Comments on: Lots of activity, but little will likely change

By: Foreclosure Milestones

Foreclosure Milestones — Tue, 18 Jan 2011 23:46:49 +0000

[...] Home Affordable Foreclosure Alternatives (HAFA) promotes short sales and deeds-in-lieu of foreclosure, but has little impact beyond delaying the inevitable. [...]

By: Art Martin

Art Martin — Thu, 13 May 2010 03:14:46 +0000

We are getting frustrated with the banks saying they want to clear up the backlog of foreclosures, yet they keep dragging their feet and making counter offers which are to high. We will not work with Bank of America any longer. We have dropped 10 shortsales because we are not going to waste our time with them. Litton is getting pushy too.
My feeling is that we are headed for a double dip and maybe a depression which is outside of the housing market but will effect the housing market. There are cities and some states which are approaching bankruptcy. The Eruro nations are having problems with Greece and five other countries.
Goldman Sachs insures their securities with AIG then bets against their own securities then sells them to unsuspecting buyers. Congress stands by and states they want to do something but does nothing. Morgan Stanley did the same thing. Why did they let Lehman go under when they were the least likely culprit in the game.
We only have one way to go in this downward spiral until somebody gets honesty and integrity and that is further down. For some reason people do not see this is a global economy and will involve all of the industrial nations in this downfall. Unless something is done about fiscal responsibility we are head for a world wide deppresion.

By: Steve Holderfield

Steve Holderfield — Wed, 14 Apr 2010 06:16:27 +0000

A lack of legislative and regulatory competence, not to mention greed, is what created this mess to begin with. I’m afraid that our elected officials predictably overlook the inevietable unintentioned consequences that follows pretty much every action they take. I don’t care about their intenitons… I want some comepetence, please, going forward from our elected officials and their appontees.

By: Sean O'Toole

Sean O'Toole — Tue, 13 Apr 2010 21:20:33 +0000

At the same time CA legislators are providing the tax relief from foreclosure debt that you mention, they are also passing new legislation to slow foreclosure (SB1275). Competence doesn’t really matter as much as intent. And the intent is clearly to slow foreclosures, whatever it takes.

By: JDSoCal

JDSoCal — Tue, 13 Apr 2010 17:28:39 +0000

“My reasoning is simple. If there is anything we’ve learned over the last couple of years, it’s that our elected officials, and their appointees at the FDIC, Federal Reserve, etc, will do whatever it takes to limit foreclosures and stimulate housing.”

A flaw in your reasoning is that these elected officials are competent in what they do. For instance, California’s recent foreclosure tax break bill will just encourage more foreclosures, no? It looks compassionate, but could actually increase foreclosures, now that potential forclosees won’t be staring at a huge tax bill. Politicians are clueless, and when they try to “help,” more often than not they make matters worse.

I’m no expert, but I don’t see how higher rates pricing people out of mortgages and the tax credit ending, not leading to lower prices, plus the Fed ceasing its mortgage program, and the aforementioned CA tax break for forgiven debt not leading to more foreclosures.