Comments on: AARP REPORT | Nightmare on Main Street: Older Americans and the Mortgage Market Crisis https://4closurefraud.org/2012/07/19/aarp-report-nightmare-on-main-street-older-americans-and-the-mortgage-market-crisis/ - Fighting Foreclosure Fraud BY SHARING THE KNOWLEDGE Thu, 19 Jul 2012 20:02:30 +0000 hourly 1 https://wordpress.org/?v=7.0.1 By: JS https://4closurefraud.org/2012/07/19/aarp-report-nightmare-on-main-street-older-americans-and-the-mortgage-market-crisis/#comment-394018 Thu, 19 Jul 2012 20:02:30 +0000 https://4closurefraud.org/?p=49814#comment-394018 Senior homeowners are at additional risk, because they often have sizeable equity in their homes, having bought them years ago, and paid into their mortgages for years. The FDIC HAMP guideline, in somewhat cryptic language, mandates that homeowners with substantial equity be excluded. Specifically HAMP mandates that the cash flow from a loan modification must be better (for the investor in the mortgage, not the homeowner), than the cash flow from foreclosure. The cash flow foreclosing on a homeowner with equity is great, since the banks can tap into that equity, assess all sorts of fees and penalties, and end up with a tidy profit!

This was not the case, under similar circumstances in the 1930’s, when the government’s Home Owners Loan Corporation included those with equity, and, as one would expect, those with equity were the least likely to re-default.

]]> By: lies is all they tell https://4closurefraud.org/2012/07/19/aarp-report-nightmare-on-main-street-older-americans-and-the-mortgage-market-crisis/#comment-393947 Thu, 19 Jul 2012 16:43:29 +0000 https://4closurefraud.org/?p=49814#comment-393947 Can you please send this to the rolling stone!!!! and 60 minutes. they have scammed all of us
we were the ones who were in our house 10-20 years. either refied or moved. we stimulated the economy by moving and builging new houses. only to find out we were duped into these loans and into foreclosure. we were give stated income loans although we were working?????, induced into default , dual tracked into foreclosure by losing our paper work for modifications and losing our files. Appraisal fraud was rampant. how could they do this to this group of hard working individuals and then take away all our jobs when you have to work to eat and drive a car. with no jobs now 1 in 7 americans are on food stamps. when will someone come to our rescue and stop thes fraudulent foreclosures and give us back our jobs. its is very demeaning for my husband a 53 yr old man who has worked in manufacturing since 23 not to beable to find work. unemployed for 1 year!! it seems no one will hire him and train him. its seems every one wants the person already with the experience. but with hundreds of different manufacting plants in american how do you have all the experience a company wants. no one willing to train anymore. please pass this report on. we are the generation that needs help desparately. our children need stability as they enter high school and college.

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