Comments on: House Of Cards: The Mortgage Mess

60 Minutes Reports On How The Subprime Loan Crisis Is Shaking Markets Worldwide

[srfnusa]

CONT...... FROM MATT & STEPHANIE

If you think the show was word for word what we said, your sadly mistaken!! We don''t blame ANYONE for the position we are in!! We don''t blame the broker, the realtor that sold the home to us, the lender....we just needed to know how we could do this without ruining our credit, because I''ve always had a very high fico score and did not want to lose that. We don''t blame anyone for what they are saying about us because again, the show was so cropped that our true story did not come across. We just want everyone to know that we DO NOT recommend walking away from your home because it will do more than affect your credit, you may also be liable for excess attorney fees, foreclosure fees, the deficieny balance, etc. What we DO recommend is trying to work with your mortgage company. After we filmed the show we were actually approved for a short sale by our mortgage company which we are in the process of now. In closing I would just like to add that sixty minutes approached us saying they thought our "good outlook" on things would help other people in our situation. We did not know that we would be representing people in our position, in a matter of two sentences. I also did not know that it was going to appear that Steve was going to play against us when all was said and done.....wish I would''ve been the editor/producer.

[srfnusa]

CONT.... At the time we filmed the show, our mortgage company would not speak with us as they said we were not past due and they couldnt do anything for us. We knew we could not put the home for sell because it would not sell for what we owe and we can''t afford to pay the defiency balance, if it were to sell for less. THAT WAS WHY WE WENT ON THE SHOW!!! WE WERE LOOKING FOR ADVICE AND THE ONLY CRAPPY ADVICE WE GOT WAS TO WALK AWAY...AND WE WEREN''T SATISFIED WITH THAT ADVICE.

[srfnusa]

CONT...MATT & STEPHANIE VALDEZ

We bought the home hoping to stay here for 10+ years, so when we bought it to be honest, we didn''t care how much it was going to be worth, we only cared that it was OUR HOME. CONT...........

[srfnusa]

CONT FROM ABOVE.....Plus we have been homeowners for the past 10 years, so we know how to be responsible. We don''t have new cars, we don''t have car payments, we don''t have credit card bills, we NEVER refinanced and took money out....we are very conservative people, not living beyond our means. However, I did in fact get laid off for six monthes after we bought the house, and this changed everything! Then when I found a job, I did in fact take a $3.00 pay cut unfortunately. Which is when we realized, we needed to sell our home but we couldn''t because it was already worth less than we paid.

[srfnusa]

STATEMENT FROM MATT & STEPHANIE VALDEZ

At the time the show was taped, we stated to sixty minutes that "we could afford the payment of $3200.00 however that we would be completely strapped for money; unable to afford gas, groceries, etc.". The point we were trying to make was that we did NOT wish to walk from the property or go thru foreclosure but that we needed to get out of the home as we could not be strapped any longer. We were looking for other options, and the only advice we were given was to "walk away", which we were not satisfied with. When we bought, we thought we bought at the right time but now found that we obviously didn''t. However, we bought the cheapest 3 bedroom (NOT 2 bedroom as the show stated) that we could find at the time.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[brandon059]

I call shenanigans on 60 minutes. I know these people personally and the show did not get their point across the way they intended. The entire interview was about two hours long and their point was not to legitimize "walking away" but to find help and do what they could to keep their home. This wasn''t some quick scheme to cheat the system, they had done their research with brokers and real estate agents and this was a process that was drawn out through the market drop. Their own servicing company would not speak about alternative options (such as short sale), until they were past due. This backed them into a corner and were only given the option to "back out". With such a deep subject, how can anybody get their point across in two sentences? Matt and Stephanie deeply regret sitting down with Steve from 60 minutes because they feel they have let down the population of homeowners in their position that they represent.

[jdardon-2009]

The real problem started when brokers got loans for people that they knew they could afford. thier SKum bags. I have talked to several brokers and they all said the same thing, "I got paid for it". If their is anyone to blame its them. People should go hunt them down and ask them why they gave them this and why didn''t you explain this to me.

[stinkypits55]

Many of these comments make it appear that we''re a nation of ignorant victims.

As for Matt and Stephanie Valdez knowing exactly what they were doing...was it in their plans to breach a contract if the value of their house was to decrease? Hopefully they won''t walk away and continue to show some responsibility given they knew exactly what they were doing.

[smoceri-2009]

60 munites failed to conect the last dot. The main vilian in this mess is Wall Street. I was in the sub-prime mortgage industry for 14 years. If Wall street did not approve the guidelines for the mortgage, we (the lenders) could not sell the loans to the secondary market (Wall Street). Wall street lowered the guidelines to make more borrowers in homes.
As it is always said, "follow the money and you will find the vilain".

[davidwoods65]

Foreclosure Mess;
"Why did this happen?", is asked; I don''t think a lot of people want the answers. As a victim of what has happened with the automobile ind. in Ca, where the laws have allowed private businesses to profit from the loss of personal property, I have to comment about the foreclosure crisis. This seems to me to have grown from the lessons learned in the automobile industry. Sell it reposess it and resell it.
How do the finance companies benefit? What happens to the money previosly paid before the loss of the property? Isn''t the property going to be financed again? What about the insurance companies? With the loss of ownership, aren''t they guaranteed not to have to pay claim on any of the policies that fees have been paid prior to any loans approval? There is a new twist in the housing industry though, form a contract that will guarantee that payments will increase in such a way as to double or even triple. I''m not a finance wizard, but would any person knowingly agree to that type of business arrangement?
Some where in the Idea of the ''American dream'' home ownership ranks with a ''better future for our children.'' I wont believe the average Joe wanting to provide a house for his family can be blamed for this mess. D Woods, Stockton,Ca