Abigail Field-
Monday I did an analysis of a study HousingWire reported as showing that profligate borrowers were the reason many 2009 mortgage modifications failed. I analyzed the reported data to show the 2009 mods left borrowers insolvent, and said it’s not surprising that mods that leave borrowers insolvent fail. In the ‘article’, Showalter rejected the idea that mod terms mattered. Instead he claimed the borrowers’ “lifestyles” explained who defaulted and who didn’t.
But here’s the thing. As I explained Monday, the key “lifestyle” choice was which debt to default on: when insolvent, did the borrower pay Peter (the mortgage servicer) or pay Paul (store/credit card debt)? Indeed, the study was a marketing tool trying to sell the ability of a matrix invented by Veritas to identify which potential mod candidates would pay Peter, and which Paul, so the banks could modify loans only for the people who picked Peter. That focus makes the invocation of the irresponsible borrower myth in the article particularly egregious–both borrowers are trying to be responsible in the face of insolvency.
The Morality Tale …
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In the case of many including myself The banksters (Chase) unapproved the mod after I paid five payments going on my sixth and did everything to comply with them stating verbally over the phone it was due to the Obama changes and on paper my income that had been approved already for the mod had not changed. I was told was not adequate now. I was told I was approved not on a trial basis. Many I know had this same thing happen for multiple reasons. The banks did not want the mods and used them to drag us into foreclosure by then crediting the mod payments as partial payments. Litteally used the mods and HAMP program to drag us into foreclosure. We did not default on the mods. The banks made it lood that way.
Then there is the financia; terrorism that seems to fall between the cracks. That caused maillions to need mods and to loose large portions of our incomes and all our incomes in some cases that is the direct cause of many that did default only due to the direct financial harm caused directly by the banksters, regulators false appraiswers and fake fraud rating agencies. Then on top of it the entire rating of the interest was rigged by LIBOR.
http://deadlyclear.wordpress.com/2012/09/29/define-responsible-homeowners-please-an-open-letter-to-president-obama/#more-2928
http://en.wikipedia.org/wiki/Wall_Street_and_the_Financial_Crisis:_Anatomy_of_a_Financial_Collapse
Then ontop of the hell millions of us that have been set up and victimized have victimized by scum like Lorraine Brown willing to sell her soul to evict homeowners by fraud affidavit, enbling banks to steal homes they dont own due to their own crimnal acts producing money out of thin air and insider trading. Allowing theives to steal houses that should be long to investors and pension funds. Not the theives taking them due to the very crime they committed financial terrorism. Bid rigging and rate rigging apprasial rigging you name it. Stealing the stolen goods from pension funds and investors. AND HOMEOWNERS.