Making homes affordable. That's fucking funny. More like Making bankers survive in luxury while raping the taxpayers again. Principal reductions, my ass. Seeya on the courthouse steps.
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Making homes affordable. That's fucking funny. More like Making bankers survive in luxury while raping the taxpayers again. Principal reductions, my ass. Seeya on the courthouse steps.
That is funny.... I'm pretty sure MHA is a continuation of the previous rape. The proposed principal reductions programs are an FHA idea as in a "short refi" with the goverment putting future loss on the tax payers..... that's not funny
There were probably like 3 MHA loans given out. I bet the rest was spent on hookers and blow for some wily fuckers.
All I know is I qualified, I applied, did not get it, and ps it ruined my credit.
Whatever. I was in over my head on this house and deserved to get hosed. Next time I live well beneath my means. I'm thinking a hollow tree trunk in the Canadian wilderness is looking good.
:)
Sprite
ML-implode? Merrill lynch? Do post a link.Quote:
Originally Posted by yonskion
As for principle reduction, you better have stellar credit, show a drop in income and be current. Even with that, sounds like a sham to me. A refi is like getting bent over in san quentin.
http://ml-implode.com/ - "Mortgage Lender" implode.
On a sad personal note canuck taxman forced me to recognize a buy-to-cover of a Thornburg Mortgage short position which means I am now flat real-estate ponzi schemes.
I think you may be speaking about "HAMP"..... MHA is a viable program, but your loan must be of a certain portfolio and not all loans qualify. If anyone has a Bank of America loan who is underwater regarding "loan to value" please contact me and we can explore your optionsQuote:
Originally Posted by snowsprite
LOS ANGELES — "The foreclosure crisis is getting worse as high unemployment and lackluster job prospects force homeowners in an increasing number of U.S. metropolitan areas into dire financial straits.
In Seattle, Houston and Chicago, cities that were relatively insulated from foreclosures early on in the housing bust, a growing number of homeowners are falling behind on mortgage payments and finding themselves on the receiving end of foreclosure warnings. Others have already seen their homes repossessed by lenders.
All told, foreclosure activity jumped in 149 of the country's 206 largest metropolitan areas last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
Job loss, rather than time-bomb mortgages resetting to higher payments, has become the main driver behind rising foreclosures.
"We've actually had a sea change in what's causing foreclosures, from the overheated home prices and bad loans to a second wave of foreclosures actually caused by unemployment and economic displacement," says Rick Sharga, a senior vice president at RealtyTrac.
The Houston-Sugar Land-Baytown metropolitan area in Texas saw its foreclosure rate jump 26 percent from 2009, the largest increase among the top 20 biggest metro areas, the firm said.
Seattle-Tacoma-Bellevue, in Washington, ranked second with an increase of nearly 23 percent, while the Atlanta-Sandy Springs-Marietta metro area in Georgia was third with a 21 percent bump".
http://www.msnbc.msn.com/id/41282712/
Just sayin, if you don't need to buy a home in the near future, it is likely wisest to continue to save your money for continued harsh economic realities and the eventual recovery, when you can pay far less than today's selling prices.
I hate to always be the negative Nellie, but I am deeply concerned that the majority of the people get caught up in the positive spins I hear everywhere in mainstream media and I want you to just think a moment about the other side of the story. Have a great day mags.
Isn't MSNBC mainstream media?Quote:
Originally Posted by liv2ski
You've been preaching doom about the equity markets since SPX 1050 (1301 now. 25% gain). Some of the smartest equity investors I know are buying investment property because they can get posi cash flow on rent.
