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The Tampa Tribune

Published: March 24, 2009

Explaining Mortgages

It is apparent that the news media, Congress, Treasury, homeowners, Wall Street and banks do not understand mortgages. They all talk about banks giving a homeowner a mortgage. Wrong!

The lender gives the owner a mortgage loan in exchange for a mortgage note given by the owner to the lender. The mortgage loan is secured by a mortgage deed given by the owner to the lender. News media constantly report that Wall Street can't identify the "toxic assets" - mortgages in default and/or the mortgage balance exceeds the value of the property. The reason that the toxic assets can't be identified is that Wall Street is approaching it backwards. This is how to identify the toxic assets:
Mortgage payments are mailed to an entity which services the mortgage. The servicing entity knows within 30 days if a mortgage is in default. A real estate professional can determine within 30 minutes whether any mortgage balance exceeds the net value of the property. The toxic asset is identified.

Every mortgage is recorded in the public records of the county where the property is located. If a mortgage is sold or transferred by the lender, an assignment of mortgage is recorded in the public records, which identify the present holder of the mortgage. The holder of the toxic asset can be notified.

JAMES T. CONKLIN

Longwood

Fine Inaugural Account

Congratulations to 16-year-old Patrick Hartmann for his thorough account of the Obama inauguration (Other Views, March 9). The aspiring journalist seems to be solidly grounded for great success in his desired field.

JOAN FRIZZI

Tampa

City Landfills
Why all the big concern now with old Tampa landfills? I could add to your list additional landfills within the city limits not listed in your article (front page, March 23).

Part of Tampa International Airport is built on a "dump;" the area of 16th Street to 22nd and Lake Avenue to Buffalo Avenue (Dr. Martin Luther King Jr. Boulevard) was a dump used by the city. Why all of a sudden the big concern? Back then I am sure the state knew what was going on, as well as the city of Tampa, but now is time to pay the piper, and the citizens of Tampa are going to foot the bill!

FELIX GORDILLO

Tampa

Tuesday Is Better

Regarding "Saturday Is Better" (Letters, Feb. 26): The various articles, editorials and letters regarding deleting delivery of mail a day each week, especially Saturdays, don't specify if the post offices would also be closed on that day. If so, letter writer Barbara Chapin is wrong.

Most people still work Monday through Friday. For us this is the only time we get to speak with the carriers about situations that can be corrected at their level. Also, if we need to mail packages, pick up ones too large to deliver, get our registered mail or deal personally with delivery issues, it must be done on Saturday mornings. Since this is merely half a day, not much is really saved if offices close.

Also, like most places, my company pays on Friday. It sends out checks to those employees not on direct deposit on Thursday afternoon for Friday delivery. This is the usual result, but should something go amiss and there be no Saturday service, these people must wait until Monday for their checks. Bills, groceries and the like cannot always wait.

From experience, Monday is a heavy mail day for most businesses. Tuesday, which is the lightest of the work days, would be a better choice.

I am sure deleting a day or days is coming, but let's be certain it is the best one for all concerned.

THERESSA PLACKE

Tampa

Treasury's New Powers

I read the item "New Powers Sought For Treasury Secretary" (Nation/World, March 23) three times to be sure I understood its implications correctly. In short, it stated that new powers being sought for the Treasury secretary would permit the seizure of firms (with the agreement of the president and the Federal Reserve), giving the secretary the power to void contracts and limit payments to the firm's creditors. There was no mention of any criteria regarding what firms would be subject to seizure, so presumably it would be at the administration's discretion.

You'll probably all cheer when they seize GM, Chrysler, AIG, or your HMO. But how will you feel when they seize your company? Oh - they'd never do that, right?

But remember, these are the same people who placed specific language in the bailout bill that allowed the AIG bonuses and who are now trying to cover their tails.

The inviolability of the contract is one of the key differences between our system and that of the socialist and communist states. The ownership of private property is another. With the federal government rapidly becoming the lender of first resort, is that next on the administration's agenda?

If this is not what you signed up for in November, be sure to let your representatives know. If we say nothing, we'll have nobody to blame except ourselves.

JEFF HILL

Tampa

JOIN DISCUSSION

The Tribune welcomes letters and e-mails from readers. The text should be original and no longer than 150 words. By making a submission, you agree the Tribune may edit the letter for length and clarity, and publish it in any medium.

Please include your name, address and daytime phone number. Mail to: P.O. Box 191, Tampa, FL 33601-0191. Or e-mail without attachments: tribletters@tampatrib.com.

Also, read and participate in the Tribune editorial board's blog, "Thinking Out Loud," at www.tboblogs.com/index.php/thinkoutloud/categories....

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