Comments on: The Irresponsible Home Buyers’ Amendment http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/ news and commentary from a conservative perspective Tue, 14 Feb 2012 07:26:30 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Michelle Malkin » Democrats reverse Obama on auto dealerships http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-748937 Michelle Malkin » Democrats reverse Obama on auto dealerships Mon, 20 Jul 2009 15:37:24 +0000 http://michellemalkin.com/?p=21149#comment-748937 [...] Funny, Democrats had no problem advocating radical intervention in closed judicial bankrupty proceedings before. [...] [...] Funny, Democrats had no problem advocating radical intervention in closed judicial bankrupty proceedings before. [...]

]]> By: Michelle Malkin » Questions & answers and more questions about O’s massive mortgage entitelement http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-625742 Michelle Malkin » Questions & answers and more questions about O’s massive mortgage entitelement Wed, 18 Feb 2009 16:32:22 +0000 http://michellemalkin.com/?p=21149#comment-625742 [...] of Home Mortgages During Bankruptcy for Borrowers Who Have Run Out of Options” (pushed by Dodd and the Dems for more than a year [...] [...] of Home Mortgages During Bankruptcy for Borrowers Who Have Run Out of Options” (pushed by Dodd and the Dems for more than a year [...]

]]> By: The Irresponsible Home Buyers’ Amendment « Top Daily Digest Reading http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-608920 The Irresponsible Home Buyers’ Amendment « Top Daily Digest Reading Mon, 02 Feb 2009 12:25:26 +0000 http://michellemalkin.com/?p=21149#comment-608920 [...] Interesting? Proceed here. [...] [...] Interesting? Proceed here. [...]

]]> By: robert537 http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-588257 robert537 Sun, 11 Jan 2009 03:18:37 +0000 http://michellemalkin.com/?p=21149#comment-588257 <em>Bankruptcies should be banned.</em> That's a dumb idea. There are legitimate circumstances for bankruptcy. The interest on a loan prices (or, at least it used to) the risk inherent making a loan. As far as bankruptcy judges rewriting mortgages... is there some reason that lenders can't do this? Given the surplus of foreclosed and abandoned properties in some areas, I would think that lenders would be willing to work with borrowers to prevent default. But that's probably only true if there's no gubmint bailout in the winds. Bankruptcies should be banned.

That’s a dumb idea. There are legitimate circumstances for bankruptcy. The interest on a loan prices (or, at least it used to) the risk inherent making a loan.

As far as bankruptcy judges rewriting mortgages… is there some reason that lenders can’t do this? Given the surplus of foreclosed and abandoned properties in some areas, I would think that lenders would be willing to work with borrowers to prevent default. But that’s probably only true if there’s no gubmint bailout in the winds.

]]> By: vargas http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-588223 vargas Sat, 10 Jan 2009 22:21:06 +0000 http://michellemalkin.com/?p=21149#comment-588223 25: So, we're advocating indentured servitude again? Pretty sure your suggestion went out of style by the time the 20th century rolled around. 25:
So, we’re advocating indentured servitude again? Pretty sure your suggestion went out of style by the time the 20th century rolled around.

]]> By: ButAsForMe! » The Irresponsible Home Buyers’ Amendment http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-588062 ButAsForMe! » The Irresponsible Home Buyers’ Amendment Sat, 10 Jan 2009 12:31:34 +0000 http://michellemalkin.com/?p=21149#comment-588062 [...] The Irresponsible Home Buyers’ Amendment Quick Read: [...] [...] The Irresponsible Home Buyers’ Amendment Quick Read: [...]

]]> By: Chief RZ http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-587854 Chief RZ Sat, 10 Jan 2009 00:02:39 +0000 http://michellemalkin.com/?p=21149#comment-587854 Stealing from the honest to give to the dishonest. Stealing from the honest to give to the dishonest.

]]> By: usa_usa http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-587800 usa_usa Fri, 09 Jan 2009 22:35:11 +0000 http://michellemalkin.com/?p=21149#comment-587800 Bankruptcies should be banned. If you can't pay your debts, lose all your assets and serve the lender until the debt is paid. Bankruptcies should be banned. If you can’t pay your debts, lose all your assets and serve the lender until the debt is paid.

]]> By: jsmiddleton4 http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-587703 jsmiddleton4 Fri, 09 Jan 2009 20:39:18 +0000 http://michellemalkin.com/?p=21149#comment-587703 ALC, Thanks but the problem is my income is half of what it used to be and will be for a few months. I don't need to refinance, I need a small break for about 4 months. It is as others have reported. The mortgage folks have told me to stop paying for 3 months, THEN they can help. For folks who want to pay but just need a bit of a break there is no help. ALC,

Thanks but the problem is my income is half of what it used to be and will be for a few months. I don’t need to refinance, I need a small break for about 4 months.

It is as others have reported. The mortgage folks have told me to stop paying for 3 months, THEN they can help. For folks who want to pay but just need a bit of a break there is no help.

