Oh, for God's sake, DRAIN THE POOLS!!!

Well, on the plus side, they didn't blame the increase in West Nile Virus on global warming. How about foreclosures?  

McNotObama '08

I live in Minnesota, the lands of a million lake, ponds, and puddles, and you want me to worry about foreclosed homes and neglected POOLS? Get real! If WNV isn't rising to epidemic levels HERE, the home state of the Mosquito, why should I worry about it somewhere else?

BTW, ever hear of Mosquito control? Here’s an idea, throw a couple of FISH in those abandoned pools. You will reduce the Mosquito population considerably, and, in the process, be able to feed the (obese) poor people who you are so concerned about. Not only will they have access to a healthy food source, they won’t eat at McDonalds so often! It’s a win/win situation all around.

The lenders got themselves into this housing mess with their mortgage fraud. Let all these lenders, Freddie Mac and Fannie Mae go down and out of business and let's start fresh. They won’t even drain the pools!! If the lenders had not done the mortgage fraud to start with, and then had done the note modifications as required by their own rules, we wouldn't be in this mess! This story Blame Greedy Home Loan Lenders For Frightening Recession is just one of several that was published in Broowaha Reno by a writer calling herself Morgana out of Reno, NV.

In an adjustable rate mortgage or are upside down? Force your lender to play fair. Refer them to the rules they have to do a loan modification for you.

A way has already been here to get us out of this terrible housing collapse and frightening recession, but the home lenders aren’t willingly doing it.  Why? 

Washoe County’s home values continue go down.  Same story for the state and nationwide.  Many homebuyers bought at the top of the market in summer and fall 2005.  When the housing market collapsed, their houses are now less than the mortgages on them.  Realtors continue to advise that we are in a continuing Buyer’s Market, with housing for sale/for rent inventory extraordinarily large.  The result is home values and rents continue to go down.  More than 26% of the inventory in the Northern Nevada MLS is bank-owned.  The pundits continue to predict Reno not to hit bottom until winter 2010 because buyers are convinced home values will continue to go down.  The American economy is in a recession.  Senator McCain blames home loan lenders. 

Realtors are not interested in taking any more listings for upside down properties as they are flooded with them and can no longer afford the costs to market them. 

Due to the recession, Congress, the President and the Presidential candidates are all strongly favoring a freeze of several months on foreclosures, and a freeze of several years on upward interest rate adjustments.  Senator McCain said that the home lenders created the housing problem causing this recession.  He believes the lenders have to solve it, NOT the American government on the backs of American taxpayers. 

Bankruptcy attorneys are getting court-ordered home loan modifications as it has increasingly become against public policy and unconscionable to throw people out of their homes because they are upside down.  Homeowners are upside downs solely because of the lenders previous greedy lending practices.  Many have accused the home loan lenders of pandering, Unclean Hands and being a threat to our American economic interests and security. 

An immediate note modification gives homeowners time until the housing market recovers, the economy recovers, homeowners’ credit can start being repaired to its previous flawless condition, and would not add to the already bloated for sale/rent housing inventory. In 2005, HUD put forth its “FHA Loss Mitigation Program gives lenders the authority and responsibility to assist homeowners who have fallen into financial difficulties with their home mortgages. Lenders have the option of offering borrowers a number of HUD/FHA approved options for avoiding foreclosure.”  On October 4, 2006, Fannie Mae issued their announcement to avoid foreclosures with loan modifications.  In May 2007, Freddie Mac issued similar loan modification mitigation requirements. There is the Emergency Home Ownership and Mortgage Equity Protection Act of 2007. 

The Feds, to boost the economy, have recently done several aggressive emergency fund rate cuts and have recently stated it will continue to cut interest rates. President Bush has blamed the collapse of the American economy on “too many houses were built.”  Home loan lenders financed those houses built.   President Bush, hundreds of politicians globally, dozens of reporters globally, and millions of people globally are loudly and correctly blaming home lenders, especially the nation’s largest home loan lender, Countrywide (just acquired by B of A).  President Bush, hundreds of politicians globally, dozens of reporters globally, and millions of people globally, all have publicly come out in support of permanent home loan forgiveness and permanent home loan interest rate reductions.  So why aren’t the lenders playing by the rules?! 

It more than makes sense for the home lenders, and Freddie Mac and Fannie Mae, quasi-government agencies under huge and increasing pressure from Congress and the public nationally and globally to take a small hit now instead of losing the full mortgage plus foreclosure costs and adding to the already bloated for sale inventory further driving down the home values and further destroying the American economy. There has been the following bi-partisan political support of home loan modification. 

US President Bush

US Senator Obama, candidate for US President

US Senator Clinton, candidate for US President

US Senator McCain, candidate for US President

US Senator Reid, US Senate Majority leader

US Representative Peloski, US House leader

Do this approach if you can't refinance.  Do this approach instead of paying all those fees to refinance.

Copyright © 2008 Morgana

Ed