Bill Zielinski's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/276445/comments http://seekingalpha.com/article/160639/comments?source=feed#comment-671405 671405 Awesome article.
It is "only at the precipice that we change".]]> Thu, 10 Sep 2009 21:48:10 -0400 Awesome article.
It is "only at the precipice that we change".]]> http://seekingalpha.com/article/148375/comments?source=feed#comment-586744 586744
For those borrowers with little other debt, many are approved with a front end ratio far in excess of the HUD recommended front end ratio of 31%. The government's policies are inconsistent.
Also, each bank can apply different rules as well; here's a summary of one major bank that announced they were "tightening" debt ratios (in this case, the back end).

"Important Update Regarding Revised Maximum Debt-to-Income (DTI) Ratios on all AUS
Approved Government Loans
Effective for new locks on or after Monday, March 2, 2009, the maximum debt-to-income (DTI)
ratio for all AUS approved government loans will be fifty percent (50.00%) regardless of the
AUS approval or recommendation. This new requirement applies to FHA and VA loans
approved through DU/DO and/or LP.

Bottom line - a lot of borrowers are still being approved and taking on payments that probably can't be handled in the long term


On Jul 13 01:46 PM mortgagedaddy wrote:

> I have to correct you, sir. It is NOT common to see mortgages approved
> with a ratio (like the one you speak of) at or above 50%. I am a
> mortgage broker and the ratio in your blog of 31% is the font end
> ratio or top ratio. It refers to the individual's % of gross monthly
> income going toward the monthly payment. It would be a shocker to
> me for someone with a front ratio of 50% to get approved for a conventional
> or FHA loan. Now, the back end or bottom ratio, which is the percentage
> of gross monthly income going toward all monthly credit report debt
> including the new mortgage, does get approved sometimes even if it's
> over 50%. You have to be clear. To say 31% is good, but loans are
> getting approved with % over 50, is wrong.]]> Mon, 13 Jul 2009 21:42:55 -0400
For those borrowers with little other debt, many are approved with a front end ratio far in excess of the HUD recommended front end ratio of 31%. The government's policies are inconsistent.
Also, each bank can apply different rules as well; here's a summary of one major bank that announced they were "tightening" debt ratios (in this case, the back end).

"Important Update Regarding Revised Maximum Debt-to-Income (DTI) Ratios on all AUS
Approved Government Loans
Effective for new locks on or after Monday, March 2, 2009, the maximum debt-to-income (DTI)
ratio for all AUS approved government loans will be fifty percent (50.00%) regardless of the
AUS approval or recommendation. This new requirement applies to FHA and VA loans
approved through DU/DO and/or LP.

Bottom line - a lot of borrowers are still being approved and taking on payments that probably can't be handled in the long term


On Jul 13 01:46 PM mortgagedaddy wrote:

> I have to correct you, sir. It is NOT common to see mortgages approved
> with a ratio (like the one you speak of) at or above 50%. I am a
> mortgage broker and the ratio in your blog of 31% is the font end
> ratio or top ratio. It refers to the individual's % of gross monthly
> income going toward the monthly payment. It would be a shocker to
> me for someone with a front ratio of 50% to get approved for a conventional
> or FHA loan. Now, the back end or bottom ratio, which is the percentage
> of gross monthly income going toward all monthly credit report debt
> including the new mortgage, does get approved sometimes even if it's
> over 50%. You have to be clear. To say 31% is good, but loans are
> getting approved with % over 50, is wrong.]]> http://seekingalpha.com/article/144538/comments?source=feed#comment-557875 557875 Great article. From the perspective of a first hand observer of the option arm financing fiasco, I can tell you that your assertions are exactly right. Virtually all of the option arm borrowers took this product based on the artificially low payment, virtually all of the borrowers paid only the minimum payment and virtually all of the borrowers have already or will default.]]> Mon, 22 Jun 2009 15:38:07 -0400 Great article. From the perspective of a first hand observer of the option arm financing fiasco, I can tell you that your assertions are exactly right. Virtually all of the option arm borrowers took this product based on the artificially low payment, virtually all of the borrowers paid only the minimum payment and virtually all of the borrowers have already or will default.]]> http://seekingalpha.com/article/141184/comments?source=feed#comment-532496 532496 Thu, 04 Jun 2009 17:36:28 -0400 http://seekingalpha.com/article/137146/comments?source=feed#comment-501201 501201
In MA, for example, here is the wording on closing costs:

