tag:blogger.com,1999:blog-18675105.post8018600172151652399..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: What's the difference between mortgage brokers and vultures?bloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger41125tag:blogger.com,1999:blog-18675105.post-26772744862076046832007-05-26T17:54:00.000+01:002007-05-26T17:54:00.000+01:00At least vultures have a purpose!They pick the fle...At least vultures have a purpose!<BR/><BR/>They pick the flesh off the dead and dying and the unfortunate....<BR/><BR/>......isn't that the new tag line for the NAR?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-28923024032694038122007-05-26T16:48:00.000+01:002007-05-26T16:48:00.000+01:00The difference is, that mortgage brokers pretend t...The difference is, that mortgage brokers pretend to be something they are not, while vultures maintain their integrity. A vulture provides a valuable service in that it cleans up a mess while at work. A broker actually creates a mess while workingAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-80233137124211624772007-05-25T18:59:00.000+01:002007-05-25T18:59:00.000+01:00I just found your blog and you are right on the mo...I just found your blog and you are right on the money..<BR/><BR/>I been telling my neighbors the same thing for the past 4 years, and people never though it will end..<BR/><BR/>Now a lot of people won't recover from this, and I think this time is worse than previous Housing crashes, because prices went up so much without really any reason.<BR/><BR/>Like here in Norwalk, CT what justifies that the average price of a home went up like by 130 % in the past 5 years?<BR/><BR/>What has changed around here?<BR/><BR/>Well there are two new Wal-Mart's and a few other bars in Washington Street and the traffic is worse than ever..<BR/><BR/>I get it a little bit in some places in Florida, where you even write about the insurance nightmare awaiting people, that if there was a few houses and only a lake fill with critters and now they have parks and complete shopping malls-all new, that the houses should go up a little...<BR/><BR/>But in most cases it was just speculative, and now that the music stop people will be hurting real bad.<BR/><BR/>Ah, and let's not forget the Brokers/ Real State Agents..they had a lot to do with this mess..<BR/><BR/>Like there is a flier in Norwalk, in Spanish, that reads like; "find out how much your neighbor house went for".<BR/><BR/>So if an idiot paid a lot for a home, without much fundamental to justify the price, that this means that you should also follow suit.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-91898146261578824152007-05-24T20:13:00.000+01:002007-05-24T20:13:00.000+01:00Vultures don't eat their own feces.Vultures don't eat their own feces.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86687556870304943192007-05-24T18:17:00.000+01:002007-05-24T18:17:00.000+01:00"They are all carion who accepted those toxic loan..."They are all carion who accepted those toxic loans and the predators feed well"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-28738773881118356232007-05-24T06:22:00.000+01:002007-05-24T06:22:00.000+01:00To the 2 posters above who got out just in time (i...To the 2 posters above who got out just in time (in SF and Vegas):<BR/><BR/>Congratulations. It did feel like early spring '07 was about the last time to sell a house anywhere *near* bubble prices.<BR/><BR/>So my friends here in the PNW just decided to put their homes on the market this June. What are you gonna do? They had a year to figure it out.<BR/><BR/>I'll just pray for patience as I spend the next six months listening to them whine about how their house "won't sell".<BR/><BR/>Until they finally understand "It's the Price, Stupid".<BR/><BR/>Got popcorn?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-5247585209763916282007-05-24T04:04:00.000+01:002007-05-24T04:04:00.000+01:00Vultures actually serve a purpose.Vultures actually serve a purpose.burn baby burnhttps://www.blogger.com/profile/01305528692068486872noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-54145036009607172152007-05-24T01:05:00.000+01:002007-05-24T01:05:00.000+01:00They are similar. I know of one lame broker who w...They are similar. I know of one lame broker who wears too much Axe Body Spray, ugly pleather jackets and owns a Koi Pond (that's fish you know).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-76934869919119000832007-05-24T00:25:00.000+01:002007-05-24T00:25:00.000+01:00Anon2:44 and Anon7:03I'm a third. We sold our San ...Anon2:44 and Anon7:03<BR/>I'm a third. We sold our San Jose place in late 2005 and have been renting a great house in one of the best neighborhoods since then. Do I sweat the difference? No, as said before by others much wealthier than I, "I made all my money by selling too early".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-26729059192379542262007-05-23T21:34:00.000+01:002007-05-23T21:34:00.000+01:00Of course the Pimco VP says he made the right call...Of course the Pimco VP says he made the right call. What's he gonna say, he fucked up? The fact he rents is about as relevant as the fact my dog thinks a tennis ball is the world's greatest invention.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-65284865009036784722007-05-23T21:05:00.000+01:002007-05-23T21:05:00.000+01:00The "22 Point Buyer's Public Service Announcement"...The "22 Point Buyer's Public Service Announcement" is absolutely the bomb! It takes things even further than the "Center for Responsible Lending" and just makes sense!