Where is Moe?

[925girl]

Waiting to hear your thoughts on state of affairs.....

[Maurice Bedard]

Hey 925 Girl!

I have been busy offline with me newly formed non-profit venture, I am redesigning Loan Safe with a design firm so it is more user friendly and also this new $700 billion bailout bill has kept me busy.

The state of affairs are that if they do not make servicers work with homeowners either via in Bankruptcy Court or mandatory loan workouts and or a foreclosure moratorium, then we the people are giving $700 billion to save the rich while they laugh us all into foreclosure as they then get to own the homes which they sold us.

So they win/win, while we lose/lose.

[Dan Bailey]

I was waiting to hear this also....

[925girl]

I have not heard any of the voices on TV address the situation as directly as you. I keep hearing alot of blame on the homeowner's. I find it hard to belive that so many of us intentionally decided to get into loans we could not afford-it seems the loan servicers basically set the terms. When they were making tons of money it went somewhere...

Thanks for your input.. I really look to you as our guide. Keep up the good fight Moe, this country needs YOU.

[Dan Bailey]

Right about now I'd be willing to write in Moe for president
Joking aside....I'm seriously confused by all of it...I hear the talking heads going on about this possibility/that possibility all day long...I cant escape it, even on NPR-all the experts giving their opinion...and it has just done 2 things. Made me more depressed and wondering what I should think/feel-which way should I lean....and the other is wondering how, if/when these bills p**** will it effect what is in progress right now for ME (yes, I know that sounds very self centered, but when sitting in the jeep just listening to this stuff on the radio, thats what goes through my head)

[nblair70]

It's not selfish, I think that is what is going through all of our heads. At the end of the day, how will it impact *us* with what we are doing. I heard someone on the radio talk about the economic collapse of America, and those are some scary, scary words.

Moe's post puts it in clear language, the rich get richer and I am headed for a tent city circa Dust Bowl 1932.

[Tom H]

Moe,

Stay busy with that, I find that bailout for banks and Wall Street completely ludicrous.

Tom

[Maurice Bedard]

Thanks everyone.

We all have to remember that we live in a great country with serious problems. The sad facts are that the banks and Wall Street have more of an influence on the people who represent the people (our congress and government) than the people. We need to unite and change that

[ProfessorShays]

Moe, it's tough to overcome the Golden Rule. You know. He who has the gold, rules......

Daniel

[Maurice Bedard]

Yes, so they say or so they think Daniel. I think that now, more than any other time in our history, that theory can be tested.

[Tom H]

I think Forest Gump said it best, "Stupid is as stupid does." Perhaps its time for the gold to change hands.

[Maurice Bedard]

Think about what Wall Street is doing right now. They are telling Paulson, Bernake and of course, the American people, that there will be a run on the banks if they do not give them $700 billion. What if we, on Main Street said, ''Oh yeah? We are going to unite and decide not to pay the banks on all forms of credit. From mortgages to cars to our credit cards.

I GUARANTEE that it would OPEN SERIOUS negotiations for the people and their children to be properly taken care of on Main Street.

mmmmmmm... a homeowner strike, bank strike or wall street strike may be the solution.

[unclmikl]

count me in

[RefusetobeStressed]

Count me in. WHen can we start? What if we send in something to CNN stating no more mortgages are going to be paid

[925girl]

Why is no one marching, staging town hall meetings or something that says "No-no more money for irresponsible money managers?" These banks are insane for telling Joe 6 pack that if your late on any payments they can ding you with high late fee's, bring down your FICO and call your house day and up to 9PM asking you to pay or else you will incur another late fee! I just tell these guys-Hey I'll pay you, but you need to lower my % rate or provide me a hardship plan or forget it. What are going to do? Ruin my FICO?" PS I'm not sure I would even take the govnt. help unless it really benefited us. From the earlier reports it sounded like another pull on the noose for an asset that clearly for many of us is the only one we have which in the end we probably will not be in 30 years. My hope is real reform will occur for FICO scoring. You know if the Americans have a real downsize in income or huge inflation hits who is going to buy houses? Only a certain percent-but no worries...those empty subdivisions will become rentals and again the old saying"it's what the market will bear". Those banks created the products, we just wanted housing. Lots of money was made from little ol working stiffs, and lots of decent folks lost their homes already. So please don't burden my income with more taxes taken out to offset educated bankers who did know better...Sorry to bend your ear

[cactus77727]

It is a lose/lose situation no matter what that bailout legislation contains.

I really have no choice in the matter. It's obvious the government is corrupt. Anything they say is a lie. So I will be bailing myself out. My only option right now, not being able to pay my mortgage, is to wait until they foreclose. Then start my life over.

[mtg2008]

Hi Moe,

I just saw the draft for this $700 billion bailout plan on CNN.com. There are some sections regarding loan modificaiton and foreclosure. Check it out:

http://i.cdn.turner.com/cnn/2008/ima...o08c04_xml.pdf

[Maurice Bedard]

mtg2008,


Here is Moe's breakdown of that..................

Emergency Economic Stabilization Act of 2008 Gives Little Hope for Homeowners

[Fedup]

mtg2008,


Here is Moe's breakdown of that..................

Emergency Economic Stabilization Act of 2008 Gives Little Hope for Homeowners

Cat, where can the link to Moes take on this "proposed bill" be found on the forum.....guess I got side-tracked to a degree!

Moe, I hope that you sent your obsevations to both the House and Senate, I'm working on my letter of dis-taste for what I see as a Public Bail Out without having any "teeth". Also, this forum has more power than the public is really aware of.

