By Admin on Nov 3, 2008 in Other - Business & Finance
Ustun Inan Insurance asked:
He suggested the Mortgage Companies negotiate with homeowners, instead of forclosures.What he didn’t tell you is that everytime Mortgage companies negotiate new loans, there are new fees,commissions and other expenses, and those are added to the loan balances upfront, increasing what the homeowners owe. There are no magic way to solve this problem other than lowering the loan balances of the qualifying,deserving home owners to a level where they can afford to make their payments I think that is how the federal “Bail-out” money should be used,for a permenant long term solution.
You heard the old “Joke” about the tire shop owner throwing sharp nails in front of his store,and puts up a big sign who says
“I am on your side,come in and I’ll give you a big discount on
new tires”
Thanks for the answers! Of course it is “unthinkable” to create a legislation to stop the “Loan sharks” (this is not aimed to legitimate lenders) from making loans knowingly that their victims going to end-up in forclosures.
But it is insane to “bail them out” with Federal money, so they can make more bad loans. Federal money should go to their victims, don’t you think?
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He suggested the Mortgage Companies negotiate with homeowners, instead of forclosures.What he didn’t tell you is that everytime Mortgage companies negotiate new loans, there are new fees,commissions and other expenses, and those are added to the loan balances upfront, increasing what the homeowners owe. There are no magic way to solve this problem other than lowering the loan balances of the qualifying,deserving home owners to a level where they can afford to make their payments I think that is how the federal “Bail-out” money should be used,for a permenant long term solution.
You heard the old “Joke” about the tire shop owner throwing sharp nails in front of his store,and puts up a big sign who says
“I am on your side,come in and I’ll give you a big discount on
new tires”
Thanks for the answers! Of course it is “unthinkable” to create a legislation to stop the “Loan sharks” (this is not aimed to legitimate lenders) from making loans knowingly that their victims going to end-up in forclosures.
But it is insane to “bail them out” with Federal money, so they can make more bad loans. Federal money should go to their victims, don’t you think?
Content
The bail out idea is a joke. glenn beck said it perfectly. why do taxpayers always have to pay for other peoples mistakes. I get sick of it. It’s wrong
falisrm | Nov 6, 2008 | Reply
Youre right, all our mortgage balances should be reduced. How dare banks expect us to pay back the money we borrowed from them!
The Joe | Nov 7, 2008 | Reply
I always hear what that idiot says…I try not to listen though. I feel like I lose some brain cells everytime he talks.
In regards to your comment about the tires and the nails….you hit the nail on the head. Couldn’t resist.
Bush is a joke and these solutions are bandaids…usually to the cuts he opened up in the first place.
lovebugbasso | Nov 7, 2008 | Reply
I agree with you. It seems there is only patronizing going on and not enough solutions to the real problems. He looks at numbers not people. I sure can’t wait until election time. We need a new face and new hope.
Joy | Nov 10, 2008 | Reply