tag:blogger.com,1999:blog-18675105.post4625757093695729501..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: BUBBLETALK - Open thread to talk about the housing collapse, dollar downfall and mortgage meltdownbloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger379125tag:blogger.com,1999:blog-18675105.post-82096074531911030402007-10-13T20:50:00.000+01:002007-10-13T20:50:00.000+01:00HPers should check out swaptree.com. Swap your un...HPers should check out swaptree.com. Swap your unwanted cd, dvd, books, and games for something you want. And its free (except for postage). I haven't bought a new dvd or books for the last 6 months. I'm saving money, big boxes aren't making sales, govt isn't collecting taxes, it's perfect.crashdummyhttps://www.blogger.com/profile/18380308237544722449noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-80291301479865598022007-10-13T15:26:00.000+01:002007-10-13T15:26:00.000+01:00Too much innovation in loan securitization leads t...Too much innovation in loan securitization leads to trouble, now the U.S. Treasury want to create a SUPER FUND for Structured Investment Vehicles.<BR/><BR/><BR/>More than likely, this is a fund so our Goberment can buy all the bad loans and derivatives to save Wall Street and the banks. <BR/><BR/>Guess who will probably have to pay for this in the end? <BR/><BR/>Us...the taxpayers.Miss Goldbughttps://www.blogger.com/profile/10801986805626811706noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-28067310160382316112007-10-13T15:17:00.000+01:002007-10-13T15:17:00.000+01:00Anon said:"U.S. Treasury officials are looking int...Anon said:"U.S. Treasury officials are looking into ways to help investment vehicles called SIVs that have been battered by this summer's credit crisis, sources familiar with the situation said on Friday."<BR/> -------<BR/><BR/>In addition to the other derivatives (CDO's MBS, CFO's, Conduits) now there's another one called SIV's?? How much more of this debt junk is out there, that we havent even heard about yet??<BR/><BR/>Presto chango...debt has been magically transformed into asset backed commercial paper.<BR/><BR/>When is this mortgage debt crisis is getting worse all the time!Miss Goldbughttps://www.blogger.com/profile/10801986805626811706noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-58282300916829562622007-10-13T14:49:00.000+01:002007-10-13T14:49:00.000+01:00"ALWAYS have a rate that is significantly below Pr..."ALWAYS have a rate that is significantly below Prime! Plus, annual adjustments are capped so they can never increase more than 2% a year". <BR/><BR/><BR/>Buyer Beware! This 2% CAP is based on the entire mortgage balance. They like to word it to sound like your monthly mortage rate is only going up 2%!!!<BR/><BR/>This happened to a good friend of mine, now they have to refi out of the loan into a fixed.Miss Goldbughttps://www.blogger.com/profile/10801986805626811706noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-56281090336532455042007-10-13T08:20:00.000+01:002007-10-13T08:20:00.000+01:00In a far-reaching response to the global credit cr...In a far-reaching response to the global credit crisis, Citigroup Inc. and other big banks are discussing a plan to pool together and financially back as much as $100 billion in shaky mortgage securities and other investments.<BR/><BR/>The banks met three weeks ago in Washington at the Treasury Department, which convened the talks and is playing a central advisory role, people familiar with the situation said. The meeting was hosted by Treasury's undersecretary for domestic finance, Robert Steel, a former Goldman Sachs Group Inc. official and the top domestic finance adviser to Treasury Secretary Henry Paulson. The Federal Reserve has been kept informed but has left the active role to the Treasury.<BR/><BR/>In recent weeks, investors have grown concerned about the size of bank-affiliated funds that have invested huge sums in securities tied to shaky U.S. subprime mortgages and other assets. Citigroup, the world's biggest bank by market value, has drawn special scrutiny because it is the largest player in this market.<BR/><BR/>Citigroup has nearly $100 billion in seven affiliated structured investment vehicles, or SIVs. Globally, SIVs had $400 billion in assets as of Aug. 28, according to Moody's.<BR/><BR/>Such vehicles are formally independent of the banks that create them. They issue their own short-term debt, usually at relatively low interest rates reflecting their high credit rating. The vehicles use the money to buy higher-yielding longer-term assets such as securities tied to mortgages or receivables from midsize businesses seeking to raise cash.