Countrywide settlement could mean mortgage relief for 10,000 in...

Victoria Garcia holds some of her mortgage documents inside her home in Palmer Township on Wednesday. Full Story
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Bakalaka

Philadelphia, PA

#1 Jan 29, 2009
This lady deserves nothing. She knowingly bought a home she could not afford. These stories sicken me rather than give me a feeling of sorrow for these people. Consider this a lesson learned, and take the freakin home from her.

“THANK GOD I'M AN AMERICAN! ”

Since: Apr 07

So California

#2 Jan 29, 2009
and Banks are responsible for approved bad loans even though Bank KNEW that they cannot afford in the first place.

stop blaming homeowners. It's the Bank's fault and Banks have gotten away with weak regulations and guidelines.

Blame the banks!! Oh, they're getting bail outs from our tax payers money.. hooo humm
Bakalaka

Philadelphia, PA

#3 Jan 29, 2009
West Coast Dude wrote:
and Banks are responsible for approved bad loans even though Bank KNEW that they cannot afford in the first place.
stop blaming homeowners. It's the Bank's fault and Banks have gotten away with weak regulations and guidelines.
Blame the banks!! Oh, they're getting bail outs from our tax payers money.. hooo humm
No no no.. you fail to understand.. The banks allow smaller lenders to loan from them.. This is where the errors happened. The brokers wanted the sale so they pushed it past without proper documention or proof they could afford. However, the consumer should be blamed formost, considering they KNEW they would never be able to afford the mortgage if the rate changed.. IT's BS if you think differently.. You should know what you can afford and live within those means.. You go outside of it, dont blame others.. and suffer the consequences..

This makes me sick.. People like this should not be allowed to breed.

“Think”

Since: Mar 07

Virginia Beach, VA

#4 Jan 29, 2009
I have a hard time blaming banks when people can't understand what the "adjustable" part of an adjustable rate mortgage means.
Just Wondering

Reading, PA

#5 Jan 29, 2009
I have Country Wide for my mortgage. When I first looked at my home, I went home and ran out some figures to see if I could handle the mortgage and then I contacted the Real Estate that was selling it. One of my first questions was how much will it cost per month with insurance and taxes added in.
I read my contract and also had someone else read it before signing it.
Trouble with some people is they want a home so bad that they will do anything. Then they go back and blame someone else for their losing it.
I do not feel sorry for thse kind of people. Some people that are losing their homes, well maybe, but not all of them. And then the government bails them ALL out, which to me is not right. READ PEOPLE READ, it's all written down, and if you have bad credit, then clean it up before you apply. It's that simple. Real Estate people will sell you anything just so they can get that all mighty profit into their own pockets.
Just Wondering

Reading, PA

#6 Jan 29, 2009
Now just where is my cut in all this for paying my mortgage the last 5 years on time and in good standing. This is what pisses me off. The people that pay on time and never late are the ones that are getting screwed on interest rates. Give me a check yearly in the amount of my mortgage for being a faithful payer.
XOXOXO

New York, NY

#7 Jan 29, 2009
Bakalaka wrote:
This lady deserves nothing. She knowingly bought a home she could not afford. These stories sicken me rather than give me a feeling of sorrow for these people. Consider this a lesson learned, and take the freakin home from her.
You signed it, deal with it......while this people are living in a over sized house and bitchen they can't afford it...I'm been living in my middle rate home, on a fixed rate. Suck it up, get a PT job and pay yoour bills.
XOXOXO

New York, NY

#8 Jan 29, 2009
West Coast Dude wrote:
and Banks are responsible for approved bad loans even though Bank KNEW that they cannot afford in the first place.
stop blaming homeowners. It's the Bank's fault and Banks have gotten away with weak regulations and guidelines.
Blame the banks!! Oh, they're getting bail outs from our tax payers money.. hooo humm
How do you blame the banks.....they borrowed the money! What did they think they didn't have to pay it back.
XOXOXO

New York, NY

#9 Jan 29, 2009
Bakalaka wrote:
<quoted text>
No no no.. you fail to understand.. The banks allow smaller lenders to loan from them.. This is where the errors happened. The brokers wanted the sale so they pushed it past without proper documention or proof they could afford. However, the consumer should be blamed formost, considering they KNEW they would never be able to afford the mortgage if the rate changed.. IT's BS if you think differently.. You should know what you can afford and live within those means.. You go outside of it, dont blame others.. and suffer the consequences..
This makes me sick.. People like this should not be allowed to breed.
Agree, you signed it...deal with it. If you make $12 an hour, you should know that you can't live in a $400,000 house.
Brokers are the biggest problem here, and lets not forget about those mom and pop mortgage companies who sold the loan to a big bank before the ink was dry. There hands were clean once they sold it off.
XOXOXO

New York, NY

#10 Jan 29, 2009
Just Wondering wrote:
I have Country Wide for my mortgage. When I first looked at my home, I went home and ran out some figures to see if I could handle the mortgage and then I contacted the Real Estate that was selling it. One of my first questions was how much will it cost per month with insurance and taxes added in.
I read my contract and also had someone else read it before signing it.
Trouble with some people is they want a home so bad that they will do anything. Then they go back and blame someone else for their losing it.
I do not feel sorry for thse kind of people. Some people that are losing their homes, well maybe, but not all of them. And then the government bails them ALL out, which to me is not right. READ PEOPLE READ, it's all written down, and if you have bad credit, then clean it up before you apply. It's that simple. Real Estate people will sell you anything just so they can get that all mighty profit into their own pockets.
Good call here.......most people just sign away and it's, "Give me the keys".
The government should come out with a program were anyone refinancing or purchase a home would be require to attend a 72 hour class before signing the final documents. That way you have an educated borrower. But brokers and pissy mortgages companies would not back that idea.
XOXOXO

New York, NY

#11 Jan 29, 2009
Just Wondering wrote:
Now just where is my cut in all this for paying my mortgage the last 5 years on time and in good standing. This is what pisses me off. The people that pay on time and never late are the ones that are getting screwed on interest rates. Give me a check yearly in the amount of my mortgage for being a faithful payer.
I've hear this 10 times a day........your right, us people who did it right and have been paying on time are getting a shaft here. Bailing out idiots is what the government does best.