"Borrower(s) will be able to recoup the costs of refinancing Borrower(s) prior loan within two years, taking into account the costs and fees, and the interest rate on the new loan is reduced without increasing the amortization period of the new loan compared to the original amortization term of the loan being refinanced."

There are also safe harbor provisions that if met, constitute compliance: Here's the wording (again for the State of MA)"

"Borrower(s) will be able to recoup the costs of refinancing Borrower(s) prior loan within two years, taking into account the costs and fees, and the interest rate on the new loan is reduced without increasing the amortization period of the new loan compared to the original amortization term of the loan being refinanced."

This type of sound lending regulation should be standard industry wide to prevent lending abuses that unfortunately do occur in the industry.

]]> Tue, 12 May 2009 18:28:58 -0400
In MA, for example, here is the wording on closing costs:

"Borrower(s) will be able to recoup the costs of refinancing Borrower(s) prior loan within two years, taking into account the costs and fees, and the interest rate on the new loan is reduced without increasing the amortization period of the new loan compared to the original amortization term of the loan being refinanced."

There are also safe harbor provisions that if met, constitute compliance: Here's the wording (again for the State of MA)"

"Borrower(s) will be able to recoup the costs of refinancing Borrower(s) prior loan within two years, taking into account the costs and fees, and the interest rate on the new loan is reduced without increasing the amortization period of the new loan compared to the original amortization term of the loan being refinanced."

This type of sound lending regulation should be standard industry wide to prevent lending abuses that unfortunately do occur in the industry.

]]> http://seekingalpha.com/article/136239/comments?source=feed#comment-494791 494791 A trade in the TBT looks like a good bet here.]]> Thu, 07 May 2009 20:06:52 -0400 A trade in the TBT looks like a good bet here.]]> http://seekingalpha.com/article/136239/comments?source=feed#comment-494790 494790 A trade in the TBT looks like a good bet here.]]> Thu, 07 May 2009 20:06:39 -0400 A trade in the TBT looks like a good bet here.]]> http://seekingalpha.com/article/133185/comments?source=feed#comment-480144 480144 Thanks for another real good analysis.
It's obvious that the powers to be don't seem to comprehend the serious situation that we are in. The only "solution" they have is to borrow and spend more, as has been the case for decades now.
Only when it becomes blatantly obvious to everyone that we are at the edge of the abyss, will the impetus for the right kind of change happen. By that time, of course, it may be too late.]]> Mon, 27 Apr 2009 20:34:10 -0400 Thanks for another real good analysis.
It's obvious that the powers to be don't seem to comprehend the serious situation that we are in. The only "solution" they have is to borrow and spend more, as has been the case for decades now.
Only when it becomes blatantly obvious to everyone that we are at the edge of the abyss, will the impetus for the right kind of change happen. By that time, of course, it may be too late.]]> http://seekingalpha.com/article/132094/comments?source=feed#comment-472166 472166 Nice piece with well crafted thoughts. Always instructive to read an intelligently articulated counterpoint to an accepted point of view.]]> Wed, 22 Apr 2009 03:38:12 -0400 Nice piece with well crafted thoughts. Always instructive to read an intelligently articulated counterpoint to an accepted point of view.]]> http://seekingalpha.com/article/126319/comments?source=feed#comment-430004 430004 Tue, 17 Mar 2009 21:35:00 -0400 http://seekingalpha.com/article/125873/comments?source=feed#comment-427241 427241 Probably worth picking up a few shares under the "lottery ticket" theory.]]> Mon, 16 Mar 2009 05:42:39 -0400 Probably worth picking up a few shares under the "lottery ticket" theory.]]> http://seekingalpha.com/article/125857/comments?source=feed#comment-426086 426086
The economists at the Bank of England will come up with elaborate theories and explanations as to why their money printing operation equates to sound economic policy.