<BR/><BR/>Many SIVs had trouble rolling over their short-term debt in August because of concerns about the quality of their assets. That contributed to the broader seizing up of credit markets.<BR/><BR/>The Financial Services Authority, the United Kingdom's markets regulator, has suggested that U.K. banks consider participating in the plan, a person familiar with the situation said. HSBC Holdings PLC, the largest U.K. bank, has an affiliate SIV called Cullinan Finance Ltd. with $35 billion in senior debt. An HSBC representative wasn't immediately available to comment.<BR/><BR/>If the banks agree, the plan could be announced as early as Monday<BR/><BR/>http://online.wsj.com/article/<BR/>SB119221840415557568.html?mod=<BR/>googlenews_wsjAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-52678177710746416392007-10-13T07:40:00.000+01:002007-10-13T07:40:00.000+01:00Option ARM -> SIV -> Libor Rate ->Federal Fund Rat...Option ARM -> SIV -> Libor Rate -><BR/>Federal Fund Rate -> Weak US Dollar -> INFLATION<BR/><BR/>http://latimesblogs.latimes.com/<BR/>laland/2007/09/<BR/>the-big-wave-of.html<BR/><BR/>"The big wave of foreclosures is still coming: people who DO occupy their house and who did not necessarily commit fraud to get the loan, but simply took out an Option ARM and have watched their loan balance grow as their house value has dropped. <BR/><BR/>Those loans allow a low payment for 4-5 years (while the loan balance may be climbing), and since they only jumped in popularity after fixed rates spiked in mid 2003, most of those Option ARMs have not yet even seen the big payment adjustment that's coming. <BR/><BR/>When their payments double (as they will), many of those borrowers will find themselves with too little equity to either sell or refinance (especially if they had 2nd mortgages on TOP of their Option ARMs). <BR/><BR/>Throw in the tighter underwriting standards that have been imposed recently (making refinancing that much tougher) and you have a still-coming perfect storm. <BR/><BR/>The coming crisis is the "Option ARM crisis", which will make the "subprime crisis" look minor in comparison (at least as far as how real estate values are impacted).<BR/><BR/>"The Option ARM foreclosures will only start in mid 2008 and will climax in 2009-2010. The biggest purveyors of Option ARMs have been Countrywide and Washington Mutual. The percentage of homeowners with Options ARMs is highest in California. <BR/><BR/>Think of an Option ARM as a bomb with a five year fuse. Millions of fuses are still burning."<BR/><BR/>http://www.youtube.com/watch?v<BR/>=CZS9zZ4QbKc&mode=related&search=<BR/><BR/>Option ARM is still going strong!<BR/><BR/>When will they stop?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-73509002881719933072007-10-13T07:09:00.000+01:002007-10-13T07:09:00.000+01:00Option ARM: How Millions of American Will Lose The...Option ARM: How Millions of American Will Lose Their Homes<BR/><BR/>http://www.youtube.com/w<BR/>atch?v=biP2JOf5euoAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-153653090789040442007-10-13T05:55:00.000+01:002007-10-13T05:55:00.000+01:00US Dollar get weaker as Federal Reserve manipulate...US Dollar get weaker as Federal Reserve manipulate Fed Fund Rate by injecting Billions to get it to trade at 4.75%.<BR/><BR/>Options ARMs -> Libor Rate -> SIV -> Fed Fund Rate -> weaker US Dollar -> higher Foreign Equities <BR/><BR/>Do you see the connected?<BR/><BR/>http://www.smartmoney.com/news/<BR/>on/index.cfm?story=ON-<BR/>20071010-000398-1021<BR/><BR/>Fed Injects Very Large Repo As Fed Funds Stay Above Target<BR/><BR/>The Federal Reserve injected a very large $16 billion into the financial system Wednesday morning, as the central bank battled to get the Fed funds rate back to its target level.<BR/><BR/>The Fed carried out a $16 billion overnight repurchase agreement, or repo. That was much larger than the $5 billion baseline estimate of Wrightson ICAP.<BR/><BR/>The repo operation comes with the Fed funds rate consistently above the 4.75% target in recent days, with the effective funds rate closing at 4.91% Tuesday.<BR/><BR/>Wednesday morning, the Fed funds rate was trading around 4.875% before the injection and it was unchanged at 10 a.m. EDT.<BR/><BR/>The Fed's effort to force down the funds rate comes at the end of the maintenance period - the two-week period during which banks must keep their average reserve levels at the legally required levels.