Borrowers Are Out In the Cold

Invading Iraq was an opportunistic move made by a lackluster president with a big chip on his shoulder. If you don't think we paid a family vendetta with 4000 American lives then you're stupid. I think we'd be much closer to a solution in Afganistan, which by the way is where the bad guys were until WE provided everyone with a nice petri dish to experiment in, make some cash and kill. Capitalism works in mysterious ways too.

Well actually I went ahead and consolidated all my bills at a low rate at MoneyStuck.com They were very helpful, and now I feel I have a new lease on Life !

I know this article is largely about homeowners, but there is a paragraph regarding the inability of private equity firms to secure financing. I find it interesting that even this "smart money" is fumbling: KKR Financial (NYSE: KFN) keeps postponing its scheduled payments. --Aseem Giri, author of "Imposters of the Gate"

Even the "smart money" is experiencing mis-steps: KKR Financial (NYSE: KFN) keeps pushing out its scheduled payment dates. -- Aseem Giri, Author of "Imposters at the Gate"

My mortgage was recently bought by CitiMortgage in November 2007. Probably because I have never payed late in 7 years and always pay extra on my principle. They promptly raised my escrow payment by 100 dollars per month and their reasoning was because my escrow account would have a projected shortfall on Octob er 1st of 2008. Also, they were changing the escrow requirement to be that there must be a minimum balance of 2 months worth of escrow payments in the account at all times. After doing the math I determined that on November 1st of 2008 my escrow account would have a surplus of over 700 dollars I asked if I could get the money back in November and they said no because they evaluate my mortgage in October and the surplus would have to occur in month in which they evaluate the mortgage in order for a refund to be granted. Their rules are such that I can't get out of the escrow account option for over a year. And if I do it will cost me more money to get out of it than the surplus. I would rather have that money sitting in my high interest savings than sitting in their coffers making them money. I have half a mind to go buy a different house, move, and then send them the keys. They got themselves into a bunch of money trouble and now are taking it out on responsible lendees by buying their mortgages and raking them over the coals using "changed" policies. With all their money from the Saudis they will get through this mess just fine, but the money they are keeping from me could be used to make me an extra fifty bucks a year. Not much, but fifty here and fifty there adds up. Also, all this lowering interest rates isn't doing consumers any good. Credit is harder to get and the lenders just raise fees. The only thing it has done to me is take my savings interest rates from 5.26 down to 3.75.

I have a loan with countrywide and my credit has always been good.The company that I work for was bought by a corporation last July,and they changed our pay plan and,most importantly,WHEN we get paid.I am now forced to pay my mortgage payment 17 days late every month.So Countrywide adds a late fee.I have spoken with a few of their representatives (they all,curiously, have [Asian] Indian accents-kind of like Microsofts call center) and it is tantamount to speaking with a mindless DOLT [reading from a script] with an inability to HEAR what's being said.
After 7 months of asking them to help a bit- by changing my due date (I heard and read all of their great ads about how they want to HELP homeowners) I have to conclude that the extra 100 in late fees is needed to pay for the monthly salary of those people in India,at the Countrywide call center.

My family is currently suffering the consequences of a sub prime loan. My husband and I were first time home buyers with two children and another one on the way, we wanted out of our apartment and into a home with a backyard and bigger bedrooms. We wanted a prime loan but were discouraged by mortgage companies who said, "this (sub prime) loan is much better and you can always refinance after two years". Fast forward three years, we are in the middle of a foreclosure. We had good credit, we never missed a payment, and now after being forced out of our home and seeing our credit tank it will be years before our family will even be considered for a home loan. I don't believe it was simply a change in the economy. These companies knew what they were doing.

Financial institutions gave home loans to people that couldn't afford homes and credit cards to people who didn't have any money so that they could bundle up this debt in derivatives and sell it someone else. It was all an elaborate and highly unethical shell game. yet neither Mr. Gross nor hardly any of the other business writers seem to hold these financial institutions accountable for their unethical behavior. Why is that Mr. Gross? You make this credit mess sound like it is some benign cyclical problem when you refer to it as a "credit dry spell' when in fact it was the greed of the lenders and a complete lack of any regulation of the financial markets that caused this.

Probably the single biggest problem is fuel prices. These cascade to higher prices on everything else. It costs more to grow food,it costs more to transport, it costs more to repair transportation because the parts have to be shipped,ect.ect. Then on top of that we have to pay more in taxes to fuel the Govt. because thier expenses are rising. Now take into account that we are also supporting illegals that are skipping out on thier bills, and are receiving Govt. benifits such as welfare, and that spells big trouble.

To PABluesMan.... Amen brother!

attn capnmoroni:Unfortunatly there are an excess of people like you who have there heads inserted in their anal orfices that have a really hard time recognizing the truth even when it stands right in front of you!

With the constant increases in gas, food and healthcare, my paycheck just isn't going that far, and my husband is looking for a third job. Even though our credit is good, we have a lot of debt because we have a disabled son at home. Our bank told us to increase our line of credit we would have to have a credit score of 720....mine is 680. It is more than just those who are being irresponsible with money....it is those of us who have always been responsible with money who are feeling the real crunch.

The first step responsible step I did was fix my finances with MoneyStuck.com
I got a great loan, and finally I can breathe again!