OT: I made bad choices, everyone pitty me.

[Arraya]

[quote=briansd1]I don’t see why people are calling for regulations.

The government does not need to regulate more. The government needs to stop bailing stupid business decisions and bad business models.[/quote]

I think you need to watch this documentary.

http://www.pbs.org/wgbh/pages/frontline/warning/etc/synopsis.html

We didn’t truly know the dangers of the market, because it was a dark market,” says Brooksley Born, the head of an obscure federal regulatory agency — the Commodity Futures Trading Commission [CFTC] — who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country’s key economic powerbrokers to take actions that could have helped avert the crisis. “They were totally opposed to it,” Born says. “That puzzled me. What was it that was in this market that had to be hidden?”

In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation’s worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.

[UCGal]

[quote=Arraya][quote=briansd1]I don’t see why people are calling for regulations.

The government does not need to regulate more. The government needs to stop bailing stupid business decisions and bad business models.[/quote]

I think you need to watch this documentary.

http://www.pbs.org/wgbh/pages/frontline/warning/etc/synopsis.html

We didn’t truly know the dangers of the market, because it was a dark market,” says Brooksley Born, the head of an obscure federal regulatory agency — the Commodity Futures Trading Commission [CFTC] — who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country’s key economic powerbrokers to take actions that could have helped avert the crisis. “They were totally opposed to it,” Born says. “That puzzled me. What was it that was in this market that had to be hidden?”

In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation’s worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.[/quote]
Agreeing with Arraya. That frontline was awesome. I just watched it a few nights ago (tivo’d it.)

[UCGal]

[quote=Arraya][quote=briansd1]I don’t see why people are calling for regulations.

The government does not need to regulate more. The government needs to stop bailing stupid business decisions and bad business models.[/quote]

I think you need to watch this documentary.

http://www.pbs.org/wgbh/pages/frontline/warning/etc/synopsis.html

We didn’t truly know the dangers of the market, because it was a dark market,” says Brooksley Born, the head of an obscure federal regulatory agency — the Commodity Futures Trading Commission [CFTC] — who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country’s key economic powerbrokers to take actions that could have helped avert the crisis. “They were totally opposed to it,” Born says. “That puzzled me. What was it that was in this market that had to be hidden?”

In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation’s worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.[/quote]
Agreeing with Arraya. That frontline was awesome. I just watched it a few nights ago (tivo’d it.)

[UCGal]

[quote=Arraya][quote=briansd1]I don’t see why people are calling for regulations.

The government does not need to regulate more. The government needs to stop bailing stupid business decisions and bad business models.[/quote]

I think you need to watch this documentary.

http://www.pbs.org/wgbh/pages/frontline/warning/etc/synopsis.html

We didn’t truly know the dangers of the market, because it was a dark market,” says Brooksley Born, the head of an obscure federal regulatory agency — the Commodity Futures Trading Commission [CFTC] — who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country’s key economic powerbrokers to take actions that could have helped avert the crisis. “They were totally opposed to it,” Born says. “That puzzled me. What was it that was in this market that had to be hidden?”

In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation’s worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.[/quote]
Agreeing with Arraya. That frontline was awesome. I just watched it a few nights ago (tivo’d it.)

[UCGal]

[quote=Arraya][quote=briansd1]I don’t see why people are calling for regulations.

The government does not need to regulate more. The government needs to stop bailing stupid business decisions and bad business models.[/quote]

I think you need to watch this documentary.

http://www.pbs.org/wgbh/pages/frontline/warning/etc/synopsis.html

We didn’t truly know the dangers of the market, because it was a dark market,” says Brooksley Born, the head of an obscure federal regulatory agency — the Commodity Futures Trading Commission [CFTC] — who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country’s key economic powerbrokers to take actions that could have helped avert the crisis. “They were totally opposed to it,” Born says. “That puzzled me. What was it that was in this market that had to be hidden?”

In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation’s worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.[/quote]
Agreeing with Arraya. That frontline was awesome. I just watched it a few nights ago (tivo’d it.)

[UCGal]

[quote=Arraya][quote=briansd1]I don’t see why people are calling for regulations.

