1 It turns out Gabriel Malor is the alternate identity of The Flash.

2 You know, banking rules are they way they are because they've been worked out by smart people over the course of approximately 600 years.  No amount of political will can make a bad law good business or vice-versa.

3 pull my finger

4 He's not dumber than a box of rocks, it's all intentional.

5
So it's Monty on Sunday, Gabe on Monday...who's on deck for Tuesday?

6 2 You know, banking rules are they way they are because they've been worked out by smart people over the course of approximately 600 years.  No amount of political will can make a bad law good business or vice-versa.

Posted by: Truman North at June 21, 2010 05:22 PM (e8YaH)

 

Yeah, remember those old fashioned rules about 10% - 20% down, 26% - 28% debt payment-to-income ratios?  Who knew?

7

#4:  +100

I should have led with, "feature, not a bug"

8 Screw you!

9 who's on deck for Tuesday?

Build your own home nuclear power plant with Purple Avenger.

10 Freddie and Fannie foreclosing one house every 90 seconds.

Gabe trying for new post every 90 seconds.

Coincidence, I think not?

11 I guess that people will act in their own self-interest, rather than the interests of the democrat party.

Who knew?

12 I did not see this coming.

13 1 It turns out Gabriel Malor is the alternate identity of The Flash.

Maybe that's why he's got trouble finding a date on Saturday night.

14 yes and HUD Sectry Donovan said just today that housing is stabilizing thanks to the ingenius Obama HAMP Plan and homebuyer tax credit! I shxt you not see here
dumber than rocks indeed.

15 I guess for us on the gulf coast we can always light the Gulf at night for light.

16

A major reason so many have fallen out of the program is the Obama administration initially pressured banks to sign up borrowers without insisting first on proof of their income.

Is that how the whole mortgage problem started in the first place

17 What's the problem here?

18

pull my finger

Posted by: the invisible hand at June 21, 2010 05:23  

Pull my finger.

19

I work in the industry and I am not understanding the article.  If borrowers are dropping out of the modification plan when required to provide income docs...   This means they make too much money to qualify and don't really need a modification.  A modification requires that you make too LITTLE to pay for your house.  Why is this bad that people can't qualify? 

20 Tomorrow's Talking Points Today: The mortgage modification program has worked "better than expected."  Expect to see articles singing the praises of Obamaloans in all newspapers within the next couple days. 

21 Hey, don't insult us! 

22 Gabe, my friend, the number of posts today has me concerned. Do you have a beer heiress to fall back on when your aneurysm tears?

23 Stick out your hand.

24

"Administration officials say the housing market is significantly better than when President Barack Obama entered office. They say those who were rejected from the program will get help in other ways."

Really now? No lie is too big with this crowd.

Hard and fast income to debt ratio guidelines might not be the best way when processing loan mods and workouts simply because the money has already been loaned, so that part I get.

The part I don't get is that at the end of the day you really do need a source of income to make that new house payment. Without that minor issue addressed, not much else matters.

25 So, The Flash and Superman are flying around, when they spot Wonder Woman lying spread-eagle naked on the ground, with her eyes closed, moaning softly.

The Flash looks at Superman and says, "Boy, this is my chance.  I'm so gonna hit that."

So, bam!  True to his name, in less than 2 seconds he's down, he's in, he's done, and he's back up there with Superman.

Wonder Woman opens her eyes and shakes her head.

"Wow, what just happened?"

The Invisible Man rolls off the top of her and says, "I don't know, but is my ass ever sore!"

26 *RING*  *RING*

"White House, may I help you?"

"Yeah, this is Stupid.  Can someone unstick this mothe******er from me?  Please?"

27

Do you all mean to tell me that affordable housing is not just a fancy name for giving houses away for free?  because I could have sworn that affordable housing was just a fancy name for giving houses away for free.

And by "for free,"  I mean that our kids will pay for it with increased taxes and interest rates.  Which I also thought was just understood here.

28 Hey!  I know!  They should try healthcare!  They certainly would be better at healthcare, right?

29 I remember that episode of Super Friends!

30 I can haz my free house now?

31 #21 just because you didn't invite us to the union doesn't mean we should be less than offended.

32 Hi everybody!11!!1!11!!1 I'm from the RNC and I'm here to help111111!! Who wants some help??/??/?

33

Do you all mean to tell me that affordable housing is not just a fancy name for giving houses away for free?  because I could have sworn that affordable housing was just a fancy name for giving houses away for free.

And by "for free,"  I mean that our kids will pay for it with increased taxes and interest rates.  Which I also thought was just understood here.

