Godlike Productions - Discussion Forum
Users Online Now: 1,689 (Who's On?)Visitors Today: 751,102
Pageviews Today: 1,568,844Threads Today: 625Posts Today: 14,882
10:43 PM


Rate this Thread

Absolute BS Crap Reasonable Nice Amazing
 

Starting monday FED reserve will rewrite all mortgages at new value and interest rate

 
Anonymous Coward
User ID: 609187
United States
02/06/2009 04:55 PM
Report Abusive Post
Report Copyright Violation
Starting monday FED reserve will rewrite all mortgages at new value and interest rate
Long time lurker didn't see this posted so I thought I would.

HOME LOAN ASSIST
TARP COVERS MORTGAGE
[link to www.nypost.com]
By MICHAEL GRAY



Last updated: 11:33 am
February 6, 2009
Posted: 2:04 am
February 6, 2009

A cornerstone of the economic recovery plan that President Barack Obama is expected to unveil Monday will be modifying problem mortgages, The Post has learned.

In a nod to Main Street over Wall Street, sources familiar with the plan say Treasury Secretary Tim Geithner plans to allocate almost half of the remaining $350 billion in funds from the Trouble Asset Relief Program to the so-called "Mo Mod," or mortgage modification, platform.

"Mo Mod" is an algorithmic mortgage processing program that can rewrite up to 500,000 loans a month, and will be a major part of Treasury's plan to help repair tattered bank balance sheets.

The 21-day "Mo Mod" program works by structuring a new mortgage that more accurately reflects a home's worth so that a troubled borrower no longer owes more on their home than the property is worth.
Mr. PredictorModerator
Senior Forum Moderator

User ID: 287257
United States
02/06/2009 04:57 PM

Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
Long time lurker didn't see this posted so I thought I would.

HOME LOAN ASSIST
TARP COVERS MORTGAGE
[link to www.nypost.com]
By MICHAEL GRAY



Last updated: 11:33 am
February 6, 2009
Posted: 2:04 am
February 6, 2009

A cornerstone of the economic recovery plan that President Barack Obama is expected to unveil Monday will be modifying problem mortgages, The Post has learned.

In a nod to Main Street over Wall Street, sources familiar with the plan say Treasury Secretary Tim Geithner plans to allocate almost half of the remaining $350 billion in funds from the Trouble Asset Relief Program to the so-called "Mo Mod," or mortgage modification, platform.

"Mo Mod" is an algorithmic mortgage processing program that can rewrite up to 500,000 loans a month, and will be a major part of Treasury's plan to help repair tattered bank balance sheets.

The 21-day "Mo Mod" program works by structuring a new mortgage that more accurately reflects a home's worth so that a troubled borrower no longer owes more on their home than the property is worth.
 Quoting: Anonymous Coward 609187


Mr. Obvious is famous !!!!
"If there is a new fascism, it won't come from skinheads and punks; it will come from people who eat granola and think they know how the world should be." - Brian Eno
mathetes

User ID: 514914
United States
02/06/2009 04:59 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
Hey don't get me wrong..if they want to re-write my mort. at a cheaper rate on a lower principle...great!

But it will wreck the housing market for good...what sane bank or anyone would loan someone money if the principle coyld be reduced at a latter time
For I would not, brethren, that ye should be ignorant of this mystery, lest ye should be wise in your own conceits; that blindness in part is happened to Israel, until the fulness of the Gentiles be come in.
Anonymous Coward
User ID: 584843
United States
02/06/2009 05:09 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
question here is the prices they will adjust these mortgages be fair value or will they be overinflated .

I see exactly what they are trying to do and that is make the prices stable , The problem here is the prices in just a few years went through the roof , Since 1999 by over 400% and are starting to deflate to their proper value .

And what about those of us who have always made our payments on time , Will our prices go further down as they adjust them proper

Intervention can be a good thing sometimes . However sometimes intervention is often the Catalyst for even more trouble
Anonymous Coward
User ID: 608523
United States
02/06/2009 05:13 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
How the fuck is this going to work???? I don't believe that this will stem off foreclosures or the down ward spiral of home prices...
Anonymous Coward
User ID: 588089
United States
02/06/2009 05:22 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
I hope home prices continue to spiral down, down, down.

5a
Anonymous Coward
User ID: 609263
United States
02/06/2009 07:17 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
question here is the prices they will adjust these mortgages be fair value or will they be overinflated .

I see exactly what they are trying to do and that is make the prices stable , The problem here is the prices in just a few years went through the roof , Since 1999 by over 400% and are starting to deflate to their proper value .

