Now you don’t even have to ask for a loan mod

[scaredyclassic]

it is difficult for me to see how housing prices could truly recover until the dust settles from all this reworking…

[davelj]

[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]

I doubt that many folks who are in over their heads feel smart. In fact, I bet that most of them feel pretty stupid (or at least unlucky, although stupid is how they should feel).

Don’t get me wrong, I don’t like the idea of folks getting bailed out of bad decisions (and I certainly don’t like funding their mistakes), but… I feel sorry for all of these dummies. I’ve been responsible and I don’t feel like the “joke’s on me.” Sure, some of my tax dollars will go toward helping some of them out, but… most of these folks will be dumb forever. Clearly, they’re incapable of making good financial decisions. I’d rather have the “joke on me” and be forced to help them out a bit than just be plain incompetent. Because the latter doesn’t go away.

But that’s just me.

[davelj]

[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]

I doubt that many folks who are in over their heads feel smart. In fact, I bet that most of them feel pretty stupid (or at least unlucky, although stupid is how they should feel).

Don’t get me wrong, I don’t like the idea of folks getting bailed out of bad decisions (and I certainly don’t like funding their mistakes), but… I feel sorry for all of these dummies. I’ve been responsible and I don’t feel like the “joke’s on me.” Sure, some of my tax dollars will go toward helping some of them out, but… most of these folks will be dumb forever. Clearly, they’re incapable of making good financial decisions. I’d rather have the “joke on me” and be forced to help them out a bit than just be plain incompetent. Because the latter doesn’t go away.

But that’s just me.

[davelj]

[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]

I doubt that many folks who are in over their heads feel smart. In fact, I bet that most of them feel pretty stupid (or at least unlucky, although stupid is how they should feel).

Don’t get me wrong, I don’t like the idea of folks getting bailed out of bad decisions (and I certainly don’t like funding their mistakes), but… I feel sorry for all of these dummies. I’ve been responsible and I don’t feel like the “joke’s on me.” Sure, some of my tax dollars will go toward helping some of them out, but… most of these folks will be dumb forever. Clearly, they’re incapable of making good financial decisions. I’d rather have the “joke on me” and be forced to help them out a bit than just be plain incompetent. Because the latter doesn’t go away.

But that’s just me.

[davelj]

[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]

I doubt that many folks who are in over their heads feel smart. In fact, I bet that most of them feel pretty stupid (or at least unlucky, although stupid is how they should feel).

Don’t get me wrong, I don’t like the idea of folks getting bailed out of bad decisions (and I certainly don’t like funding their mistakes), but… I feel sorry for all of these dummies. I’ve been responsible and I don’t feel like the “joke’s on me.” Sure, some of my tax dollars will go toward helping some of them out, but… most of these folks will be dumb forever. Clearly, they’re incapable of making good financial decisions. I’d rather have the “joke on me” and be forced to help them out a bit than just be plain incompetent. Because the latter doesn’t go away.

But that’s just me.

[davelj]

[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]

I doubt that many folks who are in over their heads feel smart. In fact, I bet that most of them feel pretty stupid (or at least unlucky, although stupid is how they should feel).

Don’t get me wrong, I don’t like the idea of folks getting bailed out of bad decisions (and I certainly don’t like funding their mistakes), but… I feel sorry for all of these dummies. I’ve been responsible and I don’t feel like the “joke’s on me.” Sure, some of my tax dollars will go toward helping some of them out, but… most of these folks will be dumb forever. Clearly, they’re incapable of making good financial decisions. I’d rather have the “joke on me” and be forced to help them out a bit than just be plain incompetent. Because the latter doesn’t go away.

But that’s just me.

[patientrenter]

[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]

I agree with you, creechrr. You have been taken for a sucker, bigtime. If your friend goes through with all the mods, including the mod on his first as suggested by sdr, his condo will not be coming on the market for a long time. Multiply that by a million and you have a significant suppression in supply to the housing market.

So your tax dollars are paying banks to forgive loans to take homes off the market, to keep home prices high. Your taxes are being used to make home prices higher for you, if you are a prospective purchaser, and to protect those who went ahead and bought homes, or who loaned money to others to buy homes, without paying attention to the bubble prices.

It’s an ugly setup only bankers, those who make a living from RRE, and existing homeowners could love.

[patientrenter]

[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]

I agree with you, creechrr. You have been taken for a sucker, bigtime. If your friend goes through with all the mods, including the mod on his first as suggested by sdr, his condo will not be coming on the market for a long time. Multiply that by a million and you have a significant suppression in supply to the housing market.

