Obama Housing Rescue Whiffs on 'Underwater' Headaches

Reader Comments
Back to blog

With securitized pooled Mortgages being sold all over the world, how do you as the homeowner know who you should be paying your mortgage payment to?
Every so often you get in the mail a notice to start paying a mortgage company you never heard of or from saying for me to start paying them. I've done so, but am uneasy since anyone could send that out to millions of people and if only a few sent in the payments it would be a lot of money stolen.
I've asked for a notorized statement from the new companies saying they have the original signed mortgage note and not one has sent it to me. How can I know there will not be a mortgage company come to me later on and prove they are the holder of my original note, are the company I should of been paying and rightfully require I pay them what I have been paying the wrong company or be foreclosed on?
Someone please answer this!!

John of AL 9:07AM March 01, 2010

I think, the best is. If the government can lower the price of the housing so the average peoples can afford the monthly payment with their earning.

tuan of CA 4:32PM January 28, 2010

I believe that if the lenders don't want to reduce the principal on underwater mortgages, maybe the government should offer some tax incentive or payment to the lender on behalf of the homeowner.

J Jones of WI 9:12AM January 27, 2010

4. Principal write-downs: Instead of simply lowering payments, Edmans believes policymakers should offer underwater borrowers incentives to stay in their homes.........is writing down the mortgage principal for certain struggling homeowners.
Disagree with your "solution" :
The process of the short sale must be streamlined going forward NOT principal reductions. A few of the benefits of streamlining the short sale process:
1. The struggling homeowner is released from liability of the underwater burden.
2. Banks are able to locate creditworthy buyers who can service their debts.
3. Community stabilization.
4. Market Valuations are realized without reverting to schemes and tactics.
5. Economic vitality returns-spending 50% or more of income and tapping into savings to pay for housing alone will surely decrease consumer spending and create a climate of economic malaise.

JJ of DC 8:27PM December 13, 2009