ArnoldCountry

Time for the American Government and People To Confront Reality

I think this is fine no nonsense article. Underwater homeowners need to realize that the underwater amount is in effect an unsecured loan for tens if not exceeding a hundred thousand dollars. Sometimes, when crunching the numbers, it is best to walk from that unsecured 150k debt, take the credit ding for 3-5 years and move on. You most likely will not qualify or have availability of credit for the next 3-5 years of any significance anyway so bite the bullet and use the time to recover instead of trying to figure out how to pay back that 150k. Put the 150k away for retirement instead.

Loan Delinquency Data Suggest We're Nowhere Near a Great Depression II

Its all like a big oceanliner out in the ocean that needs to make a left turn.... the process is slow and not an immediate turn... we are at the beginning of the turn. I am not a doomsday person, but I do not think the worst is here yet. It will get better afterwards. I see way too much focus on everyone telling the public that things are not that bad... go back in time to Jan. 08 to Jul 08, when Indymac got seized... no rescession. Remember?

Today it was announced that we have been in a rescession since Dec. 07...

More focus on softening the landing is necessary... telling us that a depression is not hear just does not mean much.

Prosecutors Going after Fraudulent Mortgage Borrowers

Interesting comments here. However, this is exactly why the loan modification process will never work. One, any lawyer worth anything will never let his/her client provide information that would subject them to criminal or civil liabiilty. Second, the new industry of loan mod negotiators is setting up their clients for criminal and civil liability. Finally, dont talk to lenders, sue em... they got us into the mess not sue them and get a loan modification via a settlement and not provide them any information. Main stream media is promoting borrowers go back to their lenders for assistance and as this article points out... they are not going to help... they are going to get the borrowers prosecuted. Oh wait... didnt these lenders create these loan products that allowed this. In legal terms... that is "unclean hands", yet... they get a bailout.