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Poll: The housing crisis

Should the feds fix the foreclosure crisis?

View Results

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  • Nashtnguy

    You made your bed. Now, lie in it.

  • tom

    Just because people paid to much for their home is no reason for the rest of us to bail them out.  These  people are the very ones responsible for the overinflated prices of homes.

  • Acarington

    Making 125k per year and buying an 800k house, your choice — your problem.

  • Beach_bobby

    nobody help me with my home

  • mouse

    Buy what you can easily afford!  What ever happened to the formula I learned as a kid? Your monthly house payment should only equal one weeks net take home paycheck. 

  • Dirkam

    a large majority of these “ownerS’ would prior to 2000 never have qualified for a mortgage.
    The poster child on this show was the middle aged single woman with a $600,000 mortgage on a
    home that was grossly overpriced when she bought it during the “boom” . That house in a pre -boom normal
    market would at best have  been worth $300,000 and today is probably worth even less.

    The banks made huge profits making loans to people which by any normal risk standard
    should never have been given a mortgage. The bankers knew these loans were crap because they
    promply packaged them,labeled them AAA and sold them to yield hungry institutional investors.

    If the federal government wants to start a nationwide public housing program they should
    alfford  the taxpayers the chance to vote on the program they will ultimately pbe paying for.

  • Khamel

    you tried to beat the system, then you lost.  I do not get to start over with an investment in Freddie Mac.  You speculated and lost.  That is the American way.  A person should have not have held on so long.  To bad people, you gambled and lost,  end of story 

  • Carochip

    I was shocked to see the example you had on your show tonight of a woman who had lost her house.  Seriously?  A 4000 sq. ft. house with a $600,000 mortgage?  Anytime we buy a house, we need to consider the chance of a job loss, health issue, etc.  This was shameful in my opinion.  I could have purchased a $400,000 home after my divorce, but instead purchased a $200,000 home and put 20% down.  I am extremely under-employed currently, but can feed my family and pay my mortgage.  Maybe we need a depression to wake people up.  BTW, I am 48 years old, did not go thru the depression, but had the good fortune of being raised by older parents who did.  We are crashing fast as a country with all this dependence on government to pull us out of our bad decisions and economic downturns.  Both are quite likely in life.

  • Martvam

    We live in NY and have not been able to get help with our mortgage with M&T Bank.  They told us we were not eligible for HAMP.  We are behind one month and they told us based on our application for assistance they thought that would be able to catch up in six months.  We are feeling the economy and cannot get help. 

  • Tdirden

    As a liberal Democrat, this is literally the only issue on which I agree with the Republicans. I don’t think the government has any business artificially propping up home prices so people who bought too much home can stay in an over priced house. 

    I make a decent salary, but as my wife and I are still burdened with student debt, we know we can’t afford to buy a home and will wait until we are financially able to do so. The fact of the matter is, THE WORKING MIDDLE CLASS is still priced out of the housing market because home prices are STILL too high. Prices need to go down, not stay at artificially high prices. Only then will the economy get back on track.

    If the average wage remains stagnant or even declines, why shouldn’t home prices follow suit. At this prices, how will responsible working people ever be able to afford a home?


    While I think the banks are largely responsible for promoting bad and/or risky lending practices for the short term gain, I also think the consumer’s that made the decision to purchase loans on properties that were beyond their means are ultimately responsible for their decisions. There are too many people in this country that think they “need” a huge home. People in previous generations were happy with average home sizes that were much smaller and were much more frugal about their decisions regarding a home purchase. Responsible taxpayers should not be burdened with the bailing them out from their own bad decisions.

  • Boman676

    I watched your program on foreclosures. I am afraid you have no idea of what is really going on. Lenders are strong arming creditors into taking government loans to stop foreclosure and then advising the creditors that the loan did not even cover the late fees. Also look into chapter 7 and see what it really does.  

  • justmaking it

    I personally don’t feel that the government should bail out people who lived beyond their means.  When I was approved for a loan in 2005 for a house, I was approved for way beyond what I knew I could afford and I chose to go 80K less than what I was approved. I was not able to purchase my 600K “dream home” but instead was able to afford my 85K “reality home”.  Through all this, I have lost my job and was able to maintain payments while unemployed b/c I did not live beyond my means.  what is the reward for the people who stayed within a budget? Nothing. So, No, the government should not bail out these people at my expense.  They knew when they bought it, they could not afford it. Their house payments were too big and then they had to find a way to furnish what they couldn’t already afford and now they owe on credit cards too b/c they just had to have that new couch to go in their new home.  Well, let me say, I still have furniture, clothes and too many numerous items in my home that are over 20+ years old.

  • Guest1

    Asking the government to fix the housing crisis is merely asking for deeper crisis. The Feds fueled the crisis with easy, excessive credit. The government should stay out of the housing business, and stop bailing out the foolish bankers and borrowers.

