May 31, 2007

Here little piggy! Here little piggy!

This foreclosure mess is gonna get messier and messier.

Squeal like pig! Soooiiii!!! Sooiiii!!!

Posted by blogger at 5/31/2007

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9 comments:

Anonymous said...

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He likely is just a regular guy that was sold on the American dream & screwed by a realtwhore & mortgage bitch/bastard. When the toxic loan exploded and he was foreclosed upon he looked to the bank as being in cahoots with the realtwhore & mortgage bastard/bitch and took away the dream for him. being a bit on the unsophisticated side he responded in the only we he knew how, revenge.

The basic thought process is as follows:

"If I can't have the home then nobody can have it, cause its mine fair and square"

Chances are he never should have been qualified for a loan, but the cooked the books to get him a liar loan that was toxic waste. Its also highly likely that he qualified for a prime loan that would have allowed him to keep the home, but then the mortgage bitch/bastard would not make as much money on the loan, so he was steered to the toxic stuff. Hence his logic that lead to his vengeful acts were correct, they were all in cahoots to screw him over because all that really mattered to them was that they got paid as much as possible!!!

So he might just go get his shotgun and go realtwhore and mortgage bitch/bastard hunt'in next. If I were those SOBs I'd be very nervous right now. You do not double cross a good old boy with a duelly & a rifle rack and get away with it!!

May 31, 2007 12:23 PM
Anonymous said...

And there's the key..."we found him in his new rental". Yes lots of foreclosures will be happening. And where will all the FBs be going...rentals. Meaning as this foreclsoure thing gets worse and worse, there will be more and more demand for rentals = higher rents.

As is well known to all here, rents are a lot cheaper than mortgage. FB has $3000 mortgage, forecloses, he moves into a similar home and rents it for $1500.

I see it that phenomenon all around me. Rents for homes have been going up a lot. Apartments on the other hand are getting cheaper.

May 31, 2007 1:18 PM
Anonymous said...

Renter.

May 31, 2007 2:58 PM
Anonymous said...

The American Dream? LMAO

May 31, 2007 6:24 PM
Anonymous said...

Hmmm...didn't some recent poster say...

However, for certain homes and certain local markets, that regression is a huge drop. That huge drop can't be absorbed in one sale. Houses will literally be bulldozed before anyone will allow such a steep loss scenario.

May 31, 2007 6:32 PM
gregoryw said...

Homeowners gained an average of nearly $1 trillion a year in extra spending money from 2001 through 2005 -- more than triple the rate in the previous decade -- according to a study by former Federal Reserve chairman Alan Greenspan and Fed economist James E. Kennedy. That's the "free cash," as the authors call it, left over after closing costs and other fees deducted from equity withdrawals.

Most of the money extracted during those boom years, nearly two-thirds, came from home sales, the authors found. Another 21 percent came from home equity lines of credit, while 15 percent came from mortgage refinancings.

About a third of the free cash gained during this period was used to buy other homes, they calculated. About 29 percent was used to acquire stocks and other assets. About 12 percent went to home improvements. And nearly a fourth, 23 percent, went to consumer spending, including paying credit card bills and reducing other non-mortgage debts.

The amount of free cash extracted has fallen sharply since the peak in 2005, to $217 billion in the last three months of 2006, down by almost half from a peak of nearly $400 billion in the third quarter of 2005. Analysts disagree about whether these changes will affect consumer spending.

Fascinating. What a waste to reinvest 1/3 of the money pulled out right back into real estate. Sounds like a ponzi scheme to me, with a short leash.

Renters: do a search of your landlord's name on recent property sales, for both he as a buyer and he as a seller. I found that my landlord owns 15 properties in my area ranging from $365k to $755k. Looks like he owned three in 1999, sold them in 2003 for $650k profit, and went on a buying spree and purchased 15 homes in 2 years. In my case our rent is just shy of 50% of the carrying cost if he's I/O investor loan. I figure he'll be completely insolvent by 2009 after putting in a ton of money out of pocket, unless he has angel investors.

May 31, 2007 7:23 PM
Anonymous said...

I am waiting for a VT type tragedy to occur at one of the big mortgage brokers. I am not rooting for it to happen, just expecting it.

June 01, 2007 12:14 AM
Einzige said...

The latest graph of Maricopa County Trustee's Sale Notices can be found here.

June 01, 2007 5:02 AM
Anonymous said...

>>>He likely is just a regular guy that was sold on the American dream & screwed by a realtwhore & mortgage bitch/bastard. When the toxic loan exploded and he was foreclosed upon he looked to the bank as being in cahoots with the realtwhore & mortgage bastard/bitch and took away the dream for him. being a bit on the unsophisticated side he responded in the only we he knew how, revenge<<<

How stupid have we become that the masses could be so comfortable with these toxic mortgages? I instinctively shudder at the suggestion that I get an ARM or use my home as an ATM. I am no financial genius, but compared to many of my fellow countrymen apparently I am.

June 01, 2007 5:39 AM

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