Let me say one more thing, if the estimated 4% of distressed properties and mortgages, as claimed by more than one source, has created this problem of "large defaults"..... look first at who "created" the paper exchanged, who "allowed" it to be exchanged and who "regulated" this exchange of Junk Paper allowing the Public to "buy" into this mess in the first place.

The large defaults of 4% mentioned, controled a massive amount of capital funding, at lets say 300K per porperty.....and this "debt paper" was then quickly exchanged into real cash by the Federal Reserve to be exchanged freely on the open market as "solidified" by you and me. If I was to take the population of our country approximatly 400 million, and to be very fair divide it by 100, my math says the answer is now 4 million. Take those 4 million loans at approximatly 300K.....into consideration.

$300,000 times 4,000,000 loans = $1,200,000,000,000.....! That figure is, 1.2 Trillion dollars folks.

I'd be willing to bet that the "tea leaves" had already been read before hand, and "their projected default estimates" were way, way to low and that is why some of these "trust companies" were put in place at the same time or very close to it.

I have a few thoughts on how to deal with this Moe, if your interested send me a PM or an email.

Gary

[Maurice Bedard]

Gary,

That was the link to the thread that Moe posted about the bill...........

Here it is again for you...............
Emergency Economic Stabilization Act of 2008 Gives Little Hope for Homeowners

[MRC123]

Well, looks like it didn't pass. I am not sure how to feel, scared, happy or sad.

[HappyHome]

Hi again 925 Gal... I'm back on here again and Just read this AMAZING Post of Yours and it's (yr post) is Sooooo RIGHT ON! I am sitting here enjoying night before Election as I go thru My Bankruptcy Preparation "Stacks of papers" to get ready for my Atty. This week.. My Personal Belief is That so Many BR are happening now so many HAVE TO LIQUIDATE
and so Many More to Say forget this $hi* ..it will and ALready has as OBAMA says "Trickle-Up" theory.. They are going to really FEEL it (The Big Crooks..) are begining to now but just wait.. LOL ...the truth shall prevail! Again thanks for yr terrific Post and great read! take care.. HappyHome OBAMA/Biden !! WOO-HOOO

Why is no one marching, staging town hall meetings or something that says "No-no more money for irresponsible money managers?" These banks are insane for telling Joe 6 pack that if your late on any payments they can ding you with high late fee's, bring down your FICO and call your house day and up to 9PM asking you to pay or else you will incur another late fee! I just tell these guys-Hey I'll pay you, but you need to lower my % rate or provide me a hardship plan or forget it. What are going to do? Ruin my FICO?" PS I'm not sure I would even take the govnt. help unless it really benefited us. From the earlier reports it sounded like another pull on the noose for an asset that clearly for many of us is the only one we have which in the end we probably will not be in 30 years. My hope is real reform will occur for FICO scoring. You know if the Americans have a real downsize in income or huge inflation hits who is going to buy houses? Only a certain percent-but no worries...those empty subdivisions will become rentals and again the old saying"it's what the market will bear". Those banks created the products, we just wanted housing. Lots of money was made from little ol working stiffs, and lots of decent folks lost their homes already. So please don't burden my income with more taxes taken out to offset educated bankers who did know better...Sorry to bend your ear

[925girl]

Thank you for your note.....I now think most people are over medicated due to all the stress and no longer have the drive to push back. It's so draining to deal with your own house of cards that most are too exhausted. Please keep us posted in your journey. Take care.

[HappyHome]

Yr Welcome and Thanx too! Yes, I may be able to afford my 2nd little Supply of MEDS after Hearing Pres. Elect Obama say first thing he's gonna Do is The New Improved((More Moolah??) "Stimulus Package"!! WOO-HOO! Certainly Hope so For Us All! and I Especially have a Need My BR Atty is still needing his Balance too! LOL.. I am just rattling away here.. as I am all mentally jumbled-up from Taking my On-Line Bankruptcy EXAM Numero Uno then I wait 24-48hrs. and can take EXAM #2 (which is Much Longer ) On-Line @ approx ... 2 Hours! Gosh, I'll Be so Happy when all this is Behind Me! Lotsa Coffee..& Cigs.. & More Cigs.. Rootbeer Soda and a Wendy's Cheeseburger and I'm Flyin'! Take Good Care! HappyHome

[925girl]

Keep us posted on your online BK exam....I may want to do that too!

[HappyHome]

Sure I'd be Happy too..! BR was the right business decesion I could make and I have No Regrets..Also it kind of Forces you (me) to look at The "Real Budget" everyday and Paying cash for everything it's always a Done deal.. No More wondering and whats going to Creep up my back.. I'm Never again Going to let anyone or any company make me seem or Feel Like a dead beat ...again best thing fo r me and my New Life starting right now and I am getting so excited I am Moving in 30 days!! ** I'd be glad to give you any info. you ask for and wish all the best for you.. take care HappyTownHome

Keep us posted on your online BK exam....I may want to do that too!

[judy3]

I would love an answer from Moe on this: Listed house (currently a rental property)as short sale in Nevada after getting to much run around from 1st for modification.Second said we met requirements for modification but they wouldn't do unless 1st also did.Notified both 1st and 2 that we were listing home for short sale. One week later we received a letter from 2nd, saying they would accept 7%($5200) of money owed ($65000), to release 2nd morgage lien and cancell the note.Since this is a recourse state I wonder if we should take this offer. What are the chances the 2nd would come after us for this loan. Our plans are to try short sale, then DIL. Upside down about $200000.I know 2nd would get very little from short sale and nothing from DIL or forclosure. We have very little in asset, except $35000 in IRA and excellent salary.