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Ginger

Something good from the Indy Mac takeover?

The FDIC has suspended foreclosures to try to work out arrangement with good faith borrowers.
Cristi:

The only problem is that there are still loans outstanding (held by other companies) that aren't being renegotiated even though it's in everybody's (bank, consumer, investors) interest to do so. Hopefully the IndyMac collapse spurs more aggressive action on this front.

Ginger:

Thank you for your input. I also would like to see fewer families losing their homes.

.......:

Ask Senator Charles Schumer of NY. He triggered the run on this bank with his fear mongering.

Ginger:

Thank you for your response.

.......:

http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html
One of many stories about this situation created by Schumer.

Brian P. O'Gorman:

There's nothing good about it. Business should be allowed to succeed or fail. Just as people should be. Government should stay out of the way.

Ginger:

So, you do not think that these people shouls have a chance to save their homes?

.......:

If they can't make the payments or arrange another source of financing -- no. Both sides gambled. If you fall behind in car payments, does the loan office let you slide? They give you some slack, and then the car is gone. Sub prime is a self made mess and needs to straighten itself out. Many of the houses were spec houses, bought by buyers seeking to flip them for profits. And many were bought without reading the fine print on their contracts or understanding ARMs. They were in over their heads from day one. The companies that rolled the dice need to be weeded out.

Ginger:

Several mortgages have been renegotiated whereby the owners get to keep their homes and the lender takes less of a loss than going through foreclosure. That is a win-win.

You seem to be very anxious to throw people into the streests.

.......:

Far from anxious. I mentioned getting a refi -- if possible. If someone can't afford to make the payment and they are upside down, they need to face reality and get out of the loan and the property and allow the legal owner to try to secure a new buyer. As to win-win, that can occur if they can handle the payments and find another loan. But if they can't the investors lose. It's business and basic economics. If you miss your credit card payment, don't you get dinged for a late fee and 21% interest? It was part of the deal when you signed up for the card. That's the way it works.

Ginger:

Refinancing is exactly what the FDIC is going to be working on. Keep the family in their home, and cut loses for the lender.

.......:

It's not always possible. And foreclosure isn't a fast process. The buyer has plenty of time to get their ducks in a row. Why should we, the taxpayer, pay for a house the buyer can't afford? If they haven't been able to do so in the time legally alloted by the lender, then what?

Brian P. O'Gorman:

Ginger: These people had a chance to save their homes. Banks don't actually go into foreclosure proceedings and kick people out until months and months of nonpayment. How far in arears should they be allowed? If you had a rental and depened on that payement and the renter was a month late what would you do? This supposed crisis is really just about a bunch of people who made stupid decisions. Which of my stupid decisions are you willing to bale me out of?

Thanks pb-bb... what 's that mean anyway?

Ginger:

Nobody said always! Let's save some if we can. Some homes for people. Some money for the FDIC (our money). Do you have something against people or saving money?

Ginger:

Bazookajoe, if I could save moey by bailing you out, I would do it.

Brian P. O'Gorman:

Thanks. That's nice of you.

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