Wells Fargo has reduced mortgage balances on 43,500 option ARM’s and counting

[ctr70]

I personally know someone who had a World Savings option ARM (now Wells Fargo) and they reduced her loan balance by around $40,000 and converted her a 40 yr fixed a 4.875%. She can now rent her property and cash flow or actually sell and break even! So she got 1% for 6 yrs w/ a World Savings pick-a-pay and then did not have to pay the piper. Got a free lunch.

This blog has some info on what Wells Fargo is doing with option arms:

http://www.thetruthaboutmortgage.com

It just continues to really bother me how stupid people who got themselves into that crap are not having to pay for the consquences. And conservative people who DID NOT overextend themselves get nothing.

And I about barf when I hear so many people talk about how they were duped into these loans. Yes a few were. But the majority knew exactly what they were getting into with option arms. The lady I’m talking about above was actually IN THE LOAN BUSINESS.

What ever happened about *personal responsibility* in this country and actually READING WHAT YOU SIGN and taking responsibility for your own friggen life and finances. It makes me sick to hear all the whiners blamming others for the financial situation they got themselves into.

[ctr70]

http://www.thetruthaboutmortgage.com/wells-fargo-converting-option-arms-into-interest-only-loans/

This is the link to the actually post about Wells reducing pincipal balances on option arms and converting to IO loans.

[ctr70]

http://www.thetruthaboutmortgage.com/wells-fargo-converting-option-arms-into-interest-only-loans/

This is the link to the actually post about Wells reducing pincipal balances on option arms and converting to IO loans.

[ctr70]

http://www.thetruthaboutmortgage.com/wells-fargo-converting-option-arms-into-interest-only-loans/

This is the link to the actually post about Wells reducing pincipal balances on option arms and converting to IO loans.

[ctr70]

http://www.thetruthaboutmortgage.com/wells-fargo-converting-option-arms-into-interest-only-loans/

This is the link to the actually post about Wells reducing pincipal balances on option arms and converting to IO loans.

[ctr70]

http://www.thetruthaboutmortgage.com/wells-fargo-converting-option-arms-into-interest-only-loans/

This is the link to the actually post about Wells reducing pincipal balances on option arms and converting to IO loans.

[Arraya]

[quote=gandalf]Exactly correct. It’s not cool. We shouldn’t be rewarding liars, cheats and freeloaders. We should be evicting non-payers and putting property back on the market so the market can reset. And the fraudsters need to go to jail.[/quote]

Haha… That would entail arresting 90% of wall street and congress.

[Arraya]

[quote=gandalf]Exactly correct. It’s not cool. We shouldn’t be rewarding liars, cheats and freeloaders. We should be evicting non-payers and putting property back on the market so the market can reset. And the fraudsters need to go to jail.[/quote]

Haha… That would entail arresting 90% of wall street and congress.

[Arraya]

[quote=gandalf]Exactly correct. It’s not cool. We shouldn’t be rewarding liars, cheats and freeloaders. We should be evicting non-payers and putting property back on the market so the market can reset. And the fraudsters need to go to jail.[/quote]

Haha… That would entail arresting 90% of wall street and congress.

[Arraya]

[quote=gandalf]Exactly correct. It’s not cool. We shouldn’t be rewarding liars, cheats and freeloaders. We should be evicting non-payers and putting property back on the market so the market can reset. And the fraudsters need to go to jail.[/quote]

Haha… That would entail arresting 90% of wall street and congress.

[Arraya]

[quote=gandalf]Exactly correct. It’s not cool. We shouldn’t be rewarding liars, cheats and freeloaders. We should be evicting non-payers and putting property back on the market so the market can reset. And the fraudsters need to go to jail.[/quote]

Haha… That would entail arresting 90% of wall street and congress.

[denverite]

I sold my house in Denver and moved to Camarillo, now rent a small granny flat in the foothills on one acre. It looks like that will be home for quite some time!

[denverite]

I sold my house in Denver and moved to Camarillo, now rent a small granny flat in the foothills on one acre. It looks like that will be home for quite some time!

[denverite]

I sold my house in Denver and moved to Camarillo, now rent a small granny flat in the foothills on one acre. It looks like that will be home for quite some time!

[denverite]

I sold my house in Denver and moved to Camarillo, now rent a small granny flat in the foothills on one acre. It looks like that will be home for quite some time!

[Author]

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