  • 1llb

    The feds allowed the banks to set in place the formula for them to make money and the rest to crash. What ever happened to the Governments job of deciding what was Best for the American  People.      Oh! I forgot. Silly me. GREED.

  • Guest1

    The results of this poll illustrate why there’s a housing crisis.
    Too many people want the government to “fix” their foolishness, rather than taking responsibility for their actions.Government is the problem, not the solution.

  • Carochip

    And whatever happened to the people’s job of buying responsibly?  Oh I forgot, GREED!

  • Sadi

    After a year of trying to get Bank of America to do a remortgage due to a job layoff. My daughter had to do a short sale to stop a foreclosure. Because the bank lost paperwork over and over and didn’t do what they said they would do, their credit is ruined. Now that she is employed and can make payments, she will have to rent because of their credit. All because BoA didn’t do what they were suppose to do. I think the feds should make the banks fix the mess they caused!

  • Carochip

    Buy in my town……the prices are CRAZY low!  You must live on the West Coast!  Glad to hear you like a conservative value as a liberal democrat.  There’s hope!!

  • Matthew Barbaro

    This week’s TV segment on Foreclosures in Nevada highlighted the misfortunes of a Ms. Martino who lost her $135,000 per annum job and then her $800,000 “dream house” on which she owed a mortgage of $600,000. Ms. Martino was very critical and “mad” about the federal refinancing program and the bureaucratic runaround she received from her lender. Did it ever occur to her that she may have made an imprudent decision and over-extended herself when she decided to purchase her mansion with a $600,000 mortgage? Doesn’t she bear responsibility for that decision? Why should she be bailed out at taxpaper expense for the consequences of her imprudent investment decision? I earn about the same salary as Ms. Martino but would never consider purchasing such a large and luxurious home. It simply is not necessary, and I wouldn’t be able to sleep soundly with a mortgage of $600,000 hanging over me. Why can’t people accept the consequences of their own behavior, instead of blaming others and looking for sympathy? No tears shed from this writer.

  • Clint David Samuel

    Of course they should. They broke it. Its up to them now to fix it. That “let the market play itself out” talk is just Larry Summers cronying up to those big speaking fees from financial wizard types. HAMP was a pointless Band Aid. Early on the Obama administration made a values judgement. They decided they needed to preserve the welfare of TooBigToFail Bankster friends, but not the welfare of underwater homeowners. They let the Banksters have their fun foreclosure games and the taxpayers pick up the home market slack. I always knew it would never be enough to just let the Banks do as they liked. That’s the same problem Obama has with the Pak ISI and the Taliban. He considers it of vital importance to let his ‘friends’ the Paks do as they like, even when its to send the Taliban to kill more Americans. The Banksters are no different. They dine on the flesh of the US electorate and the Feds let them do it. Now its time for the rubber to hit the road. They have to decide if Bankster money is really worth more to them than real votes this year.

  • Dm59701

    The feds should only force the banks to fix this problem, We gave them billions of dollars in bailouts, Their greed made this happen, Make the banks fix it and at their cost. The goverment does not need another bailout

  • talkswithowls

    the Feds created this monster with the Community Reinvestment Act which allowed all kinds of people to buy houses they shouldn’t. Blaming the banks is a Dem talking point. Yes, banks and mortgage co’s made profits, but they did not write the rules, Dems did. It started with Carter….check your history.

    Just an idea, but if the Gov’t is going to spend money then what about  spending money on the folks who are paying their mortgages? If those folks were “bailed-out” by paying off their mortgages, wouldn’t everyone be better off? The folks with no mortgage would probably turn around and invest it in real estate in many cases….. sounds like a win win…….but why would the Gov’t want to help frugal, common sense, hardworking people……they vote Republican…….

  • Anonymous

    You are in the unhappy position of paying either way. The housing crisis has been a major driver of our recession – lost jobs, lost homes, etc. As 8 million newly unemployed applied for safety net benefits this has added hundreds of billions to our deficits. Now we have almost 20 million vacant housing units, and another 2 million still working their way through the foreclosure pipeline. If you look at the economy as a whole, US would be much better off to stop the housing crisis.

  • puzzledbyitall

    I am not an accountant, so my logic may be flawed, but if a bank holds $100000 mortgage and refinances it as an $80000 mortgage, it writes off $20000. In the process it might help preserve a neighborhood from further erosion and help preserve the prices on the houses in the neighborhood. If a bank permits a house to go in foreclosure and auctions the house at say, $50000, it seems the bank has to write off $50000 against earnings. If this is right, I fail to see where a $50000 loss is better than a $20000 loss. I know many reasons for not doing the refinancing, including the unfairness to other borrowers, but I think other homeowners rather save the neighborhood at the expense of their not being able to refinance because they can afford their payments than to see the neighborhood further decline.

