BASILOVECCHIO'S BLOG
THE FINGER HAS FINALLY BEEN PUT IN THE HOLE IN THE DIKE!!!!!!
GREAT.now what will be done to remove the finger
and not cause a MAJOR catastrophe.
This is a temporary solution that will only pent up demands for forcolures-7.5 million of them when the finger is removed!
THE LOANS MUST BE MADE AFFORDABLE-not frozen at these UN-AFFORDABLE terms and condition.
Ask, what can "FREDDIE AFF" do?
"Freddie Aff" will solve the entire problem.email-
mylonglastname@aol.com

Basilovecchio
SORRY,I am new at this.Don't know how to take email address out.

why cant they cut sub prime rates to help out people before they get into foreclosure how can you have or get anything now adays with bad credit or a foreclosure against your credit banks aint helping anyone but theirselves they need to do something before people get to that point but no the goverment wants to sit back while the banks get richer off their sub prime rates or foreclosing on a home and reap the benefits of foreclosure . if the govrment wanted to help people why dont they listen to the how to help the people istead of worrying about the best interest of these major banks reaping up all the benefits

When are poeple going to learn. This whole problem is an education problem. If people were educated in money matters, they would not have put themselves in this mess. I dont like the goverment stepping in. Why should they help... If they are going to help those who got into these contracts on their own, then they should help those people that are loosing their homes due to other reasons.. ex. sickness, job lost, ect... but they are not, which shows they are really doing this for the large instutions, not for the consumer.
So my advise is let the chips fall where they may and GET EDUCATED

All responsible parties should share in this mess in a forulated prorata formula: (i) regulators (govmt agcies) (2) lenders on subprimes (3) irresponsible buyers of sumptuious, overvalued homes. Us poor taxpayers who live in homes = to our fin status are going to be stuck with the balance via fed. gov. picking up the rest of the pieces.

We have the National Mortgage Complaint Center and this new Federal scheme is too little, too late. What this fix fails to address is the fact that most of the borrowers are already upside down on their home by at least 10% or more. Why extend the pain? We estimate that there will be 2.4 million foreclosures this year. Thats 1 in 32 US homes.

As far as Chris Dodd (US Senate), he is a fool. Federal bail outs----what a joke. Had he been doing his job as far as over sight in 2004-2005 we would not have this problem now. This disaster should not come with a Federal bail out. We think the lenders/investment bankers should be writing the checks.

Our big worry is the pension funds that purchased the mortgage backed securities. They now have a huge problem. They will be next in line for a bail out.

We fail to see why the taxpayer has to bail out foolish lenders & real estate flippers who bet nothing on flipping a house. They rolled the dice and now the taxpayer pays? Thats Baloney!

Further why should tax payers pay for individuals who never should have bought a home in the first place? We talk to about a dozen homeowners a day in foreclosure. Many to most have not made a mortgage payment in a year. So the tax payer should bail them out?

Why?

we have a combination of problems. inflation is a big part of the problem. the gov just keeps printing money and lowering the value of the dollar. no one is spending money and business's are feeling the cruch. which makes companies downsize and less jobs. then you have the subprimes which people cannot keep up with the payments. our economy is so stretched that there is no place to make money. so things have to drop in price. i see many business closing their doors, and i am wondering "whats going to bring jobs back to the united states. everything is being offshored. we need to start putting tarifs on imports from china and other countries. we need to start building all new homes with solar power and building better public transportation. the gov should start taking care of us first. the is going to be a long cycle. the gov is too little too late to correct this problem.

Not right!
I am 61, saved my money faithfully and bought a very simple home, two years ago, with a FIXED rate.
This place isn't fancy, but it's MINE and I can flat afford it on what little my paycheck is- -so I have to go through hell because other people are just flat to stupid to either READ a contract- -or know how to save, - -or both.
to hell with this!
Don't see any big time government helping ME out.

Why should only certain people be help? Since people took out mortgages to buy houses they could not afford with "crafty mortgages" foreclosures are up the value of my house has fallen. Should I get reimbursed for my lossess?????

Why are the not going after the mortgage companies that made more money in the last 3 years that were talking about us paying to bail them out , Where'd the money go, the CEO of the failed companies brought it to there island hideaway

Refianancing has helped many get homes and spend money inproving them, but Now is past the time to tighten our Belts and be very careful with the Homes we "own" and try to pay our debts on time and save , this is a bitter pill to swallow for some who spend on Gas gusslers and things just to Look bling well I Hope we can pull through and Not expect WAll street to make Good investments rather than passing the paper around and around if it Looks like a pig it smells Like one!

Big banks can help??? Think again... The WaMu management is in need of thorough brain scanning. In the Loss and Mitigation department, the management will favor foreclosure in place of 73% recovery of their mortgage interest in the midst of mortgage meltdown. Go figure… Sell WaMu stocks!