what's goin' on with cleveland?
#11
Originally Posted by switchcars,Sep 7 2007, 08:17 AM
because the banks will stop doing stupid loans
#13
Originally Posted by PLYRS 3,Sep 5 2007, 09:15 AM
heard on the news that there have been 8000 foreclosures to date in 2007.
is it really that bad down there?
is it really that bad down there?
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!
#14
Registered User
Thread Starter
Originally Posted by efthimios,Sep 10 2007, 01:52 PM
a lot of them are 1st time homebuyers who had poor credit to begin with....they got into their house putting nothing down.
(i had to add the "g" to make it rhyme )
#15
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
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
#16
Join Date: Oct 2001
Location: Marysville, AKA Hondaland
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Originally Posted by PLYRS 3,Sep 10 2007, 02:12 PM
typical 'mericans....trying to live like kings without the benjamings. retards.
(i had to add the "g" to make it rhyme )
(i had to add the "g" to make it rhyme )
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...
#18
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...
#19
Can someone please explain to me what an "ARM" is?