All Forum Posts by: Karen Hurley

What planet do you all live on? Just as you did not understand what Jason Bourg said there are people in this world who do not understand financial documents thus they rely on the brokers and lenders to explain it to them. The definition of fraud is "intentional deception resulting in injury to another person" which sums up this whole mess if you ask me. I believe that what the bank and mortgage companies did was intentional and they knew exactly what the outcome would be, foreclosure. What screwed it up was the housing prices droping and all the sudden the homes they foreclosed on weren't bringing enough at auction to cover the loan and they couldn't get it from the mortgagee because they wised up and filed bankruptcy. I strongly believe this mess was intentionally perpetrated by the lenders and they bear the bulk of the responsibility to fix it. A simple loan modification is all it would take to convert these loans to fixed rate loans. Financial institutions modify loans every day. Speaking of accountability, what about the personal and professional accountability of the lenders? There is a video on U-tube that some you might find of interest.
http://www.youtube.com/watch?v=MoSwkCog-Ro

On 9-25-08 I posted "I think the lenders should have to convert the variable interest rate loans to a fixed rate loan, at their expense..." and everyone blasted me. Today I get an E-mail titled "BiggerPockets Offers Alternative Bailout Plan by Quicken Loans’ Chairman." This is basically my idea with a few specifics filled in. I personally think the Quicken Loans idea will work and I intend to forward it to every Senator and Congressmen I can find and E-mail address for. I am interested to know if anyone read the article and your views about it. I would also like to thank Shari Posey for kind of agreeing with me.
Thanks

I am a real estate title examiner in KY and I don't think the consumer needs to be bailed out, but they do need help. I have done so many title searches for Countrywide that were forclosures that I began to think they were in the business to forclose on properties. Many of these people have owned their homes for 30 to 50 years. A lot of people were lied to when they got variable intrest rate loans. No sane person would take out a variable intrest rate loan to purchase a home they intend to live in unless interest rates are very high and will most likely go down, not up. I think the lenders should have to convert the variable interest rate loans to a fixed rate loan, at their expense, and the interest rate should be fixed at the original agreed upon rate on each mortgage. I feel like this would help stabilize the housing prices and help stop the foreclosures and bankruptcies so that when the goverment buys up all these mortgages at least the houses will still be valued at the amount of the mortgage. I am not a financial wiz and would like to know if anyone sees any problems with this idea.