Comments on: Bailed Banks http://pubrecord.org/commentary/5652/bailed-banks/?utm_source=rss&utm_medium=rss&utm_campaign=bailed-banks Intrepid New Journalism Wed, 08 Feb 2012 13:20:11 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Don Powell Consulting http://pubrecord.org/commentary/5652/bailed-banks/comment-page-1/#comment-34621 Don Powell Consulting Fri, 03 Feb 2012 11:07:22 +0000 http://pubrecord.org/?p=5652#comment-34621 My home was under water and about a year ago we were offered and accepted a modification through Chase. But it wasn't easy. During an extended trial modification period, they requested documents over and over again, and many times they were the same documents. My tactic was to send them a complete set of loan docs every time they made a request. This way they received what they were asking for, along with every other document including fresh pay stubs, etc. The offer significantly lowered our mortgage payments (half of what they were), extended the term, and provided very low rate. There is even a significant monthly incentive to maintain on-time payments giving us a bonus applied to the principle every year. My home was under water and about a year ago we were offered and accepted a modification through Chase. But it wasn’t easy. During an extended trial modification period, they requested documents over and over again, and many times they were the same documents. My tactic was to send them a complete set of loan docs every time they made a request. This way they received what they were asking for, along with every other document including fresh pay stubs, etc. The offer significantly lowered our mortgage payments (half of what they were), extended the term, and provided very low rate. There is even a significant monthly incentive to maintain on-time payments giving us a bonus applied to the principle every year.

]]> By: dobropet http://pubrecord.org/commentary/5652/bailed-banks/comment-page-1/#comment-1247 dobropet Sun, 04 Oct 2009 17:28:16 +0000 http://pubrecord.org/?p=5652#comment-1247 Almost a forseen consequence of "cash for clunkers" I'd say, which would be appropriately titled "dough for dumps": http://www.lewrockwell.com/schiff/schiff44.1.html Almost a forseen consequence of “cash for clunkers” I’d say, which would be appropriately titled “dough for dumps”:

http://www.lewrockwell.com/schiff/schiff44.1.html

]]> By: WhyWeType http://pubrecord.org/commentary/5652/bailed-banks/comment-page-1/#comment-1216 WhyWeType Wed, 30 Sep 2009 23:53:59 +0000 http://pubrecord.org/?p=5652#comment-1216 Here's something you should look into. NACA, the Neighborhood Assistance Corporation of America, has newly minted partnerships with BofA, Wells Fargo, Citi, IndyMac, all the majors, and has them spending ten hours a day at "Save The Dream" events like the one just held in Los Angeles. The day I was there, so were 7 thousand others--that was just one day--and while not everyone had the chance to be seen, the new Load mods being negotiated were jaw dropping. 2% loans, repayment values cut in half to match the fallen market value, bundled 1st, 2nd and Property tax loans brought to a payment the buyer can meet... for the life of the loan, and not just for a trial period. It was an incredible sight to see. It's "cash for clunkers" for sub-prime mortgages, and it's happening now. Here’s something you should look into. NACA, the Neighborhood Assistance Corporation of America, has newly minted partnerships with BofA, Wells Fargo, Citi, IndyMac, all the majors, and has them spending ten hours a day at “Save The Dream” events like the one just held in Los Angeles. The day I was there, so were 7 thousand others–that was just one day–and while not everyone had the chance to be seen, the new Load mods being negotiated were jaw dropping. 2% loans, repayment values cut in half to match the fallen market value, bundled 1st, 2nd and Property tax loans brought to a payment the buyer can meet… for the life of the loan, and not just for a trial period.

It was an incredible sight to see. It’s “cash for clunkers” for sub-prime mortgages, and it’s happening now.

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