Report shows strategic defaults increasing

[jpinpb]

[quote=cabal]I’m stunned you credit score hasn’t been compromised …[/quote]

An acquaintance of mine did not pay on her condo is something like 8-10 months, did not get a NOD, did a short sale and after a few months her credit score is back in the upper 600s.

[quote=patientrenter]When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]

Call me a cold-hearted bitch, but I was never sympathetic. I survived the last real estate downturn cycle in the ’90’s. I experienced it first hand, except I did not get any help from the government and was very stressed. I had to bail myself out w/2 jobs and renting rooms out. I chose not to walk b/c of my down, though a financial counselor told me to walk even back then. My credit still sucked b/c payments were late.

I qualified to buy that home – and back then loan apps were scrutinized. Did not expect the economy to turn and work to suddenly stop. Life happens. Anyone having a hard time for whatever reasons and can’t do the mortgage payments in these times can always go back to renting. Renting is not a crime or a sin. Credit can eventually be restored. No sympathy from me ever. Suck it up. I did and live to tell about it.

Probably that experience made me a little wiser and kept me from buying during this last bubble. All these people being “helped” will not only suffer from moral hazard, but will only be deprived of knowledge and will have expectations in the future of getting assistance.

[Arraya]

That poor unfortunate homeowner schtick is really code for shoveling ALL tax payer money into a PONZI scheme run by criminals. Nobody in power really cares about helping citizens. They care about getting people with jobs to keep paying on mortgage debt. They are feeding a ponzi-scheme on it’s last legs.

We have 10 million non-payers out there. What the government is going to try and do is filter through and find the people with the ability to pay something reasonable. I would not be surprised if they tried to “help” Bill. For some reason I don’t think bill would go for a principle reduction.

Really, the banks need help and that help is the government trying to convince people to keep paying something. This is a negotiation on a mass scale with the government as the banks agent negotiating with the FBs with jobs.

If they were honest it would go something like this:

“hello, this is Ben Bernake. We at the fed whose job it is to protect banks from taking on too much risk seemed to have made a few little mistakes. I completely understand if you did not see the bubble. heck, even I did not see the bubble and testified to congress ironically at the very very peak. you know I was telling the truth because I would be subject to 30 years in jail for making false statements regarding asset prices.

Anyway, we need everybody that has a job to please keep paying their mortgage. We understand that if you have half a brain, it does not make sense in many cases. For this we have principle reductions because what we do not need is a mass strategic defaults on an already fragile system.

If I wanted to be a real sleaze I would tell you all it is to help homeowners. But lets be honest the best thing for homeowners with jobs is to walk away en masse and home prices will plummet like there is no tomorrow. Well below what we are willing to reduce”

[Arraya]

That poor unfortunate homeowner schtick is really code for shoveling ALL tax payer money into a PONZI scheme run by criminals. Nobody in power really cares about helping citizens. They care about getting people with jobs to keep paying on mortgage debt. They are feeding a ponzi-scheme on it’s last legs.

We have 10 million non-payers out there. What the government is going to try and do is filter through and find the people with the ability to pay something reasonable. I would not be surprised if they tried to “help” Bill. For some reason I don’t think bill would go for a principle reduction.

Really, the banks need help and that help is the government trying to convince people to keep paying something. This is a negotiation on a mass scale with the government as the banks agent negotiating with the FBs with jobs.

If they were honest it would go something like this:

“hello, this is Ben Bernake. We at the fed whose job it is to protect banks from taking on too much risk seemed to have made a few little mistakes. I completely understand if you did not see the bubble. heck, even I did not see the bubble and testified to congress ironically at the very very peak. you know I was telling the truth because I would be subject to 30 years in jail for making false statements regarding asset prices.

Anyway, we need everybody that has a job to please keep paying their mortgage. We understand that if you have half a brain, it does not make sense in many cases. For this we have principle reductions because what we do not need is a mass strategic defaults on an already fragile system.

If I wanted to be a real sleaze I would tell you all it is to help homeowners. But lets be honest the best thing for homeowners with jobs is to walk away en masse and home prices will plummet like there is no tomorrow. Well below what we are willing to reduce”

[Arraya]

That poor unfortunate homeowner schtick is really code for shoveling ALL tax payer money into a PONZI scheme run by criminals. Nobody in power really cares about helping citizens. They care about getting people with jobs to keep paying on mortgage debt. They are feeding a ponzi-scheme on it’s last legs.

We have 10 million non-payers out there. What the government is going to try and do is filter through and find the people with the ability to pay something reasonable. I would not be surprised if they tried to “help” Bill. For some reason I don’t think bill would go for a principle reduction.

Really, the banks need help and that help is the government trying to convince people to keep paying something. This is a negotiation on a mass scale with the government as the banks agent negotiating with the FBs with jobs.

If they were honest it would go something like this:

“hello, this is Ben Bernake. We at the fed whose job it is to protect banks from taking on too much risk seemed to have made a few little mistakes. I completely understand if you did not see the bubble. heck, even I did not see the bubble and testified to congress ironically at the very very peak. you know I was telling the truth because I would be subject to 30 years in jail for making false statements regarding asset prices.