]]> By: vargas http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-587519 vargas Fri, 09 Jan 2009 17:46:48 +0000 http://michellemalkin.com/?p=21149#comment-587519 I think this actually is something that has been a long time coming. Bankruptcy in the US is designed to allow people/companies to readjust their debt and ideally come back as a productive member of society--this is why US bankruptcy is much more forgiving than bankruptcy in many other countries, and why it is far more common in the US. It doesn't make much sense to let bankruptcy judges alter other debt but not allow them to adjust mortgage debt, which usually will be the largest single source of debt. It's certainly debatable whether our emphasis on 'productive' bankruptcy is preferable as an initial matter, as an overall policy decision. But since that is the current emphasis, this change seems to make sense. I think this actually is something that has been a long time coming. Bankruptcy in the US is designed to allow people/companies to readjust their debt and ideally come back as a productive member of society–this is why US bankruptcy is much more forgiving than bankruptcy in many other countries, and why it is far more common in the US. It doesn’t make much sense to let bankruptcy judges alter other debt but not allow them to adjust mortgage debt, which usually will be the largest single source of debt.
It’s certainly debatable whether our emphasis on ‘productive’ bankruptcy is preferable as an initial matter, as an overall policy decision. But since that is the current emphasis, this change seems to make sense.

]]> By: ALC http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-587490 ALC Fri, 09 Jan 2009 17:29:33 +0000 http://michellemalkin.com/?p=21149#comment-587490 I just downloaded Suze Orman's FREE book about Suze Orman's 2009 Action Plan. It looks like it might be good information about mortgage-modification options, debt, and personal finance. It's not a very long download for dial up 1.23mb. This offer is good until Jan. 15, 2009. http://www.oprah.com/article/oprahshow/20081119_tows_bookdownload I just downloaded Suze Orman’s FREE book about Suze Orman’s 2009 Action Plan. It looks like it might be good information about mortgage-modification options, debt, and personal finance. It’s not a very long download for dial up 1.23mb. This offer is good until Jan. 15, 2009.
http://www.oprah.com/article/oprahshow/20081119_tows_bookdownload

]]> By: Perfesser http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-587417 Perfesser Fri, 09 Jan 2009 16:38:03 +0000 http://michellemalkin.com/?p=21149#comment-587417 The Mortgage Bankers Association expressed concern (Inman News 09/25/07) that this would make it harder to securitize loans. In other words, the only source for funding home loans would be the Fed Gov't. There was also an estimate (still searching for source) that interest rates would carry a 2% premium - the pricing adjust Michelle mentioned. That's the equivalent of a 20% increase in home price. For example, say at 6% interest a home buyer qualifies for a $100,000 loan. If the interest rate goes up to 8% the payments increase so much the same homebuyer can only afford (or qualify) for $80,000. The Mortgage Bankers Association expressed concern (Inman News 09/25/07) that this would make it harder to securitize loans. In other words, the only source for funding home loans would be the Fed Gov’t.

There was also an estimate (still searching for source) that interest rates would carry a 2% premium – the pricing adjust Michelle mentioned.

That’s the equivalent of a 20% increase in home price. For example, say at 6% interest a home buyer qualifies for a $100,000 loan. If the interest rate goes up to 8% the payments increase so much the same homebuyer can only afford (or qualify) for $80,000.

]]> By: ALC http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-587416 ALC Fri, 09 Jan 2009 16:37:18 +0000 http://michellemalkin.com/?p=21149#comment-587416 jsmiddleton4; What you can do is go to another bank or FHA and refinance your home. If they won't do it then try your insurance company. If they won't do it and you are in a Union ask them, if you are a veteran then there is no problem of getting a refinance of your home for less payments. Negotiate for NO closing cost. They will do it. There's no reason for you to stay with GMAC. Go to another lender. Find out how much payment you can safely make and know you can make no matter what and ask them if there is any way to refinance your home for that amount. If not then your next best bet is to look for a home you can make that type of payment and sell the one you have. Remember, things always change and after you get back on your feet again you can go back and get an even better, newer and better finance home than you have now. Good Luck. jsmiddleton4; What you can do is go to another bank or FHA and refinance your home. If they won’t do it then try your insurance company. If they won’t do it and you are in a Union ask them, if you are a veteran then there is no problem of getting a refinance of your home for less payments. Negotiate for NO closing cost. They will do it. There’s no reason for you to stay with GMAC. Go to another lender. Find out how much payment you can safely make and know you can make no matter what and ask them if there is any way to refinance your home for that amount. If not then your next best bet is to look for a home you can make that type of payment and sell the one you have. Remember, things always change and after you get back on your feet again you can go back and get an even better, newer and better finance home than you have now. Good Luck.

]]> By: walterc http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-587271 walterc Fri, 09 Jan 2009 15:05:24 +0000 http://michellemalkin.com/?p=21149#comment-587271 Since I bought a house I can afford I guess I'm stuck in the responsible column. Although I am refinancing to knock a point and a half off my rate. The real downside I see for me (other than my taxes going up) is that I'm not a bankruptcy attorney. Those guys must be thinking KA-CHING!!!! Now that people can get part of their house paid off by filing BK, they'll be filing in droves. Since I bought a house I can afford I guess I’m stuck in the responsible column. Although I am refinancing to knock a point and a half off my rate.

The real downside I see for me (other than my taxes going up) is that I’m not a bankruptcy attorney. Those guys must be thinking KA-CHING!!!! Now that people can get part of their house paid off by filing BK, they’ll be filing in droves.

]]> By: Michelle Malkin » Letter of the morning http://michellemalkin.com/2009/01/08/the-irresponsible-home-buyers-amendment/comment-page-1/#comment-587255 Michelle Malkin » Letter of the morning Fri, 09 Jan 2009 14:55:26 +0000 http://michellemalkin.com/?p=21149#comment-587255 [...] S. e-mailed in response to my post last night on the Irresponsible Home Buyers’ Amendment and my observation, repeated throughout the year, that the government is telling borrowers who pay [...] [...] S. e-mailed in response to my post last night on the Irresponsible Home Buyers’ Amendment and my observation, repeated throughout the year, that the government is telling borrowers who pay [...]

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