Strip away the theories and the horrifying reality is that printing money was the Bank of England's last option other than default. The Bank of England's treasury is empty; if they could have sold debt to raise money they would have. Since they are broke and investors won't buy their debt, they are printing money in a desperate attempt to forestall default.

If the world economy recovers, maybe this tactic works with only moderate damage to the English currency and economy. If economic conditions continue to spiral downward, they default anyway.
2009 will be an interesting year for sure.]]> Sun, 15 Mar 2009 03:06:55 -0400
The economists at the Bank of England will come up with elaborate theories and explanations as to why their money printing operation equates to sound economic policy.

Strip away the theories and the horrifying reality is that printing money was the Bank of England's last option other than default. The Bank of England's treasury is empty; if they could have sold debt to raise money they would have. Since they are broke and investors won't buy their debt, they are printing money in a desperate attempt to forestall default.

If the world economy recovers, maybe this tactic works with only moderate damage to the English currency and economy. If economic conditions continue to spiral downward, they default anyway.
2009 will be an interesting year for sure.]]> http://seekingalpha.com/article/125501/comments?source=feed#comment-422922 422922 In the case of banks that are holding huge amounts of assets on their books at cost, when the market value is pennies on the dollar and recovery is doubtful, creates major doubts about the real strength of the bank's capital levels. MTM reflects the economic substance of a permanently impaired asset and allows for an accurate balance sheet and income statement.
To keep virtually worthless assets on the books and not mark them to market is just a shell game. The bank pretends to hold assets worth something and investors are supposed to pretend that the bank is sound?
How does this solve anything?
The writer makes good points and is well justified in roasting Forbes ridiculous article. ]]> Thu, 12 Mar 2009 08:58:51 -0400 In the case of banks that are holding huge amounts of assets on their books at cost, when the market value is pennies on the dollar and recovery is doubtful, creates major doubts about the real strength of the bank's capital levels. MTM reflects the economic substance of a permanently impaired asset and allows for an accurate balance sheet and income statement.
To keep virtually worthless assets on the books and not mark them to market is just a shell game. The bank pretends to hold assets worth something and investors are supposed to pretend that the bank is sound?
How does this solve anything?
The writer makes good points and is well justified in roasting Forbes ridiculous article. ]]> http://seekingalpha.com/article/124070/comments?source=feed#comment-416940 416940 Another superb article. The fact that your logic eludes so many,however, tells me that the battleis over. The over leveraged negative net worth individuals crying for help due to their poor andirresponsible decisions will wind up being subsidized by your paycheck and retirement savings.]]> Sat, 07 Mar 2009 01:57:23 -0500 Another superb article. The fact that your logic eludes so many,however, tells me that the battleis over. The over leveraged negative net worth individuals crying for help due to their poor andirresponsible decisions will wind up being subsidized by your paycheck and retirement savings.]]> http://seekingalpha.com/article/124561/comments?source=feed#comment-416937 416937 The author makes an intelligent and very valid point.
]]> Sat, 07 Mar 2009 01:37:34 -0500 The author makes an intelligent and very valid point.
]]> http://seekingalpha.com/article/121464/comments?source=feed#comment-396099 396099
But you need to be careful - if you keep slicing and dicing him like this, he might just quit! No more Geithner comedy. Then again, not a problem. I can give you a short list of 50 other bumbling idiots in Washington to write about. ]]> Fri, 20 Feb 2009 02:56:31 -0500
But you need to be careful - if you keep slicing and dicing him like this, he might just quit! No more Geithner comedy. Then again, not a problem. I can give you a short list of 50 other bumbling idiots in Washington to write about. ]]> http://seekingalpha.com/article/113123/comments?source=feed#comment-345646 345646
I guess the big questions is, to what extent have the markets already discounted these issues? ]]> Sun, 04 Jan 2009 14:54:15 -0500
I guess the big questions is, to what extent have the markets already discounted these issues? ]]> http://seekingalpha.com/article/111578/comments?source=feed#comment-334209 334209
So what is better to own? "Safe" treasury bills that yield zero interest while dollars fly off the printing press by the trillions or gold? An easy choice in my book.