<BR/><BR/>The higher funds rate suggests banks may be struggling to meet the required reserves levels, forcing the Fed to inject more liquidity.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-47908482859388579902007-10-13T05:43:00.000+01:002007-10-13T05:43:00.000+01:00"GREED and FEAR" and "Path of less Resistance"FLOW..."GREED and FEAR" and "Path of less Resistance"<BR/><BR/>FLOW OF FUNDS<BR/><BR/>Cheap money are going out of structure loans products into the equity markets.<BR/><BR/>Just when investors are beginning to get happy, US Treasury want to take some risk to create a SUPER FUND for SIV to save their Friends.<BR/><BR/>http://www.bitsofnews.com/<BR/>content/view/6259/ <BR/><BR/>The Fed action has had two effects. First the rate at which banks lend to each other (LIBOR) has fallen by 50 bps in line with the Fed funds reduction. Second the spread between LIBOR and Fed funds is as high as it was before the Fed cut rates. <BR/><BR/>In July commercial paper traded at about 4bps above Fed funds. That spread is now 62bps. So the rate cut may have boosted the equity indices but it has not flushed the lack of confidence out of the system.<BR/><BR/>In short the money markets show that banks are still fearful of ugly surprises over the next few months.<BR/><BR/>Yet happy days are here again, at least for the stock market. <BR/><BR/>The Dow Jones industrial average rose 77.96, or 0.56 percent, to 14,093.08.<BR/><BR/>Broader stock indicators also advanced. <BR/><BR/>The Standard & Poor's 500 index rose 7.39, or 0.48 percent, to 1,561.80. <BR/><BR/>The tech-dominated Nasdaq composite index rose 33.48, or 1.21 percent, to 2,805.68. <BR/><BR/>So what is going on?<BR/><BR/>The monetary easing provided a huge boost to equity markets that had no need of easier money. <BR/><BR/>In the first 30 trading days after that cut, the Nasdaq Composite gained 23.2%. <BR/><BR/>It went on to form the tech bubble. This time round though, emerging markets have benefited rather than tech stocks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-38703224346227487592007-10-13T05:17:00.000+01:002007-10-13T05:17:00.000+01:00SIV are important because as more and more subprim...SIV are important because as more and more subprime ARMs reset, many are being restructured into Option ARMs.<BR/><BR/>http://www.irvinehousingblog.com/<BR/>wp-content/uploads/2007/04/<BR/>adjustable-rate-mortgage-<BR/>reset-schedule.jpg<BR/><BR/>An "option ARM" is a loan where the borrower has the option of making either a specified minimum payment, an interest-only payment, or a 15-year or 30-year fixed rate payment in a given month.<BR/><BR/>Option ARMs are popular because they are usually offered with a very low initial interest rate (a so-called "teaser rate") and a low minimum payment, which permits borrowers to qualify for a much larger loan than would otherwise be possible. When pricing an Option ARM, never focus on the Start Rate of 1% or 2%, consider only the Fully Indexed Rate (FIR) which is the Margin and the current Index being used (12-MTA, LIBOR, etc.).<BR/><BR/>The London interbank offered rate, or Libor, is an important international benchmark for big companies, US mortgages and corporate deals.<BR/><BR/>Libor is the interest rate charged by banks for short-term loans to each other and is set daily by the British Bankers' Association (BBA) in London. The loans can be in US dollars, euros, UK pounds or other currencies.<BR/><BR/>The three-month US dollar-denominated Libor rate generally tracks the Federal Funds rate.<BR/><BR/>One reason for the rise in Libor, is that many European bank have big commitments in the struggling commercial-paper markets. They are reluctant to lend out dollars, and this is boosting short-term borrowing rates. Some are also concerned that their counterparties in these trades, other banks, might be too weak to pay back the loans.<BR/><BR/>Investors could find themselves burdened by affiliated investment vehicles that issue tens of billions of dollars in short-term debt known as commercial paper.<BR/><BR/>The investment vehicles, known as "conduits" and SIVs (which stands for Structured Investment Vehicles), are designed to operate separately from the banks and off their balance sheets.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-54850836058162546352007-10-13T04:52:00.000+01:002007-10-13T04:52:00.000+01:00``Some markets have been experiencing illiquidity,...``Some markets have been experiencing illiquidity,'' San Francisco Fed President Janet Yellen said in an Oct. 9 speech in Los Angeles, referring to mortgage-backed securities and asset- backed commercial paper. ``This illiquidity has become an enormous problem for companies that specialize in originating mortgages and then bundling them to sell as securities.''