www.kansascity.com...
U.S. Housing and Urban Development Secretary Shaun Donovan said Wednesday the government was pressuring some banks to help struggling homeowners
by reducing the principal balances on their mortgages.
“One of the key things we can do … is to get (banks) to start writing down principal on loans so that folks have a light at the end of the
tunnel,” Donovan told the editorial board of The Kansas City Star. “They can actually get back above water and start building equity again.”
Donovan said he was trying to persuade some lenders to write down some loan balances “on a significant scale.”
Details of the proposal were not clear. If approved, however, it probably would not apply to all mortgage payers. Instead, it would involve borrowers
from banks accused of improper lending and foreclosure practices
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www.kansascity.com...
Okay, cool! NOW we're getting somewhere.
I'm not sure if my mortgage would be eligible or not...it's held by Chase, who bought it from what I realize in retrospect was probably a subprime
bundler. I was able at the time to afford the payments, though, and have not been late even once (6 years now).
But I did not aree to Chase buying it. And after they bought it, they ruined my credit rating by refusing to go after my deadbeat ex who defaulted on
the huge cc debt the judge ordered him to pay.
I've told this story here before, sorry to be redundant, but it just really chaps my cheeks. I faxed them ALL of the court docs releasing me from
responsibiility. They flat out said "we don't care". I said "I will NOT pay you what he owes. I sent you the docs. I can give you his phone number
and address."
They said "nope, we don't care."
I said "I don't owe this, he does, and the judge ordered it. Why don't you take him to court? You have lawyers"
And they said "Nope! We don't care. We're coming after you."
And then put a damning charge-off on my credit, which prior to that had been in the mid 700s.
So now I don't have a good enough score to refi (thanks to THEM), and also don't have a steady job to document my ability to pay.
Which means we will have to continue to use up our savings. And that because of our income problems we wouldn't "qualify" for this brilliant
"principal reduction program." I have no doubt that Jamie DEmon will whine and cry and stamp his foot about it, and then give himself a big bonus.
What I want is for them to say "Okay, you've paid off the principal. The home is now yours. We will eat the interest you would have paid beyond the
$20,000 you've already paid (in interest). We will apply ALL of your payments to the PRINCIPAL, retroactively, because since WE get to borrow money
at 0%, so should our clients.
So, thanks much for playing. Let's just call it even. Kay?"
And I'd say "Screw you very much. Kay. Deal. Now get the hell off of my property."