Also, gold is a relatively small asset class compared to the value of holdings in stocks, real estate, money funds, etc. Even a small reallocation of funds from paper assets to gold would have a huge impact. At some point i would not be surprised to see the value of gold quickly double in a short period of time.]]> Fri, 19 Dec 2008 15:36:11 -0500
So what is better to own? "Safe" treasury bills that yield zero interest while dollars fly off the printing press by the trillions or gold? An easy choice in my book.

Also, gold is a relatively small asset class compared to the value of holdings in stocks, real estate, money funds, etc. Even a small reallocation of funds from paper assets to gold would have a huge impact. At some point i would not be surprised to see the value of gold quickly double in a short period of time.]]> http://seekingalpha.com/article/110919/comments?source=feed#comment-333538 333538
The lending distortions of the past that created the bubble in housing are now gone. It is no longer enough to say that you make $150,000 - you need to prove it. It is no longer possible to get 100% financing with poor credit. The poor lending decisions of the past are causing pain for both borrowers, banks and the economy at large, but ower rates alone will not clear the market.

The free market has solutions to over leverage and poor lending decisions. The solutions are called write offs, bankruptcy and foreclosure. As painful as these measures are, they are the mechanism for building a financially strong base of homeowners who will be far less likely to default on their mortgages.

During the height of the housing bubble several years back, only 10% of California households qualified for a conventional 30 year fixed rate mortgage. The bubble prices were nurtured and sustained by exotic lending programs with no income verification. Fast food workers bought $1,000,000 homes. Now the bubble has burst.

Priced properly, houses will sell. Time and price will accomplish what the Fed cannot. There are oceans of private money looking for an adequate return on capital. Let the free markets do their work - and the pain of the housing bust will soon be solved.]]> Thu, 18 Dec 2008 19:57:41 -0500
The lending distortions of the past that created the bubble in housing are now gone. It is no longer enough to say that you make $150,000 - you need to prove it. It is no longer possible to get 100% financing with poor credit. The poor lending decisions of the past are causing pain for both borrowers, banks and the economy at large, but ower rates alone will not clear the market.

The free market has solutions to over leverage and poor lending decisions. The solutions are called write offs, bankruptcy and foreclosure. As painful as these measures are, they are the mechanism for building a financially strong base of homeowners who will be far less likely to default on their mortgages.

During the height of the housing bubble several years back, only 10% of California households qualified for a conventional 30 year fixed rate mortgage. The bubble prices were nurtured and sustained by exotic lending programs with no income verification. Fast food workers bought $1,000,000 homes. Now the bubble has burst.

Priced properly, houses will sell. Time and price will accomplish what the Fed cannot. There are oceans of private money looking for an adequate return on capital. Let the free markets do their work - and the pain of the housing bust will soon be solved.]]> http://seekingalpha.com/article/110913/comments?source=feed#comment-331277 331277
This country’s pattern of civil and fiscal decline echoes the warnings issued by David Walker, of the Peterson Foundation, an organization that has been trying to educate America about the fiscal emergency we face due to reckless borrowing.
As noted in Barron's this week:

Walker compares our nation’s fiscal morass to the one that helped topple the Roman Empire. In one speech he argued, “Rome fell for at least four reasons, and please listen carefully: A decline in moral values and political civility at home, an overconfident and overextended military, fiscal irresponsibility by the central government and inability to control one’s borders. Does that sound familiar?”