Posted by: Truman North at June 21, 2010 05:42 PM (e8YaH)

And by "affordable" I mean affordable after my booze, drug, and whorehouse expenses.

34

Dumb.  It's what's for dinner!

But it is totally unexpected, that's fer shure.

 

35 Eunuch-Nuk!

36 In other news, the sun is hot and water is wet.

37 And stop looking up tunic, Zan from Wonder-Twins!

38

Jim is SD,

"Hard and fast income to debt ratio guidelines might not be the best way when processing loan mods and workouts simply because the money has already been loaned, so that part I get."

People are greedy.  They want their rate/payment lowered even when they can afford the payment with no problem.  Either that or they want their mortgage lender to take the hit and lower their payment because they bought too many cars or have too many credit cards.   Sorry, dude, that is not the mortgage company's problem.  The only way to keep the program confined to people who really need help is to make a guideline.  It isn't like the government is giving the servicer enough money to make them whole on the deal.

 

39 Recap to the HQ today.

Huckabee dreaming.
Ron Paul dreaming.
Rahm Emmanuel crapping.
Obama lying about moratorium.
Gates not containing.
Onion wasn't joking.
Hayworth disassebling.
Florida flip-flopping.
Emmanuel favor-trading.
Malor e-book salivating.
Electricity rising.
Iran banning.
Mortgage program failing.

Not that we are all caught up, we sure could use a soccer thread (not).

40 C'mon, Gabe. It's been five minutes since your last post. Chop, chop, you slacker!

41 Must say, Gabe is sure showing some talented post fu today.  Good job, sir!

42 Apparently the Obama plan was first suggested in this letter: tinyurl.com/29lzv2y

43 It's Obama Money! It came from his stash! We love Obama!

44 5 So it's Monty on Sunday, Gabe on Monday...who's on deck for Tuesday?
____________________

Maybe we can Steyn in for Uighur Wednesday!

45 Sorry, dude, that is not the mortgage company's problem.  The only way to keep the program confined to people who really need help is to make a guideline.  It isn't like the government is giving the servicer enough money to make them whole on the deal.

Posted by: susanita at June 21, 2010 05:48 PM (4GUBG)

Actually dude, it IS the mortgage company's problem. They are the ones stuck with the non-performing asset.

My point was NOT that they shouldn't have any guidelines, but that enforcing A-paper rules now when the original loan was likely not even made under those rules is silly.

46 I just bought a home in The Hamptons! No money down, $75.00 a month! I love you, Precedent Toonces! 

47 The best part is I could buy 3 blocks worth of homes in detroit on 1 month's salary.  I don't make much, but I've always dreamed of being a slum lord.

48 OT: Fox says NY Times Square bomber pled guilty.

49

Hack Gabriel,

You are not even giving us time to fight with eachother or you.

Drats!

50 hack-heck. woops!

51 so in other words, anything Obama and the Dems do will make things worse... and that's news? It's been the same since FDR, if not Wilson. Be nice if we could return to the days when the Prseident would say, "Everything okay..? Good, bring me another coffee, it's your deal" instead of "What's wrong??? Oh, goody, let's do something about it, someday they'll put my face on a coin!!"

52
Obama.  My man. You're doing it right.

53 Doomed. Doomed. DOOOOOOOOOMED!

54 the last people that can afford to buy a new refrigerator. please save the box for the rest of us.

55 Obama, international man of mystery, says "don't verify anything about me and I won't verify anything about you. Got that, small people?"

56 Monty, and chaos. (channeling Kratos)

57   59 Obama, international man of mystery, says "don't verify anything about me and I won't verify anything about you. Got that, small people?"

Posted by: Matt at June 21, 2010 06:09 PM (J3jFV)

Joe The Plumber

58 As long as there's money coming down the pike for Nov elections from Fannie and Freddie for touching freebie loans, the Obamacrats will be fine with a fiscally failing  program...

59
You mean, people need money to pay for things?

Why not just print money, tax the rich (not the mega rich, but the middle class rich), increase fees and energy prices, force cap and trade before any practical renewable "green" energy system is in place, tax the private producers and give it to the public sector union machine and the leisure class. 

Oh wait - the democrats are already doing this.  Ah! - hard to imagine why America is swirling down the toilet.

60 "...banking rules are they way they are because they've been worked out by smart people over the course of approximately 600 years. No amount of political will can make a bad law good business or vice-versa." Such rules were thrown out the last 40 years, and hence arose most of our present money woes.

61

You know, with all the money spent, they might have just handed over the Paid deeds along with the you can pay if you wanta loan.

