Comments on: New Down Payment Rules Are at Heart of Mortgage Debate

By: Joanie908

Joanie908 — Sat, 27 Apr 2013 01:28:47 +0000

We had 30% down——220,000. We lost that $220,000 and our remaining life savings of $100,00 by trying to keep up the payments after I became permanently disabled & on Medicare and SSDI. We informed the bank, when we had 1 1/2 years before we ran out of savings—asking for a modification. 4 1/2 years later, runaround, no answers, chasing people at the bank, declaring Bankruptcy–ch. 7. No more money— lost my health, our home, our lives’ savings, our sanity. BUT THE BANK SHORTSALED THE HOME FOR MORE MANY THEN WE OWED AT THE TIME THAT WE NO LONGER COULD PAY !!!!! If they had modified 4 years earlier, we would still have everything. Instead, some other ass has our home for $200,000 less and the home. Why didn’t SUNTRUST MTG. just agree to remold iffy at the appropriate rate which allowed us affordability??????

This issue has nothing really to do with down payment!!!!! It is the selfish and idiotic banks, starting with the OCC AND THE FED RESERVE.

WE HOPE ELIZABETH WARREN, SENATOR nails all of those white collared criminals. Independent foreclosure review a joke$2,000! The Fed Reserve & OCC couldn’t even place us in the correct payable category….violation of foreclosure collections during BK.

I AM DISGUSTED AFTER WORKING 27 years, disabled and losing it all. The banks & regulators are not accounts ble. I have written proof. I filed official complaints– the Fed Reserve responded with info available on its website. They did not answer my questions. And the OCC —- laughable sent me a letter stating that they are not involved in the INDEPENDENT FORECLOSURE REVIEW. At this point We contacted our Senators and Senator’s Warren office
To file a complaint , since she heads the committee in Congress questioning in hearings the possible fraud & failure of the IFR.

By: Steve

Steve — Fri, 26 Apr 2013 14:28:04 +0000

Did have a down payment of 20%. That didn’t stop my mortgage broker, at the time, from selling me a crappy stated-income false inflated 1% teaser rate Option-Arm. That didn’t get the DOJ to go after it either.
If our goal was really to prevent foreclosures, then they should of gone after the loan origination a long long time ago.

By: usjustice4all

usjustice4all — Thu, 25 Apr 2013 23:23:09 +0000

In reply to yvonne. Indeed Yvonne. It's just a scapegoat. It's always just that. We are all just talking in cicles. We can't afford correct representation so unless free help is given by people that know, it will always just be another thing to blame on the ones who walk away with the least, as in negative.

By: yvonne

yvonne — Thu, 25 Apr 2013 23:15:48 +0000

people with large equity had to walk away from it all…so that is a lame excuse…they did not give them a choice…

By: tigers' den

tigers' den — Thu, 25 Apr 2013 19:42:30 +0000

Uh, excuse me Paul, but people HAD DOWN PAYMENTS they still lost their homes because it was the paperwork that failed to have incentives; and they lost their down payments so it doesn’t matter if someone has money in the beginning or not – if the underlying documents are false – one could put down 90% and still lose . . . focus on the falsity of the paperwork and fraudulently shielded transactions for where the strengths and weaknesses lay in home ownership. Furthermore, what about the non-monetary down payments . . sweat equity, improvements, developing neighborhoods, establishing human communities, these are priceless down payments; where people did not have cash flow they made up in civic investments . . .

By: Sarah

Sarah — Thu, 25 Apr 2013 17:51:19 +0000

How about ensuring the ability of borrowers to pay back the loans? Naw, the Banksters are already counting on another wave of profitable victims. They can’t make profits any other way. Paul Willen is paid not to think of “any other ways”. Thus, the FIRE sector is hopelessly sociopathic, you see the same horrible afflictions in any society that is slowly falling to pieces, it’s not about housing, it’s about makin’ money. Makin’ money supercedes every other consideration – human rights, human dignitiy, health care, civil liberties. Look, they don’t care if you are in the street. Protect the Banksters!

By: usjustice4all

usjustice4all — Thu, 25 Apr 2013 15:28:21 +0000

Down payment had little to do with the value