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

Full story: The Morning Call

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

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“Think”

Since: Mar 07

Virginia Beach, VA

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#21
Jan 30, 2009
 
Spider Jerusalem wrote:
<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...
Well said.

caveat emptor
XOXOXO

Warren, NJ

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#22
Jan 30, 2009
 
West Coast Dude wrote:
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
<quoted text>
I can blame the broker due to the fact that they lied to the bank about the borrowers income. The borrower told the broker their income, the broker multiplied that by 2, then told the bank that on a stated income loan. And your wrong, 97% of broker are liers.

“I feel pretty”

Since: Mar 07

Chesterfield, MO

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#23
Jan 30, 2009
 
XOXOXO wrote:
<quoted text>
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.
I agree people need to wise up, but why is it the government's job to give them a class? Didn't they pay attention in school? This info isn't hard to find. If the government is going to do anything, I think it would be better that they require banks to disclose all info in writing in plain English, including the estimated costs of future payments if a rate adjusts. Aside from knowing these facts, the rest is up to the buyer to decide how much risk they want to take.

“THANK GOD I'M AN AMERICAN! ”

Since: Apr 07

So California

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#24
Jan 30, 2009
 
evidence? TAKE A LOOK at our economy and number of outrageous foreclosures. That's your evidence you need. Brokers/Lenders have gotten away with may liar loans. Even home buyers KNEW about the payment and many times the broker lied for them.

What evidence do you need?!?!?! Banks are getting billions of bail out cuz they MESSED up so it's the banks and wholesale division's fault for messing up the mortgage industry. I also blame the federal reserves and congress for not enforce strict guidelines that all mortgage loans are to be FULL-DOC and eliminate all stated income.

This is how we are going to live for the next 10 to 20 years, economy downfall .

DUH
Allentown_Frank wrote:
<quoted text>
Still waiting for that evidence...
XOXOXO

New York, NY

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#25
Jan 30, 2009
 

Judged:

1

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oh deer wrote:
<quoted text>
I agree people need to wise up, but why is it the government's job to give them a class? Didn't they pay attention in school? This info isn't hard to find. If the government is going to do anything, I think it would be better that they require banks to disclose all info in writing in plain English, including the estimated costs of future payments if a rate adjusts. Aside from knowing these facts, the rest is up to the buyer to decide how much risk they want to take.
Due to RESPA, a bank has to disclose the loan to the borrower 72 hours after pulling credit. The problem is; if a borrower deals with a broker, the broker gets the disclosure from the bank, and not the borrower. The broker makes his own disclose and passes it on to the borrower.
This is one of the reasons you should deal dirrectly with a bank. And this is why the broker's deal sounds so much better then the banks; cause the brokers deal is not true.
Banks give you the true numbers and brokers give you the smoke numbers(as in smoke out their a$$).
And if you think that the broker works for free, or you think that the mortgage company pays the broker......then you're the dumb a$$.
Banks don't lie abou their disclosure.
angry homeowner

Camp Hill, PA

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#26
Jan 30, 2009
 
This is all so crazy I can't even believe what I am reading!!!!

PA has decided to 'help' people who are behind on their mortgage/facing foreclosure.

But the rest of us, who didn't take out crazy loans and pay our mortgage on time each month get NOTHING???????

I AM MAD AS H@##!!!!!!!

WHERE IS MY FREAKING BREAK??????????

Since: Jan 09

Flower Mound, TX

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#27
Jan 30, 2009
 

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angry homeowner wrote:
This is all so crazy I can't even believe what I am reading!!!!
PA has decided to 'help' people who are behind on their mortgage/facing foreclosure.
But the rest of us, who didn't take out crazy loans and pay our mortgage on time each month get NOTHING???????
I AM MAD AS H@##!!!!!!!
WHERE IS MY FREAKING BREAK??????????
Agree with you to.....I sign a 30 fixed rate mortgage at 6.25% years ago. At the same Barney down the road signed a ARM loan at 4.25%, now he's bitchen and getting money from the government for being stupid. Maybe I should have been stupid too
Pete

Chicago, IL

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#28
Jan 30, 2009
 
All "stated" income loans are liar loans. If you could accurately document your income, why wouldn't you? The rate would be lower.
well duh

Camp Hill, PA

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#29
Jan 31, 2009
 
she took out a mortgage at 63?

obviously she had not intention of re-paying the loan

and what did she expect, her son to live with her until one of them died?

I don't know why a 63yrold woman would have wanted to buy a huge colonial home but I guess that's her choice.....so long as she can pay the bill

“Think”

Since: Mar 07

Virginia Beach, VA

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#30
Feb 2, 2009
 
In The Biz wrote:
<quoted text>Agree with you to.....I sign a 30 fixed rate mortgage at 6.25% years ago. At the same Barney down the road signed a ARM loan at 4.25%, now he's bitchen and getting money from the government for being stupid. Maybe I should have been stupid too.
You should have...because some knucklehead would post on the internet about how you were lied to and tricked into being bad at math.

Everyone wants to blame the other guy.
Living in Margaritaville

Davao, Philippines

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#31
Feb 2, 2009
 
XOXOXO wrote:
<quoted text>
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.
Would that be the same pathetic classes they make you attend (or go online for) when you are in Bankruptcy?? if that be the case just tell them to send in $49 to cover the cost of the degree you can wipe your azz with when your done.

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