August 23, 2006

I got this email today from a lender. Immediate cash! Any credit! Expires tonight!

Posted by blogger at 8/23/2006

15 comments:

Anonymous said...

These rates were way lower than the Fed rate. What's the catch.

August 23, 2006 8:02 AM
Anonymous said...

teaser rates probably for a limited time then BAM up to 10%

August 23, 2006 8:33 AM
"Hunter" said...

This is a major issue that I have w/ the whole lending industy. Unbelievable the deception these guys are able to do to an uneducated public. Radio, TV, print, internet, folks are bombarded w/ offers to lower their payment as much as 33%, rates of 5.5%, or HELOC's for those home improvements. No disclaimer ever comes after the advertisement.

Being in the financial services industry we are heavily regulated on what we can and cann't say, etc. It took the 1929 crash and subsequent problems to get the ball moving on the Federal & Self Regulation. Another aspect we have is the SEC, the Federal Enforcement side. One of the major reasons for the 1929 crash besides herd mentality was the lack of regulation on the credit one could have to invest in stocks. The result was it went from 100% leverage to today's 50%. Also there are margin calls when values get too low.

For real estate there is a completely different story. The RESPA regulations haven't been updated significantly since 1974. Real Estate also lacks a powerful enforcement body and relies on beauracrats from each state. Unfortunately any problem the government needs to solve will take a major catastrophe like the great stock market crash. Boys & girls it looks like this might be the type of medicine the country needs.... Hopefully our spineless politicians and media will see it for what it is and not fall in the trap of a bail out or political finger pointing.

August 23, 2006 9:16 AM
Anonymous said...

The SEC?!?! Hahahaha

Spend 15 minutes reading Bob O'Brien, Dave Patch, and Mark Faulk about the FOIA requests that show the SEC's lack of enforncement, and collusion with big money and you will see Wall St. for how it REALLY is.. not how the commercials want you to see it.


http://www.thesanitycheck.com

August 23, 2006 12:54 PM
blogger said...

there will be regulation after the 2008 congressional hearings. Ads like this will at least have to have a disclaimer. If erectile disfunction ads have to have 20 seconds of legalese, huge financial transactions should have 20 minutes

this is going to blow up so hard and so fast and burn so many. fasten your seatbelts

August 23, 2006 1:08 PM
Anonymous said...

The risk for these loans is going to china so who gives a crapo.

August 23, 2006 2:01 PM
Roccman said...

"Every time we've gone into a downturn in the home-building industry, they've always been longer and deeper than we've all imagined. So we're preparing for the worst, and we think this one will be longer and deeper than just the last six months." -Donald Tomnitz, chief executive, D.R. Horton, the nation's largest home builder"

http://bigpicture.typepad.com/

August 23, 2006 2:15 PM
Roccman said...

"The risk for these loans is going to china so who gives a crapo."

spoken from a true racist.

August 23, 2006 2:32 PM
Anonymous said...

How do we know this is actually from a lender?

My guess is its from either a bait-and-switch mortgage broker or just some random indentity theft perpetrator.

August 23, 2006 4:14 PM
Bill said...

"The risk for these loans is going to china so who gives a crapo."


Dont forget Moron you have to add that in to.

August 23, 2006 4:50 PM
Anonymous said...

Keith has been examining the fine print in Erectile Dysfunction remedy ads?.....hmmmm...what could this signify?

August 23, 2006 4:51 PM
Anonymous said...

I think the fed is already flooding the market with more counterfiet money so they can extend this party a wee bit longer. Expect even more outrageous loan offers in the not too distant future. Bottom line is...when you can file bankruptcy and immediately go out and buy a home with virtually no money down...we are about to see our whole economic system collapse in the not too distant future. Buy gold. Buy silver. And don't expect the government to bail you out.

August 23, 2006 5:06 PM
Bill said...

Keith has been examining the fine print in Erectile Dysfunction remedy ads?.....hmmmm...what could this signify?

It could signify a soft landing Punt intended.

August 23, 2006 5:46 PM
"Hunter" said...

naked shorted- I don't totally disagree with you in regards to the SEC. However I would take the SEC w/ all its flaws then state run departments of real estate. I more then anyone don't think the gov in any capacity is efficient. My point was that there might be sh-t storm heading towards real estate w/ regulation & hopefully more enforcement.

Thanks for the link.

August 23, 2006 6:14 PM
Anonymous said...

"Hurry, these offers will expire TONIGHT"

My Good God. The patina of legitimacy was scraped off of the 'Real Estate Industry' long ago, but now even the Sheeple can't but see it. Right? *desperately Right?

That language is So Shady. What -- am I going to watch a time share presentation first? Cue up the off-key carnival barker music! Step Right Up!

Boggles, does the mind.

August 23, 2006 8:32 PM

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