Comments on: Bush Official: Mortgage Aid Not Working

Housing and Urban Development Secretary Admits Failure Of Efforts To Prevent Foreclosures

[wardoglrs]

Read Dr Paul''s message and you will see the facts.
Google http://www.maxkeiser.com/

[mtminds]

Just handing money out trick or treat candy to the banks backfired eh?

No terms, no conditions, no duh.

[lf1952]

All the "programs" in the world won''t change the credit scores, or the ability, of people to pay mortgages they should have known they couldn''t afford.

This is "personal responsibility" in action - if you accepted a mortgage (likely based on bad "advice" from sales people - your Realtor and Mortgage broker, I admit) you couldn''t pay, then you will lose your home. If your Realtor or mortgage broker provided you with professional advice that proved wrong - find an attorney.

My home has dropped ~$60,000 in value ( 20%), so I still owe FAR more than I borrowed, but I can keep up the payments because I calculated a budget before I accepted the loan. Should I lose my job and not find another, I will be a high risk of losing that home. That is MY problem and responsibility. NOT the taxpayer''s problem.

[brianbwb-2009]

30-year mortgages are already far out of sync with the modern US economy, the percentage of jobs that last for 30 years is almost zero, and now they want to extend it to 40?

This is total madness, a blatant attempt to interfere in the "free market" system, by preventing the price to be brought back in line with the market. It is clear that Bush wants to maintain an artificially high price for real estate, as he has for all other industries whose prices have exceeded the market''s willingness to bear.

What is needed is for a home buying boycott, until housing prices are in line with the current American''s ability to pay, take back the bailout money, let the financial services airlines, auto, insurance, and health care segments fail, and be reborn as more relevant entities.

Some entrepreneurs will instantly fill the voids created by the failure of the present business models.

[apuan777]

yvonne113
sounds to me like you didn''t pay your mortgage and they foreclosed on your house...what you explained in your text doesn''t make a bit of sense.

[scienceman1-2009]

I''m sure he or she means the loan was for lets say 30 years and they paid it off early like in 14 years - duh!

[retmilspouse]

Wow. What a story. Not sure I believe it, but I''m sure readers on this site will dig deep into this one. You have to excuse my skepticism but what do you mean by "paid for my home years in advance"? Typically most homeowners pay a mortgage for a certain number of years, and then when your balance is zero, you get the title and the house is yours. Unless you have the cash on hand to pay on the spot for it, which some people do who are selling a larger more expensive home and downsizing to say a patio home or condo. Now if the house was paid for and you did some kind of funky refinancing to get cash for your equity with an unscrupulous lender that is your fault for falling for that kind of scheme. Otherwise I am sticking to my first impression that there is more to this story than meets the eye.

[voxpopulus]

yvonne113, what are you talking about? If you had finished paying for your home outright, how did anyone else have the right to sell it?

[yvonne113]

this is a really bad situation. this is one of the problems: i paid for my home years in advance. got a notice that was never filed in any court that my home was being sold. i got a notice that was stuck on my door to leave. i had 15 days to clear this mess. no office was able to assist me and i had take these people to court and represented myself and won. dispite the judgement; the lender had no records with my name for anytypes of defaults etc.; but they had another judge sign a paper and sold my home in five minutes the same day. the commision on banking said their hands were tied and this would be a big case but there was nothing they could do at the time. meanwhile without any notice, while working, my family and i were tossed out into the streets and have no idea where our things have been dumpped. there is much more to this. But homeless without justification is very bad. there are no agencies to help people in my situation. due to no regulations. we are living without an address and no help.