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Banks asked for it......suckas!!!!
Well, this country isn't about personal responsibility, if it was then all the frivolous law suits wouldn't be filed each and every day and citizens wouldn't rely entirely on gov't to do everything. People used to wash their debt away with a sweet little bankruptcy, then in 2005 the banks lobbied and got rid of it.......that has contributed to people having to choose which debt to default on or that they can default on and now it is the mortgage. Considering the avg American has $10K in debt perhaps it would be better to have bankruptcy than foreclosing on homes worth so much more........
Nov. 8 (Bloomberg) 2007-- Wamu got what it wanted in 2005: A revised bankruptcy code that no longer lets people walk away from credit card bills.
The largest U.S. savings and loan didn't count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit cards debts that might have been wiped out under the old code.
Oldy but goody link Lady. The real problem is that if the credit cards companies were NOT permitted to merge with the banks in 1999, this never would have happened. The old laws were working and not so out-dated! lol
It is sort of ironic. What I would love to know is how much money did bankruptcy actually cost the banks relative to the mortgage defaults??
People like to point blame at others and say "I pay my bills you pay yours" and that is all well and good and totally understandable, I do it so expect it from others, but let's look at the inflation of the past few decades as credit cards came into full use/acceptance in our society........the price of goods rose much faster than people's incomes and today American's are actually less wealthy because their incomes don't go as far.
When my daughter was 2yrs old a McD's Happy Meal was $2.10 (with tax) and now only 8 yrs later it is $3.89. Our income has not risen at the same rate. We have all been secretly duped by the financial system to use the credit, to extend ourselves to stay at the same level (as our parents) which has put many American's into serious debt.......our Grandparents didn't have credit and the cars, house, and food they bought were relative to their income.
Food, cars, and housing........I make almost double my county's avg salary and yet I can't afford to buy a car without financing it for 5 yrs or more, can't buy a house without doubling my monthly payment......
The world has gotten flat over the years and as other nations become wealthier our nation becomes less wealthy......instead of realizing or accepting this we drank the koo-aid that kept us drones to the financial institutions. Without No doc/no interest loans homes could never have doubled in price while incomes did not.......
If everyone stopped using credit prices for EVERYTHING would come crashing down.......
Very well said Lady! Also, don't you love this insurance push? I think they're scared people will figure out it's cheaper to pay cash for the doctors than the outrageous monthly healthcare insurance bill. Our Congressman was bragging that he only pays $500/mo, which is $5000 so far this year... whereas I have only paid $831 so far this year. HUGE difference. I swear it's AIG lobbying our Congress, because they've lost so many monthly payers.
... and that current bill on the table! OMG, pay for 2 years before you get your healthcare benefits? AIG must really be hurting. Congress and the President already promised them every single American will be customers AND that they will make a profit or they get the Fed Budget too, what more do they want?? lol
... and, it's free and anonymous
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Loan Mods Delaying Inevitable
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The Panel found, "The result for many homeowners could be that foreclosure is delayed, not avoided." HAMP modifications are often not permanent: For many homeowners, payments will rise after five years, and although the program is still in its early stages, only a very small proportion of trial modifications have converted into longer term modifications. The Panel is also concerned about homeowners who face negative equity or are "underwater" - that is, the value of the loan exceeds the value of their home. For many borrowers, HAMP modifications increase negative equity, a factor that appears to be associated with increased rates of re-default.
Yep.
At the time I said that these efforts would fail as there is no actual solution other than forcing those who made bad loans to eat them. HAMP, and all other programs like it, are inherently just another gimmick promulgated upon the public by our government - another form of "extend and pretend", that when boiled down to its essence is legally-sanctioned accounting fraud.
The solution to unaffordable mortgages, as I have repeatedly noted, is foreclosure and a forcing downward of housing prices whether Congress and The Administration want to admit it or not. Affordable housing requires not gimmicks but houses that are inexpensive enough for people to be able to purchase and afford on an ongoing basis. We're not there, despite the crooning of The National Association of Realtors and other associated pressure groups.
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Housing prices must come down significantly - very significantly - from here.
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