Comments on: Shaming Lenders — Part II

By: Tim Manni

Tim Manni — Tue, 01 Dec 2009 22:23:33 +0000

Esko,

Thanks for commenting, it’s good to hear from you. I understand and agree with you, but is it the role of our government to try and ruin the reps of businesses that don’t perform up to the expectations of a voluntary program (however TARP banks must participate)? What if these lenders feel they would make more money if they simply foreclosed? Do they not have the right to do that?

Don’t get me wrong, I feel for these struggling borrowers I do, I know first-hand how frustrating the process can be, but this act of “shaming” really rubs me the wrong way. They could take other avenues.

Great to hear from you,
Tim

By: Taff Elliott (Brit Army retired)

Taff Elliott (Brit Army retired) — Tue, 01 Dec 2009 19:09:00 +0000

Hi Stuart,
I saw your program on “shaming lenders” today, Tuesday December 1st, 2009. I have been coming in and out of the USA for the past 4 years on a B2 visa, with my wife but now the immigration service is telling me that we are spending too much time here. The reason my wife and I, spend so much time here is so as to help our daughter, an RN working at a local hospital and a single mom, raise her 8 year old boy (he’s a citizen). I would love to purchase one of those forclosed houses for around $250,000.00, cash, and be allowed to live here as a retireee. At present there is no catagory, short of coming out of retirement and starting a business, or investing $500,000.00 in a business, that would get us “green cards”. I think there would be a whole bunch of worthy people in a similar situation as that of my wife and I, ready to buy homes here. Why not make us purchase a house for at least $250,000.00 and allow us to spend our retirement pensions and savings here. Love your show. Taff Elliott.

By: Esko Kiuru

Esko Kiuru — Tue, 01 Dec 2009 02:48:11 +0000

Tim,

It sure appears that mortgage lenders and servicers have been dragging their feet with loan mods and other foreclosure rescue efforts. Trying to shame them now likely won’t spur them directly into doing more of the mods. What the government’s aim might be is to hurt their reputation among consumers and as their bottom line starts shrinking because people take their business elsewhere then they will come around and begin an honest effort to help borrowers in distress.

By: realestatewonk (Jamie Smith Hopkins)

realestatewonk (Jamie Smith Hopkins) — Mon, 30 Nov 2009 23:48:15 +0000

RT @HSHassociates: Shaming Lenders Part II http://bit.ly/6HNjXq Treasury announces plan 2 shame lenders into modifying more loans. It di …