  • Anonymous

    It wasn’t the best solution, but we had a chance to ameliorate the housing crisis – it was called ‘Cram-down.’ It would have allowed a bankruptcy judge to treat a mortgage on a first home the same way they treat a mortgage on a second home – force a bank to rewrite a mortgage and share in the loss from the original loan. But that was easily defeated by the banking lobby – while this bill was being voted on in the Senate, there were 10 lobbiests per Senator.
    Now because people can’t stand the idea of anyone other than themselves getting help, we cannot gather the political will to force the banks to do anything.
    So, millions are becoming homeless, millions have lost their jobs, and millions more are being forced into poverty. Our Great Recession continues because the home building industry is crushed. I just hope those people who begrudge helping their fellow Americans are happy. Don’t forget that every time you walk by some family living in their car to tell them “You don’t deserve help – you need to live in poverty.” 

  • Vance M. Brown

     My wife and I tired the government program,  with no  results. What happened to us is just what happened to the lady in your  TV show about the mortgage crisis. A lot of paper work back and forth with the bank, but no help. We were lucky and had a great real estate broker and did a short sale with Wells Fargo. Overall,  it seems that the banks don’t care if you go into foreclosure. I think that in several  years  they will be blocks and blocks of bull dozed homes all over this country.

  • Anonymous

    Of course you don’t think we should help our fellow Americans. Let them live in their cars, or in a lot of cases where they have lost their cars, in homeless shelters. To the millions of homeless, the millions of unemployed, the millions pushed into poverty by the Great Recession you would say “You deserve it.” Why should you care?

  • Anonymous

    If you will think back, the problem was housing prices were rising so fast, a lot of people thought if they didn’t buy then, they would NEVER be able to afford a home. Wall Street was selling $Trillions in MBS’s with AAA ratings based on the idea that housing prices would NOT go down. So it was either take a loan with almost zero up front interest and a higher rate later on or simply give up on the idea of ever owning a home. If housing prices had held up, they wouldn’t have been crushed and could sell the home later if they couldn’t make the payments later.

  • Rogerr27

    The Banks that caused this mess should pay to clean it up!

  • Roger

    Because the Banks don’t make enough money doing the refinance!

  • Anonymous

    Both state and  federal regulators failed to stop this crisis so they should find a remedy to help homeowners. Securitization of mortgages has been a disaster.

  • Anonymous

    No one forced the banks to write fraudulent loans. They did not act in their lon term interest and were only bailed out to prevent a meltdown of the financial system.

  • Guest

    Home prices need to come down some more and the excess inventory sold off before there is a recovery in housing. Millions of tax payer’s money were used to modify loans only to have the homeowners re-default.  The woman portrayed took out a 600K loan on 125K annual income. If you cannot afford the payments, why not rent?

  • Gcshappellfurnrep

    The housing foreclosure disaster is the anchor that wil drag our nations economy for tens of years and bury us all in a great abis of debt. Fix this and the jobs will come and a rapid economic recovery will happen.
    Place a SMALL monthly penalty fee on those institutions that created this mess until a significant housing recovery is evident.

  • cynsal

    Why did so many people get so far into debt? Is this the american way? I refinance my home in 2004 and was offered $200,000 which was the value of my home at the time. I said no! I took only what I needed which was $115,000. Thank goodness I made that decision my home is currently worth $95,000 already upside down from just the $115,000 borrowing. Only regret I have is if I would have taken the $200,000 perhaps I could have walked away with the cash and left the bank with the house.

  • 1sweetsteve

    If the govt helped the banks they should force the banks to help the public

  • Fredfons

    The Feds should have acted when the early signs were indicating a looming problem. It seems the Feds help is a cure that is worse than the disease. Let the market work out the problem and the pain will be over much more quickly.
    Your story of someone with a $600,000 mortgage elicits no sympathy from me and does not signify a “crises”. I should not have to pay for wealthy people’s poor financial choices.

  • Jmikereno

    The home equity bubble was the last device left to the declining middle class of three decades to make up declining buying power lost in declining wages of the middle class and people used the equity in their homes to send children to college, buy vehicles or improve their lives in ways they would not have been able to otherwise. 70% of toxic mortgages were cash-out refi’s. And do remember it’s real hypoctitical to condemn over-borrowers of home equity when the fed’s quantitative easings one and two have propped up the equity markets by allowing public corporations (and investors) cheap money to buy back their own stock which in turn boosts the the stock price by reducing the outstading shares. The government lack of oversight caused this and they are part of the solution.

