Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (39623)	10/12/2010 1:46:39 PM
From: Madharry	Respond to of 78652

dont forget wells acquired wachovia and Chase acquired wamu. on top of that wells probably has lots of cafifornia and arizona mortgages where the debtors can legally turn in the keys and be done with it. given that there are something like 48 million americans on medicaid I wouldnt be surprised if the banks are understating the number of residences where they are not collecting any payments. I spoke to a body today at citibank. i offered to reduce the term of my mortgage loan in exchange for a rate reduction. They said they could either do a refinancing or a hardship modification which can take 6 months. I said fine I'll pay it off over 25 years. Im not sure what will turn out to be the better option. but my guess is they will be begging me to pay my mortgage off faster in a few years. I conclude that the rate reductions are only helping people who are not underwater on their mortgages or have adjustable rate mortgages that are do to be termed out.