<BR/><BR/> Speculation on ``a bank consortium being formed to address the funding of SIV assets'' helped reduce the interest rates on loans that banks make to each other in dollars in Europe, Jacqueline Cavuoto, a Bear Stearns Cos. analyst in New York, wrote in a note to clients.<BR/><BR/>The one-month London interbank offered rate, a benchmark for corporate borrowing, has fallen 5 basis points in the past two days, to 5.06 percent. A basis point is 0.01 percentage point. The rate reached 5.82 percent on Sept. 7, up half a percentage point from July, as demand for short-term funds soared.<BR/><BR/>Fed officials have been monitoring businesses' access to borrowing, where any decline could hurt plans for hiring and spending. Fed Bank of Boston President Eric Rosengren cited the jump in Libor in the past two months as a concern. <BR/><BR/> ``This tightens credit for a variety of U.S. borrowers, since many loans to businesses and many floating rate mortgages are tied to the Libor rate,'' the Boston Fed chief said Oct. 10 in a speech in Portland, Maine.<BR/><BR/>Holdings by SIVs have dropped to about $320 billion from about $395 billion of assets in July, Moody's Investors Service said this month.<BR/><BR/>``SIVs are all losing money right now,'' said Chris Low, chief economist at FTN Financial in New York. ``If any one of the conduits dumps'' their holdings of distressed securities, ``it could trigger selling by the others as well, and that's the scenario they're to avoid,'' he said. <BR/><BR/>http://quote.bloomberg.com/apps/<BR/>news?pid=20601087&sid=aR0NCo372RhwAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-364848979414678822007-10-13T04:47:00.000+01:002007-10-13T04:47:00.000+01:00Mozilo can't pay employees, hires BonoMozilo can't pay employees, <A HREF="http://wcvarones.blogspot.com/2007/10/priorities.html" REL="nofollow">hires Bono</A>W.C. Varoneshttps://www.blogger.com/profile/17663570682958847976noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-38162742682456719792007-10-13T04:44:00.000+01:002007-10-13T04:44:00.000+01:00SIVs forced into deleveraging as sector sees few s...SIVs forced into deleveraging as sector sees few signs of recovery<BR/><BR/>http://www.ft.com/cms/s/0/<BR/>57a8fe62-785c-11dc-8e4c-0000779<BR/>fd2ac.html?nclick_check=1<BR/><BR/>The short-term funding markets in the US and Europe might be starting to show signs of recovery but the sector that comprises one of their biggest groups of customers is still struggling to gain re-entry.<BR/><BR/>The market was given a hard illustration of the pain that can be felt this week when it emerged that Axon Financial, a SIV linked with the US hedge fund TPG-Axon, had taken losses of $110m on sales of $3bn of its investments.<BR/><BR/>In total, the industry sold about $43bn of assets to meet repayments of maturing debt between early July and the end of September, according to data from Moody's, the ratings agency.<BR/><BR/>There are differences between lenders' attitudes to different SIVs, according to Paul Kerlogue, an analyst at Moody's, with older, more diversified vehicles that also have more diversified sources of funding in place seeing much less shrinkage, or deleveraging, than others.<BR/><BR/>But even some of the newer SIVs that have grown with startling rapidity - such as those launched by HSBC, the UK bank, and HSH, its German peer - are not suffering as much pain as those run by independent managers, he adds.<BR/><BR/>"Some of those newer SIVs run by large banks have been given more time," Mr Kerlogue says. "But some of those without a strong bank sponsor needed to make good returns straight away and so had to chase yield on their investments."<BR/><BR/>Most of those that have faced the biggest difficulties are run by independent managers rather than banks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-22213150315939632662007-10-13T04:30:00.000+01:002007-10-13T04:30:00.000+01:00Needed suckers to hold ABCP on their bookshttp://w...Needed suckers to hold ABCP on their books<BR/><BR/>http://www.securitization.net/<BR/>article.asp?id=1&aid=7624<BR/><BR/>Spreads were also beginning to recover. Benchmark sponsors such as Citibank, Bank of America and JPMorgan Chase were able to roll paper at spreads of Libor plus 20 to 25 basis points, a bit better than the 45 basis-point spread that they were getting. Money funds have not lost any money, and the widespread expectation is that the short-term market will begin to normalize in the fourth quarter.