Steve Mnuchin Quotes

I think the millions of people who had been able to renegotiate their mortgages so they are paying lower interest rates are better off.

There is no better way to quickly buoy hard-pressed homeowners than helping them take advantage of the currently record low fixed mortgage rates and significantly reduce their monthly mortgage payments.

In a forbearance, the homeowner pays interest and principal on a smaller mortgage, at least for a time, but still owes the full amount. The lower monthly payment helps with affordability, giving stressed homeowners a break.

And I think we need a combination of a freeze, potentially, and also we need to sit down with the - with the banking industry and talk to them about ways in which we can help them be able to work those mortgages out, because it's absolutely imperative that we keep people in their homes.

We have to be pretty tough with mortgage companies and say you have got to give people the chance to work out their debts, sort out future mortgages.

Every day there are homeowners in California who will either receive relief so they can stay in their home, or will be in the foreclosure process and potentially lose their home. And that always weighed heavily on my mind.

For many, the loan modification process has been a giant sham.

If you're one of the millions of people who have student debt right now, I'll help you refinance your loans at better rates.

Giving debt relief to people that really need it, that's what foreclosure is.

It's time for the bully pulpit of the White House to bring the gangstas in, put them around the table and let them know that if they don't come up with loan modifications and keep people in their homes that they've worked so hard for, we're gonna tax them out of business.

When debts are not paid because they cannot be paid, the best thing to do is not talk about them, and shuffle the cards again.

Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.

Even if you feel like your debt is just never going to go away, think long and hard before declaring bankruptcy. Declaring bankruptcy means that getting a loan for anything will be next to impossible for the next 10 years.

The idea that somebody is going to come in and make your debt go away and all be well for the future is really a fantasy.

You know the most important thing the Americans did for Iraq apart from liberating the country from Saddam was helping Iraq reduce its debt. The United States worked very hard to reduce 80 percent of Iraqi debt.

Refinancing doesn't reduce your debt, it just restructures it, so be clear about what you want to achieve with a refi.

Greece will not manage to get back on its feet without restructuring its debt. There is no way around it. The country's creditors will have to reduce a portion of its debts by extending maturity dates, lowering interest rates or giving them what's called a 'haircut' in financial jargon.

I'm short-selling my house. I have more loans than I can sell the house for. The house will not go into foreclosure. It will be a short sale. I can't afford the house as I once could.

I can't think of another enterprise other than being a homeowner that can't have its debt restructured in bankruptcy. Corporations can but a homeowner can't? Now with securitization the homeowner can't go to the owner of the loan and work things out.

Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.

In the past, if a homeowner with a mortgage had a problem making the payment, often he'd get together with a lender and strike a deal, because foreclosures are very expensive to the lender and obviously not good for the homeowner and the community.

We have seen the big loan servicers drag their feet in the Obama administration's well-intentioned mortgage modification program.

The call for debt cancellation is welcome, but debt does not just go away.

We pursued many actions against foreclosure rescue scammers who were reaching into the pockets of desperate people in an effort to steal what little remained as they sought to keep their homes.

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