efthimios

what many people don't know, or tend to forget, is that back in the early 90's mortgage loan approval for immigrants was at around 13%, the government stepped in and put hard lean on banks to "expand" their guidelines, allowing people who don't deserve a mortgage to get one at 100%. Then in around 2003 or 2004 when that number was up past 51% they were pleased, then it all fell apart. A lot of banks and mortgage brokers put people in loans they either didn't understand or shouldn't have, and then let's not forget that the bottom line is that IT"S YOUR MORTGAGE, don't tell me that you had no idea you were in an A.R.M., and if you honestly didn't for some reason and you can prove this, then go back and sue your bank/broker.

efthimios

exactly, that's why they do it in the first place.

efthimios

a lot of them are 1st time homebuyers who had poor credit to begin with....they got into their house putting nothing down, so when their ARM came due to adjust and their credit still sucked because they never did anything to get it back up to par, they couldn't refinance because either there was no value (due to 100% financing in slow appreciation markets) or due to credit...and since they have nothing invested in the home (ie no equity, nothing put down when bought, not even a security deposit like apartments do) they just walked away from it.



Is it really bad down there?: Yes and no, for some I'm sure it is, but not in all...the media knows that Bad News Sells Better!

PLYRS 3

typical 'mericans....trying to live like kings without the benjamings. retards.



(i had to add the "g" to make it rhyme )

Slowride

Yep,

A lot of them were called NINJA's:

No
Income
No
Job
Applications

Yield spectrums were huge and most of it was happening outside of existing
banking rules.

Due to the fact the loans were being sold as bonds on Wall Street NOT to

FANNIE & FREDDIE in the secondary as consumers would assume.

The storm has been brewing for about 5 years now, but scam was let

out of the bag when home prices were NOT increasing enough to cover the

the REFI's, so the borrows could buy a new camper & Searay and use the

newly found fake home equity to pay all their bills and buy new toys.

The bond scam hit the fan a few week back when bonds that should sell for

.90 on the $1.00 were getting no bids and when they did get bids they were for

.20 on the $1.00. Many of the investors holding the bag are from over seas.

Now they have cold feet and the house of cards may fall down.

This is a small part of the mortgage market, but small waves on a perfectly

smooth pond rock all boats.

Jeff

Mchester

I hope you are kidding, but just in case you aren't...

You clearly have no idea who or what the "Typical American" is, so I'll tell you.

Those brave soldiers that fight the evil terrorists every day so that the WORLD is just a little bit safer from their hateful and destructive intentions.

You might recall the average Americans that fought back against the suicidal maniacs aboard an ill-fated airliner that crashed in a Pennsylvania farm field on Sept 11th a few years back.

Maybe you meant the hundreds of thousands average American families that give Millions of hard earned Dollars every year to MANY organizations that help care for people in other countries, not because they have too, but because it's the right thing to do.

Or were you talking about the many volunteers that travel hours or days to foreign countries, at thier own expense and on their own time to help victims of wars, disease, and natural disasters.

Or just maybe you were thinking about those Americans that will defend, with their lives, YOUR right to think and say whatever stupid thing that comes into your narrow little mind.

We have our problems, but we also have a lot of good people to fix those problems in good time. You don't see other countries rushing to help us when we have problems do you? That seems to be our job, and one that we usually take on without complaint or hesitation. Why? Because this country is a mixture of good people from all the countires, ethnicities, and religions on this planet. For this reason, we feel compelled to help anyone and everyone.

If you dont like us, stay away. And when YOU need help, don't ask, but we'll still help you anyway... Maybe. And why is it that people from all over the world come here to live? America must be a terrible place, don't you think? Sorry, stupid question...

Mchester

[QUOTE=efthimios,Sep 10 2007, 12:52 PM] Is it really bad down there?:

Just Guy

Let's not forget about all those Pay Option ARM's out there that haven't even begun to "recast" yet. I couldn't tell you how many people I talked with recently that are in Pay Options and have ONLY been making the minimum payment of 1-2%(negative amortization loan) retards. Now they want to refi to save themselves, with the equity that they don't have. It's only going to get worse...

shareall

Can someone please explain to me what an "ARM" is?

pgarratt

Adjustable Rate Mortgage