Countrywide settlement could mean mor...

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

There are 61 comments on the The Morning Call story from Jan 29, 2009, titled Countrywide settlement could mean mortgage relief for 10,000 in.... In it, The Morning Call reports that:

More than 10,000 Pennsylvania homeowners who borrowed more than they could afford or took out risky, ''exploding'' mortgages with Countrywide Financial Corp.

Join the discussion below, or Read more at The Morning Call.

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WTF

United States

#1 Jan 29, 2009
"She borrowed nearly $230,000 to buy a Colonial-style home in 2007. Her son, who lived in her home until marrying, moved out, leaving her with a monthly payment of about $1,000."

Hmm.. This doesn't make sense. A $230,000 loan - I'm guessing it was a 30 year loan, and the payment was about $1000 a month??? That would mean that the interest would only be at like 3.25% Even a 40 year loan @$1000 a month would be 4.25% interest.... Where the heck were these rates when I was looking? I'm thinking this person got sucked in by some sort of a "teaser" rate and I'm sure they made it clear on the paperwork that the rate would increase to the "true" number after a set amount of time.

I just can't understand why people are being rewarded for their own stupidity...
wizzy

Northampton, PA

#2 Jan 29, 2009
I just can't understand why people are being rewarded for their own stupidity... when we purchase what we want we look at what we can aford now instead of mom and dad helping out the them it's my tax dollars is the goverment going to be giveing the people who bought what they could aford money ???
in Bethlehem

Bethlehem, PA

#3 Jan 29, 2009
it is so terribly annoying that these people were so stupid in buying homes they couldn't afford, signing mortgages they didn't understand, and now they are getting bailed out. I don't get it. Is there no accountability?
Rose

Kulpsville, PA

#4 Jan 29, 2009
I think this is a great start but what about people how are barely making their payments but can't make payments on other bills. your credit suffers so you can't refinance but you also can't get any help. Who will help us?? All most of us want is a fixed rate so we can make payments and not worry all the time.
h gosh

Nanticoke, PA

#5 Jan 29, 2009
Where was the AG in the Fairbanks Capital scandal? Fairbanks, a PA firm, admitted to the FTC that they actually caused defaults and placed people into illegal foreclosure by taking mortgage payments for "illegal fees". Settlements in other states amounted to full restitution, termination of foreclosure, credits to accounts, etc. In PA - nothing - it was out tough luck, and the AG told everyone to "hire an attorney"!!!
no bailouts

Nazareth, PA

#6 Jan 29, 2009
Thank you democrats led by Barney Frank, Fannie, & Freddie for creating the mess our whole coutry is in.

Now all the hard working honest went by the rules and bought a house they could afford people will suffer with the greedy money making banks, lenders and people who could and should have never gotten a loan homeowners!

A what a tangled web the dems have created and now they are trying to spin out of it!

Barney Frank should be arrested for the lies he told under oath!
The River

Northampton, PA

#7 Jan 29, 2009
You know what, why doesn't somebody just start paying all my bills? Ridiculous. Just let these people default on the loans!! What is the freaking big deal? They will lose their homes and find an apartment rent somewhere.
There was no deceit here. People are just uneducated or unaware.
Staberdearth

Allentown, PA

#8 Jan 29, 2009
Stupid is as stupid gets bailed out. That's the new lesson. What part of an adjustable or balloon mortgage do the morons amongst us nolt understand. Or are they, as is typcial these days, so enamored with thier short term feel good purchase tha tthey block out the consequences farther down the road. This woman is a good liar! Either that or she is so stupid and of little means that only a mortgage company paying its exec bonuses for quantity, not quality of mortgages would let her have one!

Go back to 1999 for the roots of the subprime mortgage issue. Look up the usual suspects like Barney Frank and of course our favorite slick boy Willie (yes Bill Clinton!). Note how these two, amongst many others, get away with what they hath wrought...
Staberdearth

Allentown, PA

#9 Jan 29, 2009
Live right, do right, work hard, make your own bundle by honest and clear cut above board means and politicians (still mostly those on the left) are bound to categorize you as rich and subject to taxes for their foolish schemes triggered by their own stupid policies!

Do the opposite and you don't pay taxes but you get bailed out for your own stupidity!

