marketsmart

http://online.wsj.com/article/SB1213...?mod=yhoofront

i was wondering how home sales were up last month, now i know why...

Spunky

Somehow I see that loophole will be closed..sounds too much like fraud

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shermo

Far from awesome..More like idiotic. It's the same idiots who fucked up in the first place, who are willing to do so yet again. I was fuming when I read that. Luckily, it seems like Fannie Mae will be stepping up to the plate to thwart these asshats.

Only in the US, would somebody consider Mortgage fraud as a smart business move.

nosey

risky

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marketsmart

my thread title = sarcasm...

yes, i am furious too... i cant believe this is happening... what people dont understand or probably just dont care is that taxpayers get stuck with the bill in the end...

every person who does this buy and bail scheme should be prosecuted for fraud...

kane

an interesting read for sure.

shermo

I knew it was... Just made my post knowing that some people will actually assume this is a good idea. You seem way too knowledgeable to think something like this is smart.

I can see anal hobbit taking a liking to this though!

DBS.US

Buy-buy and bail

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tony286

Well your drowning in a house and the bank wont do a deal. What do you do live on the street?

pornask

I feel sorry for people who pay outrageous mortgage payments and their house is worth half the shit.

KillerK

I say good for them, fuck the banks

cleopatra0628

yep, good for them.

kane

Yeah it must suck to see the value of your house halved in just a couple of years. Even if you were smart and have a flat rate mortgage and your payments aren't going up and you plan to keep the house for a while, you still have massive negative equity and it could take years and years for it to grow back.

shermo

That's my position and it sucks..But in the end, people need to be responsible. The same people who got everybody in this mess, are the same ones that are going with the buy and bail. When you pay your home loans for years, your amount owed shrinks..That way even if you're down from the initial buy price, at least you might not have to come out of pocket to sell.

Maybe I'm odd by sticking it out through these shitty times, but I take responsibility for my actions, as everybody else should.

As for the people saying "good" and "fuck the banks"...I can only assume that you do not own a home. And Tony... Think about it man. These people shouldn't have bought homes if they couldn't afford it. Common sense goes a long way. Unfortunately, not a lot use it, and that is what caused the downfall of the housing market.

I can't wait until these assholes get prosecuted on mortgage fraud charges.

kane

I think a lot of people bought a house thinking that in 3-5 years it will have gone way up in value and they would sell it before their variable rate or interest only loan kicked in and increased their payments. What a lot of them didn't realize is that a ton of other people are doing the same thing so the market got saturated. I also think a lot of people underestimated how much the payments on their load could change. I think people thought their payments might go a up a little bit, not double. Either way when you buy anything that can increase or decrease in value you take a risk. Typically real estate is safe if you hold it over a long period of time.

I do think that the people who are now seeing their payments double should be given a chance to get into a fixed rate mortgage. If you have paid on time for 4-5 years I don't see why the bank should just refinance you at a fixed rate so you can keep the house for many years to come. That seems like a better option than letting it foreclose, lose value and waste money.

IllTestYourGirls

these people will be either sued for every cent they have or be in jail. Good way to clean out the retards.

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