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” - Warren Buffett
House # 4 in our 'hood just went foreclosure.Quote:
Originally Posted by liv2ski
So, what's your point? Just because the FED bubbled stock market is doing well, we're supposed to run out and buy homes? Why isn't all the smart money flowing back into housing? Why are they avoiding it like the flue, even at today's rates?Quote:
Originally Posted by 4matic
How do you know it isn't? Just like stocks, no one rings a bell at the bottom.Quote:
Originally Posted by Benny Profane
People with money are still making money.Quote:
Originally Posted by Benny Profane
Well,duhh, but, the example you use just tells me that people with money are spending money. CRE actors haven't been the brightest bulbs in the room lately.Quote:
Originally Posted by 365wp
Coming to your neighborhood soon:Quote:
Originally Posted by 4matic
http://www.lasvegassun.com/news/2011...closure-could/
All it requires is a lot of people 20% or more underwater. If you think we're anywhere near a bottom, you're wrong.
So where are they going to live? They'll end up renting the same house for more than there mortgage payment.Quote:
Originally Posted by Benny Profane
Evidense seems to point to doubling up and consolidation of households. If they rent a similar home, the smart ones are renting similar homes for much LESS than their mortgage. Think - how could they pay more? Why?Quote:
Originally Posted by 4matic
Ok, I agree with you, but, the fact is, you can buy real estate cheaper than the cost of replacement and have positive cash flow on rentals. It takes money but that is the dynamic right now.Quote:
Originally Posted by Benny Profane
There seems to be only one maggot who has been successful doing that. I'm too lazy, and I don't have the balls. I'm betting on apartment REITs.
Personally, I think the best way out of this mess is to create profit making tax incentives for private investors to buy up and rent this tidal wave of proprty.
They also seem to have some of the lowest housing prices in the country. That helps.Quote:
Originally Posted by Benny Profane
FWIW, we adjusted our rate down with Wells Fargo. We were flat on the appraisal (bought this place 2 years ago, broke even on the last house), and we qualified. No refi charge, just an adjustment to the cheap rates. Obviously you need great credit, and other stuff, but it is do-able. Now, if we appraised more than 20% down, they probably would have stopped answering the phone. We dropped our payment about $300 a month, which we decided to keep paying anyway.
4matic, you of all people should know this market hasn't gone up based on fundamentals or any stretch in common sense. Rather it has been the FED plain and simple back stopping and buying up everything and anything to make the sheeple think all is well.Quote:
Originally Posted by 4matic
Who could have foreseen the fucking nut job, that is helicopter Ben, doing this? Certainly not I, but that doesn't change anything other than, the higher it goes, the more it will eventually fall and that is when I will be in the market, not before.
And your right, “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” but I am thinking you, the bankers, Wall Street, etc, are the greedy ones right now and I am very fearful.
The fed has made assets made more attractive but sole responsibility. No. Corporate earnings are real.Quote:
Originally Posted by liv2ski
Why not play both ways? I was 80% long in July and now I'm 50% long. I might be flat or short at some point. If SPX goes to 2800 like Laszlo Birinyi predicts who cares if it crashes from there.
• Not MSMQuote:
Originally Posted by liv2ski
• Other people (am staring at my 1995, musty, dog-eared purchase of his 2nd Ed. "Macroeconomics" on my bookshelf, page 537: "Even though the monetary base grew by 20% from 1930 to 1933, the money multiplier fell by so much that the money supply fell by 35%")
I guess I should have read the book, then I would have known:
1.Money supply growth has gone parabolic. It took us from 1620 until 1974 to create the first $1 trillion of US money stock. Every road, factory, bridge, school, factory, and house built, every unit of economic transaction that ever took place over those first 350 years required the creation of $1 trillion in money stock. But it only took 10 months to create the most recent $1 trillion and I don't recall seeing an entire continent's worth of factories, schools or bridges built during that time.
2.http://www.marketoracle.co.uk/Article258.html
Go long paper and ink. Ben is using it all up:(
doom & gloomer.Quote:
Originally Posted by liv2ski
the ugly asian broad on cnbc keeps telling me this "rally" is for real because it's not being fueled by "irrational exuberance." You know like the last "rally" was. :rolleyes::rolleyes:
How long before they add rocker to the money supply? :biggrin:Quote:
Originally Posted by liv2ski
Is the dollar going to continue getting hosed? My Euro trip in 4 weeks time is getting more and more expensive by the day.