were (and ARE) steered into “sub-prime” predatory loans.
According to exhaustive studies by the Federal Reserve Board and the Center for Responsible Lending (CRL), African Americans are 250% more likely to get a loan with an “exploding interest” clause than white borrowers – and notably, the higher the income and the better the credit rating of a Black borrower, the more likely the discrimination.”
This is anything but a “free” market. But we all knew that. The question is how much longer the banksters will be allowed to get away with it.
July 31, 2009 at 6:06 PM #439877patientrenter
Participant“The question is how much longer the banksters will be allowed to get away with it.”
Congress makes the laws. How long will they let the current economic madness continue? Ask Barney Frank, or Chris Dodd, or Chuck Schumer. They are the ones making sure it continues.
July 31, 2009 at 6:06 PM #440078Participant“The question is how much longer the banksters will be allowed to get away with it.”
Congress makes the laws. How long will they let the current economic madness continue? Ask Barney Frank, or Chris Dodd, or Chuck Schumer. They are the ones making sure it continues.
July 31, 2009 at 6:06 PM #440405Participant“The question is how much longer the banksters will be allowed to get away with it.”
Congress makes the laws. How long will they let the current economic madness continue? Ask Barney Frank, or Chris Dodd, or Chuck Schumer. They are the ones making sure it continues.
July 31, 2009 at 6:06 PM #440477Participant“The question is how much longer the banksters will be allowed to get away with it.”
Congress makes the laws. How long will they let the current economic madness continue? Ask Barney Frank, or Chris Dodd, or Chuck Schumer. They are the ones making sure it continues.
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