On the one hand, I would like to see people stay in “their” homes if possible. On the other hand, the woman crying about wanting to stay in “her” home is unwilling to acknowledge that it’s not “her” home – it’s the lender’s home (particularly given the loan-to-value on the home which, by definition, is well above 100%). And until she pays off her mortgage, they’re partners in the venture. (Currently she’s not even a “real” partner in the deal because she’s got no equity in the thing.) Bottom line: these folks should be renting and “their” homes should be sold at a market rate to someone who can afford the payments. These mods – most of which are inside MBS insured by Fannie/Freddie (that is, We the People) – are just a form of taxpayers subsidizing a rent-to-own program for overextended borrowers.
swm
on July 25, 2010 at 2:11 pm
19 years in `their home“ More like 19 years in their ATM. How stupid am I? I`ve always worked at paying down my mortgage. If I`d just refinanced 2-3 times and then stopped making payments, I could`ve gotten 3%.
The Blur
on July 25, 2010 at 3:36 pm
I don’t know how these loan-mods are working, but there should be a cap on the debt to get modified. If someone can’t make the payment on a low-end house, well, I can reluctantly live with a mod (though I’m not shedding any tears along with the subjects of this video.)
But if some jerk isn’t making payments on a $400k+ mortgage, kick him out. He could’ve bought a less expensive house. There’s a difference between shelter and luxury. And from where I’m sitting, crunching rent vs. buy numbers, homeownership is a luxury for almost everyone in North County Coastal.
Kingside
on July 25, 2010 at 4:08 pm
From Reuters:
Representatives from In-n-out, a regional fast food chain, confirmed an arrangement reached with the Department of Treasury and the American Bankers Association today to institute a new program at several Southern California drive through restaurants to implement a new loan modification program in order to proactively address the delays and problems associated with communications between borrowers seeking help with their mortgages and overworked servicers.
The new program, known as the Home Affordable Fast Food Treasury Assessment (HAFFTA), is an extension of a recent program held in Washington through NACA which placed borrowers seeking loan modifications into direct contact with lender servicer representatives to arrange for instant modifications for borrowers. The new streamlined HAFFTA program is oriented towards the convenience of the borrower.
“The In-n-out chains two window drive through infrastructure is perfect for what we are looking for in this program” stated Treasury spokesman Gotta Havefries. “Under the program, the borrower states their request for a modification at the order microphone, provides their documentation while paying for their meal at the first window, and signs loan modification documentation while picking up their order at the second window. This is the type of public private partnership that works for the streamlined process of implementation we envision.”
Representatives for the American Bankers Association were not available for comment, but inquiries among servicer contacts indicated a favorable response among servicer personnel who tend to frequent the In-n-out chains.
On the one hand, I would like to see people stay in “their” homes if possible. On the other hand, the woman crying about wanting to stay in “her” home is unwilling to acknowledge that it’s not “her” home – it’s the lender’s home (particularly given the loan-to-value on the home which, by definition, is well above 100%). And until she pays off her mortgage, they’re partners in the venture. (Currently she’s not even a “real” partner in the deal because she’s got no equity in the thing.) Bottom line: these folks should be renting and “their” homes should be sold at a market rate to someone who can afford the payments. These mods – most of which are inside MBS insured by Fannie/Freddie (that is, We the People) – are just a form of taxpayers subsidizing a rent-to-own program for overextended borrowers.
19 years in `their home“ More like 19 years in their ATM. How stupid am I? I`ve always worked at paying down my mortgage. If I`d just refinanced 2-3 times and then stopped making payments, I could`ve gotten 3%.
I don’t know how these loan-mods are working, but there should be a cap on the debt to get modified. If someone can’t make the payment on a low-end house, well, I can reluctantly live with a mod (though I’m not shedding any tears along with the subjects of this video.)
But if some jerk isn’t making payments on a $400k+ mortgage, kick him out. He could’ve bought a less expensive house. There’s a difference between shelter and luxury. And from where I’m sitting, crunching rent vs. buy numbers, homeownership is a luxury for almost everyone in North County Coastal.
From Reuters:
Representatives from In-n-out, a regional fast food chain, confirmed an arrangement reached with the Department of Treasury and the American Bankers Association today to institute a new program at several Southern California drive through restaurants to implement a new loan modification program in order to proactively address the delays and problems associated with communications between borrowers seeking help with their mortgages and overworked servicers.
The new program, known as the Home Affordable Fast Food Treasury Assessment (HAFFTA), is an extension of a recent program held in Washington through NACA which placed borrowers seeking loan modifications into direct contact with lender servicer representatives to arrange for instant modifications for borrowers. The new streamlined HAFFTA program is oriented towards the convenience of the borrower.
“The In-n-out chains two window drive through infrastructure is perfect for what we are looking for in this program” stated Treasury spokesman Gotta Havefries. “Under the program, the borrower states their request for a modification at the order microphone, provides their documentation while paying for their meal at the first window, and signs loan modification documentation while picking up their order at the second window. This is the type of public private partnership that works for the streamlined process of implementation we envision.”
Representatives for the American Bankers Association were not available for comment, but inquiries among servicer contacts indicated a favorable response among servicer personnel who tend to frequent the In-n-out chains.
Very clever, Kingside. 🙂