Comments on: How to Prevent Foreclosures - Give More Loans http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/ Your Money. Your Career. Your Life. Fri, 21 Nov 2008 13:34:19 +0000 http://wordpress.org/?v=abc By: Money Hackers Carnival - #4 | The Amatureist Financial Journey http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6504 Money Hackers Carnival - #4 | The Amatureist Financial Journey Wed, 19 Mar 2008 08:27:04 +0000 http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6504 [...] Money Life presents How to Prevent Foreclosures - Give More Loans posted at Cash Money [...] [...] Money Life presents How to Prevent Foreclosures - Give More Loans posted at Cash Money [...]

]]> By: Prime Time Money: St. Patrick’s Day Roundup | Prime Time Money http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6415 Prime Time Money: St. Patrick’s Day Roundup | Prime Time Money Sun, 16 Mar 2008 04:59:05 +0000 http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6415 [...] stimulus package. The Penny Saved reveals some of the hidden credit card fees and costs. Cash Money Life presents a way to prevent more forclosures…give more loans. My Two Dollars provides some ways to [...] [...] stimulus package. The Penny Saved reveals some of the hidden credit card fees and costs. Cash Money Life presents a way to prevent more forclosures…give more loans. My Two Dollars provides some ways to [...]

]]> By: Four Pillars http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6356 Four Pillars Thu, 13 Mar 2008 03:17:28 +0000 http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6356 Interesting post. I think some people are just irrational about owning houses - they buy more than they can afford and then when they can't make the payments, they do stupid things like trying to hang on which just costs them more money. Sometimes you just have to abandon ship. Mike Interesting post.

I think some people are just irrational about owning houses - they buy more than they can afford and then when they can’t make the payments, they do stupid things like trying to hang on which just costs them more money.

Sometimes you just have to abandon ship.

Mike

]]> By: No Debt Plan http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6342 No Debt Plan Wed, 12 Mar 2008 18:09:59 +0000 http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6342 Next thing you know they'll allow payday loan places to offer mortgages... unsecured loans? Are you kidding me? Just another way to hide the fact that the federal government is going to be using my tax dollars to pay for all of these homes. Next thing you know they’ll allow payday loan places to offer mortgages… unsecured loans? Are you kidding me?

Just another way to hide the fact that the federal government is going to be using my tax dollars to pay for all of these homes.

]]> By: Becky@FamilyandFinances http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6341 Becky@FamilyandFinances Wed, 12 Mar 2008 15:37:07 +0000 http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6341 This is a scary idea. <i>Unsecured</i> loans? That sounds like it will just make the problem worse. Yikes! This is a scary idea. Unsecured loans? That sounds like it will just make the problem worse. Yikes!

]]> By: Ron@TheWisdomJournal http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6340 Ron@TheWisdomJournal Wed, 12 Mar 2008 15:03:50 +0000 http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6340 I think it would be best if banks were to recognize that their best interests would be to allow people to stay in those homes by reduce payments for a period of time. They could easily tack the lost interest on the back of the loan. The bank wins because they kept a home out of foreclosure and would probably retain a customer for the long run. The homeowner wins because he/she keep their credit report clean and doesn't lose their home. The economy wins because if people are able to weather this storm and stay in their homes, they will be better able to support the economy. I think it would be best if banks were to recognize that their best interests would be to allow people to stay in those homes by reduce payments for a period of time. They could easily tack the lost interest on the back of the loan.

The bank wins because they kept a home out of foreclosure and would probably retain a customer for the long run.

The homeowner wins because he/she keep their credit report clean and doesn’t lose their home.

The economy wins because if people are able to weather this storm and stay in their homes, they will be better able to support the economy.

]]> By: PT http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6339 PT Wed, 12 Mar 2008 14:42:25 +0000 http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6339 I agree that propping up the housing market is necessary to keep the economy going but borrowing on top of borrowing is taking it too far. The US Govt is going to do what it takes though. Policy makers know that the housing market is key for us to turn this thing around. I agree that propping up the housing market is necessary to keep the economy going but borrowing on top of borrowing is taking it too far. The US Govt is going to do what it takes though. Policy makers know that the housing market is key for us to turn this thing around.

]]> By: fathersez http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6338 fathersez Wed, 12 Mar 2008 14:25:35 +0000 http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6338 The banks may have some sort of an unterior motive. Like Triacitim says, this move may allow the bank to postpone reporting losses, by making good delinquent loans for a while. (In Malaysia, banks cannot recognise interest income from loans that are 3 months overdue.) Still, I feel, that a free market approach may not be the best thing to do in this situation. Allowing the axe to fall, might take away more than anyone expected and may end up in a "operation was successful, and the patient is dead" situation. The US affects quite a fair bit of the rest of the world. I would like to see some better measures from the financial leaders of the US. I am not sure what, but I do feel that what is coming out like tax rebates etc., is not going to help much. The banks may have some sort of an unterior motive. Like Triacitim says, this move may allow the bank to postpone reporting losses, by making good delinquent loans for a while.

(In Malaysia, banks cannot recognise interest income from loans that are 3 months overdue.)

Still, I feel, that a free market approach may not be the best thing to do in this situation. Allowing the axe to fall, might take away more than anyone expected and may end up in a “operation was successful, and the patient is dead” situation.

The US affects quite a fair bit of the rest of the world. I would like to see some better measures from the financial leaders of the US. I am not sure what, but I do feel that what is coming out like tax rebates etc., is not going to help much.

]]> By: Kirk http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6335 Kirk Wed, 12 Mar 2008 13:36:18 +0000 http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6335 I think Patrick is right here. This only delays the inevitable. The best path for the economy is to take its lumps, no matter how painful it will be, and move on. The market will float sideways until the inefficiencies are removed from the market. What amazes me the most is how people love free markets as asset prices and wealth increases, but they expect the government to step in and halt any losses. It doesn't work that way. Never has, never will. Artificial intervention makes things worse. I think Patrick is right here. This only delays the inevitable. The best path for the economy is to take its lumps, no matter how painful it will be, and move on. The market will float sideways until the inefficiencies are removed from the market.

What amazes me the most is how people love free markets as asset prices and wealth increases, but they expect the government to step in and halt any losses. It doesn’t work that way. Never has, never will. Artificial intervention makes things worse.

]]> By: Traciatim http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6330 Traciatim Wed, 12 Mar 2008 12:09:26 +0000 http://cashmoneylife.com/2008/03/12/how-to-prevent-foreclosures-give-more-loans/#comment-6330 What this will do however is delay a large pile of the foreclosures to other quarters which could possibly smudge the numbers enough so that the USA won't actually have a 'recession' per say because the quarters won't actually be negative growth. It looks to me like they are trying to stretch out the problem as far as possible in order to mask the impact. Hopefully the media won't be able to sensationalize it and that will make the public think everything is hunky dorey (spelling?) and continue to let bankers and the government steal their hard work until eternity. What this will do however is delay a large pile of the foreclosures to other quarters which could possibly smudge the numbers enough so that the USA won’t actually have a ‘recession’ per say because the quarters won’t actually be negative growth. It looks to me like they are trying to stretch out the problem as far as possible in order to mask the impact. Hopefully the media won’t be able to sensationalize it and that will make the public think everything is hunky dorey (spelling?) and continue to let bankers and the government steal their hard work until eternity.

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