  • John Vajcner

    Yes, I have tried to refinance our home many times in the last 2 years. Fortunately, my wife and I have been able to make the payments. I was a quality engineer and learned to solve problems by looking for the root cause. Before the bubble burst I had my own trucking business. 2008 was the best year ever, but you know what happens to a lot of businesses when they just get started. Finally had to sell my truck and file bankruptcy just as I was finally starting to pay down my debt. Took me 2 years to pay the back taxes from that profit year. While I was driving during 2008 I talked with a lot of customers. They said they had to lay off their workers because they could no longer pay the fuel surcharge due to the tremendous increase in oil prices after Saddam Huesien was removed from office. Their shipping costs were just too high. Oil companies caused this crises. Nobody talks about the impact that these fuel surcharges had on the economy during the the downturn. I believe this caused the domino effect that led to the housing crises. I got my loan from Chase at 8.125%. One of those “document only” high risk mortgages. They quickly transferred my loan over to IBM business and subsequently to another mortgage service. I hope President Obama is successful in changing some restrictions. I would sure like to be able to keep the only home we have. I promised my wife we would keep it for retirement.

  • Lucille Giacino

    This crisis wasn’t started by homeowners.  clawback the bonuses of the last 7 years and it will be fixed.  Our President has to force the banks to stop the foreclosures and reduce the principal and interest.  Secondly, get our college kids out of the debt caused by the Greedy Bastards. 

  • Lucille Giacino

    No the banks created this monster to feed the Wall Street “geniuses” who created paper backed by nothing and sold to investors all over the globe.  The really rich got their money back and the rest of us, well……….

  • Stewart Warren

    Why do we continually focus on these hopeless ways for people to stay in their homes, while ignoring the crimes that put them in jeopardy in the first place? This is obviously an orchestrated event. The banks we’re pleading to help us avoid default, are the same banks who invest in credit-default swaps that profit from mortgages sliding into default! Everything they’ve done, from tightening lending standards, to causing refinance run-arounds, to jamming the appraisal process, is to drive prices lower, and encourage more “strategic defaults”. We need to wake up! Cheaper housing ultimately means more money spent at Wall Street retailers. FOLLOW THE MONEY!

  • Concerned

    Taxpayers who have made good monetary decisions should not bail out either banks or homeowners who have made bad decisions. More people should save and pay cash instead of borrowing to have everything instantly. Let the market work out the housing bubble and it will be over sooner than with all these unfair, ineffective attempts at repair.

  • John Henley

    The MOD and short sale are a joke trying to make the public feel better, but are they making homes affordable.  Since you can only do a MOD once and they real do not like to lower the principal balance on the home this is a short time solution as our housing values are down.  When our MOD was done our house was worth less than what the mortgage was done for and we didn’t receive a principal reduction and were put on an ARM which is only a short time fix.  We have since tried to work with the bank and so far they have refused to do anything for us as the MOD can only be done once.  Our house is worth about $200,000 and we owe $340,000 ($300,000 on the first, $40,000 on the second). 
    So we have been thinking about doing a short sale which I feel should be called “Stealing the America Dream and making you homeless”  The reason we are thinking about it is because in order for us to get ahead we may need to sell our home as a financial decision.  We brought our home we put down over 20% and have never pulled cash out.  Our house is now worth about $200,000 and needs a min of $50,000 worth of repairs.  If we do a short the investor may end up with about $150,000 and we will have to wait to purchase another home 3-5 years.  This means all the money we put down and have spent on repairs is all gone due to no fault of our own.  If the bank would work with us we would be able to keep our home, the bank would save $50,000 and we would be able to put $50,000 back into the economy. 

  • Ms_goodwench

    The “big banks” are ignoring the needs of the “lesser individuals”.  Imagine trying to work out your mortgage as soon as you lose your job and the only reply is “we can only modify your loan if you make $3000 per month on unemployment”  Nope, not in FL. Time to move out.
    On the other side of the coin, do not attempt to buy a foreclosed home in FL unless you have cash.  Mainly due to the fact most homes have been vandalized and the banks will not mortgage it to a new buyer.  Once again, the rich get richer.  And most of those are overseas purchasers who just want to collect the rent and not perform the maintenance.  Home values go down again due to these slumlords.
    Then you have the edge of the coin, when a foreclosure from 12 yrs ago puts a lein on my bank account and I live on disability!  How many people will face this issue 12 yrs from now????

  • Minna

    The Fed is partially responsible so of course it should help. How many lobbyists were involved in drafting the legislation to help home owners? It certainly wasn’t designed for results unless protecting banks was the goal. New legislation requires more sticks and fewer carrots. 

  • Ermagrace

    Romney is correct.  Let the free market settle the housing crisis.  If you are underwater then you took on to much debt.  It is the fault of both the buyer and the lender.  Keep the government out!!  KC

  • Mindy

    They should differentiate between a “true” foreclosure and the foreclosures caused by the banks.  My house was sold through a realtor for asking price, which covered the balance of
    the mortgage plus.  Citibank refused the offer!  After all it was an FHA loan.  They would get paid anyway, plus sell the house again. 
    I was first told that they would not talk to me about loan modification until I was three months
    behind.  So you have to intentionally get behind.  Then they start the foreclosure process.