<BR/><BR/>A lot of RE True Believers want to make this "all about price" (and to a much lesser degree that IS true). However as I have always stated my election to be a renter over the last 3 years has had a HELLUVA LOT more to do with an out and out refusal to participate in a rigged game! <BR/><BR/>Hit the number appraise-whores, slimy and un-regulated mortgage brokers and of course a NAR that always saves the best listings for their own members! <BR/><BR/>So the next time some brain-washed "real estate as a religion" idiot gets in your face calmly explain that "price" is the net result of a crooked system and until THAT end of the industry gets fixed you won't be attending any open houses soon. Then explain it's for their own good!<BR/><BR/>DinORAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-50485668419256725692007-05-23T20:34:00.000+01:002007-05-23T20:34:00.000+01:00Poor Zebra! Must have gotten one of those no doc,...Poor Zebra! Must have gotten one of those no doc, stated income loans.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-58667024821063537162007-05-23T20:25:00.000+01:002007-05-23T20:25:00.000+01:00Spain is gonna crash 1st !!!! neener neener neener...Spain is gonna crash 1st !!!!<BR/> neener neener neener<BR/><BR/><BR/>http://www.financialsense.com/editorials/phillips/2007/0523.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-24655775900117354762007-05-23T20:03:00.000+01:002007-05-23T20:03:00.000+01:00anon 2:44:I'm in the same boat. Sold my Las Vegas ...anon 2:44:<BR/><BR/>I'm in the same boat. Sold my Las Vegas home 3 months ago. 5 new listings ranging from 3% to 5% higher than my selling price in the old subdivivsion since then. When I first saw that I thought fuck did I made a mistake selling for what I did? But none have sold. In total there are 12 for sale in a subdivision of 96 homes. Of the 12, 5 are bank owned. My sale is the last one recorded. In 2005 and even the first half of 2006, 1-2 sales a month was the norm. This is going to be sooooo ugly, I thank my lucky stars I got out when I did.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-62372606899936343112007-05-23T19:47:00.000+01:002007-05-23T19:47:00.000+01:00Bitter Renters Stand Tall!Bitter Renters Represent...Bitter Renters Stand Tall!<BR/>Bitter Renters Represent the Smart Money!<BR/><BR/>Executive VP of Pimco rents!<BR/><BR/>"In a report issued this month titled "Still Renting," Kiesel said he remains convinced that he made the right decision to sell his house in early-2006, after owning a home for eight years."<BR/><BR/>http://tinyurl.com/ys9vjaAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-63237784990632838262007-05-23T19:46:00.000+01:002007-05-23T19:46:00.000+01:00Why does Reuters think I want to read and watch a ...Why does Reuters think I want to read and watch a video at the same time?<BR/><BR/>.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-72898297015429618922007-05-23T19:38:00.000+01:002007-05-23T19:38:00.000+01:00Found this posted on another blog...From the NY Ti...Found this posted on another blog...<BR/><BR/>From the NY Times:<BR/><BR/>The Battle for a Mortgage <BR/><BR/>AS homeowners across the country have dealt with the declining values of their houses and their ballooning mortgage payments, most New Yorkers seem to believe that the market here doesn’t play by the same rules. <BR/><BR/>But in recent weeks, a growing number of New Yorkers, often with six-figure salaries and reasonably good credit, have begun to find that mortgages are harder to get as lenders try to stem losses from loans to the weakest, or subprime, borrowers. <BR/><BR/>While mortgage brokers insist that most buyers in New York can still close deals, they also warn that people with any red flags on their mortgage applications will face delays and will pay higher fees. Potential problems include low credit scores or high credit-card balances or listing a suspiciously high salary for a given job. <BR/><BR/>“You’re going to pay the piper for any little mistake,” said Melissa Cohn, the president of Manhattan Mortgage Inc. She said her brokers — who last year arranged more than $3 billion in mortgages, mainly in New York City — were spending twice as much time on each application as they did a month ago because of new lending requirements, and she expects the situation only to get worse. <BR/><BR/>“The impact is going to be much greater as banks demand that people have clean credit to get the best mortgages,” she said.<BR/>…<BR/>“About three weeks ago, I would have gotten this done by snapping my fingers,” said Mr. Eisenberg, who is the executive vice president of the EFI Capital Corporation, a mortgage brokerage based in Garden City, N.Y. “Now it’s a very lengthy and time-consuming process where every bit of paperwork has to be done to the T. The guidelines are literally changing every hour.”<BR/><BR/>Until recently, many New Yorkers found it fairly easy to get mortgages. Then banks that made loans to subprime borrowers started running into trouble when the borrowers found it impossible to pay their mortgages and fell into foreclosure. As a result, banks have cut back on all types of loans.<BR/>…<BR/>“Lenders are going to scrutinize borrowers more carefully” in the next six to nine months, said Doug Duncan, the chief economist at the Mortgage Bankers Association in Washington. He added, “The pendulum is probably going to swing too far in the other direction before it settles.”Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-21237897402832976502007-05-23T19:34:00.000+01:002007-05-23T19:34:00.000+01:00Too bad the FB's don't have any money to invest in...Too bad the FB's don't have any money to invest in stocks because they are spending 60% of their gross income on mortgage payments.