REWORKED LOANS AREN'T WORKING AT INDYMAC BANK

tvsterling at 09:19 2008-12-15 said:

The current (vicious & greedy) strategy of the Snidley Whiplash Mortgage Holder's Society & Country Club is to enforce their paper profits from the real estate bubble (which they deliberately created) at the expense of turning every current mortgage holder in the country into a debt slave for life. In a way it's the debtor's fault for letting the Snidley Whiplash Crew convince them to view their house as the same class of investment as a stock portfolio. There has been more than enough greed & foolishness to go around on all sides. We will cease to be a great nation if all we do is push papers around & try to trick anyone available into usurious debt while calling this our economy. Permalink

mortgagemess at 10:08 2008-12-15 said:

Wow..reworked loans at IndyMac not working..how SO NOT surprising..you mean freezing the rate on a borrower who did a bad/liar loan isn't working, you mean NOT WORKING with a borrower until they are at least 90 DAYS BEHIND isn't working, you mean NOT TAKING A PROACTIVE stand until the bad loan goes really really bad isn't working..So at what point will Indymac learn that trying to play catch up or sticking a finger into a leaking dam doesn't work..if you want to stop the leak you need to work on the dam BEFORE IT LEAKS..take some advice IndyMac and learn a lesson from childhood..start at the end and work your way up..start at the beginning and work your way down..you find this will work better than what you have been doing...meeting in the middle makes much more of a better business model.. Permalink

Dinochick at 10:56 2008-12-15 said:

Snidley Whiplash..... that is so funny.... Where is Dudley Do Right when you need him?

Part of the reason these modifications don't work is the borrower's need motivation to stay in the home, like a place of residence? Many looked at it as an investment so they don't care if it gets vaporized. Moral ethics of financial responsibility are also at play here. This happened in the late nineties as well, and many people let there homes go because it wasn't worth as much anymore. If they only kept put and let nature take its course, it would eventually payoff...and increase in value again.

Sure, I lost equity on my house, but I bought it to live in, not as an investment. I am struggling to make my payments, but not because of anything other than the lack of jobs in my industry. The first thing I pay is my house... Other creditors can take a hike, they come in last...

The good ole days will return... I hope..... Permalink

LoanCombat at 15:09 2008-12-15 said:

Modifications are a waste of time! At the end of the day, your still $200k upside down.

The Only way to beat the Wall Street Securitization lock-down will depend on 3 things.

1) Mandatory Lender participation of Loan Cram downs to market values. 2) Bankruptcy That allows a Fed. Judge to Cram down mtgs to market value, and extinguish unsecured 2nds ( You can already do this through a "back-door Chap 13, 2nd only ) 3) If more than 1 property, File Chapter 11, and Cram Down RE assets to market value through repay plan.

It may take 15 years to recover your Property values, IF they ever recover at all! So You may as well go ahead and deal with it now. Don't be ashamed either! One out of every 2 Americans are Delinquent on their Mtg. Permalink

Jess Badlybent at 23:08 2008-12-15 said:

Dinochick says: "Moral ethics of financial responsibility are also at play here." and "The first thing I pay is my house... Other creditors can take a hike, they come in last" and "The good ole days will return... I hope....."

Aren't you kind of talking out of both sides of your mouth? If you are talking about "moral ethics of financial responsibility" then why are you telling any of your creditors to "take a hike"? Want to return to the "good ole days"? Well, were on our way back to the issues we faced in 1929!! Is that "good' or "ole" enough for you?

Do you consider yourself morally or ethically superior because you are in a position to pick and choose which creditors to "take a hike" or are you just trying to somehow convince yourself that it makes more sense to rent your home from the bank than a landlord?

So you're "struggling" to make payments "but not because of anything other than the lack of jobs in (my) industry". If your industry downsizes further will you keep renting your home from the bank at a deficit or will your "moral ethics of financial responsibility" turn your mortgage lender into a creditor that "can take a hike"?

That's the $700 billion question we should all be asking ourselves.

Sorry to be so hard on you Dinochick but we're all in this together so get over your delusions and face reality or you may find that you are drinking kool-aid prepared by the very same clowns who created this mess. Permalink