IrvineCommuter_IHB
New member
<p>Read this article this morning in the print version and thought it had some great quotes about the IE and Paulson's plan. </p>
<p><a href="http://online.wsj.com/article/SB119785633408932917.html?mod=yahoo_itp&ru=yahoo">online.wsj.com/article/SB119785633408932917.html</a></p>
<p>"Corona lawyer Nathan Fransen says he has nearly 100 clients trying to avoid foreclosure but none appear eligible for the rescue package. "The government has misread California. <strong>Most foreclosures here are on loans that haven't adjusted, meaning that people can't afford what they have now</strong>," says Mr. Fransen. He lives in a gated community where he says dozens of million-dollar homes face foreclosure. "The plan won't help much here, and the problem is going to get worse."</p>
<p>[If the plan is not going to help people in Corona, who the heck is it going to help?]</p>
<p class="times">"Jim Saffold traded up to this groomed hillside neighborhood from a nearby subdivision in 2004. <strong>He bought a house from a speculator and refinanced through his wife's hairdresser-turned-mortgage-broker.</strong> The new loan brought him current on various debts, but saddled him with unsustainable monthly payments that he hoped to reduce through another refinancing. But falling home values nixed that plan." </p>
<p class="times">[Hairdress turned mortgage broker. . . do not even have a comment about that. . . actually I do but it is not nice....]</p>
<p class="times">"Surveying Calle Canon Road, a one-block street with five current or pending foreclosures, homeowner Josefina Navarro says, "It's very frustrating that people are going to be saved, but it's good for them, I suppose." In October, the interest rate on the mortgage she and her husband secured in 2004 rose nearly two percentage points. <strong>The Navarros recently refinanced into a 30-year fixed-rate mortgage, but she says they are struggling to make monthly payments that are $400 higher than those under their original loan</strong>"</p>
<p class="times">[having trouble with making a payment that is $400 higher? I know $400 a month is not chump change but really?]</p>
<p class="times">"<strong>Mrs. Oropeza says that she and her husband recently bought a Lexus and a Chevrolet Suburban with no money down</strong>. She denies that the family intended to abandon the house. The choice was straightforward, she says: 'It was easier to keep the house in Texas than the one in California....</p>
<p class="times">The couple stopped making their Corona mortgage payments in June, triggering a notice of default 90 days later and starting the countdown to foreclosure. The family is now living in Texas. But Mr. Oropeza says he no longer expects a transfer, so every other week, sometimes more often, he says he flies west to make his usual rounds of retail locations in the Inland Empire. Mrs. Oropeza says she travels to Orange County every three weeks for her job.</p>
<p class="times">"We're sad because there goes our credit, and because people think we are a bunch of flakes who walked away from the house and tried to make money," Mrs. Oropeza says. The property's for-sale listing has expired. "We have zero expectation that we can sell this house," she says. After the government-brokered mortgage plan was announced, Mr. Oropeza says he called the toll-free helpline and left a message, though he doubts he will qualify to get his Corona house."</p>
<p class="times">[I am glad to see that the Oropeza have learned the valuable lesson of living within their means after the housing debacle.]</p>
<p class="times"> </p>
<p class="times"> </p>
<p> </p>
<p><a href="http://online.wsj.com/article/SB119785633408932917.html?mod=yahoo_itp&ru=yahoo">online.wsj.com/article/SB119785633408932917.html</a></p>
<p>"Corona lawyer Nathan Fransen says he has nearly 100 clients trying to avoid foreclosure but none appear eligible for the rescue package. "The government has misread California. <strong>Most foreclosures here are on loans that haven't adjusted, meaning that people can't afford what they have now</strong>," says Mr. Fransen. He lives in a gated community where he says dozens of million-dollar homes face foreclosure. "The plan won't help much here, and the problem is going to get worse."</p>
<p>[If the plan is not going to help people in Corona, who the heck is it going to help?]</p>
<p class="times">"Jim Saffold traded up to this groomed hillside neighborhood from a nearby subdivision in 2004. <strong>He bought a house from a speculator and refinanced through his wife's hairdresser-turned-mortgage-broker.</strong> The new loan brought him current on various debts, but saddled him with unsustainable monthly payments that he hoped to reduce through another refinancing. But falling home values nixed that plan." </p>
<p class="times">[Hairdress turned mortgage broker. . . do not even have a comment about that. . . actually I do but it is not nice....]</p>
<p class="times">"Surveying Calle Canon Road, a one-block street with five current or pending foreclosures, homeowner Josefina Navarro says, "It's very frustrating that people are going to be saved, but it's good for them, I suppose." In October, the interest rate on the mortgage she and her husband secured in 2004 rose nearly two percentage points. <strong>The Navarros recently refinanced into a 30-year fixed-rate mortgage, but she says they are struggling to make monthly payments that are $400 higher than those under their original loan</strong>"</p>
<p class="times">[having trouble with making a payment that is $400 higher? I know $400 a month is not chump change but really?]</p>
<p class="times">"<strong>Mrs. Oropeza says that she and her husband recently bought a Lexus and a Chevrolet Suburban with no money down</strong>. She denies that the family intended to abandon the house. The choice was straightforward, she says: 'It was easier to keep the house in Texas than the one in California....</p>
<p class="times">The couple stopped making their Corona mortgage payments in June, triggering a notice of default 90 days later and starting the countdown to foreclosure. The family is now living in Texas. But Mr. Oropeza says he no longer expects a transfer, so every other week, sometimes more often, he says he flies west to make his usual rounds of retail locations in the Inland Empire. Mrs. Oropeza says she travels to Orange County every three weeks for her job.</p>
<p class="times">"We're sad because there goes our credit, and because people think we are a bunch of flakes who walked away from the house and tried to make money," Mrs. Oropeza says. The property's for-sale listing has expired. "We have zero expectation that we can sell this house," she says. After the government-brokered mortgage plan was announced, Mr. Oropeza says he called the toll-free helpline and left a message, though he doubts he will qualify to get his Corona house."</p>
<p class="times">[I am glad to see that the Oropeza have learned the valuable lesson of living within their means after the housing debacle.]</p>
<p class="times"> </p>
<p class="times"> </p>
<p> </p>
