Banks in $25B deal to settle foreclosure abuses How will this affect the Short Sale BIZ? - Short Sale Superstars2024-03-29T14:31:37Zhttp://shortsalesuperstars.com/forum/topics/banks-in-25b-deal-to-settle-foreclosure-abuses-how-will-this?commentId=3468065%3AComment%3A212563&x=1&feed=yes&xn_auth=noThat statement I completely a…tag:shortsalesuperstars.com,2012-02-13:3468065:Comment:2125632012-02-13T20:56:03.706ZCody Lampariellohttp://shortsalesuperstars.com/profile/CodyLampariello
That statement I completely agree with.
That statement I completely agree with. Not political hate points at…tag:shortsalesuperstars.com,2012-02-13:3468065:Comment:2127852012-02-13T20:52:49.485ZJim Stewarthttp://shortsalesuperstars.com/profile/JimStewart
<p>Not political hate points at all. I've rooted from day one for Obama to solve the crisis but he's been no better than the republicans at giving bail out money to the banks. The proper "perspective" on this is that it's a $25 billion bandaid on a $1 TRILLION problem. It also essentially rewards forgery, perjury and loan fraud on the part of the banks since they will now be held harmless for robosigning. </p>
<p>Not political hate points at all. I've rooted from day one for Obama to solve the crisis but he's been no better than the republicans at giving bail out money to the banks. The proper "perspective" on this is that it's a $25 billion bandaid on a $1 TRILLION problem. It also essentially rewards forgery, perjury and loan fraud on the part of the banks since they will now be held harmless for robosigning. </p> I love how people try and sco…tag:shortsalesuperstars.com,2012-02-13:3468065:Comment:2125622012-02-13T20:43:14.424ZCody Lampariellohttp://shortsalesuperstars.com/profile/CodyLampariello
I love how people try and score political hate points when they have no idea what they are talking about. This lawsuit was actually negotiated between a bi partisan group of state AG's and the banks with the backing of the DOJ. I agree it is nothing special but let's keep things in perspective.
I love how people try and score political hate points when they have no idea what they are talking about. This lawsuit was actually negotiated between a bi partisan group of state AG's and the banks with the backing of the DOJ. I agree it is nothing special but let's keep things in perspective. Awesome commentary from Dylan…tag:shortsalesuperstars.com,2012-02-13:3468065:Comment:2127772012-02-13T19:48:34.206ZJim Stewarthttp://shortsalesuperstars.com/profile/JimStewart
<p>Awesome commentary from Dylan Ratigan.…</p>
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<p>Awesome commentary from Dylan Ratigan.</p>
<p><a href="http://www.ritholtz.com/blog/2012/02/on-the-mortgage-settlement-there-is-no-political-solution-to-a-math-problem/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29">http://www.ritholtz.com/blog/2012/02/on-the-mortgage-settlement-there-is-no-political-solution-to-a-math-problem/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29</a></p> Here's the website for the se…tag:shortsalesuperstars.com,2012-02-12:3468065:Comment:2124542012-02-12T19:58:54.152ZWilliam "Andy" Alfordhttp://shortsalesuperstars.com/profile/WilliamAndyAlford
<p>Here's the website for the settlement: <a href="http://www.nationalmortgagesettlement.com/help">http://www.nationalmortgagesettlement.com/help</a>. </p>
<p>Here's the website for the settlement: <a href="http://www.nationalmortgagesettlement.com/help">http://www.nationalmortgagesettlement.com/help</a>. </p> Remember when "W" send everyo…tag:shortsalesuperstars.com,2012-02-12:3468065:Comment:2125052012-02-12T19:24:02.872ZJeffrey Burnhamhttp://shortsalesuperstars.com/profile/JeffreyBurnham
<p>Remember when "W" send everyone in the US a couple of hundred to stimulate the economy?? This "settlement" will have the same effect. The banks get off the hook again!</p>
<p>Remember when "W" send everyone in the US a couple of hundred to stimulate the economy?? This "settlement" will have the same effect. The banks get off the hook again!</p> Minimal impact at best. This…tag:shortsalesuperstars.com,2012-02-12:3468065:Comment:2124422012-02-12T17:28:47.485ZJim Stewarthttp://shortsalesuperstars.com/profile/JimStewart
