Hills Bills
Hillary Clinton still has $5.9 million in campaign debt remaining. She excused her own $13.2 million she loaned her own campaign. Campaign finance laws prohibit her from actively soliciting contributions now that she is SOS. Lesson to be learned: When your campaign is out of money, time to stop spending!
Banks Tank
Six banks have gone belly up in 2009. SIX !
Outbreak of Innocent Errors
New Trend?
Congresswoman Marcy Kaptur really IS working for the people. Encouraging her constituents to stay put in their foreclosed homes, unless & until they have proper legal representation. They have the integrity to call the financial situation what it is- a depression in Toledo Ohio.
Right on Congresswoman! A hat tip to you.
So there you have it~ a quickie reality check. Thanks for visiting!
9 comments:
The laws must be different in OH.
A few yrs ago, my sister was evicted after 90-days of non-mortgage pymt. They added so many late fees & charges, that what she did pay ea month didn't even cover those charges. The method of eviction was a federal marshall showing up at her door and giving her exactly 30-minutes to clear out. At the end of 30-minutes, he slapped huge padlocks & chains on the doors; he then taped the windows with notices that to enter was a felony offense. Only after the mortgage holder listed the home officially for sale was she allowed a day to come back & retrieve all her furniture and stuff. Yes there were many notices & threats before this happened, time for her to understand what her options were -- but in the end, it was a very impersonal process designed to keep a law-abiding person powerless under the weight of the law.
Now this was years before the current mortgage crisis, but it is the situation I've been envisioning happening to these poor foreclosed people. So I say, Bravo, Rep Kaptur! I hope her idea spreads ...
And if the homeowners were allowed to stay at their original subprime mortgage rate for a few more years (underwritten by TARP), that would preclude most of the current foreclosures.
I think we are not in Kansas anymore Toto!
There have been so many foreclosures (they mentioned 4000 in Toledo in 2008 alone), that the game rules are changing. Obviously the mortgage payments of these people nearly doubled, and they could not pay. Would it be better for the banks to let them stay @ a lower rate & still make interest on the loan? When there is this deluge of foreclosures?
Hell Yes.
The lenders may have to make their profits over a longer period of time, but the key words are *making profits*.
Its their fault they put out sub prime junk mortgages in the first place. Any cash flow is better than NO cash flow.
But because banks passed around their notes in a pool of junk mortgages, they don;t even have their legal stuff together.
I always thought foreclosures happened the way you described, an office of the law basically telling you to get out of be arrested, NOW.
Kaptur is saying, to demand back the proper legal docs and essentially, push back. Insist on a renegotiation of terms meeting first.
I take it that would be earlier in the process.
If a mortgage payer has an excellent history of paying on time, they should now be given the option to re do the mortgage loan.
The lender will still be making money. Maybe not hand over fist as the original loan was written, but lenders will have to adjust.
I like her idea of fighting back.
Do the legal stalling.
Don't let them bulldoze your ability to have a roof over your head.
Sadly this one is another one of those health related things- the husband became ill.
Medical bankruptcy in the USA?
This field may be a hot one for up & coming lawyers.
If the economy continues to plummet, the government is going to have to step in & find a way to let people keep their homes.
It sounds like she is suggesting a deed in lieu of foreclosure almost. Except usually once you did that you gave up the house. But if the banks would allow you to stay and you could pay something to them then it would work to everyone's benefit. I don't see why not. Better than the houses sitting empty and people not having roofs over their head. Especially in the dead of winter.
Congresswoman Kaptur is making the point that homeowners need proper legal representation, and she is not letting the bank bailout money recipient's off the hook either.
Most homeowner's feel intimidated by the big bad bank, and probably some do not know they have some legal rights and entitlements .
I suspect all this talk about creating a "bad bank" one that takes all the junk & little or no liquidity loans & such out there may be the one that winds up being the entity that salvages the sub prime mortgages. Or they will have to mandate, (which should have been in place, the moment any taxpayer money was given out), bailout banks MUST redo subprime mortgages for those who made regular payments prior to the balloon or variable rates made them unaffordable & triggered the foreclosure.
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