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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (432114)	11/2/2008 4:15:22 PM
From: Wharf Rat	Read Replies (2) \| Respond to of 1572611

Messiahs do that :>)))

To: tejek who wrote (432114)	11/2/2008 7:47:35 PM
From: bentway	Respond to of 1572611

FDIC Plan Tests Limit of Leniency online.wsj.com Nanci Puerto, a 40-year-old house cleaner in Antioch, ran into such a problem. She refinanced her house for $637,288 from IndyMac in 2006, taking out cash for a down payment on another property. She and her husband, who works in a machine shop, take home a combined $70,000 a year. Each month, she makes the minimum payment on her loan, $2,416. At the same time, she watches the outstanding principal swell since that payment doesn't fully cover the interest costs. Now she owes IndyMac $707,000, on a house that the county tax assessor says is only worth $410,000. When she called the bank, however, she says the agent told her IndyMac is just a "collector" for the investors who own her mortgage. The bank could only consider altering her mortgage terms if she were delinquent. "I'm going to stop paying so they'll modify the loan," Ms. Puerto said this week. "Otherwise they won't help me." The FDIC can work with borrowers who are likely to become delinquent if IndyMac owns the loans. In cases where it does not own the loan, the bank's contracts allow it to intervene only if borrowers are actually delinquent. It can't do anything to help borrowers who haven't yet missed a payment, even if a default is in the cards.