February 02, 2008

Scene from 2005: IndyMac's toxic loan sales floor

Third prize is you're fired.


Anonymous said...

Love Glengary GlenRoss!

Melker63 said...

Alec Baldwins role-character explains why one cant blame everything on indevidual housebuyers alone. Its takes two for tango - not to mention national and economical value-systems that allow, elevate and empower sociopaths like this guy.

Anonymous said...

Alec Baldwin says:

"You can't sell, Fu%k you, go play with your kids"

Its nice to know that he was just acting and he really cares about his kids (daughter, etc).

coffee is for closers bitch said...

Well I am going to look for brass balls today.Thats all I need to close the deal now.Where can I find A set?

Malcolm said...

See, I hate to get started on stuff like this because I come across sounding like a communist, but this video DOES point to the source of the problem: unchecked greed.

I’m all for money. Money is something I like a lot, but there are more important things in life than money. And when your sole goal is money, you are setting yourself up for disaster.

I know people with money (more money than I have). I’ve seen firsthand what unchecked greed can do to a person.

I know of one group, born into money. After 40 years of never having to work for a living (never having LEARNED how to work for a living), the money is all gone. So now you have a group of 50-ish people, with no money and no job experience.

I know of someone else. To him money was the only thing that mattered. If you didn’t have money you were a loser. Well, he got his money, and enjoyed it well up until they filed the 142 criminal charges against him for the way he got his money.

Contrary to what most people think, the quote does not say “money is the root of all evil”. The quote is “the LOVE of money is the root of all evil.”

The measure of a man is not the amount of money they. The measure of a man isn’t the THINGS he has, or the car he drives, or the house he lives in, or the expense of the clothes he wears.

The value of a man is measured by how well he sticks to the fundamental morality in SPITE of the pressures of consumerism.

I’ve said this before, and I will say it again: these people are a poison well who murder all who drink from their glass. Let them have their money, and their toys, and their manufactured sense of self-worth. In the end it will do them no good.

For in the end, what does it profit a man to gain the whole world and lose his soul?

Anonymous said...

Alec is having a little trouble these days ever since Kim put those brass balls into a glass jar. Housing schadenfreude is one thing but there's nothing like watching a celebrity disintegrate.

Anonymous said...

I imagine those steak knives look pretty good right now to most loan agents

Anonymous said...

Well folks, let's say that we can stick a fork in it:

MH -- Getting a home loan getting harder again. Chastened and now cautious lenders are demanding much bigger down payments to shield against losses in the South Florida market.

For all the recent tax cuts, rate cuts and price declines aimed at resuscitating the housing market, would-be buyers still have to land a mortgage -- and that's getting increasingly hard to do.

The nation's largest home-loan lender, Countrywide, told its brokers in a memo last week to immediately raise the down payment required for all loans made in the tricounty area by 5 percent. This new ''soft market'' policy applies to 108 counties across the United States, including 23 others in Florida.

For a median-priced $362,500 home in Miami-Dade County, this requirement means buyers have to cough up an additional $18,125 to obtain a home loan.

Countrywide's move mirrors new efforts by most financial institutions to stiffen lending standards to avoid future losses, especially in the hardest-hit housing markets. Bank of America has enacted a similar policy for South Florida.

Those in the real-estate industry fear the blanket hikes could winnow the already-narrow pool of buyers, further dragging down home values, and lead to more defaults if homeowners struggling to afford their current loan can't refinance. Sellers in fact could be forced to cut prices to help buyers meet the new requirements, said Justin Miller, president of JB Mortgage & Financial Services in Coral Springs.

Fannie Mae buys mortgages on the secondary market that meet its underwriting standards. The company said it would require 5 percent cuts in the percentage of a home's market value a lender will finance -- in areas it has designated as ''declining.'' If, for instance, a lender would finance 90 percent of a home's value, requiring a 10 percent down payment, it would now finance only 85 percent, meaning a 15 percent down payment.

Some lenders, such as SunTrust, are applying tighter policies to the entire state.

A smaller lender, AME Financial, notified brokers Friday that Florida loans were subject to a 20 percent down payment and, for loans of more than $417,000 in Miami-Dade, 25 percent. Its memo also reiterated that cash-out refinances were no longer allowed on condominiums in Florida.

Others like Chase and Citibank, brokers say, enacted similar policies months ago.

But for Coral Gables investor Efrain Osorio, desperate to sell three condos bought in 2005, the trend spells more bad news.

''I'm not going to be able to find buyers for my properties,'' Osorio said, adding he had dropped the price of one condo in South Miami from $347,000 to $299,000 in recent months. ``We haven't even gotten an offer, so how are people going to finance that property?''

DIE U PIGS said...

For RealWhores, Third Prize is YOU ARE DEAD - WE KILL YOU F*ck Face...

"coffee is for closers bitch said...
Well I am going to look for brass balls today.

Thats all I need to close the deal now.Where can I find A set?"


We have a surplus of Fanny Packs and Stroller Daddys though. They all look like they want to kill themselves, especially the Fathers of multiples... Probably the Real Father is the mailman.


Anonymous said...

Part 3 of the big scam... no loans available so the crooked financial operators end up owning all the property, after they raked the money out of foreign and US investors. That's right, they ALREADY GOT THE MONEY!

Pretty clever, isn't it? Watch the property ownership get "paid" to the high rollers running these outfits, to supplement their bonus.

Tax free, of course. Taxpayers will have to pay the cleanup and repair of the blighted neighborhoods. Then the taxpayers can rent from the "new owners".

"Saint Peter don't you call me, cause I can't go...
I owe my soul to the company store."

Anonymous said...

That's CRAZY! You can't eat ramen with a knife!

Anonymous said...

"Osorio said, adding he had dropped the price of one condo in South Miami from $347,000 to $299,000 in recent months. ``We haven't even gotten an offer, so how are people going to finance that property?''

Hey Osorio,
How about dropping the price down to $90,000. Even then, you'll be very lucky just to get that.


DaveO said...

"What...are you going to do about it...asshole!"

Anonymous said...

The movie Boiler Room is more accurate. My mortgage company became a sitting image of it in the boom. Feds shut it down. just like the movie