AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Are Loan Modifications a Waste for Servicers?(Mortgage Scene)
Byline: Paul Muolo
Walking the halls at SourceMedia's recent Mortgage Servicing Conference in Dallas I struck up a conversation with a Realtor from California whose business had been put on hold because his specialty was foreclosure sales. He wasn't about to lay off any workers (he still had plenty of deals in the pipeline) but he was starting to get a bit antsy. He also raised a valid point, one I'm certain readers have been pondering for months: Why don't we just do away with all this consumer forbearance, foreclose on delinquent homeowners, and let the chips fall where they may?
If this happened, foreclosures would rise from their already-heightened pace, home values would fall even more and eventually we'd reach a bottom. Once a floor is established, then and only then would home values once again begin to rise. At least that's how he saw the situation.
Of course, for people who are gainfully employed it's easy to say those types of things. It's easy to say: "Tough luck. Go live with your parents." (If you have parents that are still living.)
These are unprecedented times we're living in. The idea of forbearance for homeowners reminds me of the early days of the S&L crisis, two decades ago when thrift executives were begging for capital forbearance, lobbying elected officials and regulators to go easy on their institutions, arguing that the tough times were temporary, and given time they would survive. Well, guess what? Those struggling S&L operators weren't given much slack and in time they were thrown on the scrap heap of dying depositories.
The idea of forbearance for consumers rubs some in the industry the wrong way, including that California Realtor I chatted with. But forbearance - or maybe I should say an attempt at forbearance - is what we're seeing now. Will it work - and here's an even bigger question: What ultimately will be the cost be to taxpayers and the industry at large?
Thanks to government studies, we already know that about half of all modified loans (mortgages ...
- More heads of family now 'gainfully employed'.(Opinion & Editorial)
- Newspaper article from: Manila Bulletin September 28, 2003 700+ words
...6 percent of heads of family were gainfully employed and after only two years of the Arroyo...27.3 percent more families being gainfully employed. That indicates that in 1999, if...than actually are. Even the term gainfully employed, which includes part-time workers...
- More heads of family now 'gainfully employed'.
- Newspaper article from: Manila Bulletin March 21, 2004 700+ words
...percent of heads of family were "gainfully employed" and after only two years of the...27.3 percent more families being gainfully employed. That indicates that in 1999, if...than actually are. Even the term "gainfully employed," which includes part-time workers...
- Badal family gainfully employed in public life!
- News wire article from: The Hindustan Times August 12, 2009 700+ words
...Aug. 12 -- In these times of recession, when millions have lost their jobs, one family in Punjab seems to be gainfully employed in public life - with the exception of a sole member. With Akali Dal president Sukhbir Singh Badal being re...
- gainfully employed
- Newspaper article from: The Independent - London April 18, 1996 700+ words
Good news for graduates - the job market seems to be absorbing most of them. Despite an unprecedented increased in graduate numbers (up 54 per cent in the last five years) the graduate unemployment rate has fallen to 9.7 per cent - the lowest it has been since 1990.
- Gainfully employed
- Magazine article from: New Statesman Elmhirst, Sophie May 18, 2009 700+ words
BLOGGING Ben Carey, one half of the anarchic creative consultancy Benrik, has spotted a trend in the media's reporting of the recession. As the months have gone on, the language used by journalists has become increasingly apocalyptic, from crisis to doomsday, collapse to meltdown. Sometimes it has
- Gainfully employed as guinea pigs Students reap rewards for roles in experiments
- Newspaper article from: The Boston Globe Alice Dembner, Globe Staff December 24, 1995 700+ words
Michael Moretsky is pocketing $405 just for breathing cat dander. Lynn Hansberry's tooth plaque netted her $45. And Marian Krueger and her husband, Richard Wein, collected $300 apiece for spending a weekend gobbling high-fiber foods. As other students slog through part-time jobs earning a dollar or
- Martin gainfully employed In team's late bid to make up ground, however, he's...
- Newspaper article from: The Boston Globe Nick Cafardo, Globe Staff October 14, 1996 700+ words
FOXBOROUGH -- It was the whole Curtis Martin package. The sudden bursts of speed through the holes, the elusiveness, the quick-stepping, breakaway run of 57 yards that was the longest by a Patriot running back since Craig James went 65 yards against the Packers in 1985. Martin gained 164 yards on
- EDITORIAL: Anchors aweigh!: Katie not really 'gainfully' employed.(Editorial)
- Newspaper article from: Tulsa World (Tulsa, OK) September 5, 2006 700+ words
Sep. 5--There's an old saying that the camera adds 10 pounds. That may have been true once, but these days the camera, in combination with a computer, can subtract those unwanted pounds as well as add them. Take the case of the suddenly slimmer Katie Couric, who debuts Tuesday as anchor of the "CBS
Source: HighBeam Research, Are Loan Modifications a Waste for Servicers?(Mortgage Scene)