Comments on: Obama Drops The Ball On Bankruptcy Mortgage Reform; Could Prolong Real Estate Meltdown

By: Joel

Joel — Sat, 21 Nov 2009 22:33:31 +0000

“our current real estate mess is not likely to get repaired without courts being given the power to change the terms of a mortgage if lending institutions balk at doing so.

That’s the reality…deal with it, folks.”

Do you have anything to back up this outlandish statement of yours?

By: james

james — Tue, 09 Jun 2009 03:58:48 +0000

We need BK Cramdown

By: ann brewer

ann brewer — Wed, 27 May 2009 22:40:11 +0000

I don’t agree there is more to this than meets the eye. There are alot of people out there who has paid for their home. The mortgage companies and it’s servicers have committed fraud. People need to look at their statements and make sure that they were not forced into foreclosure for the servicer not applying payments properly.Take a long hard lokk at your mortgage ask for the note. Mortgage companies are required to pay your loan according to the requirements of the mortgage.With that being said they must pay interest first, princepal next, so on and so forth..So when U make a payment in full it must be applied according to an order stupilated by ur mortgage or loan. when they take any money and apply it to anything else they have a major violation of a contract….

By: michelle

michelle — Thu, 14 May 2009 07:25:14 +0000

To me it’s a combination of borrower’s and lenders. The borrower’s are strapped and some need a way out, but they don’t have the income, equity, credit or any combination to get a new loan to give them some relief. Throw into the mix that banks are holding money to make their balance sheets look good, they are raising credit scores to qualify, underwriting guidelines seem to change everyday, the mortgage programs get pulled, then they’re offered, it’s hard to keep track. Most the broker’s I know are putting people through FHA, now getting those loans through is a lenghtly process as everyone seems to be doing the same thing.

By: Chris Somers

Chris Somers — Wed, 06 May 2009 12:26:21 +0000

I was also surprised to learn of this a few days ago. It does not seem in-line with the goals of getting out of a recession and decreasing the number of foreclosures. Even with this, I do think that the "bottom" of the housing market will be here before expect it. Things are already starting to turn around in many states. However, there still is the risk that there could be a blip of activity and then things slow down again as well. Chris Somers’s last blog post: Another successful Northern Liberties settlement !