Stephen Baldwin Losing Home to Foreclosure

I guess his brother isn’t going to help him out. I wonder what it will appraise for now.

When is the Government going to get it,

TAXES are killing everyone. Not saying Baldwin is not in error here, but these taxes are ruining America.
We let NY because there were so many socialized programs , business laws and regulations it was not worth the hassle to try to make it there.

KB,

And with respect to banks and financial institutions, and realtors, there aren’t enough business regulations, as it quite apparent. Nor is there enough oversight on the Federal Reserve, who manipulated this crisis to begin with along with their lackeys in Washington.

New York is a “liberal” state, and that liberalism is what has caused its socialism, just as in California, and now they want the more “fiscally conservative” states to bail them out.

Talk about hypocricy.

Oh, and the irony of Stephen Baldwin’s personal politics really provides an amusing contrast to the right-wing hyperbole in the comments of this article.

It’s all about character or lack of it! Doing the right thing not what you can get away with is the problem world wide. Caveat emptor! People know what they can afford! We never should have gone off the gold standard and NAFTA is killing the United States.

And here’s an article that may surprise “Definitely Not A Ditto Head”:

September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans.
”Fannie Mae has expanded home ownership for millions of families in the 1990′s by reducing down payment requirements,” said Franklin D. Raines, Fannie Mae’s chairman and chief executive officer. ”Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.”
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980′s.
”From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”
Under Fannie Mae’s pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 — a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.
Fannie Mae, the nation’s biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.
Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.
Home ownership has, in fact, exploded among minorities during the economic boom of the 1990′s. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University’s Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.
Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.
In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.
The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.

Ha, you right-wingers are idiots frothing at the mouths about “socialism” this and “socialism” that. Social Security is a form of socialism, so is Medicare. Republican congressmen and senators enjoy what amounts to socialized medicine, paid for by your tax dollars, and they are all part of the right wing noise machine talking trash about the very thing they enjoy. Talk about hypocrisy.

No one is advocating pure unbridled socialism in America, but there are programs like the ones I mentioned above that are enjoyed probably by at least half of you that are spouting this nonsense or friends and close relatives.

Are you saying when you retire you are going to reject your Social Security or Medicare because it is socialistic and that’s evil? Get real.

As for the financial crisis, there was indeed a lot of people who could not afford these loans… but that again speaks to the point that is what banks are suppose to do is ferret out who is a legitimate loan recipient and who isn’t, and when the banks have no regulation and are left to their own pure greed, look what happens.

Really, what it comes down to is this… Right-wingers are just frothing at the mouth because the country soundly rejected the horrible policies of the conservative movement. Twice.

Darious, put the crack pipe down. What’s the average selling price? The “volume” are REO’s and short sales being bought by vulture funds and speculators. They still don’t cash flow positive for rentals.

Tell us why house prices are still not overpriced based on any fundamentals. Take a look at the HPI and see where prices are headed.

http://www.housedata.info/FL/CapeCoral.FortMyers/

Shocking that a realtard like yourself is still claiming to BUY NOW.

Shocking I tell you.

HAHAHAHAHA

I don’t get the numbers here. It says he purchased the home 12 years ago for $515k, listed it 2 years ago for $3.4 million, and is being foreclosed for an unpaid debt of $825k. How do you buy a home for $515k and owe $825k 12 years later? Did he take out a huge home equity loan or something? I would say that’s the mistake. Well, Proverbs (from the bible) does warn of the dangers of taking on debt, so at least Stephen (he’s a Christian, for those who don’t know) will be able to come away from this experience wiser than he was before and hopefully able to use his celebrity status to teach others of the dangers of debt too.

How come no one mentions the obvious? He is a no good greedy bum. He bought the house 12 yesrs ago for $516,000 and after only 9 years of owning it tried to sell it for $3.4 million. The historical average on realestate values is a gain of 100% over 10 years. This dirtbag wanted a 6000% gain. He has always been a mess – drugs, alcohol, violence, egotism, just like his brothers. He now hides behind GOD. What a hipocrit. Did GOD tell him to be greedy? Does GOD stand by hos irresponsible selfish ways? Lower the price of the damn house all the way down to where it should be and it will sell. But, NO, it is easier to foreclose and let the rest of us pay the price. I say, he is a nothing. No longer a Celbrity, but get him out of here anyway!!!

This house looks like it has been well taken care of and I wonder how much money he invested in updates to the home.

Lisa, I’m not going to begin to attempt to judge our dear Mr. Baldwin for going through foreclosure, although I can’t imagine why his lender wouldn’t want to work with him; having a celebrity advocate for a bank’s commitment to helping homeowners during this time of crisis would really go a long way.

Horrible actor, but I wish him the best.

Many of you posting here are judgmental SOBs. Focus on the mental. Why the hostility for Baldwin? So what if he tried sell his house for an inflated rate–no one bought it anyway.

Many of you remind me why I’m a misanthrope!

yes, it’s sad.
that’s a really nice house anyway.

sad, hopefully he has made some money out of his reality TV appearances!

Why cant his brothers help him .come on .greed greed greed .