Comments on: The mortgage crisis crusader http://blogs.reuters.com/muniland/2011/09/06/mortgage-crisis-crusader/ Bridges, budgets, bonds Mon, 24 Nov 2014 00:29:08 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: laryd http://blogs.reuters.com/muniland/2011/09/06/mortgage-crisis-crusader/comment-page-1/#comment-442 Wed, 14 Sep 2011 16:20:29 +0000 http://blogs.reuters.com/muniland/?p=3626#comment-442 I posted a bank scam I just was victim of on Rep. Miller’s FaceBook site. VISA provides a service for a fee called VISA UPDATE. What the service does is to take your bank-issued VISA card–credit or debit–and automatically updates the card number and expiration date to merchants when your card is either expired or otherwise invalid. I had to get a new Visa debit card from my bank in July because of fraudulent charges. In September, T-Mobile was able to debit my account with my new card and I never authorized them to use this card. Their customer support confirmed that my card information was updated by “an automatic process.” I am still working on how to protest this. I am awaiting paperwork from the merchant; and I am trying to contact VISA Updater. This is a truly violation of our privacy and clearly needs to be changed. Check your cards…what do you have in your wallet?

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By: QJOA http://blogs.reuters.com/muniland/2011/09/06/mortgage-crisis-crusader/comment-page-1/#comment-421 Thu, 08 Sep 2011 07:05:32 +0000 http://blogs.reuters.com/muniland/?p=3626#comment-421 “Taxpayers have already covered $140 billion of FHFA losses from these bad mortgages and the amount is expected to go much higher.”
Sir, don’t mistake losses with taxpayer’s cost.
The bulk of FnF’s losses in their quarterly reports come from the privision for future losses to build up a Reserve Fund.
combined FnF Reserve Fund stands at $113.9 billion at the end of June.
The truth will prevail.

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By: delinquent http://blogs.reuters.com/muniland/2011/09/06/mortgage-crisis-crusader/comment-page-1/#comment-419 Wed, 07 Sep 2011 15:24:25 +0000 http://blogs.reuters.com/muniland/?p=3626#comment-419 More power to Congressman Miller!
The average U.S. home price has now fallen below the nadir we hit in 2008 and is projected to drop another five to 15 percent this year. As values decline, more homeowners are steadily pushed underwater.
New home sales are now at the lowest level ever recorded and will continue to slide as foreclosures and evictions continue.
The U.S. Census Bureau reports that 11 percent of all U.S. residences are now empty, that’s an astounding 18.4 million homes, and projections show millions more in the foreclosure pipeline. This tsunami of unsold properties will take years to unload. (New York estimates 62 years, at current sales rates.) The glut of empty units drives down the value of all homes, keeps homebuilders from starting new projects, and qualified buyers waiting until values “hit bottom.”
The only answer is to force the lenders, especially Fannie Mae and Freddie Mac, to modify upside-down mortgages back to current market values – reducing loan principals allows homeowners to remain in their homes making payments they can afford while rebuilding their equity. This will slow the overwhelming onslaught of foreclosures, reduce the flood of empty homes onto the market, keep home prices and neighborhoods from deteriorating any further, and offer some hope that the real estate segment of the economy will one day recover.
Banks can thus help to resolve some of the problems THEY caused when they created the disastrous “housing bubble.”
Without this approach the downward death spiral will continue and the nation will not see an economic turnaround in the foreseeable future.

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