Irvine Housing Blog

yup

Wow. Incidentally, I just love how politicians endorsing programs like this one talk suggest that those who are in danger of “losing their home” have been paying their mortgages for 28/30 years and simply had bad luck befall them at that point. They never mention that most who are losing “their home” don’t actually own ONE SPECK of it, “bought” something they couldn’t actually afford from day 1, and already raped the lender/taxpayer via excess HELOC and general payment deadbeatism. Quite staggering.

Steal from renters?  Whoa, what garbage.  Don’t you know what forbearance is?  This doesn’t involve you Larry.

I think all articles like this should begin and end with:

“Principal reduction achieved through foreclosure is superior to all other forms of principal reduction.”

There is no truer statement, yet somehow this fact is lost on homedebtors and the media.

Here’s a private company starting a principal forgiveness program. It’s the new normal:

http://www.housingwire.com/2011/07/11/pmi-to-pay-underwater-borrowers-to-stay-put

The “money” quote:

“Participation in RH Reward is voluntary and there is no cost to the homeowner, according to PMI. The cash will come after a lengthy period of keeping the mortgage current, generally from 36 to 60 months. According to PMI, the reward will be between 10 to 30% of the unpaid principal balance.”

It appears to be more expensive to pay a claim on a foreclosure than it is to pay a persons principal down.

My .02c

Soylent Green Is People

On the contrary Bill, it involves everyone.  This administration is continually ignoring responsible people and making them pay for the selfish and idiotic actions of the masses.  I for one, don’t feel the need to pay for people like you who peddled overpriced homes to people who had no ability to pay for it.  The lack of financial conservatives in the past few years has been astounding;  as are the things that homeowners believe they are entitled to, merely because they own a home.  It’s a joke, as are the majority of your troll comments.  So thank you Larry for continuing to provide information and call out the current b.s. that is being peddled on us—regardless of all of the OCAR and its pundits whining.

Thanks for the article IR.
But this policy is bullshit.  How the heck is it fair that a loanowner can squat while I have to pay rent and get srewed by the IRS fleecing my opportunity to buy.  I have been waiting for years for this to hit bottom…. now I will have to wait more years…  I should just buy a house and never pay a single mortgage payment…  squat for 3+ years like a bunch of loanowners here in Sacramento.  Who do we contact about this BS?

Aren’t renters now able to take out an FHA loan and obtain this unemployment insurance?  Not saying this is good policy, however it appears to be available to anyone who wants it. 

FHA is irrelevant to Irvine.

Forbearance is lame,  no consideration for prudent renters who chose not to buy at high prices like some sheeple.  Now us renters are going to pay for them to stay in their houses at inflated mortgage balances, pretty lame policy. 

Part of me thinks that banks must be in way more trouble then they are letting on since policies like this only help them . 

Only other thought is Oboma is trying to buy votes.  His goal is to get reelected so it make sense for him (but not for me!!!!!!)

How can I get an FHA mortgage with 3.5% down + 3.5% HomePath + 2 year fee home warranty + not pay my mortgage for 3+ years + renegotiate for principal reduction + not pay mortgage for another 3+ years + continue squatting for another 3+ years + renegotiate another principal reduction + ....

This definitely makes homeownership sound attractive!
where do I sign-up?

And just remember that we pay U.S. senators and representatives a premium salary plus excellent benefits to keep kicking this can down the road….to the next unfortunate and incompetent elected official who, because he/she is “all about change”, will never rectify either. 

All this new policy will succeed in doing is unnecessarily prolonging the suffering and inevitable.  These people will lose their homes.

I’m not sure who will win the 2012 election, but I get the sense that compassion for the “poor”, “downtrodden” and “foreclosed upon” will be in ever dwindling supply.  This is unfortunate, because there are a lot of people who went into foreclosure over the last several years by not “spending the house” and through no fault of their own: sudden unemployment or serious family medical issues and insufficient insurance coverage.

SoCal rent hikes trail U.S. average
http://lansner.ocregister.com/2011/07/11/socal-rent-hikes-trail-u-s-average/116347/

Economy Faces a Jolt as Benefit Checks Run Out
“Close to $2 of every $10 that went into Americans’ wallets last year were payments like jobless benefits, food stamps, Social Security and disability, according to an analysis by Moody’s Analytics”

http://www.nytimes.com/2011/07/11/business/economy/as-government-aid-fades-so-may-the-recovery.html?pagewanted=1&_r=1&sq=Expiration of federal aid may be drag on spending, recovery&st=cse&scp=1

Exactly how many are due to 1. overspending (Ponzing on a house expending to appreaciate to pay off the prior loan) regardless on changing employment status, 2. true unemployment (not unemployment on top of #1), 3. Medical reasons that if a non-occurance would of been able to pay the loan.  How much is truely downtrodden and how much is pure foolishness while claiming downtroddeness?
My old work place had the option of using opting out of the health insurance and taking cash (for those covered under the spouse’s plan).  There were those collecting donation when they had a medical problems and not insurance (i.e., lied to take the cash instead of medical insurance).

Robin Hood took money from the govt and gave it back to the righfull owners.  The govt did it by excess taxes and seizures in Robin Hood’s day.  Not much different from today, excess there’s no Robin Hood.  Just the taking and giving to those in power the banksters. 

I know of no body every bying a home.  They bought a house.  The wife and kids were not included in the sale.

The government keeps implementing policies to benefit one group over another not because it is the right thing to do but because it buys them votes.

And renters are paying more rent lately in my area, because there seems to be some sort of shortage of rentals developing due to newly-minted renters from the ex-homeowner pool and current renters determined not to purchase anywhere near the current are-they-on-crack asking prices.

One would think that renters would become a force to be reckoned with at some point, but much of the renting class does not vote much, and, thanks to a slew of new voter ID initiatives in many states, will be voting less in future.

The only thing I can see ending the power of the homedebtor class is a large bloc of elderly renters, as they vote religiously. It is not in the interest of the banks to have anyone with a paycheck or social security check become a renter.

If this is the “Robin Hood” story all over again, then who is King Richard and when does he return from foreign wars to put his foot through Prince John’s head?

Defacrats are evil, but when you worship mammon, repugnantcans are elite.

Both parties sold out the american people and your title tries to blame the defacrats…sad. The mentality hasn’t cleared up yet, hurry up and vote 100% republicans and see what happens…I will laugh my a$$ off as social services disappear, and you are a debt slave sold into bondage with no forgiveness. The Cans support “free market” LMFAO!

The title of today’s blog bespeaks much about the originator. No worries though, OC is primarily repugnantcans. How about that for a nice elephant monikor “Repugnant Can - same old ideas to screw the little guy”.

I hope they drop the corporate tax rate to ZERO, and when there isn’t a pot to piss in, THEN see the repugnant members spin that. Broadcoms Tax Rate in California with billions of profit….1.7%. OH MY GAWD how can they operate in California? It’s repugnant.

“If borrowers can break that link, I will see how much I can borrow, then I will quit work and just keep the house. Wouldn’t you?”

Right on. I’ll buy an uber expensive house and then tell the boss what’s on my mind. It’s a beauty that only a faith-based group of fucking degenerates could justify.

IR, the world is going to Hell, about what it deserves. Most Americans are morally bankrupt spineless twits. It’s hardly a surprise that scum-scraped fucking parasites maintain their jobs by whoring out their governmental authority.

God Bless America, Land of the Degenerates and their Circuses.