Super Slo-Mo Mortgage Modifications
by Super J
Previous presidents wagged the dog, Obama wags the finger. Will shame from The White House save homeowners from foreclosure?
Months into The President's Making Homes Affordable Plan and lenders have been called onto the carpet, again. A recent review was posted this week, another big reveal – lenders are slacking. Completed mortgage modifications are less than 10% of eligible borrowers.
Now anywhere else in the real world of business where a company was given billions of dollars and only produced a 10% result would have the CEO slapped silly. Moreover, it would be just down right unacceptable and no one would have the nerve to consider those numbers as any type of success. It would be deemed failure, and further expected to make an immediate change in operations to correctly improve the ratios. That would be that.
Try doing 10% of your work and see how many more paychecks you get. Would things change for you at your job? The bubble that exists in this bizarre style business of operations is difficult to fathom for most American workers and business owners.
However, this is the land of molten money production and bailout bonanzas. The new sheriff in town gives a stern verbal request that doubles as a political talking point. Supposedly, a dose of The Presidential lashout and lenders will perk up to take notice of what their proper duty to the cause is...is. Dysfunctional lenders will take the lickins because... well, what else are they going to do? The volume is more than their collective coffers can handle while exercising their banking practiced terms of endearment for bewildered borrowers.
Hey, Bankers and Lenders...why not hire more people? I am sure that with the record layoffs and highest unemployment numbers that you would find people that are capable. No, they will not higher more help. Why do that when it is acceptable for them to function at this level of poor quality.
By the way, Bank of American...your tired ol' line of "our system is down" and that is why you cannot answer questions about a homeowner's mortgage loan modification in process does not fly in this decade. Or, HSBC telling their customers that "they do not do loan modifications" is ridiculous. It was no surprise to see that Litton was slacking with modifications. Even customers that pay on time, Litton loses the payments! Then, terror dials them to collect on payments that have already been paid. If the public knew the truth, I am convinced that it would move up the date of the impending revolt.
And, borrowers are delusional. Hey, the last time that they filled out this much paperwork was when they got their last mortgage loan. And, according to most homeowners – they were duped back then too. Unless a lender is willing to reduce their principle balance... well, nothing is good enough until they owe next to nothing. It is surprising the number of people that insist on keeping their credit cards and fictional fico scores while letting their mortgage payments default.
The lack of response to Hurricane Katrina stranded victims while enraging this nation. We watched as people were in extreme danger due to the rising waters. Truth be told, a new Katrina happens everyday to foreclosed homeowners. Financial waters are rising, and drowning everyone in it's path.
Lack of mortgage modifications goes beyond the lenders dropping the ball in customer service. It's the equivalent of FEMA watching and waiting for the order to go help. Right now, the current foreclosure collateral damage is like a 9/11 in every city all across the country. It's just unacceptable.
Denial has reached maximum saturation everywhere else. No matter how good of a mop job, the water is dirty. It's time to dump it all down the drain. The White House, Wall Street and Media mavens cling to the next tiny blip from The Economy's EKG. According to the administration, we are on track for 2012. Even if it's in a comatose state and lacking brain activity.
So, I ask again - Will shame from The White House save your home from foreclosure? Perhaps the only house in America that will never be in jeopardy of foreclosure is The White House. Well, not yet anyway.
Friday, August 7, 2009
Thursday, August 6, 2009
Cash For Clunkers Program Starts To Stall Out And Lose Mileage
The Cash For Clunkers Program Starts To Stall Out And Lose Mileage
by SuperJ
The fuel injected push to spare the environment from being polluted, turned into an overnight sensation to ramp up for auto retail purchases. However, over the last few days it seems that it is now losing it's steam. Considering that The Cash For Clunkers Program has been walking a tightrope for the last week or so. The hype came from a Fast & Furious style turbo boost. It's only a matter of time before it will crash and burn.
As it's written, the law will benefit few car buyers and those who might actually benefit from it probably shouldn't be buying a new car to begin with. Is this really the right time to take on more debt? A small change in gas mileage is a weak measure to swap efficiency for another new payment in your budget.
