Oct. 13 (Bloomberg) -- Banks will push the Obama administration to expand its mortgage-modification program to allow interest-only periods on reworked loans, seeking to bring more homeowners into the initiative while recognizing concern that it may only postpone defaults, according to JPMorgan Chase & Co.
“We’re working with our peers to develop a proposal to present,” Douglas Potolsky, a senior vice president at JPMorgan’s Chase home-loan unit, said yesterday at a Mortgage Bankers Association conference in San Diego.
The suggestion reflects a new round of ideas and plans to refine the $75 billion “Home Affordable” program, announced in February as a bid to rework as many as 4 million loans to ease a housing slump now showing signs of ebbing. The program’s latest phase also is marked by a need to permanently convert more than 500,000 trial modifications by collecting paperwork so consumers’ mortgage payments don’t revert within months.
LINK HERE
FROM THE MARKET TICKER:
Prior to the depression of the 1920s, there was a mortgage loan product used by many of the American people, known as the interest only loan. Why did this long disappear? And why has it suddenly reappeared? Let’s take a moment to answer each question, and hopefully provide some food for thought.
During the 1920s and into the early 30s, many of the citizenry of this country chose to live above their means. They chose the interest only loan because it allowed them to purchase a larger home for less money. What happened when the stock market crashed and jobs were scarce, and there was no income? Many of these people were left without homes; as they had chosen to simply pay the interest on their mortgage there was no equity built into their homeownership. When no equity builds, and the income ceases, the bank forecloses and residents are forced from their homes.
If our government allows this it will guarantee a GREATER DEPRESSION.
LINK HERE
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ReplyDeleteAnyone notice that Costco is selling a year's supply of emergency rations? Hmmm.
ReplyDeletehttp://www.costco.com/Browse/Product.aspx?Prodid=11487214&whse=BC&Ne=4000000&eCat=BC|3605|75277&N=4040913&Mo=17&No=0&Nr=P_CatalogName:BC&cat=75277&Ns=P_Price|1||P_SignDesc1&lang=en-US&Sp=C&hierPath=3605*75277*&topnav=
The Oligarchs are so greedy. They have to make 100% sure that after a RIP sign is put over the US economy that it will not tilt or waiver. That the death of the US economy is irreversible and the only answer is global governance via a bank of the world.
ReplyDeleteIf there is even a 1% chance that they cannot loot more than 99% of America they will take pause, regroup, and get back to work.
4:01 - yep. Bought a lot of it. The Shelf Reliance brand is cheap and lasts 20+ years. It isn't as good as the Mountain House brand, but it is less costly. (Fake meat, etc) We are talking survival here.
ReplyDeleteThe emergency bucket for $89(?) is a great deal although it won't feed you as long as it says it will - unless you weigh 100 lbs. Convenient because they ship them to your door for free.
Costco is also a great source for six-packs of black beans, corn, tuna, salmon, and lots of other storable items.
...are you saying we are going back to that time, crazy..its not even early 2000 level, and I dont mind if we go back to the 90s 80s or even 70s, lets start their first..before you cause unrealistic hysteria.its irresponsible.
ReplyDeleteplenty of big boxes, restaurants, bars, stores, etc etc, where I am. I am waiting for this economy to slow. I try to limit going out as much as possible because of traffic, people shopping, rich young brats, college kids drunk and behaving like girls gone wild...ugggh, go away its so annoying.I welcome the 90s also, and I will take the 80s, heck I will take the 50s and before.so bring it.
ReplyDeleteEA has a retard on his tail.
ReplyDelete4:53 yes and its you.
ReplyDeleteIf I were EA I would just clear out all the posts from the retard.
ReplyDeleteIf she added anything of value even any intelligent thought at all that is one thing but she does not. Ban her IP(s)get rid of the little weasel.
Great blog BTW - top notch!
she...sexist much?
ReplyDeleteNah, let's all assume it was a 'he'. otherwise we wouldn't be politically correct, and this would indicate low socio-economic status.
ReplyDelete5:06, you dont believe in freedom of speech? wow, and your the same person who writes about hoarding guns, food, silver etc..because your scared of the govt? you sound just like the govt you hate. hypocrit much?
ReplyDeleteI find it sad that some posts are removed when not of the opinion of "EA". Quite the load of crap when only posts that favor the article are left up. True there are a few PITA's but some of the folks have legitimate counter points.
ReplyDelete5:56 agree, I am sure whoever is running this site wants good for america and the world. Many of the posters clearly hate america. This site is strictly entertainment in my eyes. I would assume and would hope if the person was really scared they wouldnt be writing about many of these topics and would be working with officials to get a resolution on the upcoming events. I agree this is a good site for your imagination and "what if". and I actually believe some events MAY happen, but many who post here are adding much fuel to fire, in hopes of scaring people into a frenzy. That being said, it is interesting and somewhat addictive.
