Comments on: Foreclosure Prevention Act clears latest hurdle in U.S. Senate

By: Irene

Irene — Sun, 17 Aug 2008 16:52:58 +0000

Not all of us are in dire need because of the prime loan mess, but rather due to loss of jobs or medical conditions.

Life happens and most lenders are not trying to help out. For example, BENEFICIAL would rather have the homeowner lose their house than to assist in reducing their payment by a mere $200.00 a month.

The economy is bad and though some individuals did get in over their heads, some of us were hit plainly with life circumstances.

BENEFICIAL is heartless!!

By: Len

Len — Fri, 15 Aug 2008 06:58:52 +0000

This law is useless. The reason people are foreclosing is because they have sub-prime adjustable mortgages and wallstreet decided to stop buying these things last year. When that happened, all the sub-prime lenders went out of business. So, the holders of these loans are stuck and can’t refinance before their payments adjust upward. That’s the problem. There’s nothing there for them. The only law these rediculous politicians could pass that would help is to either A) create a new mortgage insurance fund – so wall street will feel secure in buying the securities, or B) Offer a government backed mortgage bond that would take the place of wallstreet. THAT’S IT!! There are no other possibilities. Hang this on your wall and in 2 years when none of this has happened, and your house is worth 1/2 of what you paid for it because of the foreclosure crisis that these idiot polititians did nothing about, you will be reminded that you read something predicting the situatuion and hopefully vote in new leadership.

By: christine

christine — Mon, 11 Aug 2008 22:45:06 +0000

“Creates a tough, new regulator for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks to reduce the possibility of an expensive taxpayer bailout someday.”

right- they will bail them out

By: Maria of Tx

Maria of Tx — Thu, 31 Jul 2008 01:18:54 +0000

I have a subprime loan due to my suboptimal credit. I have been paying mortgage with a very high rates. I have been able to pay my mortgage but it is really high bec. of the interest. Everytime I try to refinance, lenders always use my credit score against me. Now, this new law seems a hope for people like us. But one of the article mentioned that this program is only for the people with good credit.

So how can this help people like us with subprime loans. The reason we have subprime loan is because of poor credit. Is there any hope? Or this new law can really be a help for us?

By: erin

erin — Wed, 30 Jul 2008 17:10:12 +0000

Wow this is great! I am going to go ahead and buy a house I can not afford now! I know the American taxpayer and government will be there to bail me out so why bother to live within my means!
What a joy day!

By: Foreclosure relief and housing bill gets approval from President Bush · Foreclosure.com Blog

Wed, 30 Jul 2008 15:23:44 +0000

[...] more on the vast benefits of the Foreclosure Prevention Act click here. To get started searching for a home — and taking advantage of the tax credit — click [...]

By: Foreclosure Doctor

Foreclosure Doctor — Wed, 16 Jul 2008 21:42:52 +0000

Good to see that progress is being made and that the government is addressing this issue. The situation needs to corrected soon before matters worsen beyond repair. The Foreclosure Prevention Act seems to be a worthy solution to our country’s problems.