If you are driving an old, inefficient “beater”... you probably are doing so out of necessity. The government is already having trouble funding the program, consider how it will in turn effect you while trying to afford the new car payment and increased insurance coverage costs.
This is comparable to the housing and credit boom when people bought and extended themselves more than they could afford. As one industry analyst stated, “ Whenever there are discounts, people put the blinders on.”
Today's new rules call for the skill to think past the rebate. It's always a good idea to save the environment by reducing pollution. However, you need to consider your own financial environment at the same time when making purchases of any kind.
I will offer you my own story... last year I bought “my Baby Buick”. Yes, she was $850 the hard way. The hood and top were a paint chipping, fading shadow of her 1985 glory days. She came with free a/c in the winter and endless heat in the summer. Odd noises, clicks and squeaks could only be drowned out with the radio blaring from the one good speaker that refused to crackle like the other three. Like a daily game of chance, a random power window would not go up. The gas mileage was a complete waste to calculate. It was just easier to accept her as the fuel addict that she was, regardless of my feeble attempts to pour magic elixirs in her tank. However, she was easy on my financial budget. No monthly car payments and my insurance was a tiny fractional expense.
My point here is: Instead of The Cash For Clunkers Program rebate, a.k.a. trade-in-value per previous auto transaction, why not consider going for a slight upgrade? Go from your “beater” to “a little better”? Now, more than ever there will be plenty of used stock selections.
Recently, I took my own advice. When “my Baby Buick” took her final gasp and finished with the automobile death rattle while leaving me abandoned on the side of the road. As I waited for the tow truck, with my hand leaning on her hood, I called my used car dealer friend. Two hours later, I was driving “my better 1994 Cutlass” that was a/c challenged – however, she was slightly more fuel efficient and ready to roll.
by SuperJ
The fuel injected push to spare the environment from being polluted, turned into an overnight sensation to ramp up for auto retail purchases. However, over the last few days it seems that it is now losing it's steam. Considering that The Cash For Clunkers Program has been walking a tightrope for the last week or so. The hype came from a Fast & Furious style turbo boost. It's only a matter of time before it will crash and burn.
As it's written, the law will benefit few car buyers and those who might actually benefit from it probably shouldn't be buying a new car to begin with. Is this really the right time to take on more debt? A small change in gas mileage is a weak measure to swap efficiency for another new payment in your budget.
If you are driving an old, inefficient “beater”... you probably are doing so out of necessity. The government is already having trouble funding the program, consider how it will in turn effect you while trying to afford the new car payment and increased insurance coverage costs.
This is comparable to the housing and credit boom when people bought and extended themselves more than they could afford. As one industry analyst stated, “ Whenever there are discounts, people put the blinders on.”
Today's new rules call for the skill to think past the rebate. It's always a good idea to save the environment by reducing pollution. However, you need to consider your own financial environment at the same time when making purchases of any kind.
I will offer you my own story... last year I bought “my Baby Buick”. Yes, she was $850 the hard way. The hood and top were a paint chipping, fading shadow of her 1985 glory days. She came with free a/c in the winter and endless heat in the summer. Odd noises, clicks and squeaks could only be drowned out with the radio blaring from the one good speaker that refused to crackle like the other three. Like a daily game of chance, a random power window would not go up. The gas mileage was a complete waste to calculate. It was just easier to accept her as the fuel addict that she was, regardless of my feeble attempts to pour magic elixirs in her tank. However, she was easy on my financial budget. No monthly car payments and my insurance was a tiny fractional expense.
My point here is: Instead of The Cash For Clunkers Program rebate, a.k.a. trade-in-value per previous auto transaction, why not consider going for a slight upgrade? Go from your “beater” to “a little better”? Now, more than ever there will be plenty of used stock selections.
Recently, I took my own advice. When “my Baby Buick” took her final gasp and finished with the automobile death rattle while leaving me abandoned on the side of the road. As I waited for the tow truck, with my hand leaning on her hood, I called my used car dealer friend. Two hours later, I was driving “my better 1994 Cutlass” that was a/c challenged – however, she was slightly more fuel efficient and ready to roll.
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