  • runi

    Until they can effectively make–and enforce–legislation against profiteering, federal efforts to “fix” the housing crisis will not truly work. Lobbying and campaign finance non-systems would result in a lot of wasted paper and time.  Better to use some of those resources to remind people of Murphy’s Law, “If anything can go wrong, it will”.  (That doesn’t mean that people should live their lives under a cloak of doom, but it is necessary to be flexible and mobile.)

  • Sanem01

    By Lega Aid SE Pa, DON’T BORROW TROUBLR, we are as a predatory loan victum, Country wide falsify our application and never gave us any copies of the documents, it took us almost 2 months to get them. we have very good credit , and asked for fixed rate, which we were not given, then Bank  of America took over, between them since 2006 been playing games with us, wrote and send letter to Presendent Obama, He said we have to help the banks, so it was  ok for them to cheat us, U.S. Attorney  General said cannot help us, been woking with Bucks County housing of Pa, and Congressmaen, Cassey, Toomey, and Fitzpatrick, and the bank was playing games with all of us,suddenly, without our knowledge our mortgage was sold to different company. the government know and have a lot proof on what the banks is doing cheating people and falsifing applications, why the government not doing anything? why the government not protecting us , we  pay almost two thousand dollars a month and mostly is interest, our mortgage is going up instead down, we are on fixed income, we barely manage , Why should we suffer, when we are the ones been abused and cheated, the laws is protecting the banks not us. there is something wrong here, who is running the government the banks or the government, and how many officials are in their pockets?

       Thank you Deanna

  • Judyneah

    Feds must make it possible for persons holding “sub-prime” mortgages to be able to refinance at the current interest rates, receive a conventional mortgage for the value of their home and to be done with reasonable closing costs.  These people do not want to go into foreclosure, but are being forced into it by the current rules.  If the feds would do the above, there wouldn’t be foreclosures & there would be more money in circulation.  Congress get on this problem and, for one of the few times, work it out together without a load of attachments.

    Home owners should not have to miss payments to qualify for “hardship.”  Nor should they have to suffer because they were caught in the subprime boom.  There are many who bought a home within their means; continued to make payments while suffering with job loss, but are at the breaking point.

  • John Zappatos

    People fail to realize that for the government to help it taking from our tax dollar.  So all of us have to help people that got too much house, tried to make money, or whatever.  Let the free market work it out.  Save your money while the bank forecloses and by another house.

  • Metbp

    Regarding the providing solutions for the foreclosure crises the term “responsible homeowner” is frequently used by politicians and the media. Is this to say that those homeowners who lost their job in this economic meltdown and can no longer make their payment are automatically among the non-responsible homeowners?
    And then what about the banking entities and the regulatory institutions who we resposible homeowners trusted to protect the integrity of our economy and our financial system? Have they been responsible banks and regulators? I think not. What should be their part in making sacrifices to repair the considerable damage to the value of our homes and other investments? What should be the penalty they pay for the verifiable rampant greed?
    Is the struggling out of work or underemployed homeowner the one to be the one to be called “irresponsible” and to bear the burden by being shoved out on the street?
    Think about it.

  • Citizen of the USA

    Need to know Interviewer:

    Interviewed a person that purchased a home that she felt was commensurate to her income of $100,000.00 plus, and upon losing that job her income changed.  This segment would like me to believe that President Obama is responsible for the choices that we make in relation to home ownership.  Please remember that we are a nation of people that purchase material things based on our income and should we lose a job that is one’s primary source of income it will effect an individual in a way that may result in many loses.

    I will concede that reform needs to take place, but there are those who purchased a home based on income, and there are those that never should have qualified for the purchase to begin. The Housing Crisis is a huge issue where many layers exist; help should go to those that truly were manipulated and mislead.

    Tunnel Vision does not help!!!

  • Jeninidaho

    We are underwater because of a housing boom/bubble artificially inflated prices in our area. My husband had a great job building these homes with good salary, benefits and 401K .And when the  housing bubble burst he was laid off. I still work full time and earn a modest salary but we use our savings to make up the difference. He works seasonally as there no longer are good paying year round carpentry or other jobs in our area. We used to earn about $80k per year and last year we earned far less.  Now we cannot refinance our loan unless we pay an $80,000 difference. Our home we bought for $230K is now worth $170K.We cannot move because we would still owe too much on our loan and the market here is saturated with empty/foreclosed homes.  If we were a business we could claim bankruptcy and walk away but as ethical people we chose to try to make our monthly payment. We would just like Bank of America to work with our interest rate and we would be able to continue to afford our underwater house. Our bank got a bail out from the federal government with my tax dollars are  you okay with huge corporations getting help with no obligation to the American public that is left holding the bag? JPC Idaho

  • Stewart Warren

    As long as homeowners did not have the same right as billionaires to protect their home equity with credit-default swaps, they are victims of a transfer of wealth. Homeowners had no mechanism to sell sub-prime short, and that makes everything Wall Street did to cripple the market a fixed game. Stop blaming victims. This housing market didn’t fall of a cliff, it was pushed.

