Comments on: Barack Obama’s Unveils Details of “Making Home Affordable” program AKA Let’s Rob The Rich To Pay The Lazy… http://www.puma08.com/2009/03/04/barack-obamas-unveils-details-of-making-home-affordable-program-aka-lets-rob-the-rich-to-pay-the-lazy/ Party Unity My A... Thu, 24 Sep 2009 04:17:16 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Sheryl http://www.puma08.com/2009/03/04/barack-obamas-unveils-details-of-making-home-affordable-program-aka-lets-rob-the-rich-to-pay-the-lazy/comment-page-1/#comment-8397 Sheryl Thu, 05 Mar 2009 06:28:08 +0000 http://www.puma08.com/?p=1687#comment-8397 Great job PUMA pundit. Good analogy. I have worked in the mtg. industry for years, and I guarantee you the government guidelines are a 5 inch binder full. Lenders at some point will have to fight back, I am not sure when or if that will ever come to light. The government and media have done a fine job of placing the blame solely on them. We were regulated to do those loans by the government. period. One other main issue, is that this will bring on a whole new set of problems. There are many homeowners out there that are current on their mtgs. but struggling financially to stay that way. Have had job losses, lived off unemployment and then savings they had in reserves. These borrowers cannot get help. These people are pissed off, and have been for months as they are attempting to get short term assistance. These individuals in most cases were not overextended. Lenders cannot help these people and who we should be assisting if anybody. The individuals that are behind in their mtgs. (not all)will probably walk away from their home at a later date. SIVA loans (stated income, verified assets) are no longer available. These loans have been misrepresented in the media, and were primarily for the self employed borrower. Self employed borrowers have income that differs monthly, so stated and verified assets were used. These borrowers cannot purchase currently., and in most cases have the ability to pay. Also, take it from me... Most individuals that are losing their homes, have refinanced many times and taken cash out. They wanted the ARM rate no matter what you told them. They had played the game of refinance for so long until it was all played out, now they will get principle and interest reductions. Great job PUMA pundit. Good analogy. I have worked in the mtg. industry for years, and I guarantee you the government guidelines are a 5 inch binder full. Lenders at some point will have to fight back, I am not sure when or if that will ever come to light. The government and media have done a fine job of placing the blame solely on them.

We were regulated to do those loans by the government. period.

One other main issue, is that this will bring on a whole new set of problems. There are many homeowners out there that are current on their mtgs. but struggling financially to stay that way. Have had job losses, lived off unemployment and then savings they had in reserves. These borrowers cannot get help. These people are pissed off, and have been for months as they are attempting to get short term assistance. These individuals in most cases were not overextended. Lenders cannot help these people and who we should be assisting if anybody. The individuals that are behind in their mtgs. (not all)will probably walk away from their home at a later date.

SIVA loans (stated income, verified assets) are no longer available. These loans have been misrepresented in the media, and were primarily for the self employed borrower. Self employed borrowers have income that differs monthly, so stated and verified assets were used. These borrowers cannot purchase currently., and in most cases have the ability to pay. Also, take it from me… Most individuals that are losing their homes, have refinanced many times and taken cash out. They wanted the ARM rate no matter what you told them. They had played the game of refinance for so long until it was all played out, now they will get principle and interest reductions.

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