 

62 Obama's Katrina is coming.  Covered in oil.  Possibly in 7 days.

Is something specific happening in 7 days that hasn't for the last 64?  Or is this a Ring reference?

63

 

Actually dude, it IS the mortgage company's problem. They are the ones stuck with the non-performing asset.

There are other remedies for the borrower in that case, for example -bankruptcy.  The mortgage company should not modify a loan because the person just doesn't feel like paying a reasonable payment.  A few foreclosures are cheaper than mods for everyone.

64

CDR M

with the dawdling  response of our gvt.

well yes BP will.

65 So, is BP on the hook for every hurricane storm surge that pushes oil inland and damages and destroys homes?

Er, crap.  Is that what you mean?

66 Hey, I want a primo mortgage refinance, where do I sign up?

Oops, my bad, I forgot I'm a white male who hasn't fallen behind in my payments.

67 BP's giving out loans now - great - I would like a nice French Colonial with 140W of solar panels, please.

68 Can we all just admit that all contracts are presently worth a pile of beetle dung and start rebuilding?

69 I think CDR M is referring to Invest 93, it could be in the Gulf at hurricane strength by next week.

70

There are other remedies for the borrower in that case, for example -bankruptcy.  The mortgage company should not modify a loan because the person just doesn't feel like paying a reasonable payment.  A few foreclosures are cheaper than mods for everyone.

Posted by: susanita at June 21, 2010 06:19 PM (eRsMQ)

What does the bank get from a BK other than the asset back? Then the institution takes the write-down. Besides, shoving that watermelon through the snake might now work out so well. If foreclosing were such a swift and good resolution, the banks would have done that already. The problem is when that property is upside down, keeping the borrower in the house is the most profitable alternative for the bank, assuming that the borrower can now make the payments.

71 now=not

72 Well, I was right.  A little slow, but right.

73 The Feds are such suckers.  We could close a mortgage on a first time buyer and put them in a HELOC by the end of the week.  It was the Kerry K Killinger way!

74 CDR M, notropis, thanks.

Er, kinda.

75 Was this unexpected too because anybody with a brain expected this.

This was created during the "throw money at the problem" times.  We've already moved past that stage into "maybe debt matters" stage.

Obama is still stuck on "Hoover did it".

76 Jeez. We go back and forth about rinos and repubs. They're not conservative enough, blah, blah, blah. The worst conservative, or even repub moderate, is better than a dumber than dirt lib. These people honestly believe that giving mortgages to people who cannot afford a down payment, much less afford to pay for a reroofing, is a GREAT IDEA. The real message here: handing over mortgages to people who will buy an ipod instead of a hot water heater is just plain dumb, and the libs will never get it because it makes them feel all warm and fuzzy to give shit to people who spend their money on ipods and big screen tv's in stead of on their kids. Let's just all agree, in the midterms and the 2012 vote for a frickin repub. I'm sorry folks but I am so fed up with these lib morons, I can't see straight.

77

I just drove by the starter home I sold 45 days ago.

The buyer was a low income single mom who put down 3% on an FHA loan.

There are already waist high weeds in all the flower beds and the landscaping is overgrown from all the rain we've gotten. I left the place looking nice. In 45 days it's a shit pit.

Fits in with the rest of the neighborhood that went to crap over the past 7 years. Down the road, there's a home for sale. The sign out front says, "Buy this home with just $500 down."

The fuck? Are you jacking me?

Poor assed people who don't have enough cash flow to maintain a home SHOULD NOT BE ENCOURAGED TO BUY A HOME. They fuck neighborhoods up by not taking care of their shit, then defaulting.

 

 

 

78 Explanation: I was raised in a working class family where my dad worked in a factory full time and worked a small forty acre farm the rest of the time to support a family with six kids. I attended a catholic school where people had up to 13 children and managed to feed, clothe, and house them without any help from nanny government. People with eleven children took good care of their children because it was the right thing to do. I get tired of these obama azzholes who think that if you behave like a selfish jackazz, the taxpayers owe you 30 years worth of rent subsidies, food stamps, and gawd only knows what else. It doesn't have to be like this. Before LBJ's war on poverty there were plenty of people who took care of their families. Those responsible parents have been replaced by morons who think that stupid behavior entitles them to government handouts forever. meanwhile, of the six of us kids, we are all self-supporting, no handhouts. 4 of us have 2 degrees, one has a license to sell insurance, the other has been married to a decent hard-working man for 30 years. So what the hell is the problem with all the so called poor people that obama and his imbecile liberals keep babbling about? Sorry about the out of control rant, I am truly pissed at this crap about mortgage foreclosures. Grow up and take responsibility for your frickin' life. Can't afford a mortgage, RENT!!!

