eds
11-05-2007, 02:55 PM
Interesting quotes from the article:
"Nelson feels cheated and has little sympathy for people who she believes weren't as careful as she was. "Everybody was seeing dollar signs," she said, "and let their greed get the better of them. So, no. No bail-out, no assistance with my tax dollars. Not one red cent."
"With some of the refinancing slack being picked up by FHA and the government sponsored enterprises like Freddie Mac, Keegan does not think the funding of these organizations will last without significant infusions of public money."
"Despite the recent collapse of the subprime lending market, Bailey said, 70 percent of hybrid ARM borrowers still paid off their loans. "These loans take a beating as predatory but they saved [borrowers] millions."
According to Bailey, before these loans are approved, the lender's, the investor's and the community's interests must all be considered. If all those are advanced, then concessions will be made.
"And, the program's not designed to be easy, according to Bruce Marks, chief executive of NACA. "It's an arduous process, a sacrifice," he said. "Borrowers have to change their lifestyles, tear up credit cards, lower car payments. We're putting people through hoops. Then, they have to document their spending and make payments on time for six months before the restructurings become permanent."
"She said, "The American taxpayer has been paying through the nose for corporate handouts for too many decades now." She does not think we should help cover the losses brought on by business decisions of big bankers or greedy consumers that thought they'd get rich in property speculation."
The complete article:
http://money.cnn.com/2007/11/01/real_estate/Countrywide_bail_out_bashers/index.htm?cnn=yes
"Nelson feels cheated and has little sympathy for people who she believes weren't as careful as she was. "Everybody was seeing dollar signs," she said, "and let their greed get the better of them. So, no. No bail-out, no assistance with my tax dollars. Not one red cent."
"With some of the refinancing slack being picked up by FHA and the government sponsored enterprises like Freddie Mac, Keegan does not think the funding of these organizations will last without significant infusions of public money."
"Despite the recent collapse of the subprime lending market, Bailey said, 70 percent of hybrid ARM borrowers still paid off their loans. "These loans take a beating as predatory but they saved [borrowers] millions."
According to Bailey, before these loans are approved, the lender's, the investor's and the community's interests must all be considered. If all those are advanced, then concessions will be made.
"And, the program's not designed to be easy, according to Bruce Marks, chief executive of NACA. "It's an arduous process, a sacrifice," he said. "Borrowers have to change their lifestyles, tear up credit cards, lower car payments. We're putting people through hoops. Then, they have to document their spending and make payments on time for six months before the restructurings become permanent."
"She said, "The American taxpayer has been paying through the nose for corporate handouts for too many decades now." She does not think we should help cover the losses brought on by business decisions of big bankers or greedy consumers that thought they'd get rich in property speculation."
The complete article:
http://money.cnn.com/2007/11/01/real_estate/Countrywide_bail_out_bashers/index.htm?cnn=yes