Comments on: The Very Flawed Weekly Mortgage Applications Survey http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/ Your personal tour guide through the housing finance "misinformation maze". Thu, 14 May 2009 13:28:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Andy Pritchett http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/comment-page-1/#comment-11182 Andy Pritchett Wed, 14 Jan 2009 16:51:41 +0000 http://mrmortgage.ml-implode.com/?p=1372#comment-11182 What are your sources for the 50-65% fallout estimates? What are your sources for the 50-65% fallout estimates?

]]> By: BertDilbert http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/comment-page-1/#comment-10816 BertDilbert Thu, 08 Jan 2009 13:17:44 +0000 http://mrmortgage.ml-implode.com/?p=1372#comment-10816 Maybe Wamu places a high value on getting the predatory lending claims off the books. Meanwhile the "renter" needs to buy a lot of lottery tickets and pray..... Maybe Wamu places a high value on getting the predatory lending claims off the books. Meanwhile the “renter” needs to buy a lot of lottery tickets and pray…..

]]> By: Joe Mama http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/comment-page-1/#comment-10696 Joe Mama Wed, 07 Jan 2009 06:32:21 +0000 http://mrmortgage.ml-implode.com/?p=1372#comment-10696 Javagold and Dick, I'm just curious, but where exactly where do you think all this free money will come from to bail out everyone's ill timed purchases? More gov't debt? Higher taxes? Even if you do get some free money at the expense of everyone else you're always going to have to worry that the rules are going to change and the gov't will claw it's money back at some point in the future (and the gov't will change the rules to get the money back when necessary, you can count on that). Better to just walk and let the bondholders/investors take the loss than risk your own future. Javagold and Dick,

I’m just curious, but where exactly where do you think all this free money will come from to bail out everyone’s ill timed purchases?

More gov’t debt? Higher taxes?

Even if you do get some free money at the expense of everyone else you’re always going to have to worry that the rules are going to change and the gov’t will claw it’s money back at some point in the future (and the gov’t will change the rules to get the money back when necessary, you can count on that).

Better to just walk and let the bondholders/investors take the loss than risk your own future.

]]> By: Dick http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/comment-page-1/#comment-10694 Dick Wed, 07 Jan 2009 05:25:53 +0000 http://mrmortgage.ml-implode.com/?p=1372#comment-10694 I really like my house and I do not want to sell or move. But, I do not want to pay on something that I bought for $174k and is now worth maybe $96k. I would be more than happy to pay a $96k mortge at 4.5%. How do I get WaMu to do this? Dick I really like my house and I do not want to sell or move. But, I do not want to pay on something that I bought for $174k and is now worth maybe $96k. I would be more than happy to pay a $96k mortge at 4.5%.

How do I get WaMu to do this?

Dick

]]> By: Javagold http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/comment-page-1/#comment-10684 Javagold Wed, 07 Jan 2009 02:59:05 +0000 http://mrmortgage.ml-implode.com/?p=1372#comment-10684 Dick, there is no reason for you to refi on the UNderwater mortgage , DEMAND a reduction to the current appraised price and then get a fixed mortgage at the lowest rate you can get....otherwise i would stop paying your mortgage for as long as possible and see what everyones favorite black president will do... DISCLAIMER...i am not a real estate attorney , but i did stay at a holiday inn express Dick,
there is no reason for you to refi on the UNderwater mortgage , DEMAND a reduction to the current appraised price and then get a fixed mortgage at the lowest rate you can get….otherwise i would stop paying your mortgage for as long as possible and see what everyones favorite black president will do…

DISCLAIMER…i am not a real estate attorney , but i did stay at a holiday inn express

]]> By: lefty mcpuke http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/comment-page-1/#comment-10668 lefty mcpuke Tue, 06 Jan 2009 23:44:15 +0000 http://mrmortgage.ml-implode.com/?p=1372#comment-10668 Dick - If you are underwater, you have no refi options unless you come to close with a brief case filled with Benjamins. If you can hold off, survey the landscape Obama and the new congress lay out for housing, you may get a bailout lifeline of some sort, if not, and there is not principle reduction offered by your lender, you may have no other option but to mail and bail. Dick – If you are underwater, you have no refi options unless you come to close with a brief case filled with Benjamins. If you can hold off, survey the landscape Obama and the new congress lay out for housing, you may get a bailout lifeline of some sort, if not, and there is not principle reduction offered by your lender, you may have no other option but to mail and bail.