79 I take it that there will be 1.24 million less votes for Barry next time around.

80 "I work in the industry and I am not understanding the article.  If borrowers are dropping out of the modification plan when required to provide income docs...   This means they make too much money to qualify and don't really need a modification.  A modification requires that you make too LITTLE to pay for your house.  Why is this bad that people can't qualify? "

I work in the industry as well, Susanita- HAMP requires that you make SOMETHING in order to qualify for a modification- believe PITI (monthly principle, interest, taxes, insurance) has to be something like 31% of your net income, if memory serves. You make too much, you no get HAMP. You make too little or nothing, the magic 31% don't get attained and you get no HAMP modified mortgage.

The point being, for a while loan servicers modifying these bum mortgages took verbal income figures as a basis for doing HAMP modifications... when verifiable income docs became necessary, the borrowers with unverifiable income figures (that is, those that were making shit up) alluva sudden went bye bye. Ergo, Ear Leader yet again looks like the pinheaded sideshow dope he truly is. One can chant all the catchy slogans and march in circles outside banks all one wants, but a bankruptcy is a bankruptcy no matter how much the community wants to organize or prance in front of styrofoam pillars.

But not to worry- there's a new federal directive set to take effect Aug 1 that allows those that are unemployed and in imminent default a minimum (that's MINIMUM) of 3 months' forebearance on paying their mortgages, with the option on the table for loan servicers to extend that period.

Wheeeeeeeee! Now you can have a mortgage and not make payments on it! Ain't life a grand thing?

81 19

I work in the industry and I am not understanding the article.  If borrowers are dropping out of the modification plan when required to provide income docs...   This means they make too much money to qualify and don't really need a modification.  A modification requires that you make too LITTLE to pay for your house.  Why is this bad that people can't qualify? 

Posted by: susanita at June 21, 2010 05:35 PM (4GUBG)

 

It could also mean that even with the modification, they still don't make enough money to make the new modified payment.

 

82 Most brilliant prezdent ever. So says Carrie Fisher.

83 Reparations, bitchez.  Now get to work so you can pay your muthafuckin' taxes.

84

Poor assed people who don't have enough cash flow to maintain a home SHOULD NOT BE ENCOURAGED TO BUY A HOME. They fuck neighborhoods up by not taking care of their shit, then defaulting.

 Posted by: Warden at June 21, 2010 06:48 PM (QoR4a)

Feature, not bug. Haven't you noticed everything else the administration has been doing? This is where they WANT to go!

85

I sell real estate in California and the people getting into these programs are families hoping to stay in their home just a little longer before they file BK.  Yes, they're milking the system put in place by Obama and yes he is as dumb as rocks to think they wouldn't. 

The last four listing I took were for folks who lost their jobs and haven't found work; were forced to take a new job with a 40% paycut;  lost a business; or had their hours cut to two days a week.  From my observation, this makes up the majority of people losing their homes today.  Are they flaking on their loan mods?  Yes.  Are they technically freeloaders?  Yes.  Would you do the same if you were in their shoes?  Yes. 

86 " assuming that the borrower can now make the payments."

And there's the rub, Jim in SD-

most of these folks can't or won't make the payments... seems to me there was a post here a couple weeks back where folks were openly talking about spending their money on everything BUT their mortgages (think it was a NYT article excerpt?) because, well they could get away without paying their mortgages....

So you got the folks that never shoulda got mortgages sitting in homes they can't pay for either unable or gleefully unwilling to make payments on said houses.

Hard work is its own reward. Hard work is its own reward...must....repeat.......

87 The sad part is, I remember when the government was railing against "stated income" loans.  Then the government came out with "stated income" modifications.  What a freaking joke. 

88 ...but the new numbers confirm it: Obama is, in fact, dumber than a box of rocks.

Ah, but is he dumber than a Barbara Boxer?

89 i like it.

90 thank you ver much.

91 There is something seriouslly wrong with Obama. he is perverted and distructive. There has to be a way to force Obama to resign or leave office before 2012. Unfortunately that leaves Biden, but he may just sit there and play with his thumbs. Might be 100% better then Barack Mammon Obama ???

92 Silver jewelry manufacturers

93 Wholesale fashion jewelry

94 Elected source for jewelry box

95 We are a professional manufacturer of hydraulic quick couplings,pneumatic quick couplings and pneumatic fittings.

96 Obama's No-Proof-of-Income Mortgage Program Collapses. Nike Shoes Clearance Online Store.