Who You Calling a Deadbeat?
Turns out that all mortgage defaulters are not created equal.
People who have had their homes foreclosed on are typically portrayed either as budgeting dimwits or craven opportunists who just want to freeload off their hardworking neighbors. A new study from credit reporting bureau TransUnion dispels both of those stereotypes.
As reported by the San Francisco Chronicle, TransUnion ran the numbers on 129,000 people who had a mortgage 120 days past due, some of whom had defaulted on other loans or credit cards, and others who had no credit blemishes aside from the mortgage nonpayment. They controlled for credit score by matching serial defaulters and mortgage-only defaulters in a similar score range, then watched what happened when these consumers opened new lines of credit. The results? (Read about Deutsche Bank being sued for mortgage fraud)
Sorry, Rick Santelli: Not everybody in foreclosure is a deadbeat. For people who regularly paid their bills on time, failure to pay their mortgage tended to be an uncharacteristic deviation that didn’t change their future financial habits. In the case of people who regularly had trouble making payments on time, foreclosure didn’t change their habits for the better — chronic late-payers defaulted on future payments at more than twice the rate of those who didn’t have checkered payment histories.
Read more: http://moneyland.time.com/2011/06/01/who-you-calling-a-deadbeat/#ixzz1ODp5nZGu
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Banks make the homeowner a deadbeat by charging up to $300 late fee for a late payment (not even 30 days late) by forcing expensive insurance, by charging more on escrow than what it suppose to be, by implementing junk fees, by reporting late when paying mortgage on time or while you are in the famous TPP (trial period plan) then by delaying the Mod while in TPP and keep reporting late, Bankers policy: Lets turn a good citizen into a deadbeat !
This is the direct result of the deregulating of the banks which started with Ronald Reagan. They were give the keys to the candy store and the fox was guarding the door.
I am one of those people ………. It is not that I can not pay my mortgage at all … I am not a dead beat. I have been working since the age of 14 and I am still working … I WON’T PAY MY MORGAGE … and I have not since 2009. I have not been Foreclosed on and don’t ask me why. I have filed more complaints then anyone should have to in a life time. Bank of America keeps threatening me and I keep flipping them the finger of paradise. Screw them and the Aromor car they came in on. I have asked them to “Bring it On” and they won’t. i truly belive they are afraid to.
PROLLY
OMG!! Thanks Time for that vote of confidence! I am surprised your owners let you say that much in our favor. Magazine sales must be down because the american people are no longer believing the YELLOW JOURNALISM and the NAZI PROPAGANDA your owners try and shove down the throats of the American people to dumb down society. THE AMERICAN PEOPLE ARE NOT BELIEVING THE LIES WE WERE BEING SPOON FED BY THE RULING ELITE ANYMORE.THE AMERICAN PEOPLE AREN’T DRINKING THE KOOL-AID. Oh well, now we know the TRUTH about who the deadbeats are thanks to some honest americans and it is not the homeowners who are the deadbeats, It is your owners, The U.N./ New World Order..FANNIE/FREDDIE/THE BANKSTERS AND WALL STREET ARE THEIR PERPS AND THEIR PIMPS. THEY ARE HIDING IN PLAIN SIGHT NOW, THANKS TO THE TRUTH MOVEMENT SPREADING ACROSS AMERICA. NOW THE EMPEROR HAS NO CLOTHES.
I must add the Federal Reserve to that laundry list of perps and pimps.
99% of all bank foreclosures are illegal.
The banks are collecting on an “ultra Vires” contract prohibited by
Art 1 Para 10 Cl 1 of the US Constitution.
99% are illegal because they lack capacity (legal grounds by state law to sue), standing (correct party suing), the subject matter (the original unaltered note) and on and on. I have reviewed close to 700 foreclosures now, and I have not found a truly legitimate case yet, ALWAYS found fraud somewhere in the case, and nothing but hearsay from the plaintiff side. Hearsay is inadmissible in court for a reason – to prevent bad judgments.
The original mortgage agreement is a fraud. “Ultra Vires” There is no law or bank charter that allows a bank to lend their credit and then collect interest on it. IF IF IF the Courts made it mandatory that their Judges Follow the Constitution this fraud would end. The Banks and Wall Street would not allowed to run our Courts stealing properties from miliions upon million -.in the past, in the present and in the future.
Our Constitution is being trashed in the Courts by activist Judges. And all you hear the Judges complaining about is “give us more money” Those activist Judges want the Constitution to work for them but not for us. If a Judge won’t uphold there oath to uphold and defend the Constutiton – throw them out.
TIME: Not everybody in foreclosure is a deadbeat – myth
Time lacks experience in banking
JASON WERNER: Nearly all FDIC-member banks that file foreclosure commit crimes – fact
Jason Werner blows the whistle on his former banking industry per his own experience
YAY