The government does not need to regulate more. The government needs to stop bailing stupid business decisions and bad business models.[/quote]

I think you need to watch this documentary.

http://www.pbs.org/wgbh/pages/frontline/warning/etc/synopsis.html

We didn’t truly know the dangers of the market, because it was a dark market,” says Brooksley Born, the head of an obscure federal regulatory agency — the Commodity Futures Trading Commission [CFTC] — who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country’s key economic powerbrokers to take actions that could have helped avert the crisis. “They were totally opposed to it,” Born says. “That puzzled me. What was it that was in this market that had to be hidden?”

In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation’s worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.[/quote]
Agreeing with Arraya. That frontline was awesome. I just watched it a few nights ago (tivo’d it.)

[Anonymous]

Russell,

I am familiar with a company that does balance reductions. I can tell you that deeds of reconveyance are recorded for all paid off/forgiven liens. Also, many times the amount of the balance reduction is determined by current appraisals and the new balance basically leaves the borrower with a minimal equity position.

If you were to do a little investigative work with the recorded notes you could determine what borrowers benefited from a balance reduction.

Since it isn’t recorded as a sale, the borrower is still left with the higher property tax liability. So they are not getting a break there.

In short, I just wanted to add a little color to your post.

[Anonymous]

Russell,

I am familiar with a company that does balance reductions. I can tell you that deeds of reconveyance are recorded for all paid off/forgiven liens. Also, many times the amount of the balance reduction is determined by current appraisals and the new balance basically leaves the borrower with a minimal equity position.

If you were to do a little investigative work with the recorded notes you could determine what borrowers benefited from a balance reduction.

Since it isn’t recorded as a sale, the borrower is still left with the higher property tax liability. So they are not getting a break there.

In short, I just wanted to add a little color to your post.

[Anonymous]

Russell,

I am familiar with a company that does balance reductions. I can tell you that deeds of reconveyance are recorded for all paid off/forgiven liens. Also, many times the amount of the balance reduction is determined by current appraisals and the new balance basically leaves the borrower with a minimal equity position.

If you were to do a little investigative work with the recorded notes you could determine what borrowers benefited from a balance reduction.

Since it isn’t recorded as a sale, the borrower is still left with the higher property tax liability. So they are not getting a break there.

In short, I just wanted to add a little color to your post.

[Anonymous]

Russell,

I am familiar with a company that does balance reductions. I can tell you that deeds of reconveyance are recorded for all paid off/forgiven liens. Also, many times the amount of the balance reduction is determined by current appraisals and the new balance basically leaves the borrower with a minimal equity position.

If you were to do a little investigative work with the recorded notes you could determine what borrowers benefited from a balance reduction.

Since it isn’t recorded as a sale, the borrower is still left with the higher property tax liability. So they are not getting a break there.

In short, I just wanted to add a little color to your post.

[Anonymous]

Russell,

I am familiar with a company that does balance reductions. I can tell you that deeds of reconveyance are recorded for all paid off/forgiven liens. Also, many times the amount of the balance reduction is determined by current appraisals and the new balance basically leaves the borrower with a minimal equity position.

If you were to do a little investigative work with the recorded notes you could determine what borrowers benefited from a balance reduction.

Since it isn’t recorded as a sale, the borrower is still left with the higher property tax liability. So they are not getting a break there.

In short, I just wanted to add a little color to your post.

[NotCranky]

Thanks PowayDude,
Just to make sure, a loan mod on any note that doesn’t go to zero(partial balance reduction) has no recorded items..or does it? This is a frequent topic here. There are a lot of people here who would like all the added info on this topic you could provide.

[NotCranky]

Thanks PowayDude,
Just to make sure, a loan mod on any note that doesn’t go to zero(partial balance reduction) has no recorded items..or does it? This is a frequent topic here. There are a lot of people here who would like all the added info on this topic you could provide.

[NotCranky]

Thanks PowayDude,
Just to make sure, a loan mod on any note that doesn’t go to zero(partial balance reduction) has no recorded items..or does it? This is a frequent topic here. There are a lot of people here who would like all the added info on this topic you could provide.

[NotCranky]

Thanks PowayDude,
Just to make sure, a loan mod on any note that doesn’t go to zero(partial balance reduction) has no recorded items..or does it? This is a frequent topic here. There are a lot of people here who would like all the added info on this topic you could provide.

[Author]

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