Paulson: Subprime help on the way

[cr]

Somewhere in all the talk of Paulson’s plan it was whispered that these bailout efforts would be OPTIONAL for the lenders.

Has anyone else heard that? The government can’t force lenders to lower rates and lose money – we’re not that far socialist yet.

So at their discretion banks can help people stay in homes they can’t afford for a little while longer while their property value continues to decline until they are inevitably forced to sell, only later and at a lower price than if they sold at a loss today.

I read on Yahoo that the current 640,000 foreclosures (1 for every 500 Americans) is the highest in 30 years, and up to 2 million more are expected by 2009.

This hot air talk is little more than lip service for Wall Street.

[drunkle]

from what i recall of his speech today, this article jives:

http://money.cnn.com/2007/12/03/real_estate/left_out.moneymag/index.htm?postversion=2007120318

essentially, a very thin slice of bitter debtors are eligible.

[drunkle]

from what i recall of his speech today, this article jives:

http://money.cnn.com/2007/12/03/real_estate/left_out.moneymag/index.htm?postversion=2007120318

essentially, a very thin slice of bitter debtors are eligible.

[drunkle]

from what i recall of his speech today, this article jives:

http://money.cnn.com/2007/12/03/real_estate/left_out.moneymag/index.htm?postversion=2007120318

essentially, a very thin slice of bitter debtors are eligible.

[drunkle]

from what i recall of his speech today, this article jives:

http://money.cnn.com/2007/12/03/real_estate/left_out.moneymag/index.htm?postversion=2007120318

essentially, a very thin slice of bitter debtors are eligible.

[drunkle]

from what i recall of his speech today, this article jives:

http://money.cnn.com/2007/12/03/real_estate/left_out.moneymag/index.htm?postversion=2007120318

essentially, a very thin slice of bitter debtors are eligible.

[rocket science]

The article I read also indicated it is optional

In addtion it pointed out

A major hurdle to the deal has yet to be overcome: getting agreement from investors in mortgage-backed securities, who have resisted modifying loans except on a case-by-case basis.

"There is a $64,000 question: Will investors go along with this plan? And if not, can they be compelled to?" asked Sen. Charles E. Schumer (D-N.Y.), chairman of Congress' Joint Economic Committee.

rs

[rocket science]

The article I read also indicated it is optional

In addtion it pointed out

A major hurdle to the deal has yet to be overcome: getting agreement from investors in mortgage-backed securities, who have resisted modifying loans except on a case-by-case basis.

"There is a $64,000 question: Will investors go along with this plan? And if not, can they be compelled to?" asked Sen. Charles E. Schumer (D-N.Y.), chairman of Congress' Joint Economic Committee.

rs

[rocket science]

The article I read also indicated it is optional

In addtion it pointed out

A major hurdle to the deal has yet to be overcome: getting agreement from investors in mortgage-backed securities, who have resisted modifying loans except on a case-by-case basis.

"There is a $64,000 question: Will investors go along with this plan? And if not, can they be compelled to?" asked Sen. Charles E. Schumer (D-N.Y.), chairman of Congress' Joint Economic Committee.

rs

[rocket science]

The article I read also indicated it is optional

In addtion it pointed out

A major hurdle to the deal has yet to be overcome: getting agreement from investors in mortgage-backed securities, who have resisted modifying loans except on a case-by-case basis.

"There is a $64,000 question: Will investors go along with this plan? And if not, can they be compelled to?" asked Sen. Charles E. Schumer (D-N.Y.), chairman of Congress' Joint Economic Committee.

rs

[rocket science]

The article I read also indicated it is optional

In addtion it pointed out

A major hurdle to the deal has yet to be overcome: getting agreement from investors in mortgage-backed securities, who have resisted modifying loans except on a case-by-case basis.

"There is a $64,000 question: Will investors go along with this plan? And if not, can they be compelled to?" asked Sen. Charles E. Schumer (D-N.Y.), chairman of Congress' Joint Economic Committee.

rs

[JerseyGrl]

Toots
essentially, a very thin slice of bitter debtors are eligible………probably so

From http://globaleconomicanalysis.blogspot.com/2007/12/paulsons-plan-is-nothing-but-lip.html

“The homeowner bailout sounds a lot better in the headlines than it does when you dig deeper. For instance, HomEq reports that for every 5,000 resets that come in every month, only 1,000 meet standards to even begin loan modification, and of those only 10% of borrowers actually begin the process. That’s 2% of all borrowers undergoing resets.

One of the problems is that in many cases, a W2 is required, and many of these homeowners are reluctant to provide one since they presumably lied about their income to qualify for a mortgage. Still others are in trouble not because of the reset, but because they can’t even afford their teaser rate. Many in foreclosure won’t pick up the phone when contacts are attempted from lenders.”

[JerseyGrl]

Toots
essentially, a very thin slice of bitter debtors are eligible………probably so

From http://globaleconomicanalysis.blogspot.com/2007/12/paulsons-plan-is-nothing-but-lip.html

“The homeowner bailout sounds a lot better in the headlines than it does when you dig deeper. For instance, HomEq reports that for every 5,000 resets that come in every month, only 1,000 meet standards to even begin loan modification, and of those only 10% of borrowers actually begin the process. That’s 2% of all borrowers undergoing resets.

One of the problems is that in many cases, a W2 is required, and many of these homeowners are reluctant to provide one since they presumably lied about their income to qualify for a mortgage. Still others are in trouble not because of the reset, but because they can’t even afford their teaser rate. Many in foreclosure won’t pick up the phone when contacts are attempted from lenders.”

[JerseyGrl]

Toots
essentially, a very thin slice of bitter debtors are eligible………probably so

From http://globaleconomicanalysis.blogspot.com/2007/12/paulsons-plan-is-nothing-but-lip.html

“The homeowner bailout sounds a lot better in the headlines than it does when you dig deeper. For instance, HomEq reports that for every 5,000 resets that come in every month, only 1,000 meet standards to even begin loan modification, and of those only 10% of borrowers actually begin the process. That’s 2% of all borrowers undergoing resets.

One of the problems is that in many cases, a W2 is required, and many of these homeowners are reluctant to provide one since they presumably lied about their income to qualify for a mortgage. Still others are in trouble not because of the reset, but because they can’t even afford their teaser rate. Many in foreclosure won’t pick up the phone when contacts are attempted from lenders.”

[JerseyGrl]

Toots
essentially, a very thin slice of bitter debtors are eligible………probably so

From http://globaleconomicanalysis.blogspot.com/2007/12/paulsons-plan-is-nothing-but-lip.html

“The homeowner bailout sounds a lot better in the headlines than it does when you dig deeper. For instance, HomEq reports that for every 5,000 resets that come in every month, only 1,000 meet standards to even begin loan modification, and of those only 10% of borrowers actually begin the process. That’s 2% of all borrowers undergoing resets.

One of the problems is that in many cases, a W2 is required, and many of these homeowners are reluctant to provide one since they presumably lied about their income to qualify for a mortgage. Still others are in trouble not because of the reset, but because they can’t even afford their teaser rate. Many in foreclosure won’t pick up the phone when contacts are attempted from lenders.”

[Author]

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