Friday, April 03, 2009

Loan Modifications Not Helping Homeowners....( Again I ask are the Banks Hoarding the Bailout Funds and TARP money ?)


I don't know other neighborhoods, but in ours, the houses still sit empty. I have not seen any real measurable movement- other than the number of homes emptied has slowed down. There has been less furniture hauled out to the curb.....yet the houses remain empty.

5 comments:

NEWSGUY said...

Yes, the banks are hoarding the cash...and there is no accounting over what they are doing with it.

Notice, how all the billions and trillions have gone to the top tier of financiers and businesses, and the greedy SOBs who got us into this are benefitting big time. ON our money. But no bailout for us. None for the little guy.

Meanwhile, we scrape to pay the mortgage and put food on the table and stay ahead of the credit cards. And the banks which issued the credit cards can screw the consumer anytime it wants with a 30% interest rate if they like because the cardholder was one day late. Or they use no excuse at all. And they lower the limit on the card, thus destroying the card holder's credit.

Thee are the banks we bailed out. We now own nearly 40% of Citibank and they continue to screw over the public. Just like the rest of the banks who got government handouts.

Annette said...

I was reading over at DailyKos about all kinds of people who are getting refinanced. People are getting jobs and keeping jobs because of the money from the Recovery Act and from the Banking money.. Maybe the families have moved on in your neighborhood or something but there are people being helped out there.

enigma4ever said...

Annette ;
Where ? How about your state- other construction- I get emails from all over and talk to folks in 10 states- NO one has said anything about folks getting their homes or jobs coming their way....Seriously - I would love to know Where...No people here did not "move" on- they were Foreclosed...some have gone to live with relatives, and others are living with friends, and others have vanished....at night there are families in cars at the end of the street- I don;t know if they are neighbors....but I need to be really clear- No one in my hood just "moved on".....They have been misplaced by this economic Mess...and if they had hung on for a few more monthes- would they have been offered some kind of aid , funds or re-arranging the moprtgages to stay in their homes...

and Jobs...ha- there are NONE here...and no talk of new jobs...matter of fact on the news they said that they we don't have enough unemployed this year to qualify for the Stimulus....

I am not trying to be doom and gloom- I just want to know Where is benefiting...or have any funds or bailout come- because from what I have seen there is nothing happening...

Mainstreet is still very much hurting-and yet Bankers got BONUSES with our money....ain't right.period.

enigma4ever said...

Newsguy....
yeah...Hoarding....things are bad and the Fat Cats are hoarding....and people wonder WHY there are shootings - people are tired, desperate and hurting....it's not rocket science is it ?

shhheeeez....

Fran said...

Here is the Catch 22-- We would benefit from refinancing our mortgage.... we did a refi several years ago, and knocked off 7 years of mortgage payments. It would be a financial relief to take it down another point or so-- but with the husband currently unemployed, we probably would not qualify... as my income would not be enough-- yet the break would for sure help us keep our home.

Therein lies the problem. The people who most need the help will be just out of reach of qualifying,

Damn!

It was a similar deal with the COBRA insurance. The STIM is supposed to cover 65% of the cost to the laid off employee-- but what if your ex employer files for bankruptcy? And they declare they were self insured, so ex employees are *double denied* health insurance coverage?

You are double screwed?

These solutions look good on paper, but there are so many loopholes & cracks to fall through.

I think the banks are using their $$ for their own bad/toxic loans (saving themselves).

The mortgage lenders did a huge shift- from being sloppy & giving loans to anyone with a pulse- not using the traditional formulas- only a certain percentage of income can be used for housing (ie not setting them up to fail).

Now they are the extreme opposite-- super tight with giving loans, beyond reason. So tight, it is a stranglehold on new home loans.