May 12, 2007

Man, I got some good news today. I can get a $284,000 mortgage for only $542 a month!

Refinance updates:

Are you tired of paying high interest rates? Refinance us with lower rate. You have been approved.

You can receive $284,000 for$542 per month save 41%. Please submit Today.

Dexter Denton
Trusted Loans

"Experience proves this, or that, or nothing, according to the preconceptions we bring to it." -- C.S. Lewis


Peahippo said...

You mean these guys?

I like their "10 Reasons to Choose Trusted Loans":

1 100% Financing
2 No Income / No Asset
3 No Doc Loan
4 Stated Income
5 Investment Properties
6 No Credit
7 Bad Credit
8 Foreclosure / Bail Out
9 Bankruptcy
10 Commercial Loans

With places like this still going, I'm starting to believe that the subprime crash has only begun, and the Alt-A crash is farther off. This housing crash is going to lengthen remarkably (at least 2 more years than even I (a "hater") was projecting, hence up to 2013) since the banking industry is so punch-drunk on stupid loans that they simply CAN'T give it up. A much greater crash will finally wean them off of it (which they can then, and only then, successfully market to their stockholders, much like many companies marketed 911 to cover their collapse in stock price). Note that a longer crash time is more time for some dipsh*t politicians to come up with more bailout plans, which only make the downslide either longer or deeper.

Stuck in So Pa said...

I get at least 20-25 emails a day from boiler room operations, fly-by-nights, and some BIGGIES, for pre-approved loans that I immediately can qualify for, for more money than I need or want. Cold calls on the phone as well.

This is the fall out I still get from hitting "enter" on one of those "one search gets you 10 lenders" sites a few months ago. The big fish are gobbling the small fish, boiler room wise, up, but the easy money is still sloshing around out there. These parasites can continue to suck air as long as the lending institutions behind them still keep handing out the 'free' money.

It’s going to be a long ride down! Credit tightening, I am not seeing it!

Coffee is for closers... said...

You think that's bad, I just moved and changed my phone number, so the Do Not Call list protection doesn't kick in for thirty days. You wouldn't believe the number of mortgage pukes calling me each day. Some even leave voice mails...

Anonymous said...

Keith, how about posting the fine print of the ad?

Why not write the author of the ad and ask him for a personal bio as you'd like to know who you're looking to make a deal with? I'm sure they don't get that question very often, but if you're looking to make a significant long-term decision with your finances, you should have a right to know about the person/organization you're dealing with.

Kenduffelsniffenspotzen said...

I am not seeing any credit tightening here in Wisconsin. I wake up in the morning hearing radio commercials about loans, and see more commercials at night on the boob tube.

Anonymous said...

What are these loans i always see advertised?

Frank said...

It's definitely only just begun based on the dirtbag scum boiler room mortgage peddlers who have an office on the same floor of my building and who piss everyone off all day long with their yells and high fives every time they rip off a new victim.

JAFO said...

Precisely what I suspected? There has been no significant tightening of lending standards that I have seen. Oh sure, you hear the occasional sob story from someone whose loan was canceled at the last minute before closing. For the most part though, the easy money spigot is still running wide open. Strange economic times we live in to be sure.

"It's different this time" !

Yes it is, and that's what makes it even scarier.


Luv-that-Bush said...

The easy money spigot is wide open.