  • Angela Pinney

    i am in oklahoma we have chase they are doing same things to us they keep saying we missed payment even after sent by fax prof of money order receipts several now we drive over 40 miles to the chase bank make our payment hoping they dont say we missed anymore but no matter how many payments i have prof of they send letter monthly saying we are thousands behind threatning forclosure what do you do give up or fight they are stealing from us

  • Commonsense

    Since the beginning of the housing crisis we feel the home owners were as much as fault as mortgagers.   We knew new homes in our area were way over priced but the public continued to purchase them.  We have always lived within our means, and we’re tried of stories like you broadcast last night about home owners that try to live out their fantasies , instead of using common sense.
    Having a home and a fantasy home is two different things.
    I have no sympathy for someone that buys a six figure home.

  • concerned

     what about those who are making payments on time and the bank saying they never got it and no matter how many times you send prof they even lie saying they never got it cant find help our house payment has gone up several times these banks are crooks

  • Peter

    The government should help after foreclosure too! They should help the homeowner who lost their home bid on their home to get the home back at a lower price. This will hopefully put an end to the vultures who buy up your home at a lower price than what is worth and what you paid for it. The vultures need competition. The government should not let the banks allow this type of capital gains to exist! They sit calmly while families are being exploited!

  • concerned

    this particular women should never been on tv i understand but what about the people who truly are getting a bad deal when we bought our small home in okla we were told it was brand new and wasnt very much we could afford the payments within a year we found out our home was cut in half and moved from another city none of this was disclosed to us lawyer said if they poured new foundation was nothing we could do ,  then our mortgage went from 800.00 to 1500.00 within the last 3 yrs my husband was in bad car wreck , almost died then had a heart attack few moths ago and still we made our payments only to have chase tell us we missed payments even though i have every single recipt of proof of all my payments they continue to threaten forclosure and claim we are thousands behind i have faxed them proof of payments atleast 5 time a month to no avail ????

  • Kengomez1944

    This housing crises will never end until the banks are forced to restructure housing loans. They say we have $20 million home loans under water, I believe it is over double that number. If you read “Back to Work”, by Bill Clinton he says that same statement. My wife and I make $12,000 a month and cannot get a modification on loan, on a house with a $770,000 loan that is valued at $350,000. We need a restructuring of loans in this country.

  • Citizen of the USA

    I am no professional in the mortgage area; but I would contact the new investigative division that is accountable for reporting to President Obama what difficulties and problems people are having with the banks and their inhuman practices in relation to home ownership.  You may also want to make your situation known to your Congressperson and/or Local Government.  Additionally, request a response to your correspondence from all; should you decide to pursue.  Please make sure that you have all receipts in case you recieve a favorable response.

    I recognize that you are only one person, but what if your situation is something that is happening to many other individual’s using the same bank. Perhaps you will help the President and his Investigative Division with identifying some of the unacceptable practices that are occurring during this home ownership crisis.  “No Bank should be increasing mortgages during this crisis”. 

    Respectfully, good luck!!!!

  • Citizen of the USA

    I am no professional in the mortgage area; but I would contact the new investigative division that is accountable for reporting to President Obama what difficulties and problems people are having with the banks and their inhuman practices in relation to home ownership.  You may also want to make your situation known to your Congressperson and/or Local Government.  Additionally, request a response to your correspondence from all; should you decide to pursue.  Please make sure that you have all receipts in case you recieve a favorable response.

    I recognize that you are only one person, but what if your situation is something that is happening to many other individual’s using the same bank. Perhaps you will help the President and his Investigative Division with identifying some of the unacceptable practices that are occurring during this home ownership crisis.  “No Bank should be increasing mortgages during this crisis”. 

    Respectfully, good luck!!!!

  • Scott B, Jamestown NY

     HAMP and HARP didn’t do the job, and, regardless of the banks not being prepared, they still didn’t stop the robo signing, nor did they stop working with other business to buy up foreclosed property.   Some people thought they saw hope with another plan, but it was only for those that were financed through Fannie and Freddie, and only if you had defaulted on payments, and/or you owed $XXXX, , and you mortgage was upside down, or the litany of other factors.  Even if a person bought a house they, or the bank, knew they were buying a house they couldn’t afford.  Now they might extend it to FHA backed mortgages. Even more currently, we have the news the Freddie Mac (and others, let there be no mistake that this is routine amongst mortgage banks) was not just betting against mortgage holders, but was making sure that these people weren’t able to refinance their homes.