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-66689352881893457602007-05-23T19:27:00.000+01:002007-05-23T19:27:00.000+01:00Anonymous said... HA HA HA HA!!Dow hits anothe rec...Anonymous said... <BR/>HA HA HA HA!!<BR/><BR/>Dow hits anothe records. And you tools are invested in 5% CDs. <BR/><BR/>May 23, 2007 2:37 PM <BR/>-------------<BR/>You can spot them a mile off!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-12839422735973928142007-05-23T19:26:00.000+01:002007-05-23T19:26:00.000+01:00Anonymous said... Don't both spouses need to sign ...Anonymous said... <BR/>Don't both spouses need to sign loan docs? Something tells me the story has changed a little bit in the last two years. <BR/><BR/>May 23, 2007 3:00 PM<BR/>-----------<BR/>Yes, if it was purchased in both their names. But she might of had a medical power of attorney to act on his behalf while he was incapacitated.<BR/><BR/>Also, he might have "ratified" the contract after he recovered by either signing later (express ratification) or by obtaining/enjoying the benefits of the contract (implied ratification). If its the latter form of ratification its odd/ironic that the benefit he enjoyed was bankruptcy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-44253271162600627642007-05-23T18:59:00.000+01:002007-05-23T18:59:00.000+01:00Vultures only prey on the dead, for one.Vultures only prey on the dead, for one.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-82648194737376412332007-05-23T18:42:00.000+01:002007-05-23T18:42:00.000+01:00The Fed is intoxicated on its own Greenspan flavor...The Fed is intoxicated on its own Greenspan flavored coolaid:<BR/><BR/><BR/><I><BR/>U.S. regulators have been under fire for not better protecting borrowers who have been hurt in the subprime mortgage markets, where delinquencies have soared. The Fed is looking at the issue and will hold hearings on June 14, but Kroszner made plain that there was a balance to preserve<BR/><BR/>"Any new rules should be drawn clearly to avoid creating legal or regulatory uncertainty that could have the unintended consequence of restricting consumers' access to responsible subprime credit," he said.</I><BR/><BR/>That's ALWAYS what the big banking or securities industry says when there's the threat of actual regulation which might hurt its profits.<BR/><BR/>Translation? "Unless we get two witnesses testifying under oath and color-high-def video of the perp actually explicitly intending to commit and then actually committing a felony (and of course agreeing in writing to be videotaped so evidence is admissible)......go ahead and do whatever you want boys!" <BR/><BR/>They care about bank's access to highly profitable and yet vulnerable consumers---to endebt them forever, meaning the banks become a rentier class taking much of the earnings of the masses. China has 50% savings rate---US, soon -50%? <BR/><BR/>Subprime loans to get people through the electricity bill---OK, that's survival for some.<BR/><BR/>But why on earth do we need subprime MORTGAGES? Who ordered THAT? For a capital asset which lasts decades and a key part of the economy it is insane! <BR/><BR/>Of course the bankers know that it means higher and higher house prices which means that even prime mortgagers have to pay more and more of their paycheck to the banks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-18721140902859363922007-05-23T18:39:00.000+01:002007-05-23T18:39:00.000+01:00Yup, there is a LOT of slime out there, but this s...Yup, there is a LOT of slime out there, but this story has a little pass-the-buck-itis. Anyone who would think about visiting anyone at a hospital to sign any document other than a will should probably be made to participate in a dog fight. But as for this situation, did they close the loan at the hospital? Hmmmm....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-67718004065680970762007-05-23T18:08:00.000+01:002007-05-23T18:08:00.000+01:00Lawyers did this same thing years ago and a code o...Lawyers did this same thing years ago and a code of ethics was developed to prevent it. There is no code of ethics for sales people/brokers like this but there are laws on the books regarding contract formation which might void contracts made under these circumstances. Looks like this guy was preying upon an unsophisticated party at a time of weakness and got paid!! Which is all the brokers care about regardless of how much s/he is really destroying the lives of others financially and otherwise.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-9804326593686097032007-05-23T17:58:00.000+01:002007-05-23T17:58:00.000+01:00What's the difference between mortgage brokers and...What's the difference between mortgage brokers and vultures? The vultures wait until you're dead to pick the flesh off your bones!<BR/><BR/>People forget that mortgage brokers are SALES PEOPLE, who are paid by commissions (which may not be disclosed to consumers, hidden in the form of a 'yield point spread': fancy word for commission). <BR/><BR/>Worse part, though, is that the commission they make is typically larger the HIGHER the rates they can get you to accept! Do NOT, for one minute, think a mortgage broker is your friend, or trying to protect YOUR interests or get you the best deal!<BR/><BR/>Yet another example of how Bush's theoretical love for "let the free market regulate itself without regulation or oversight" have corrupted our nation's economy with Ponzinomics and pyramid schemes, intent to screw the consumer in the name of seeking one's sales commissions.Anonymousnoreply@blogger.com