S&P on Alt-A and Jumbo Prime

http://mrmortgage.ml-implode.com/2008/10/15/sp-doing-the-nasty-on-280-billion-in-alt-alargest-ever/

Since the bill you talk about (SB1137) when into place the banks already starting complying before it was enacted. As if the banks would wait until after the bill passed then change how they notice the defaults. All the bill does is ask for an additional 30 day notice to make contact. So, the decline has nothing to do with new laws, its the market.

Also, there are new programs implemented by banks to save their exisitng loans by negotiating a low fixed rate for 30 years and insured by FHA.

Are you really in the lending business or are you just a college grad in Karl Rove journalism?

Now lenders are not selling properties at 50 cents on the dollar because they are hoping the Government will now buy them at 80 cents on the dollar!!

WTF??!!

How can our goverment think that the solution is keeping housing prices propped up??!! As Peter Schiff says–AMERICANS ARE BROKE, and until house prices come back into line with historical fundamentals, IT WILL NOT MAKE SENSE TO BUY!!!
Also, with mortgage rates now rising, how the world will they move houses??

Makes NOOOOOO Sense.

Right now, as we speak, we are supposed to be doing our supervisory inspections of all of the nation’s banks in order to establish that we are capable of meeting the stricter capital requirements of Basel II.

That is not a joke.

It reflects back to Stu and od and their discussion of impending socialistic kinds of things.

Y’all have heard of the Jeckyll Island cartel of the monied interests in shaping the reports of the National Monetary Commission to recommend our current federal Reserve Banking system.

This FED system utilizes a debt-money based fractional-reserve lending system that, in theory, multiples itself to the benefit of the private bankers who make up that debt-cabal.

Now, if I follow the aforementioned duo, we are to think that these robber-baron, money-power capitalists, that are enslaving the hard working people of America with their debt-money system, are somehow socialists.

I have to get off there.

The progressive politic of the time mostly made up of democratic-farmer-labor parties, had proposed a publicly-controlled, debt-free money system.

They weren’t socialists at all, but they would be called left of center politically. They believed that the government had a major role to play in the area of money creation and monetary policy.

This debt-free, public money proposal was made again by FDR’s brain-trust on the money system, after the FED failed to prevent the 1929 crash. The Chicago Plan was fought by the bankers and shelved.

Which, after the war, and US supremacy, brought us to the Bretton Woods accords that tied all of the industrial democracies, and others, into this debt-based money system and fractional-reserve banking.
All of it based on the $USD.

Which has brought us to today’s discussion.
Amid the plan to move us all to Basel II.
Hang on to your Constitution.

Great info as usual.

But, we REALLY need an update from your April “Look out for ALT-A’s”.

What’s the scale and timing of ALL of this level 2 stuff?
In a housing sense.

Thanks.

Thanks for the perspective. You make me feel like a rich man. ; ) Funny how a six figure income only gets you a 2bed 2 bath place in CA. We have a long, long, long way to go in prices dropping.