    But there’s also about 20 million Americans, as my wife and I are, that did nothing wrong and are be penalized for it by not being able to refinance our home.  We did everything right: Nice percentage downpayment, never missed a payment, decent credit score, got a good rate for the time (7%), affordable house that’s not a McMansion, and have paid down a good portion of it. But now that rates are 3.5% we wanted to try to refi the our house. Not just because the rates are good, but my wife and I were both long-term unemployed (I still am), and even through that time we still managed to make all our payments.  BoA  (as well as Quicken, several other banks, and even our local credit union that held our second mortgage (and since paid off)) has flat out told us, and these are quotes, that we don’t owe enough, that there’s not enough meat on the bone.  Also, because we’re not in a hinkey mortagage, didn’t get a liars loan, are current in our payments, etc. we don’t qualify for help, nor is there any incentive for them to help us refi.

    Now, we live in a decent house in a decent neighborhood. en we tell people we know that live in other places what we paid they think we must be living in a chicken coop. When we tell them  it’s 3 bedrooms, 1.5 baths, 2 car detached garage they all say that where they live there would be a a couple of digits difference.  I will say that we owe way less than $100K.

    HOWEVER (!)… If we wanted to spend $4000 in fees for paperwork, plus another “down payment” on a house we were already in and paying for. Additionally we’d have to lay out $$$ for title search, $$$  to get our property resurveyed, and basically everything we did to get the loan from Countrywide (now BoA).  Never mind that absolutely nothing had changed.  The filing fees, etc.. would all be worked into loan for save us a grand total of $18 per month. 

    How is it that when BoA (or our credit card companies) can send us a slip of paper that radically effects the terms

    Now, we know we’re not going to be shaving hundreds of dollars a month. But with me still unemployed (I’m probably going to have to start calling myself “stay at home dad” at some point, but that sounds like I’ve quit looking, and hoping, to find work), and my wife making rehired at about 2/3 the money she was at the exact same job before the long layoff, and kid we had just before my wife was laid off way back when, we’d be happy just shaving a couple points off our monthly payment.  Many people would might scoff at the 3.5 points between 3.5% and 7%, or even 5% and 7%, but when you’re almost literally counting pennies, always listening for that other shoe to drop for when the used car to quit (had two die on us. Die. Gone. Poof!); for that medical emergency that insurance never covers; the additional trips to the specialty hospital for the kid and the tank of gas and unpaid day off work it takes to get her there; for the gas that never seems to go down in price, at least not for long.

    So to get this refi we almost have to prove we don’t need it.  And we’re being punished for doing things right. And by “we” I’m not speaking of just my wife and I, but all those 20 million people in the exact same boat we are,or similar. That played by the rules and expect fair play in return, and aren’t getting it. 

    We just want to give our money for our mortgage, but just a bit less of it, to a bank that wants it and won’t screw us over to make profit, or in our collective cases, because they can’t make a large enough profit.

  • Citizen of the USA

    I truly believe that the banks should work with homeowner’s that have been presented with circumstances such as yours as it relates to income changes due to the employment, as well as requiring banks that received monies from the bail-out to work with homeowner’s. 

    I encourage individuals with similar circumstances to send a correspondence to the President’s new investigative/accountability division.  This may assist the investigative division with defining what is required from the banks that received bail-out dollars, (i.e., lowering interest rate due to household income changes) for those that have the means to continue making payments.


  • Anonymous

    The “Sub-priime” law written by and for the Banks, Wall Street, and the Rich that creaed this mess..

    The TARP and HAMP program were also written by and for the Banks, Wall Street, and the Rich to make lots of money (Goldman Sachs 37,000 employees had an average of $400,000 bonus each in 2011).

    We, have to elect people in Congress who do Not take bribes and write laws for and by the People, not Banks, Wall Street, and the Rich (ALEC).

    Until we stop the corruption in Washington, we, The People, will continue to be preyed upon.

  • Anonymous

    Banksters put you upside down in your house to keep you at higher interest rates, the HAMP program was bastardized by the banks to make tons of money via shortsales and foreclosures thank to the “Secret $1.4 trillion” loss share money from the FDIC via the “Secret FED” TARP money.

    Won’t go into how I came to the conclusion, but here is a link to how the banks made money from this financial mess. I cannot tell you how many people, who lost their homes, had their income changed on the mortgage application by the broker to justify a home mortgage. The borrowers may or may not have known their application was “ticked up” to qualify, but either or, it was Immoral and probably a crime. But like the HAMP and HARP, the two programs had no teeth along with liar loans and the Banksters were not incentivized to keep you in your home. the Banksters were motivated to  just to get you out of your home, for Profit and lots of it.

    Wells Fargo, in 2010, made over $10 Billion in profit while forcing Thousands into shortsales and foreclosures but telling congress “they lose money with a foreclosure”. The Banksters are lying by omission, not disclosing the Insurance Payments that make them tons of money.