Is this democracy at its worst with a betrayal by our elected leaders, or is it a failure equally shared by both the voters and its elected leaders?
]]> Tue, 16 Dec 2008 14:43:12 -0500
This country’s pattern of civil and fiscal decline echoes the warnings issued by David Walker, of the Peterson Foundation, an organization that has been trying to educate America about the fiscal emergency we face due to reckless borrowing.
As noted in Barron's this week:

Walker compares our nation’s fiscal morass to the one that helped topple the Roman Empire. In one speech he argued, “Rome fell for at least four reasons, and please listen carefully: A decline in moral values and political civility at home, an overconfident and overextended military, fiscal irresponsibility by the central government and inability to control one’s borders. Does that sound familiar?”

Is this democracy at its worst with a betrayal by our elected leaders, or is it a failure equally shared by both the voters and its elected leaders?
]]> http://seekingalpha.com/article/110008/comments?source=feed#comment-325296 325296
This country is incapable of accepting the fact that the cure to our financial fiasco involves pain and sacrifice rather than more borrowing. The illusion of prosperity, promoted by unsavory and deceitful political and business leaders is still accepted by an uninformed public.

The monetary authorities will do whatever they need to do to keep the bubble from bursting but their success is subject to much doubt. If they are "successful" it only means that they have postponed the real day of reckoning to a later date and increased our debt levels beyond what can ever be managed or repaid.

Maybe some day before it is too late, an uncommon leader will rise to the occasion and talk straight to the American public. Maybe someday this honest man will explain how we have spent our future and that the cure is not more borrowing but pain and sacrifice so that we can have some hope of a better future for our children.

Time is running short.]]> Wed, 10 Dec 2008 07:12:52 -0500
This country is incapable of accepting the fact that the cure to our financial fiasco involves pain and sacrifice rather than more borrowing. The illusion of prosperity, promoted by unsavory and deceitful political and business leaders is still accepted by an uninformed public.

The monetary authorities will do whatever they need to do to keep the bubble from bursting but their success is subject to much doubt. If they are "successful" it only means that they have postponed the real day of reckoning to a later date and increased our debt levels beyond what can ever be managed or repaid.

Maybe some day before it is too late, an uncommon leader will rise to the occasion and talk straight to the American public. Maybe someday this honest man will explain how we have spent our future and that the cure is not more borrowing but pain and sacrifice so that we can have some hope of a better future for our children.

Time is running short.]]> http://seekingalpha.com/article/109306/comments?source=feed#comment-323486 323486
The government seems to be obsessed with making everyone a homeowner when in fact this is not a desirable for many individuals. By the time this crisis is resolved, we may all decide that we would have been better off as renters!
]]> Mon, 08 Dec 2008 01:13:57 -0500
The government seems to be obsessed with making everyone a homeowner when in fact this is not a desirable for many individuals. By the time this crisis is resolved, we may all decide that we would have been better off as renters!
]]> http://seekingalpha.com/article/109563/comments?source=feed#comment-323478 323478
I am thinking that the incredibly bad economic news has already been somewhat priced into the markets. Given the effective zero return on short term treasuries and not much more on the long end, it's time to start deploying capital into the asset classes that have taken the biggest hits?

Gold is a total enigma. Huge physical demand but the price does not go up. It is assumed that "quantitative easing" will be employed by central banks worldwide yet gold does not skyrocket. I am guessing that we will have a delayed reaction to the upside in the gold markets.]]> Mon, 08 Dec 2008 01:03:34 -0500
I am thinking that the incredibly bad economic news has already been somewhat priced into the markets. Given the effective zero return on short term treasuries and not much more on the long end, it's time to start deploying capital into the asset classes that have taken the biggest hits?

Gold is a total enigma. Huge physical demand but the price does not go up. It is assumed that "quantitative easing" will be employed by central banks worldwide yet gold does not skyrocket. I am guessing that we will have a delayed reaction to the upside in the gold markets.]]> http://seekingalpha.com/article/109467/comments?source=feed#comment-323474 323474 It would take a politician of outstanding courage and foresight to honesty address the issues covered in this article with the American public.

Hopefully, one day we will have someone acknowledge the fact that we have spent our future and that all we have to show for it is a mountain of debt that we will bestow upon our children and future generations.