“THANK GOD I'M AN AMERICAN! ”

Since: Apr 07

So California

#12 Jan 29, 2009
majority of folks were LIED TO.. lenders/brokers told them 30 years term.. so homeowners thought 30 year fixed is the same as 30 year term.. tricky eh

lenders/brokers lied to homeowers that the program is not adjustable
Allentown_Frank wrote:
I have a hard time blaming banks when people can't understand what the "adjustable" part of an adjustable rate mortgage means.

“THANK GOD I'M AN AMERICAN! ”

Since: Apr 07

So California

#13 Jan 29, 2009
hold up, the BANKS underwriter get the final look and determine whether the loan is approved (false information or not) and when it goes to funding department it finalized with every income documentation and employment verifications, unless retired or medical or pensions.

Bottom line, the banks get the final approval so banks f*cked up
Bakalaka wrote:
<quoted text>
No no no.. you fail to understand.. The banks allow smaller lenders to loan from them.. This is where the errors happened. The brokers wanted the sale so they pushed it past without proper documention or proof they could afford. However, the consumer should be blamed formost, considering they KNEW they would never be able to afford the mortgage if the rate changed.. IT's BS if you think differently.. You should know what you can afford and live within those means.. You go outside of it, dont blame others.. and suffer the consequences..
This makes me sick.. People like this should not be allowed to breed.

“THANK GOD I'M AN AMERICAN! ”

Since: Apr 07

So California

#14 Jan 29, 2009
How can it be the Broker's fault if the Bank finalized the funding department? Sure there are nasty brokers out there and that's why appx 60 - 70% of Brokers are out of biz. Banks shut down.
Homeowners knew that they cannot afford the payment but the Broker/Lender LIED to them about loan programs and payment plan.. etc.. especially at signing day. geezus you have no idea how often the switch and bait happens when it comes to signings.
It's NASTY
XOXOXO wrote:
<quoted text>
Agree, you signed it...deal with it. If you make $12 an hour, you should know that you can't live in a $400,000 house.
Brokers are the biggest problem here, and lets not forget about those mom and pop mortgage companies who sold the loan to a big bank before the ink was dry. There hands were clean once they sold it off.
Pete

Chicago, IL

#15 Jan 29, 2009
There's plenty of blame to go around. Irresponsibility was a huge theme in the housing bubble and bust.

“Think”

Since: Mar 07

Virginia Beach, VA

#16 Jan 30, 2009
West Coast Dude wrote:
majority of folks were LIED TO.. lenders/brokers told them 30 years term.. so homeowners thought 30 year fixed is the same as 30 year term.. tricky eh
lenders/brokers lied to homeowers that the program is not adjustable<quoted text>
I'll believe your claim when there's evidence of it. Since 2000, I've bought two homes. Each was refinanced once. Never once, in any transaction, was I lied to.

Was I the only one taught the meaning of "caveat emptor"?

“THANK GOD I'M AN AMERICAN! ”

Since: Apr 07

So California

#17 Jan 30, 2009
clap clap

hip hip for you!
Allentown_Frank wrote:
<quoted text>
I'll believe your claim when there's evidence of it. Since 2000, I've bought two homes. Each was refinanced once. Never once, in any transaction, was I lied to.
Was I the only one taught the meaning of "caveat emptor"?

“Think”

Since: Mar 07

Virginia Beach, VA

#18 Jan 30, 2009
West Coast Dude wrote:
clap clap
hip hip for you!
<quoted text>
Still waiting for that evidence...
Spider Jerusalem

Philadelphia, PA

#19 Jan 30, 2009
West Coast Dude wrote:
hold up, the BANKS underwriter get the final look and determine whether the loan is approved (false information or not) and when it goes to funding department it finalized with every income documentation and employment verifications, unless retired or medical or pensions.
Bottom line, the banks get the final approval so banks f*cked up
<quoted text>
See.. that is the problem with the american society anymore. Always looking to blame others. instead of taking responsibility, you find technicalities to blame others with. Morally you knew you were in the wrong. No one forced you to buy the home you couldnt afford. Now that you can't you are looking for the easy way out.. Well that is not only pathetic, but it's the biggining of a whole bag of crap.. i mean come one.. take responsibility for your own actions...
XOXOXO

Jersey City, NJ

#20 Jan 30, 2009
West Coast Dude wrote:
hold up, the BANKS underwriter get the final look and determine whether the loan is approved (false information or not) and when it goes to funding department it finalized with every income documentation and employment verifications, unless retired or medical or pensions.
Bottom line, the banks get the final approval so banks f*cked up
<quoted text>
Not if the borrow lied about their income to the bank. If they did a stated income loan, they lied too. Brokers don't work for the bank, the borrower may told the bbroker what they really made, but then the broker lied to the bank.
In the end, the borrower should be able to do the math.

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