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IONEGARM
ParticipantI thought the whole purpose of the rapid workout criteria is that they dont reunderwrite the loan. I do think it will encourage defaults but the servicers will be smart and QC SOME of the loans and get a sampling to catch fraud. So it will be a numbers game, you risk a 90+ day serious default on your credit and you might get nothing from it. But then you just walk away (assuming you have a no recourse loan) and take your lumps and give the bank the junk asset.
ParticipantI thought the whole purpose of the rapid workout criteria is that they dont reunderwrite the loan. I do think it will encourage defaults but the servicers will be smart and QC SOME of the loans and get a sampling to catch fraud. So it will be a numbers game, you risk a 90+ day serious default on your credit and you might get nothing from it. But then you just walk away (assuming you have a no recourse loan) and take your lumps and give the bank the junk asset.
ParticipantI thought the whole purpose of the rapid workout criteria is that they dont reunderwrite the loan. I do think it will encourage defaults but the servicers will be smart and QC SOME of the loans and get a sampling to catch fraud. So it will be a numbers game, you risk a 90+ day serious default on your credit and you might get nothing from it. But then you just walk away (assuming you have a no recourse loan) and take your lumps and give the bank the junk asset.
ParticipantI thought the whole purpose of the rapid workout criteria is that they dont reunderwrite the loan. I do think it will encourage defaults but the servicers will be smart and QC SOME of the loans and get a sampling to catch fraud. So it will be a numbers game, you risk a 90+ day serious default on your credit and you might get nothing from it. But then you just walk away (assuming you have a no recourse loan) and take your lumps and give the bank the junk asset.
ParticipantIf you are going to take your lumps you might as well lose less money. The average time delinquent before forclosure was filed was something like 5 months. So add 120 for the NOD and trustee sale and you could probably save 9 months worth of mortgage payments if you did it right.
If they pass the mortgage debt forgiveness act (which they will) there will be no penalty whatsoever for homeowners walking away. I think the ones able to do a bit of math will do so in droves, the rest with their emotional attachment hangups will hang on and drain every savings account and retirement fund and be financially destroyed at the end anyways.
ParticipantIf you are going to take your lumps you might as well lose less money. The average time delinquent before forclosure was filed was something like 5 months. So add 120 for the NOD and trustee sale and you could probably save 9 months worth of mortgage payments if you did it right.
If they pass the mortgage debt forgiveness act (which they will) there will be no penalty whatsoever for homeowners walking away. I think the ones able to do a bit of math will do so in droves, the rest with their emotional attachment hangups will hang on and drain every savings account and retirement fund and be financially destroyed at the end anyways.
ParticipantIf you are going to take your lumps you might as well lose less money. The average time delinquent before forclosure was filed was something like 5 months. So add 120 for the NOD and trustee sale and you could probably save 9 months worth of mortgage payments if you did it right.
If they pass the mortgage debt forgiveness act (which they will) there will be no penalty whatsoever for homeowners walking away. I think the ones able to do a bit of math will do so in droves, the rest with their emotional attachment hangups will hang on and drain every savings account and retirement fund and be financially destroyed at the end anyways.
ParticipantIf you are going to take your lumps you might as well lose less money. The average time delinquent before forclosure was filed was something like 5 months. So add 120 for the NOD and trustee sale and you could probably save 9 months worth of mortgage payments if you did it right.
If they pass the mortgage debt forgiveness act (which they will) there will be no penalty whatsoever for homeowners walking away. I think the ones able to do a bit of math will do so in droves, the rest with their emotional attachment hangups will hang on and drain every savings account and retirement fund and be financially destroyed at the end anyways.
ParticipantIf you are going to take your lumps you might as well lose less money. The average time delinquent before forclosure was filed was something like 5 months. So add 120 for the NOD and trustee sale and you could probably save 9 months worth of mortgage payments if you did it right.
If they pass the mortgage debt forgiveness act (which they will) there will be no penalty whatsoever for homeowners walking away. I think the ones able to do a bit of math will do so in droves, the rest with their emotional attachment hangups will hang on and drain every savings account and retirement fund and be financially destroyed at the end anyways.
ParticipantThe reason CFC cant access the borrowing window is the collateral they have is part of the mortgage company and not part of the bank (the bank has access to the borrowing window, the mortgage company has the collateral). They cant just transfer the collateral between the two entities due to various regulations.
August 19, 2007 at 12:51 PM in reply to: What’s with the Kool-Aid doom-and-gloom “Jumbo loans are going to disappear” #77989ParticipantJumbos arent going to vanish, portfolio lenders will just be prudently underwriting them and charging a premium. The pool available buyers will shrink as a result but it is not like the product will be gone.
August 19, 2007 at 12:51 PM in reply to: What’s with the Kool-Aid doom-and-gloom “Jumbo loans are going to disappear” #78113ParticipantJumbos arent going to vanish, portfolio lenders will just be prudently underwriting them and charging a premium. The pool available buyers will shrink as a result but it is not like the product will be gone.
August 19, 2007 at 12:51 PM in reply to: What’s with the Kool-Aid doom-and-gloom “Jumbo loans are going to disappear” #78135ParticipantJumbos arent going to vanish, portfolio lenders will just be prudently underwriting them and charging a premium. The pool available buyers will shrink as a result but it is not like the product will be gone.
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