Americans have a history of overcoming adversity if we truthfully confront the issues. Maybe someday, someone will honestly tell us that there are no simple solutions and that the government cannot painlessly cover all losses.

Maybe someone will explain to us that yes, there will be hard times, yes, we will need to be frugal and work hard together and yes, eventually we will solve our financial crisis and put our financial house back in order.

Maybe someday, we will learn that a sense of material entitlement, allowed by easy credit does not create prosperity.

So far, I have only heard about bailouts and "stimulation".]]> Mon, 08 Dec 2008 00:49:31 -0500 It would take a politician of outstanding courage and foresight to honesty address the issues covered in this article with the American public.

Hopefully, one day we will have someone acknowledge the fact that we have spent our future and that all we have to show for it is a mountain of debt that we will bestow upon our children and future generations.


Americans have a history of overcoming adversity if we truthfully confront the issues. Maybe someday, someone will honestly tell us that there are no simple solutions and that the government cannot painlessly cover all losses.

Maybe someone will explain to us that yes, there will be hard times, yes, we will need to be frugal and work hard together and yes, eventually we will solve our financial crisis and put our financial house back in order.

Maybe someday, we will learn that a sense of material entitlement, allowed by easy credit does not create prosperity.

So far, I have only heard about bailouts and "stimulation".]]> http://seekingalpha.com/article/109496/comments?source=feed#comment-323463 323463 There's a lot of different parties to blame for the housing fiasco but I would tend to blame the lenders more than the borrowers. Given the widely held belief that real estate prices would only go up and with easy no money down financing available, many buyers were acting rationally since they were receiving a risk free long term call on the price of real estate. If prices kept going higher, you sell or refinance and make a killing; if prices dropped you simply walk away.
I would say that the government's attempt to prop up the artificial prices of the past by delaying inevitable foreclosures will only prolong the time it takes to eventually reach a bottom in housing. If someone is in foreclosure, that would generally mean that the homeowner, for whatever reason, can't make the payment or prefers to simply walk away due to negative equity, etc. These people become renters, the foreclosed home is sold at a market clearing price and eventually supply and demand in housing is balanced.
Going forward, if the mortgage industry can restrain itself to lend money only to those that have a documented ability to service the debt, another housing bust will be avoided. Unfortunately in the meantime, there are many innocent homeowners paying a very dear price for the lending insanity that brought this housing crisis upon us all.
]]> Mon, 08 Dec 2008 00:16:36 -0500 There's a lot of different parties to blame for the housing fiasco but I would tend to blame the lenders more than the borrowers. Given the widely held belief that real estate prices would only go up and with easy no money down financing available, many buyers were acting rationally since they were receiving a risk free long term call on the price of real estate. If prices kept going higher, you sell or refinance and make a killing; if prices dropped you simply walk away.
I would say that the government's attempt to prop up the artificial prices of the past by delaying inevitable foreclosures will only prolong the time it takes to eventually reach a bottom in housing. If someone is in foreclosure, that would generally mean that the homeowner, for whatever reason, can't make the payment or prefers to simply walk away due to negative equity, etc. These people become renters, the foreclosed home is sold at a market clearing price and eventually supply and demand in housing is balanced.
Going forward, if the mortgage industry can restrain itself to lend money only to those that have a documented ability to service the debt, another housing bust will be avoided. Unfortunately in the meantime, there are many innocent homeowners paying a very dear price for the lending insanity that brought this housing crisis upon us all.
]]> http://seekingalpha.com/article/108983/comments?source=feed#comment-320042 320042 Gold investors have been laughed at for years and there have been long periods of declines and/or under performance in price versus other asset classes. Gold, however, is the only monetary asset where the ultimate value of your investment is not subject to someone’s else’s promise or ability to pay. I view gold as the ultimate insurance hedge against a government’s propensity to spend itself into insolvency and, accordingly, I believe that gold should constitute 10 to 20% of one’s core investment assets. Historically, governments have regularly and repeatedly defaulted on their sovereign debts. In every such case of default, the citizens of those nations would have been far better off holding gold rather than government paper.]]> Wed, 03 Dec 2008 13:36:12 -0500 Gold investors have been laughed at for years and there have been long periods of declines and/or under performance in price versus other asset classes. Gold, however, is the only monetary asset where the ultimate value of your investment is not subject to someone’s else’s promise or ability to pay. I view gold as the ultimate insurance hedge against a government’s propensity to spend itself into insolvency and, accordingly, I believe that gold should constitute 10 to 20% of one’s core investment assets. Historically, governments have regularly and repeatedly defaulted on their sovereign debts. In every such case of default, the citizens of those nations would have been far better off holding gold rather than government paper.]]> http://seekingalpha.com/article/107430/comments?source=feed#comment-314305 314305 I can assure you that I have nothing to do with loanmod.com
I was generally assessing what appears to be a new get rich quick business which is somewhat related to the mortgage industry, which I am involved in.
I think most readers reading my post would pick up on my general disapproval of this loan mod business, especially when I say that this field is populated with "coarse idiots"!
If you visit my site you will see that I cover a wide range of topics on the economy, mortgage industry and current financial issues.
Thanks
Bill Zielinski