Anyway, we need everybody that has a job to please keep paying their mortgage. We understand that if you have half a brain, it does not make sense in many cases. For this we have principle reductions because what we do not need is a mass strategic defaults on an already fragile system.

If I wanted to be a real sleaze I would tell you all it is to help homeowners. But lets be honest the best thing for homeowners with jobs is to walk away en masse and home prices will plummet like there is no tomorrow. Well below what we are willing to reduce”

[Arraya]

That poor unfortunate homeowner schtick is really code for shoveling ALL tax payer money into a PONZI scheme run by criminals. Nobody in power really cares about helping citizens. They care about getting people with jobs to keep paying on mortgage debt. They are feeding a ponzi-scheme on it’s last legs.

We have 10 million non-payers out there. What the government is going to try and do is filter through and find the people with the ability to pay something reasonable. I would not be surprised if they tried to “help” Bill. For some reason I don’t think bill would go for a principle reduction.

Really, the banks need help and that help is the government trying to convince people to keep paying something. This is a negotiation on a mass scale with the government as the banks agent negotiating with the FBs with jobs.

If they were honest it would go something like this:

“hello, this is Ben Bernake. We at the fed whose job it is to protect banks from taking on too much risk seemed to have made a few little mistakes. I completely understand if you did not see the bubble. heck, even I did not see the bubble and testified to congress ironically at the very very peak. you know I was telling the truth because I would be subject to 30 years in jail for making false statements regarding asset prices.

Anyway, we need everybody that has a job to please keep paying their mortgage. We understand that if you have half a brain, it does not make sense in many cases. For this we have principle reductions because what we do not need is a mass strategic defaults on an already fragile system.

If I wanted to be a real sleaze I would tell you all it is to help homeowners. But lets be honest the best thing for homeowners with jobs is to walk away en masse and home prices will plummet like there is no tomorrow. Well below what we are willing to reduce”

[Arraya]

That poor unfortunate homeowner schtick is really code for shoveling ALL tax payer money into a PONZI scheme run by criminals. Nobody in power really cares about helping citizens. They care about getting people with jobs to keep paying on mortgage debt. They are feeding a ponzi-scheme on it’s last legs.

We have 10 million non-payers out there. What the government is going to try and do is filter through and find the people with the ability to pay something reasonable. I would not be surprised if they tried to “help” Bill. For some reason I don’t think bill would go for a principle reduction.

Really, the banks need help and that help is the government trying to convince people to keep paying something. This is a negotiation on a mass scale with the government as the banks agent negotiating with the FBs with jobs.

If they were honest it would go something like this:

“hello, this is Ben Bernake. We at the fed whose job it is to protect banks from taking on too much risk seemed to have made a few little mistakes. I completely understand if you did not see the bubble. heck, even I did not see the bubble and testified to congress ironically at the very very peak. you know I was telling the truth because I would be subject to 30 years in jail for making false statements regarding asset prices.

Anyway, we need everybody that has a job to please keep paying their mortgage. We understand that if you have half a brain, it does not make sense in many cases. For this we have principle reductions because what we do not need is a mass strategic defaults on an already fragile system.

If I wanted to be a real sleaze I would tell you all it is to help homeowners. But lets be honest the best thing for homeowners with jobs is to walk away en masse and home prices will plummet like there is no tomorrow. Well below what we are willing to reduce”

[SD Realtor]

Fantastic advice Arraya that all homeowners should walk away. So what sort of system do you propose? That we all be awarded a home for free?

[SD Realtor]

Fantastic advice Arraya that all homeowners should walk away. So what sort of system do you propose? That we all be awarded a home for free?

[SD Realtor]

Fantastic advice Arraya that all homeowners should walk away. So what sort of system do you propose? That we all be awarded a home for free?

[SD Realtor]

Fantastic advice Arraya that all homeowners should walk away. So what sort of system do you propose? That we all be awarded a home for free?

[SD Realtor]

Fantastic advice Arraya that all homeowners should walk away. So what sort of system do you propose? That we all be awarded a home for free?

[SD Realtor]

Well Bill you certainly have it all figured out. Your responses absolutely reveal your integrity. Someday when you are older and wiser you will realize life is not all about yourself. Until then live it up like you are doing.

What a wonderful world we would have if we were all like you.

[SD Realtor]

Well Bill you certainly have it all figured out. Your responses absolutely reveal your integrity. Someday when you are older and wiser you will realize life is not all about yourself. Until then live it up like you are doing.

What a wonderful world we would have if we were all like you.

[SD Realtor]

Well Bill you certainly have it all figured out. Your responses absolutely reveal your integrity. Someday when you are older and wiser you will realize life is not all about yourself. Until then live it up like you are doing.

What a wonderful world we would have if we were all like you.

[SD Realtor]

Well Bill you certainly have it all figured out. Your responses absolutely reveal your integrity. Someday when you are older and wiser you will realize life is not all about yourself. Until then live it up like you are doing.

What a wonderful world we would have if we were all like you.

[Author]

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