ReplyDeletePosts are not being removed because of contrary opinion, but rather the retard is just bashing the blog and/or has a mental disorder.
ReplyDelete5:56 there are no legitimate posts when one discusses hooters anatomies, name calling, blog name calling, close this blog or else statements etc. I now spend more time deleting remarks. Its obvious as to what the agenda is and who is doing it ( I know the IP addresses, locations and server). I am ready to just hit the entire delete button and write a comic strip.
ReplyDelete6:27 why do you resort to name calling, whoever is making the comment you are referring to has the right, its called (freedom of speech). clearly that concept irks you, and that is more troubling to me then the actually comment, whatever that comment may be.
ReplyDeleteYou have to love the irony of the Dow making it to 10k. Because of JP Morgan's profits. The same major Fed Reserve player, the one and only. The bankster firm #1. The founder and daddy who stole America for the Fed in 1913. His heirs are every bit the scum he was.
ReplyDeleteGee, you mean they made a profit after stealing 100s of billions from the taxpayers, phony taxes, and their banking scams?
I don't believe it!
This is how naive the public is; people that buy stocks believe a real company made a profit so they stupidly bought more paper stocks today. How sad.
I think this blog can freak some people out, so some chose to make comedy of the situation, I think its all in good fun, and not meant to hurt or insult anyone, or the creator. I actually saw some posts that were never deleated and found THEM to be quite insulting and frightening.so to each its own.That being said I respect the creators hard work to post these articles, and create an anonymous dialogue.
ReplyDeleteWhen the economy and the country itself falls off the cliff no one will say 'thank you for the warnings EA and the great news reports.' Truth is rarely if ever acknowledged or rewarded by the sheeple.
ReplyDeleteEvery economics blog has to delete some of the comments because people insist on posting irresponsible immature tripe or outright lies and fabrications.
ReplyDeleteZerohedge doesn't even let people post unmoderated in the first place.
Keep up the good work EA. Great blog.
mmm freeze dried BACON!!!
ReplyDelete"Nah, let's all assume it was a 'he'. otherwise we wouldn't be politically correct, and this would indicate low socio-economic status."
ReplyDeletePerhaps you just shouldn't assume, period.
FHA housing loans are your best bet in a situation like this
ReplyDeleteHey all ! I found very good site related to overcome Depression.
ReplyDeleteCheck it.
http://doctoruncle.blogspot.com/2009/05/depression-ups-risk-of-heart-attacks.html
Thanks for your work EA. Illegitimi non carborundum.
ReplyDeletei am waiting for the free set of dishes make a deposit get dishes or a toaster ..i am an old man and i have a few bucks still and there is a depression in florida ...if the banks don t or cant lend they don t make money i opted out of my creditcards and will never use another card ever i am living in my beat up old house that is so underwater i will never pay it off if the banks or the govt squeeze me i will leave and rent then taxes and fees will belong to the greedy investors but not me take any street in the worst city in florida cape coral and see all the relatively new stripped and abandoned homes... this city lost 34% of its value no one can get a job and THEY RAISED TAXES this is a depression city...we have had it for a year ...there is change in the air and it is getting violent its why parts of florida are turning into a shooting gallery and seniors who spent and built florida are leaving in droves and the banks and the govt are powerless to stop it...last one to leave florida please shut off the lights
ReplyDeletesome new thoughts on the economy in florida ...since no senior can get a job easily and there is no cola for seniors on soc security and local govts (CAPE CORAL FL )have raised taxes and florida has raised fees on car licenses and registrations and govt payrolls are continuing to blossom most seniors are looking at georgia,texas and the gulf states ..i know i am ...we are running out of money i refuse to go without eating so govts: city county state federal can feed their faces with salary increases and increased fees and taxes... most of us are ready to start renting and/or renting in another state ..and we were the people who built florida up and we are leaving you see FLORIDA IS OVER when boomers get electric bills of $250 a month water bills of $120 a month insrance bills of $300 a month tax bills of $250 a month on the house and $100 a month on the car and sewer assessments of $1200 a year and trash pickup of $250 a year and then try to eat and live on an average $1100 a month ss check ..you have to ask why come here and the county is building a 20 million dollar stadium for the redsox and people are living in the woods and in cars with kids because there is no money to provide for them ..i spent $12000 to live here last year with no pension and ss check i can do this 2 more years and then i am broke and at 72 i will be living in the woods ...if you come here to retire it will happen to you FLORIDA IS Over
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