On Nov 24 03:49 PM Bluesbuff wrote:

> It's a free service available to homeowners presently suffering due
> to recession and or any hardship, i.e. lost job, wages etc.. It's
> not necessary to pay, go to Hopenow.com and or Auriton.org.
>
> Obviuosly LoanMod is the poster and this is a commercial post and
> should be deleted.
>
> Hopenow had done over 1 million for free by 3/8/08, why pay a scam
> artist and possibly lose your home when the services are available
> at no charge.
>
> auriton 888-697-7980
> hopenow 202-589-2427
>
> Free support and guidance for homeowners!! Good Luck !!!
>
> Charging an upfront fee is ILLEGAL but they always have a way to
> get around it.
>
> Do your homework and DO NOT PAY A FEE for a free service.]]> Tue, 25 Nov 2008 00:43:10 -0500 I can assure you that I have nothing to do with loanmod.com
I was generally assessing what appears to be a new get rich quick business which is somewhat related to the mortgage industry, which I am involved in.
I think most readers reading my post would pick up on my general disapproval of this loan mod business, especially when I say that this field is populated with "coarse idiots"!
If you visit my site you will see that I cover a wide range of topics on the economy, mortgage industry and current financial issues.
Thanks
Bill Zielinski


On Nov 24 03:49 PM Bluesbuff wrote:

> It's a free service available to homeowners presently suffering due
> to recession and or any hardship, i.e. lost job, wages etc.. It's
> not necessary to pay, go to Hopenow.com and or Auriton.org.
>
> Obviuosly LoanMod is the poster and this is a commercial post and
> should be deleted.
>
> Hopenow had done over 1 million for free by 3/8/08, why pay a scam
> artist and possibly lose your home when the services are available
> at no charge.
>
> auriton 888-697-7980
> hopenow 202-589-2427
>
> Free support and guidance for homeowners!! Good Luck !!!
>
> Charging an upfront fee is ILLEGAL but they always have a way to
> get around it.
>
> Do your homework and DO NOT PAY A FEE for a free service.]]> http://seekingalpha.com/article/107307/comments?source=feed#comment-312597 312597 There is also a movement to change the bankruptcy laws and allow the courts to forgive mortgage debt. When you combine these factors, lending or investing in mortgages has become very high risk. To compensate properly for the higher risk, mortgage lending by private capital will either disappear or demand an appropriately high risk adjustment factored into the lending rate.]]> Sat, 22 Nov 2008 15:57:13 -0500 There is also a movement to change the bankruptcy laws and allow the courts to forgive mortgage debt. When you combine these factors, lending or investing in mortgages has become very high risk. To compensate properly for the higher risk, mortgage lending by private capital will either disappear or demand an appropriately high risk adjustment factored into the lending rate.]]> http://seekingalpha.com/article/106445/comments?source=feed#comment-312263 312263 Sat, 22 Nov 2008 00:31:25 -0500