<BR/><BR/>There is one major caveat: "All SIVs are in danger of unwinding," one source said.<BR/><BR/>JPMorgan Securities analysts said investors are worried about what would happen to the SIV market if the $400 billion in assets underlying the MTNs and CP from those vehicles were to liquidate en masse.<BR/><BR/>"While we believe it is possible that some SIVs can survive the current turmoil, particularly if they are able to secure some form of emergency funding," the bank's analysts wrote recently, "we also feel that this segment of structured finance is at the beginning of a significant consolidation that will winnow the field of SIVs."<BR/><BR/>One ABCP and SIV market professional was thoroughly fed up with the extent of the market disruption. Investors who actually buy ABCP and SIV paper still want to participate in the market, yet many are constrained by overly cautious portfolio managers and directors who are reacting to headlines.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-76017331508546984732007-10-13T04:25:00.000+01:002007-10-13T04:25:00.000+01:00Too much innovation in loan securitization leads t...Too much innovation in loan securitization leads to trouble, now the U.S. Treasury want to create a SUPER FUND for Structured Investment Vehicles.<BR/><BR/>Let bet it all on one roll of the dice, the stake are high on this come back bet. Failure could collapse the US Dollar. <BR/><BR/>Snake Eye, Oh No, there goes the US Dollar<BR/><BR/>http://www.canada.com/nationalpost<BR/>/financialpost/<BR/>story.html?id=3c346c32-4bb1-43bf-<BR/>98f7-7bea50e159fc&k=53507<BR/><BR/>Every once in a while, Wall Street comes up with a truly innovative product that profoundly changes the capital markets for decades to come. <BR/><BR/>These breakthrough products are then subjected to the same incremental innovation cycle that sees them tweaked, then stretched and in some cases perverted beyond recognition to the detriment of all those involved.<BR/><BR/>"Securitization" (i.e., the process of converting a diverse collection of illiquid assets into packaged securities) has changed the way capital is raised for a broad swath of society's financing needs, whether it's your home mortgage, the lease on your SUV or the hefty loans required to send Junior to university.<BR/><BR/>Unfortunately, in recent years this basic securitization process has been re-engineered -- and some would say corrupted-- with the creation of a dizzying array of confusing new financial products.<BR/><BR/>This gallery of complex products includes: - SIVs, structured investment vehicles that engage in the "extreme sport" of borrowing short-term to lend long-term, often with no apparent safety net in the event of a market dislocation; - CDOs or collateralized debt obligations, pools of debt securities that are sliced and diced -- some would say mainly to exploit naive rating-agency formulas; - Mezzanine CDOs made up of the risky mid-sections of other securitizations; - Synthetic CDOs created from derivative contracts representing "virtual" credit risks; and even - CDO-squareds, which are new CDOs made up of a pool of other people's old CDOs that couldn't be sold.<BR/><BR/>Many of these arcane products have been stuffed with some of the most poorly underwritten mortgage loans in history, and most are about as transparent as swamp water.<BR/><BR/>Remarkably, through the alchemy of financial engineering, the rating agencies have adorned a large proportion of these instruments with solid A ratings or even their coveted AAA ratings.<BR/><BR/>As default rates on subprime loans now rise, many of these securities could suffer significant and permanent capital loss within a year or two of their creation -- previously an almost unthinkable concept.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-80431975630367216602007-10-13T03:07:00.000+01:002007-10-13T03:07:00.000+01:00Recent media coverage on the problems in the subpr...Recent media coverage on the problems in the subprime mortgage market has featured an alphabet soup of abbreviations, such as MBS, CDO, and SIV. What do these terms stand for? And how do they fit into the mortgage financing process? <BR/><BR/>http://www.chicagofed.org/<BR/>publications/fedletter/<BR/>cflnovember2007_244.pdfAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-92154168019797163942007-10-13T03:03:00.000+01:002007-10-13T03:03:00.000+01:00U.S. Treasury officials are looking into ways to h...U.S. Treasury officials are looking into ways to help investment vehicles called SIVs that have been battered by this summer's credit crisis, sources familiar with the situation said on Friday.