<p>Minimal impact at best. This "settlement" is mainly cover for Obama to make it look like he's doing something about housing (considering the rest of his efforts have been abysmal failures) and for the banks to avoid future, more costly litigation. Considering the total amount of underwater mortgages is likely in the trillions, 25 billion (and only 5 billion in cash penalties) is chump change to the banks. A rounding error. Not to mention the fact that this "settlement" only affects loans…</p>
<p>Minimal impact at best. This "settlement" is mainly cover for Obama to make it look like he's doing something about housing (considering the rest of his efforts have been abysmal failures) and for the banks to avoid future, more costly litigation. Considering the total amount of underwater mortgages is likely in the trillions, 25 billion (and only 5 billion in cash penalties) is chump change to the banks. A rounding error. Not to mention the fact that this "settlement" only affects loans owned by five banks and excludes anything owned by Fannie and Freddie, the true behemoths in the room. </p> I actually wrote a blog post…tag:shortsalesuperstars.com,2012-02-10:3468065:Comment:2121362012-02-10T23:04:02.029ZCody Lampariellohttp://shortsalesuperstars.com/profile/CodyLampariello
<p>I actually wrote a blog post about this because I think it is going to be very damaging to our market. Not because everybody gets their mortgage written down it will have very minimal effect on the market in that manner considering the average write down will be 20K..that's garbage. It will be damaging because most people are very uninformed and will not look at the facts regarding minimal help.They will wait to see if they are getting assistance in the form of principal reduction which even…</p>
<p>I actually wrote a blog post about this because I think it is going to be very damaging to our market. Not because everybody gets their mortgage written down it will have very minimal effect on the market in that manner considering the average write down will be 20K..that's garbage. It will be damaging because most people are very uninformed and will not look at the facts regarding minimal help.They will wait to see if they are getting assistance in the form of principal reduction which even if they recieve it will probably not help instead of pursuing the path they should be taking which in most cases is a short sale.</p>
<p>All the while they will still be heading to foreclosure...I hope it turns out different. See below for a more in depth explanation.</p>
<p><a href="http://www.exclusivetitlecompany.com/2012/02/10/26-billion-dollar-waste/">http://www.exclusivetitlecompany.com/2012/02/10/26-billion-dollar-waste/</a></p> I think this settlement will…tag:shortsalesuperstars.com,2012-02-10:3468065:Comment:2119562012-02-10T15:33:50.229ZMichael Schneiderhttp://shortsalesuperstars.com/profile/MichaelSchneider
<p>I think this settlement will have virtually no impact on short sales. It is largely cover for the "plaintiffs" and "defendants".</p>
<p>Why? Because most of this will not be incremental, I think. Meaning, it waives debt that effective has already been waived or would be anyway. In any case, it's tiny compared to total. The settlement is around 3% of underwater mortgage debt.</p>
<p>Two examples from DSNews this morning:</p>
<p>* $3.5B to waive deficiencies on foreclosed homes (Largely…</p>
<p>I think this settlement will have virtually no impact on short sales. It is largely cover for the "plaintiffs" and "defendants".</p>
<p>Why? Because most of this will not be incremental, I think. Meaning, it waives debt that effective has already been waived or would be anyway. In any case, it's tiny compared to total. The settlement is around 3% of underwater mortgage debt.</p>
<p>Two examples from DSNews this morning:</p>
<p>* $3.5B to waive deficiencies on foreclosed homes (Largely meaningless IMHO)</p>
<p>* $12B in "principal reduction and short sales". A "typical" $100K deficiency is being settled today for well under 20%, so the other 80% is already being waived, but is probably being counted here (Not incremental)</p>
<p>With 1 minute of analysis, we can see that $15.5B may well have no impact, because it's not incremental.</p>
<p>Keep working team, doing what we do. We are providing the real settlement.</p>
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