So your tax dollars are paying banks to forgive loans to take homes off the market, to keep home prices high. Your taxes are being used to make home prices higher for you, if you are a prospective purchaser, and to protect those who went ahead and bought homes, or who loaned money to others to buy homes, without paying attention to the bubble prices.

It’s an ugly setup only bankers, those who make a living from RRE, and existing homeowners could love.

[patientrenter]

[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]

I agree with you, creechrr. You have been taken for a sucker, bigtime. If your friend goes through with all the mods, including the mod on his first as suggested by sdr, his condo will not be coming on the market for a long time. Multiply that by a million and you have a significant suppression in supply to the housing market.

So your tax dollars are paying banks to forgive loans to take homes off the market, to keep home prices high. Your taxes are being used to make home prices higher for you, if you are a prospective purchaser, and to protect those who went ahead and bought homes, or who loaned money to others to buy homes, without paying attention to the bubble prices.

It’s an ugly setup only bankers, those who make a living from RRE, and existing homeowners could love.

[patientrenter]

[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]

I agree with you, creechrr. You have been taken for a sucker, bigtime. If your friend goes through with all the mods, including the mod on his first as suggested by sdr, his condo will not be coming on the market for a long time. Multiply that by a million and you have a significant suppression in supply to the housing market.

So your tax dollars are paying banks to forgive loans to take homes off the market, to keep home prices high. Your taxes are being used to make home prices higher for you, if you are a prospective purchaser, and to protect those who went ahead and bought homes, or who loaned money to others to buy homes, without paying attention to the bubble prices.

It’s an ugly setup only bankers, those who make a living from RRE, and existing homeowners could love.

[patientrenter]

[quote=creechrr]I feel more like a sucker every day. All this time I thought I was being smart by not getting in over my head. Jokes on me.[/quote]

I agree with you, creechrr. You have been taken for a sucker, bigtime. If your friend goes through with all the mods, including the mod on his first as suggested by sdr, his condo will not be coming on the market for a long time. Multiply that by a million and you have a significant suppression in supply to the housing market.

So your tax dollars are paying banks to forgive loans to take homes off the market, to keep home prices high. Your taxes are being used to make home prices higher for you, if you are a prospective purchaser, and to protect those who went ahead and bought homes, or who loaned money to others to buy homes, without paying attention to the bubble prices.

It’s an ugly setup only bankers, those who make a living from RRE, and existing homeowners could love.

[CA renter]

One possibility…look at the thread titled “Investing in Non Performing Loans (NPNs)” and you might find out what happened.

It’s pretty much a foregone conclusion that second mortgages taken out during the peak are basically worth zero$$. IMHO, they are selling them off for maybe 10 cents on the dollar, and the new owners are re-working the mortgages in a way that is favorable to the note holders and to the borrowers.

It could also be that the banks are working directly with the borrowers, because they might recoup more than they would if they sold them to third parties.

I don’t like it either, but there it is. Lessons learned by all around.

[CA renter]

One possibility…look at the thread titled “Investing in Non Performing Loans (NPNs)” and you might find out what happened.

It’s pretty much a foregone conclusion that second mortgages taken out during the peak are basically worth zero$$. IMHO, they are selling them off for maybe 10 cents on the dollar, and the new owners are re-working the mortgages in a way that is favorable to the note holders and to the borrowers.

It could also be that the banks are working directly with the borrowers, because they might recoup more than they would if they sold them to third parties.

I don’t like it either, but there it is. Lessons learned by all around.

[CA renter]

One possibility…look at the thread titled “Investing in Non Performing Loans (NPNs)” and you might find out what happened.

It’s pretty much a foregone conclusion that second mortgages taken out during the peak are basically worth zero$$. IMHO, they are selling them off for maybe 10 cents on the dollar, and the new owners are re-working the mortgages in a way that is favorable to the note holders and to the borrowers.

It could also be that the banks are working directly with the borrowers, because they might recoup more than they would if they sold them to third parties.

I don’t like it either, but there it is. Lessons learned by all around.

[CA renter]

One possibility…look at the thread titled “Investing in Non Performing Loans (NPNs)” and you might find out what happened.

It’s pretty much a foregone conclusion that second mortgages taken out during the peak are basically worth zero$$. IMHO, they are selling them off for maybe 10 cents on the dollar, and the new owners are re-working the mortgages in a way that is favorable to the note holders and to the borrowers.

It could also be that the banks are working directly with the borrowers, because they might recoup more than they would if they sold them to third parties.

I don’t like it either, but there it is. Lessons learned by all around.

[Author]

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