<BR/><BR/>SIVs are investment vehicles that raise cash by issuing short-term debt called commercial paper and use the proceeds to buy higher-yielding securities, often tied to U.S. mortgages. The vehicles, often set up by banks, make money by pocketing the difference between their funding costs and investment returns.<BR/><BR/> One plan that was discussed at the meeting involved setting up a "super fund" where "each SIV in the market could pledge up to one-third of its assets and get financing," the source said.<BR/><BR/>A government source also confirmed that there is a Treasury initiative to ease funding costs in the SIV market.<BR/><BR/>The vehicles have been unable to sell new commercial paper for months as investors fearful of contagion from subprime mortgages have shunned most types of asset-backed commercial paper. As a result, many SIVs have run into trouble.<BR/><BR/>Jennifer Zuccarelli, a Treasury spokeswoman, said, "Treasury is always meeting market participants and monitoring market events," but had no comment on any specific Treasury initiative.<BR/><BR/>Treasury officials also separately met with Wall Street bank treasurers a few days after the SIV meeting to discuss the state of the U.S. asset-backed commercial market, the source said.<BR/><BR/>A spokesman for JPMorgan Chase declined to comment. A spokeswoman at Citi did not return a call seeking comment. <BR/><BR/>http://today.reuters.com/news/<BR/>articleinvesting.aspx?type=<BR/>fundsFundsNews&storyID=<BR/>2007-10-12T221200Z_01_N12270090_<BR/>RTRIDST_0_USA-CREDIT-SIVS.XMLAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-26910362066011177462007-10-13T02:46:00.000+01:002007-10-13T02:46:00.000+01:00Bush, Cheney and the rest of the GOP regime are no...Bush, Cheney and the rest of the GOP regime are now considered as a gang of criminals, thieves, liars and mass-murderes. From the fake election results, to the 9/11 fake attacks, to the "no-oath" 9/11 investigation cover-ups, to the lost and unwanted Afgan and Iraq bush-co wars, death and injuries to thousands and thousands of American troops, to the massive authorized home loan scams, moving jobs overseas, not taxing foreign auto imports, the destruction of the US Constitution, providing fake economic data, increased gas prices, triple house prices, to fake national news stories, to illegal torturing, countless international war crimes, illegal spying on ALL americans, consentration camps, illegal profiteering and wasting over $2 trillion in unneeded bush-co theft wars, I would say we have WAY enough information to arrest any republican who supports the bush and cheney criminal regime.<BR/><BR/>~~~~~~~~~~~~~~<BR/><BR/>Whoa! Isn't this a lot to accompolish in 8 years?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86481462984058688742007-10-13T02:12:00.000+01:002007-10-13T02:12:00.000+01:00Back in the early 1980's when I was foreclosing, t...Back in the early 1980's when I was foreclosing, taking deeds in lieu of foreclosure, and looking for people who where just plain abandoning homes they were "upside down" on, I was thrown into a crash course on human nature. They go all through the same stages of coping as if losing their home were the death of a loved one. The only difference was that some came to acceptance sooner than others.<BR/><BR/>The smart ones quit paying as soon as they knew they could no longer keep the home then lived in it for "free" as long as possible. I saved some fools from themselves as they'd dig out a roll of cash and offer to pay current but I wasn't allowed to take cash in the field (as we might be accused of taking bribes or otherwise pocket untraceable money that should have gone on someone's loan).<BR/><BR/>To most people in the "first world" their home is their security as we've been brainwashed as of late that your equity in your home is your savings account. Losing that is losing everything.<BR/><BR/>Last year an acquintance (slippery SOB) lost his house to foreclosure but he kept the keys and the lender was slow to change the locks. I think he snuck in at night and slept there for a couple months until he found a woman to move in with. Unfortunately, it will be the sly, shady, and downright dishonest that will survive the best and land on their feet the soonest. <BR/><BR/>The ones that I really feel sorry for spend every last cent trying to hang onto their house then literally have nothing when they finally really lose it. It's kind of like a fighter pilot so busy trying to save his damaged plane that he flies it right into the ground.