Loan Modification Forum - LoanSafe.org - View Single Post - Final Housing Bill Passes House, Bush to Sign into Law

imadreamer · 07-28-2008, 05:30 AM

i will wager a bet here - i bet that the servicers will "write down" fees plus delinquency and that's it - and leave all other terms of the loans as is. on paper it will look like a "principle reduction" but in reality i will bet you a box of donuts that the write downs, if any, will simply amount to this. it will look like they are "cooperating". we'll probably end up getting a 1099 for the "write down".

i try to put myself in the shoes of a servicer - i heard they get 1% off of every loan. there aren't many new loans being taken out today (especially subprime), so one would THINK that they would do everything they could to hold on to the income stream. just my thoughts.

another thought i've had for quite a while - what if every homeowner stopped making their mortgage payments, say, for two months? i say bring 'em to their knees.

07-28-2008, 05:30 AM	#46 (permalink)
imadreamer Member Join Date: Mar 2008 Posts: 7	Re: Final Housing Bill Passes House, Bush to Sign into Law i will wager a bet here - i bet that the servicers will "write down" fees plus delinquency and that's it - and leave all other terms of the loans as is. on paper it will look like a "principle reduction" but in reality i will bet you a box of donuts that the write downs, if any, will simply amount to this. it will look like they are "cooperating". we'll probably end up getting a 1099 for the "write down". i try to put myself in the shoes of a servicer - i heard they get 1% off of every loan. there aren't many new loans being taken out today (especially subprime), so one would THINK that they would do everything they could to hold on to the income stream. just my thoughts. another thought i've had for quite a while - what if every homeowner stopped making their mortgage payments, say, for two months? i say bring 'em to their knees.