On Fri, Oct 3, 2008 at 2:21 PM, Kristyne McDaniel <[EMAIL PROTECTED]> wrote: > Stephen, > >> Now the deed holder is just screwed. >> >> So do we falsify the overall VALE of property so the current owners >> will feel comfortable? How the heck do you do that? >> >> I see this continuing for the next 5+ years. It is only going to get >> worse. Lenders will not want to get hammered because the buyers get >> remorse 1,2,3 years into the future. > > I see it this way. > > 1) The deed holder can still get the property back > 2) The land still has value -- probably the value it had about 2-3 years ago > 3) Homes should be purchased to LIVE in, and not for investment > 4) Most homeowners won't walk away from upside down loans if terms are > changed so they can stay in their homes -----------------------------------------------------------------------
I agree with 1 -> 3. Let's work with #4. What terms should be changed? If your Credit is great what should happen. What if your credit is what I call class C or D paper? Where you were given the loan, but your interest rate was higher because of the RISK the LENDER is holding should be rewarded? Some Credit Cards can charge 19% to a high of 36% depending on who you are. So you feel fine by trashing all the companies that exteneded the credit in the first place? 1) Reset the Real Estate value to Jan 2006 values. 2) ReWrite all loans with a % rate of 6.5% Do you force the owners to lose 100 of their equity or do we really screw with the credit industry and give the owner that back as well? Why should the home owners get saved like this by the government? Did anyone learn anything other then a poor decision will be protected by the government. Second were does all the $$$$ come from to pay off the Credit Companies? Do we just print a lot more? -- Stephen Russell Sr. Production Systems Programmer Mimeo.com Memphis TN 901.246-0159 _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
