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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]
Why so hot under the collar CC in OC?
Posted by Alfred on November 15, 2008 at 10:19 AM
In Reply to: Re: Stated income loans posted by JK (the other JK) on November 15, 2008 at 8:05 AM
C'mon. That is why they are called "liar loans", right? This has
been a period of unbelievable excess, immorality, materialism, debt
mentality, cheap easy credit, etc. It kicked in the greed factor
heavily... that is human behaviour.
You don't think there isn't a significant percent of these new stated
income mortgages that were based on people acquiring something that
their true financial statement wouldn't allow? People lied about their
income, their debt/income ratios, etc.
All I said was that when the government presses lenders to modify loans,
or if they take over and modify loans, that those people who lied
won't be able to even handle the modified payments. Their applications
for modification probably won't even be accepted because they'll
have to put their full, detailed financial statement on the line to
qualify for a modification. Rising unemployment isn't going to help
this matter either... how many of these people who bought a home
that they couldn't really afford have also now lost their job, or are
at risk of losing their jobs.
Also, how is the government going to modify loans
that are all sliced and diced up and scattered all over the world as
mortgage backed securities?
This plan isn't going to work. Just putting taxpayers more in debt for
solutions that shortly become problems.
I don't see how anyone can disagree with this factor. The liar loans may
not be a huge percentage but there is enough there to add to the
governments problem of trying to prevent foreclosures.
But let's get back to the poll question... what effect do you think
the govmt's war on foreclosures is going to have on us foreclosure
investors?
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