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Fannie Mae Will Deny New Loans to Homeowners Who Walk Away -- (link)

Posted by Mop (222 lbs) (aka rburriel) Jun 23 '10, 14:59

(No message)

http://www.businessweek.com/news/2010-06-23/fannie-mae-will-deny-new-loans-to-homeowners-who-walk-away.html (www.businessweek.com)

Responses:

I say give the banks hundreds of billions of more dollars. -- nm - Redmond Jun 23, 15:37
tempest in a teapot - lafarrow Jun 23, 15:13
That's good. make it longer than 7 years. -- nm - Will Hunting Jun 23, 15:01 54
- bury them deep man - thats the american way - lafarrow Jun 23, 15:25 8
  - Will isn't saying "punish the people who need to walk way", he's saying "punish the people who exploit the system" -- nm - Beryllium Jun 23, 15:27 1
    - nice try but see below - lafarrow Jun 23, 15:33
  - Given what they helped precipitate, damn right. Bury their ability to do this again, way deep. - Will Hunting Jun 23, 15:26 5
    - the banks too? or is this a 1 way street -- nm - lafarrow Jun 23, 15:31 4
      - No, there's plenty of shady bank deals out there. But end of the day on that, personal responsibility is personal. - Will Hunting Jun 23, 15:33 3
        
        The BANKS got bailed out of their mistake!!!!! The little guy is left to fend for himself. Either bail them both out or neither of them out. - Redmond Jun 23, 15:42
        
        welcome the sociopath in all his glory - don't look away - behold -- nm - lafarrow Jun 23, 15:36 1
        
        see also: Katrina victims should have just walked out of the 9th Ward -- nm - chuckles Jun 23, 15:48
- It's fine by me. If you walk away, you should get punished. But some people still need to walk away. -- nm - Mop (222 lbs) Jun 23, 15:02 44
  - i don't understand why it's not just as acceptable for the bank to get the property as it is for them to get the mortgage payments. If the two are not - mara Jun 23, 15:06 32
    - Becuase they were comparable when the loan was made. - Will Hunting Jun 23, 15:14 26
      - its never a fair deal - lafarrow Jun 23, 15:16 25
        
        Yeah.....that ability to refinance on the homeowner's whim....that the bank never comes back to when prices have no question jumped..... - Will Hunting Jun 23, 15:17 24
        
        I think the very nature of a mortgage is a bank saying, in effect, if you don't pay, we get your house. The borrower is saying, okay, it's a deal. -- nm - mara Jun 23, 15:19 22
        
        Until someone forces me to sign that deal, it's equally on me. - Will Hunting Jun 23, 15:22 19
        
        You don't feel that the institution with hundreds, if not thousands, of employees and far more capital has a tad more leverage and thus more - musubi Jun 23, 15:25 12
        
        No. I believe my life, my home, my money....I have a far bigger responsibility to my own economic situation - Will Hunting Jun 23, 15:29 11
        
        so if i read the contract in a way that you think is unfair you'll still - lafarrow Jun 23, 15:33 2
        
        What's unfair about on the 1st of each month, you'll pay $$$ for this property that as of Date has $$$ value. - Will Hunting Jun 23, 15:36 1
        
        Except the banks crashed the market by loaning to people that couldn't pay, and the honest people are supposed to pay on a devalued property. - Redmond Jun 23, 15:46
        
        I should clarify, this is not specific to those who walk away from loans they have the ability to pay. - musubi Jun 23, 15:33 7
        
        I think lenders should make the wisest decisions for their interests. - Will Hunting Jun 23, 15:34 6
        
        Therein lies the rub. As the big guy who has little to lose (and can absorb many bad mortages) shouldn't the onus be there to do the rigth thing? - musubi Jun 23, 15:40 4
        
        If it weren't for market regulations, they would operate the same as loan sharks for maximum shareholder revenue. -- nm - Beryllium Jun 23, 15:41 3
        
        (And, frankly, this is exactly what they did, and exactly what caused the collapse) -- nm - Beryllium Jun 23, 15:43 2
        
        Yup. And as corporations there's no "personal responsibilty" to scold them about. - musubi Jun 23, 15:44 1
        
        Well they should be going to jail but that isn't going to happen. Lie Steal Cheat and be rich with no risk of prison. -- nm - Redmond Jun 23, 15:54
        
        they don't really have a good track record for this. -- nm - Beryllium Jun 23, 15:37
        
        are you kidding me - lafarrow Jun 23, 15:23 5
        
        Sure they do....they find other sources of money willing to make better deals for that loan - Will Hunting Jun 23, 15:25 4
        
        With a million options which makes almost any apple to apple comparison impossible. - musubi Jun 23, 15:28
        
        take a vote of your fellow TTers right now - lafarrow Jun 23, 15:27 2
        
        IM: not to play? What, and end up renting? Those are the *real* retards! - Dr.Vermin Jun 23, 15:33 1
        
        everything in cash baby - lafarrow Jun 23, 15:36
        
        the issue is the deficiency - meaning the bank doesn't just - lafarrow Jun 23, 15:21 1
        
        [deleted]
        
        its not on your whim as a homeowner - lafarrow Jun 23, 15:19
    - they take a haircut on the foreclosure sale in this market -- nm - chuckles Jun 23, 15:10 1
      - banks never lose -- nm - lafarrow Jun 23, 15:15
    - Because in many cases the property isn't worth what they loaned on it. -- nm - MojaveMeg Jun 23, 15:09 1
      - BI think that's their problem. They're the ones holding the mortgage. -- nm - mara Jun 23, 15:16
    - Banks want to have their cake and eat it, too. Clearly the two are not comparable since the crash. - Mop (222 lbs) Jun 23, 15:09
  - If you read the first line of the article, it says this is toward those people who have the means to pay but walk away. -- nm - Will Hunting Jun 23, 15:03 10
    - Yes, I get that. And I mean those people. Makes no sense to be paying on an overpriced house, even if you can. -- nm - Mop (222 lbs) Jun 23, 15:04 9
      - I'm confused by your entire tack on this. - Will Hunting Jun 23, 15:06 8
        
        I think Mop is saying that yes, they should be "punished", but that for *some* people it would still make sense to walk away. - musubi Jun 23, 15:13 7
        
        Exactly. There's a price to pay for breaking a contract. But the price may still be worth it. -- nm - Mop (222 lbs) Jun 23, 15:20
        
        punish the banks -- nm - lafarrow Jun 23, 15:13 5
        
        Because they didn't renegotiate? -- nm - Mop (222 lbs) Jun 23, 15:16 4
        
        b/c they make the rules and have all of the information - lafarrow Jun 23, 15:17 3
        
        FIGHT THE POWAH -- nm - Dr.Vermin Jun 23, 15:21 1
        
        its the only way to be sure man - lafarrow Jun 23, 15:22
        
        I....agree....with laf? (nm) - musubi Jun 23, 15:20

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