And what about those of us who have always made our payments on time , Will our prices go further down as they adjust them proper

Intervention can be a good thing sometimes . However sometimes intervention is often the Catalyst for even more trouble
 Quoting: Anonymous Coward 584843


Excellent question!
fnord
User ID: 448165
United States
02/06/2009 07:28 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
The only government intervention that is legal and helpful is prosecution of the criminal banklords who created this mess, including the off balance sheet derivatives mess.

Prosecute the CEO of every former investment bank in the United States. Let the juries sort them out.
Anonymous Coward
User ID: 609133
United States
02/06/2009 07:33 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
Long time lurker didn't see this posted so I thought I would.

HOME LOAN ASSIST
TARP COVERS MORTGAGE
[link to www.nypost.com]
By MICHAEL GRAY



Last updated: 11:33 am
February 6, 2009
Posted: 2:04 am
February 6, 2009

A cornerstone of the economic recovery plan that President Barack Obama is expected to unveil Monday will be modifying problem mortgages, The Post has learned.

In a nod to Main Street over Wall Street, sources familiar with the plan say Treasury Secretary Tim Geithner plans to allocate almost half of the remaining $350 billion in funds from the Trouble Asset Relief Program to the so-called "Mo Mod," or mortgage modification, platform.

"Mo Mod" is an algorithmic mortgage processing program that can rewrite up to 500,000 loans a month, and will be a major part of Treasury's plan to help repair tattered bank balance sheets.

The 21-day "Mo Mod" program works by structuring a new mortgage that more accurately reflects a home's worth so that a troubled borrower no longer owes more on their home than the property is worth.
 Quoting: Anonymous Coward 609187




The thread title is entirely misleading and does not accurately reflect the article at all. bsflag
Anonymous Coward
User ID: 575967
United States
02/06/2009 07:33 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
bsflag bsflag bsflag bsflag bsflag bsflag bsflag bsflag bsflag bsflag
Anonymous Coward
User ID: 609018
Canada
02/06/2009 07:35 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
bump
mathetes

User ID: 514914
United States
02/06/2009 07:35 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
The only government intervention that is legal and helpful is prosecution of the criminal banklords who created this mess, including the off balance sheet derivatives mess.

Prosecute the CEO of every former investment bank in the United States. Let the juries sort them out.
 Quoting: fnord 448165

Don't forget the homeowners that lied on their loans and basically everyone involved in selling a house..from the builders to the appraisers,agents etc.etc. ad nauseum
For I would not, brethren, that ye should be ignorant of this mystery, lest ye should be wise in your own conceits; that blindness in part is happened to Israel, until the fulness of the Gentiles be come in.
Anonymous Coward
User ID: 342053
United States
02/06/2009 07:38 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
How the fuck is this going to work???? I don't believe that this will stem off foreclosures or the down ward spiral of home prices...
 Quoting: Anonymous Coward 608523

That's why you don't work for the Treasury. How's about you enlighten us with what you think will work.
Anonymous Coward
User ID: 379201
Puerto Rico
02/06/2009 08:18 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
Hey don't get me wrong..if they want to re-write my mort. at a cheaper rate on a lower principle...great!

But it will wreck the housing market for good...what sane bank or anyone would loan someone money if the principle coyld be reduced at a latter time
 Quoting: mathetes

Many of those loans were deals rigged by the the banks and appraisers. The houses were overvalued so as to make the loan amount larger.

So they get what they deserve. Also, if the loan still generates a profit then it is a go, the alternative is a foreclosure with a falling market, an even worse scenario for the banks.
S.

User ID: 572425
United States
02/06/2009 08:28 PM
Report Abusive Post
Report Copyright Violation
Re: Starting monday FED reserve will rewrite all mortgages at new value and interest rate
I thought the mortgage companies and loan banks should have done this way back when...when they KNEW that the ARM's were going to kick in at higher interest rates and the housing prices were way out of line. But they thought they should get the most out of their mortgagees and maybe...just maybe...the bad stock would happen to someone else. Misery loves company I guess.

Had they done this two years ago, we'd not be in this mess now. But they were greedy and stubborn. Guess where that got them?

Sheesh!

BTW...I paid my home off. Should I request a refund based on its lowered value now? It's a never-ending FAIL, but you know....they DO have to do something! I agree this is the way to go, with the caveat that there are stricter regulations in place, and honest appraisers, too.
No matter how many cookies you consult, you will find that love is our greatest fortune. ~ Leigh Standley





GLP