Comments on: Schumer calls for probe of $50 billion in advances to Countrywide http://blownmortgage.com/2007/11/26/schumer-calls-for-probe-of-50-billion-in-advances-to-countrywide/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Mgarcia http://blownmortgage.com/2007/11/26/schumer-calls-for-probe-of-50-billion-in-advances-to-countrywide/comment-page-1/#comment-7862 Mgarcia Tue, 11 Dec 2007 20:58:23 +0000 http://blownmortgage.com/2007/11/26/schumer-calls-for-probe-of-50-billion-in-advances-to-countrywide/#comment-7862 I think people need to stop pointing the fingers, and take some initiative to create some kind of interventions to help the people. In the first place Banks/ Lenders should not have created this Sub-prime programs or even this Neg ARM programs if they have no back up plan. They see this coming but they did not do anything about it. Or they probably do have a plan, but when are they going to use it. This is not just affecting people with sub-prime loans this is affecting everybody. What I cannot stand our people calling our lenders calling people like me and saying that if we can offer to do loan modifications. How can you offer loan modifications if they qualify you on a STATED income or NO Doc, NO RATIO programs. Let's be realistic here. I think people need to stop pointing the fingers, and take some initiative to create some kind of interventions to help the people. In the first place Banks/ Lenders should not have created this Sub-prime programs or even this Neg ARM programs if they have no back up plan. They see this coming but they did not do anything about it. Or they probably do have a plan, but when are they going to use it. This is not just affecting people with sub-prime loans this is affecting everybody.

What I cannot stand our people calling our lenders calling people like me and saying that if we can offer to do loan modifications. How can you offer loan modifications if they qualify you on a STATED income or NO Doc, NO RATIO programs. Let’s be realistic here.

]]> By: Fielding Mellish http://blownmortgage.com/2007/11/26/schumer-calls-for-probe-of-50-billion-in-advances-to-countrywide/comment-page-1/#comment-7263 Fielding Mellish Tue, 27 Nov 2007 05:44:09 +0000 http://blownmortgage.com/2007/11/26/schumer-calls-for-probe-of-50-billion-in-advances-to-countrywide/#comment-7263 The politics of the subprime crisis/credit crunch/housing crisis" is such that almost any legislative action to curb, penalize or threaten the lending industry is a sure-fire vote getter. Voters don't want a "bailout" of lenders or upside-down borrowers (since that would mean that they, the prompt-payers have been suckers for paying as agreed), but they are happy to have restrictions against "predatory" lending. Arcane philosophical discussions about "moral hazard" are irrelevant. Schumer is a smart guy. Standing up for the lending industry nowadays is like being the attorney for a child pornographer. Not a good way to win friends - or votes. The politics of the subprime crisis/credit crunch/housing crisis” is such that almost any legislative action to curb, penalize or threaten the lending industry is a sure-fire vote getter. Voters don’t want a “bailout” of lenders or upside-down borrowers (since that would mean that they, the prompt-payers have been suckers for paying as agreed), but they are happy to have restrictions against “predatory” lending. Arcane philosophical discussions about “moral hazard” are irrelevant. Schumer is a smart guy. Standing up for the lending industry nowadays is like being the attorney for a child pornographer. Not a good way to win friends – or votes.

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