Comments on: Fresh, Freightening Foreclosure Facts From MBA – They Nailed It!

By: Mr. Mortgage’s Guide to the TRUTH! » America’s Mark-to-Model (Level 2) Banking System

Thu, 09 Oct 2008 16:50:54 +0000

[...] Minutes’ Brought it Home Last NightForeclosure Funny – Haloween’s Going to Stink This YearFresh, Freightening Foreclosure Facts From MBA – They Nailed It!Wells Fargo Absolutely Did Subprime, Stated, Interest Only, No Ratio [...]

By: Anna

Anna — Wed, 08 Oct 2008 13:09:02 +0000

I know that you like to talk about the Option ARMS..MM..any comments for this quarter since we are looking at libor soar once again…where does this put people who have these loans at today as far as interest rate are concerned on Subprime, Alt A, Prime, and Jumbos?…What are payment amounts rising to based on loan balances of $300K, $500K, $700K, $900K?

By: norcalboon

norcalboon — Mon, 06 Oct 2008 18:09:18 +0000

JJ – you nailed it. Lotsa folks ready to take a walk for those exact reasons.

I prefer the fancy term: CFD, common folk deleveraging.

Mr. M – looks like you were right on about “The Quickening”.

By: CA tax payer

CA tax payer — Mon, 06 Oct 2008 18:03:41 +0000

Here’s another one for ya…CALIFORNIA IS BANKRUPT!

By: Mr. Mortgage’s Guide to the TRUTH! » ‘60 Minutes’ Brought it Home Last Night

Mon, 06 Oct 2008 14:27:45 +0000

[...] Stink This YearMike Tyson on Foreclosure Funny – Haloween’s Going to Stink This Yearadmin on Fresh, Freightening Foreclosure Facts From MBA – They Nailed It!SISA on Wells Fargo Absolutely Did Subprime, Stated, Interest Only, No Ratio Etc Recent [...]

By: admin

admin — Mon, 06 Oct 2008 05:27:30 +0000

thats why covering CA is so important – CA and FL made up 73% of the gains in foreclosure activity. CA is the largest state with respect to GDP and the US and will lead the US in a major recession as well as out. So goes CA so does the rest of the nation.

By: Graham Cox

Graham Cox — Mon, 06 Oct 2008 05:10:30 +0000

‘Brinkmann called the idea of a national bottom “meaningless.” ‘

Dear MM and everyone else. This is common sense now, so let’s not hear anyone talking about the national averages. It is no longer good analysis since in the few bad states there is a downward price spiral whilst in some other states falls have been replaced by price rises.

By: JJ

JJ — Mon, 06 Oct 2008 05:01:07 +0000

When the bailout fails to stem the housing crisis, do the banks go back for more Federal aid to plug the capital hole or do they try to jam down some backdated recourse-type provisions into reworked mortgages to stem the tide of folks walking?

Rationally, if you are underwater by 100K plus and have no equity in the home otherwise, you see no chance to get equity recovery in the next 3-5 years and can probably delay the eviction for 10-14 months (between some new laws that push it out plus the banks not foreclosing so they don’t have to take the writedown on the loan) and pocket the cash and be able to rent a halfway decent place for following year or two while you rebuild your credit. Why would you stay unless you really loved the home and the lifestyle so much as to put yourself in financial purgatory for the next 10 years?

By: peterb

peterb — Mon, 06 Oct 2008 03:29:15 +0000

Unemployment will be the real killer. In the last couple of real estate cycles in CA, unemployment over 6% shuts down the market. CA just hit 7.7% and it’s rising without any good news in sight. Oh, and there’s an absolute pant-load of upside down properties coming in 2009. Talk about a perfect storm. Job loss coupled with house values under the loan amount…2009 will be something hardly anyone’s witnessed in their lives.

By: qiuzude88

qiuzude88 — Mon, 06 Oct 2008 01:39:55 +0000

Let those set to fail to go broke.

Let us strip wall steet, malls and malls down to build factories for our living.

Let us live within our means.

We do not want this fake bailout!!!