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-82433528314872308762007-10-13T00:50:00.000+01:002007-10-13T00:50:00.000+01:00Want to goose mortgage rates higher? Get a job wit...Want to goose mortgage rates higher? Get a job with the government and mess up the count of employment growth.<BR/><BR/>On Friday, the Labor Department released the monthly employment survey, in which it reported that the economy grew by a net 110,000 jobs in September. That was unsurprising. But another number in the employment report did cause investors to do double takes. The Labor Department revised its August number upward -- way up.<BR/><BR/><BR/>A month earlier, the Labor Department estimated that the economy shrank by 4,000 jobs in August. Now the department says the economy actually gained 89,000 jobs in August. The 93,000-job swing shocked Wall Street (in a pleasant way), and long-term interest rates rose.<BR/><BR/>The benchmark 30-year fixed-rate mortgage rose 8 basis points to 6.5 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.34 discount and origination points. One year ago, the mortgage index was 6.42 percent; four weeks ago, it was 6.28 percent.<BR/><BR/>http://ca.biz.yahoo.com/<BR/>brn/071011/22266.html?.v=1Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-50596446047306919272007-10-13T00:45:00.000+01:002007-10-13T00:45:00.000+01:00Just because they can. Why do lenders raise the ra...Just because they can. Why do lenders raise the rates of ARM's and put people into stress? Seems crazy to see and an easy fix. Sticking to the public is not a good way to move forward.<BR/><BR/>With all the foreclosures make sure you guys get good home inspections. If they did not pay the mortgage what else did they not pay!<BR/><BR/>Jeffrey Owen<BR/>Owner/Chief Home Inspector<BR/>IonHomeInspection.com<BR/>Houston, The Woodlands, Katy, Sugar LandThe Houston Inspectorhttps://www.blogger.com/profile/15767724419413157265noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-78680978567506149002007-10-12T22:56:00.000+01:002007-10-12T22:56:00.000+01:00Urgent....Why don't you kill yourself with all the...Urgent....Why don't you kill yourself with all the sky is falling, chicken-little, we are doomed, a$$hat.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-48374169142926821412007-10-12T22:55:00.000+01:002007-10-12T22:55:00.000+01:00Urgent....Please off yourself you spiral of death,...Urgent....Please off yourself you spiral of death, chicken-little vegan asshat.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-43218770632596577732007-10-12T22:23:00.000+01:002007-10-12T22:23:00.000+01:00BurdmanF*ck Al Gore, He lost the election now he i...Burdman<BR/><BR/><BR/>F*ck Al Gore, He lost the election now he is losing his mind. Someone tell him his fifteen minutes is up.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-23024745164121199642007-10-12T20:18:00.000+01:002007-10-12T20:18:00.000+01:00AND...Now ADD all of the American workers who eith...AND...<BR/><BR/>Now ADD all of the American workers who either:<BR/><BR/>Lost their job<BR/>Fired<BR/>Laid off<BR/>Reduced wages<BR/>Reduced sales commissions<BR/>Reduced bonuses<BR/>Reduced hours of work<BR/><BR/>And you'll see the REAL picture.<BR/><BR/>Bush, Cheney and the rest of the GOP regime are now considered as a gang of criminals, thieves, liars and mass-murderes. From the fake election results, to the 9/11 fake attacks, to the "no-oath" 9/11 investigation cover-ups, to the lost and unwanted Afgan and Iraq bush-co wars, death and injuries to thousands and thousands of American troops, to the massive authorized home loan scams, moving jobs overseas, not taxing foreign auto imports, the destruction of the US Constitution, providing fake economic data, increased gas prices, triple house prices, to fake national news stories, to illegal torturing, countless international war crimes, illegal spying on ALL americans, consentration camps, illegal profiteering and wasting over $2 trillion in unneeded bush-co theft wars, I would say we have WAY enough information to arrest any republican who supports the bush and cheney criminal regime.<BR/><BR/>Supporting a criminal (or hiding the truth about a criminal act) is a criminal act. Bush and Cheney need to be impeached and/or arrested ASAP! If you do not support impeachment, you are now considerd a criminal (either for republicans (except for Ron Paul), democrats, independents or mass media CEO's and board members as well)Anonymousnoreply@blogger.com