In the end times, right will be seen as wrong and wrong will be seen as right. Are we there yet?
Staberdearth

Allentown, PA

#10 Jan 29, 2009
no bailouts wrote:
Thank you democrats led by Barney Frank, Fannie, & Freddie for creating the mess our whole coutry is in.
Now all the hard working honest went by the rules and bought a house they could afford people will suffer with the greedy money making banks, lenders and people who could and should have never gotten a loan homeowners!
A what a tangled web the dems have created and now they are trying to spin out of it!
Barney Frank should be arrested for the lies he told under oath!
Note how no one is calling Frank on this. He's sticking it to us most likely becuase he enjoys a good rear ending and thinks we do as well...
BID

Allentown, PA

#11 Jan 29, 2009
So, why doesn't her son and his wife move back into the home and help her pay the bill that she ended up with. Why does she need more than a 1 bedroom place ? I am sure her son is paying rent/a mortgage somewhere. He must be some ungrateful SOB or is he already getting public housing ?
Professor Chaos

United States

#12 Jan 29, 2009
Right you are brother. This is becoming the age of the voting slacker. Anyone with a decent moral compass and a good work ethic is looked upon those who lack those qualities as "getting the breaks that they didn't get". BS!
Staberdearth wrote:
Live right, do right, work hard, make your own bundle by honest and clear cut above board means and politicians (still mostly those on the left) are bound to categorize you as rich and subject to taxes for their foolish schemes triggered by their own stupid policies!
Do the opposite and you don't pay taxes but you get bailed out for your own stupidity!
In the end times, right will be seen as wrong and wrong will be seen as right. Are we there yet?
Yes

Harrisburg, PA

#13 Jan 29, 2009
If I get this right, people are being rewarded for something they should not have done in the first place? I don't care if the bank gave you the money. You have to pay it back.

Live at your capacity. Don't be so stupid to take out an adjustable interest rate.$1000 per month for a $230,000 seems a little low, like she's only paying the interest and no principle.
no bailouts

Nazareth, PA

#14 Jan 29, 2009
Staberdearth wrote:
Live right, do right, work hard, make your own bundle by honest and clear cut above board means and politicians (still mostly those on the left) are bound to categorize you as rich and subject to taxes for their foolish schemes triggered by their own stupid policies!
Do the opposite and you don't pay taxes but you get bailed out for your own stupidity!
In the end times, right will be seen as wrong and wrong will be seen as right. Are we there yet?
And you can pay back taxes you owed for years with no penalties the day before your announcement of being a part of Obama's team and now you are in charge of the IRS!

Only in OBAMA LAND!
Have a Nice Day

Northampton, PA

#15 Jan 29, 2009
darn it! I knew that instead of buying a house I could afford, I should have bought a more expensive house and used creative financing (interest only loan, etc) to do it. Then I could be bailed out and still have my bigger house! Another missed opportunity to work the system... geez.

Since: Jun 08

The Lehigh Valley

#16 Jan 29, 2009
Here's what I think...or hope: These people who got into these mortgages will not be able to afford the new fair rates anyway and they will be forced to sell, thus also being forced to buy what they can afford. With no equity in the expensive house, they will still be in trouble or renting.

I also hope that housing prices get more realistic but I'm not even sure what that is anymore. Some of my friends who didn't buy at all might never be able to buy at this rate.

My mother said while watching the inauguration "If you don't have it, don't spend it or you'll never be rich." Then "When you make it, you have to save it." It's so obvious to those who lived right.

My question to you who blame the dems alone for this, why didn't Bush and the Repubs fix it? They had eight years!
Reality - What a Concept

Bethlehem, PA

#17 Jan 29, 2009
Most of these people went out and bought McMansions they knew damn well they couldn't afford just to keep up with the Jones. Now we're rewarding them for thier greed and stupidity while the people who live within thier means and pay thier bills get stuck footing the bill. Maybe I've been doing wrong all along.
mee

Philadelphia, PA

#18 Jan 29, 2009
WTF wrote:
"She borrowed nearly $230,000 to buy a Colonial-style home in 2007. Her son, who lived in her home until marrying, moved out, leaving her with a monthly payment of about $1,000."
Hmm.. This doesn't make sense. A $230,000 loan - I'm guessing it was a 30 year loan, and the payment was about $1000 a month??? That would mean that the interest would only be at like 3.25% Even a 40 year loan @$1000 a month would be 4.25% interest.... Where the heck were these rates when I was looking? I'm thinking this person got sucked in by some sort of a "teaser" rate and I'm sure they made it clear on the paperwork that the rate would increase to the "true" number after a set amount of time.
I just can't understand why people are being rewarded for their own stupidity...
but in your book its ok for the gas companies to get billions of dollars, car dealerships, etc don't be such an ass
Here for now

Nazareth, PA

#19 Jan 29, 2009
Reality - What a Concept wrote:
Most of these people went out and bought McMansions they knew **** well they couldn't afford just to keep up with the Jones. Now we're rewarding them for thier greed and stupidity while the people who live within thier means and pay thier bills get stuck footing the bill. Maybe I've been doing wrong all along.
A $230,000 dollar house is not a McMansion.
countrygirl

Princeton, NJ

#20 Jan 29, 2009
this is sooo sad. buy a house you can afford or go rent somewhere in the city. there are a lot of us hard working people that are just getting by and paying our mortgage. DEAL WITH IT!! It's your fault not the banks. you shouldn't have asked for it if you couldn't pay it back!!

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