]]> By: Dick http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/comment-page-1/#comment-10666 Dick Tue, 06 Jan 2009 23:22:11 +0000 http://mrmortgage.ml-implode.com/?p=1372#comment-10666 Anyone recently refi into 30yr fixed? If so, what rate did they get? Background? I have a 1 MTA POA Mr. M talked about. I am underwater on house and also have neg amortization built up since taking the loan out in 2004 to buy the house. What should I do? I am thinking of refi into that 4.5% 30 yr fixed. Others say don't do anything becuase the neg. amortization will get wiped out by Congress. Anyone recently refi into 30yr fixed? If so, what rate did they get? Background?

I have a 1 MTA POA Mr. M talked about. I am underwater on house and also have neg amortization built up since taking the loan out in 2004 to buy the house.

What should I do? I am thinking of refi into that 4.5% 30 yr fixed. Others say don’t do anything becuase the neg. amortization will get wiped out by Congress.

]]> By: Gerry Davidson http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/comment-page-1/#comment-10663 Gerry Davidson Tue, 06 Jan 2009 23:06:19 +0000 http://mrmortgage.ml-implode.com/?p=1372#comment-10663 Great piece. Thanks for putting a realistic perspective out there. Excellent points. Thanks for the research info. I've been arguing this week with overly optomistic financial-types. Those working in the stock market arena are perhaps lucky in that the stock market can move on a dime. Up, down, sideways some days. There is so much going on that entire networks can devote talking heads to the subject filling 24 hours a day in related micro news. Real estate in comparison is a behemoth, moving at the pace of a snail - or the turtle who loves dail-up. It took the real estate market years to get its knickers in this wad, years to wallow around in the depths (in which we continue to wallow), and it will take years to completely work out of this sizeable mess. I agree with you that a 0% interest rate will not make any difference right now. Until foreclosures are stemmed and prices stabilized a housing recovery is impossible. The numbers just don't work. And loan modifications won't work on any meaningful scale unless there is principle reduction which is a conundrum in itself, as evidenced by your value loss chart the other day. By the way, Cramer touted today on CNBC that he was working on refinancing his jumbo mortgage into two mortgages. One conforming and the 2nd mortgage a jumbo loan(his words). What's up there? I thought piggy-backs were out with the bathwater. Thanks again and keep it coming. Good stuff! Great piece. Thanks for putting a realistic perspective out there. Excellent points. Thanks for the research info.

I’ve been arguing this week with overly optomistic financial-types. Those working in the stock market arena are perhaps lucky in that the stock market can move on a dime. Up, down, sideways some days. There is so much going on that entire networks can devote talking heads to the subject filling 24 hours a day in related micro news.

Real estate in comparison is a behemoth, moving at the pace of a snail – or the turtle who loves dail-up. It took the real estate market years to get its knickers in this wad, years to wallow around in the depths (in which we continue to wallow), and it will take years to completely work out of this sizeable mess.

I agree with you that a 0% interest rate will not make any difference right now. Until foreclosures are stemmed and prices stabilized a housing recovery is impossible. The numbers just don’t work.

And loan modifications won’t work on any meaningful scale unless there is principle reduction which is a conundrum in itself, as evidenced by your value loss chart the other day.

By the way, Cramer touted today on CNBC that he was working on refinancing his jumbo mortgage into two mortgages. One conforming and the 2nd mortgage a jumbo loan(his words). What’s up there? I thought piggy-backs were out with the bathwater.

Thanks again and keep it coming. Good stuff!

]]> By: mn mortgages http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/comment-page-1/#comment-10659 mn mortgages Tue, 06 Jan 2009 22:07:08 +0000 http://mrmortgage.ml-implode.com/?p=1372#comment-10659 Great analysis, most people's home values have gone down so much that can't qualify to refinance their home. Great analysis, most people’s home values have gone down so much that can’t qualify to refinance their home.

]]> By: Partyboy http://mrmortgage.ml-implode.com/2009/01/06/the-very-flawed-weekly-mortgage-applications-survey/comment-page-1/#comment-10657 Partyboy Tue, 06 Jan 2009 21:53:11 +0000 http://mrmortgage.ml-implode.com/?p=1372#comment-10657 I have heard about disregarding appraisals when looking at a refi app. This makes no sense if the bank considering the refi is not the bank which has first position on the mortgage in the first place. The only reason this would make sense to me is if a refi changes a non-recourse purchase money loan into a recourse loan. The issuing bank would potentially be well served to refi a loan at a slightly lower rate if it means they could have some standing in the future to recoup losses if the owner defaults. Am I too far out on the limb here? I have heard about disregarding appraisals when looking at a refi app. This makes no sense if the bank considering the refi is not the bank which has first position on the mortgage in the first place. The only reason this would make sense to me is if a refi changes a non-recourse purchase money loan into a recourse loan. The issuing bank would potentially be well served to refi a loan at a slightly lower rate if it means they could have some standing in the future to recoup losses if the owner defaults. Am I too far out on the limb here?

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