Comments on: Bailout Fatigue Sets In

By: heat_shrink_wire

heat_shrink_wire — Wed, 07 Oct 2009 13:58:09 +0000

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By: gochi

gochi — Sat, 17 Jan 2009 15:57:05 +0000

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By: gochi

gochi — Sat, 17 Jan 2009 07:57:05 +0000

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By: Keller Williams Realty

Keller Williams Realty — Wed, 07 Jan 2009 14:43:53 +0000

I think one of the main concerns among the “average” homeowner (i.e. – mortgagor) is that all of the attention is being paid to those who are behind on payments already and who, frankly, probably made very bad choices in the first place regarding which mortgage loan to obtain and how much house they could afford. For those struggling, but always making sure to pay their bills (and mortgage) on time, this is just cause for teeth-gnashing and hand-wringing. To use politically-charged language, it's basically “homeowner welfare” in that it only helps those who may be beyond help while ignoring those who are doing their very best to be “good citizens” (at the risk of sounding overly trite). I personally don't take issue with helping people behind on payments, but I do think that those who are *likely* to receive help now and still default in the future represent, quite frankly, wasted federal dollars. Give the money to those making a good-faith effort to make their payments — that's who should receive aid. Alas, accountability (whether personal, professional or political) is not a real popular concept in this country.

By: zhang

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By: asl

asl — Tue, 09 Dec 2008 18:30:40 +0000

Everyone pays for foreclosures. The path from the front steps of Angulo’s former townhouse in the working-class complex of Georgetown South in suburban Virginia winds up leading directly to a diminishing 401 (k) plan. A foreclosed house in a neighborhood becomes the cause of that community’s collapsing home values.

Home values don't drop because of foreclosures; they drop because they're too high. I'm all for helping people like Argulo out. The video of his foreclosure was the most painful thing I'd watched for a long time. And if loan modification would have saved him, I'm all for it. But the thought that it would help stabilize home prices for the neighborhood is false.

Prices will only stabilize when income-to-mortgage payment and rent-to-purchase ratios are acceptable. There are so many reasons loan modifications will only be partially successful, many of which you've covered. Layoffs continue at still unexpectedly high levels and it remains to be seen if loan servicers are up to the task. But the biggest reason is that too many people are so far upside down, that loan modifications won't be close to enough. I suspect Angulo would not have been helped by one.