  • Anonymous


  • Bob

    The Federal Government should have REQUIRED stipulations to banks to FULLY  cooperate with underwater homeowners to work out solutions for people to keep their homes instead of just handing them bail-out money, and “TRUST” the banks to do the right thing ….(yeah right)!   .The banks are sitting on all that money, and apparently, the government is in bed with them on this, and are wondering why the rescue program isn’t working better.  The lending institutions don’t even know who owns the homes in many cases, and are foreclosing ANYWAY!!  What a bunch of BS!!!!  

  • Sha

    I truly believe that the federal government should and can do more to help homeowners stay in their homes.  As a victim of the “home modification program” I’m speaking from first hand experience and disgust, after numerious documented calls, applications, save your home workshops and remod offers that left me in a worse hard ship than before, it all boiled down to “If you realy want to keep your home, then you need to be at the steps of the court house today with the money owed on your loan” exact quote from a Bank of America employee. I by no means believe the federal government really ever had the best interest of homeowners in mind when any of their home loan or saving home ownership programs were put in place.  

    Mikegurus’ –  comments about home loan applications being “ticked up” is very true, unfortunately, I learned the hard way as a 1st time home buyer, that my income and rental history had been falsified while gathering paperwork for my foreclosure/bankruptcy hearing.  

    Read every line of income and expenses at your loan qualification meeting, validate that the document’s presented to you are your actual documents, make copies of all paperwork before submitting them to the finance company. Don’t allow the excitment of closing and homeownership cloud your “American Dream” experience with regrets and disgust. 

  • Michael Dougan Bx9y

    The foreclosure crisis was created by us all, individuals, financial institutions & government.  We need to let the free market work through this.  I feel bad for those who lose their home but who decides who gets help and who doesn’t.  If we force banks & government to fix the problem it will take longer & those of us who played by the rules end up picking up the tab.  I am not without feeling, but we all should know the risks of life. 

  • Pullman2

    Is there any effort to address the fact that too many people were carrying mortgages which were by far in excess of the ability to pay. The piece I just saw focussed on a women who had a salary of $130K before loosing her job and a home valued over $800K with over an $600k mortgage. That many homes were over valued is part of the bubble problem, but the fact that too many people were too far in debt seems to be a more pervasive problem. Frugality seems to be a lost virtue in America.  Maybe we need to reassess the value of living within our means.

  • Mike H.

    It’s the banks’ mess. They need to clean it up. In addition, the Fed needs to make sure something like this never happens again.

  • Helpmelord

    ARMS contracts created this mess. Greed festered over-valued homes. Moving good paying jobs out of the US was a bad move by American companies. Fannie Mae/ Freddie Mac need to  go back under the FEDS rule and start helping Americans with bad mortgage contracts.

    American companies such start creating training jobs for high school and college grads to refill the ranks of employees that are retiring. (Baby Boomers)

  • Mlyrna L. Johnson

    As much as we do not want the Federal Government in our business we need them to act in a time of depression.  We need to know the government we support cares about our needs and conditions.  We need to know we have intelligent, compassionate, innovative, quick thinking leaders, honest leaders.  I pray our elections will be based on these values and we go to the polls, hopefully in huge numbers, to elect leaders with these values.

  • Lucky70070

    People need to start living within their means.

  • Casey57567

    We had this problem in the early 80s and depreciation lives were shortened to 15 years for residential and 18 years for commercial to encourage home investment. Much of this investment was used by the average guy to keep up with inflation, pay for college education for the kids, and help with future retirement. Investment in homes creates a multitude of jobs but current state property tax laws now consider these business rather than investment (At least 48 states use some form of home exemption for property taxes; in my area, an investment home or second/lake home is taxed twice as high as the neighbor’s and it used to be worse than that), and discourage investment through continually tightened landlord laws which protect the bad guy. Bank repos sold at ridiculous prices also bring down the value of existing homes making that many more people underwater. Throwing money out there isn’t going to help. Fix the laws to encourage investment and rid the market of repos so the market can work on its own. This will save value for current homeowners, stabilize the market, and create jobs. .  

  • Jack012459

    Why the heck did you & your wife mortgage $800k when you only make $120k/yr?  common sense should have told you that you didn’t deserve to live in a $800k home!

  • Jack012459

    “The government” is us and our tax dollars.  I am not willing to pay additional taxes to attemtp to fix this.  If it doesn’t work, then people will say we didn’t spend enough.  People who don’t qualify to live in their homes don’t deserve to live in them.  That’s reality!!

  • Jack012459

    Of course people who lose their job and can’t pay their mortgage should lose their home.  That’s the deal with capitalism.  Do you think we should be guaranteed we don’t lose our homes if we can’t make payments?  That would be socialism and you’d have to move to Europe to find it.

    Next thing we’ll hear is people crying about losing their cars becaus they couldn’t make their payments.  We’re becoming a nation of cry-babies.  Toughen up and rent until you get back on your feet.  I’m not willing to support your mortgage payments and I doubt many are willing.