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Thursday, May 24, 2012
Updated: 10 February 2012 | 6:00 am in conversations
Do you think the mortgage deal will benefit Iowa much?
12 Comment now
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Iowa Attorney General Tom Miller helped negotiate a national settlement with the top mortgage servicers in the country. Iowans could see about $25 million in direct aid. Iowans who lost homes to foreclosure between Jan. 1, 2008, and Dec. 31, 2011, could be eligible for payments expected to average $1,500. “Underwater borrowers,” whose loans exceed their home’s worth, may be eligible for principal reductions that lower monthly payments.
Do you think this is good for Iowa? Should the attorney general have gotten more from the banks? Will you or someone you know benefit?
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12 Comment Now
Do you think the mortgage deal will benefit Iowa much?
I certainly hope so, these people were lied to by the lending institutions. The banks led them to believe that they could afford more than what they were qualified for and when the bankruptcys started the home prices began dropping till the homeowners were under water and then they had no place to turn to and the lending institutions were not willing to renegotiate.
What people were lied to? It is your income, it is your budget the purchase of a home will have to fit into. Why would you believe anyone that tells you that you could afford a $250,000 home if it doesn’t fit into your budget? At what point do people take personal responsibility for one of the biggest decisions of their life?
Don’t forget that many of these are loans that the Government MADE banks give to people that did not have good or sometimes any credit rating at all. For this Government to place all the blame on banks when they are as as guilty is one more travesty. Don’t worry though, I am sure some of the extra TARP money or some other slush fund will eventually work it way down to the little people before the election.
$25 mill is nothing when you consider average home prices in Iowa are around $160,000. It should of been in the billions!
Nobody wanted to live in Iowa during the real-estate value bubble inflation period; nobody wants to live here now. The number of Iowans who were locally victimized by shady lending practices is tiny compared to those who bought homes in “desirable” parts of the US.
You grab for the brass ring; sometimes you miss. That’s the American Way,
When compared to places in the US where the average home price is much, much higher than 160 000, Iowa is affordable.
Its got to help. Theres not many sheriff sales in the paper now. I thought it was all about the flood guess I was wrong.
Why help people who over-extended themselves? What about personal responsibilty? I could have taken out one of these bad deals but I had common sense and did not. Let these people who lived far higher than their means learn a costly lesson. If anyone should benefit it should be the smarter homeowners who stuck with their mortage or saved and paid off their mortage like I did.
We must be old school Ray, I think personal responsibility is a thing of the past.
Let me see I got this right.
30 Million loans “underwater” = 1 Million to be helped.
Fraudulent loans being paid back by the very bad banks that used money out of then Air from the Federal Reserve to be paid back to the banks. This sounds almost like a company paying $250,000 and getting $7.5 Million; what ever happen to “Truth in Lending”.
Starts with Fed Reserve –> Bad Bank –> Borrow by a House —-> Illegal Loans Sold (Bad Bank ChaChing $$).
Then Comes Settlement —> Bad bank —> Borrow –> Bad Bank !!!
Just as insane as putting a Drive up Coffee shop in a $45 Million Green Library !!!
1 Million borrows get help, 33 Million get screwed – The New American Mafia or Gangster Government as this is nothing but, Bank Bailout No. 2.
Where do you think there going to get the Billions $$$ to funnel this money to themselves ??? Print it at the Federal Reserve.
My Dad always told me , do buisness on a handshake and make sure your shake is good. You make the commitment, honor it.
We bought a home that we could afford. We decided what we could spend every month and that’s what we went with. We were told we could afford more but we went with what we were comfortable with. In the mid 80′s the homes in our neighborhood went down 20%….but they went back up again. It would had been real bad for the people that had bought high and had to sell low but it’s a bet you take when you buy. Just like the stock market in 2008. People get stuck on bad decisions all the time. I realize there were a lot of foolish people but that’s just life. When you borrow money you promise to pay it back so do it…if you’re paying 1500 a month just keep paying….the housing market will come back…..eventually.
I wish you could “like” comments. What programs are available to homeowners who did not over extend themselves and/or make other sacrifices to pay their payments on time each month? Other than knowing that you do your best to honor your commitments, I would guess none.