I just spoke with a Mtg. officer, and she told me she's doing 97% LTV loans all day, every day. FHA too!
Yes, seriously! A Realtor I spoke with on the same day said she's getting swamped with calls from Mtg. brokers that are going begging for business. Like trading, some do very well, and most don't. The one's that are doing very well are in business to stay I guess. Writing loans every day. A Title company officer did say she's doing more Short-Sales than she ever dreamed of, but at least it's business for the Mtg brokers, Realtors and the Title Company!
LOL! It's not often you'd hear Irvine and Tinley Park used in the same vein. I'd say Irvine is quite a step up from Tinley. However, your point is well taken to a large degree. Where I'd make exception is those that work in industrial manufacturing. That sector has remained flat line for over 20 years. I'm not talking GM or Ford. I'm talking the average machine shop, fab shop and the like. You work in those you ain't making shit. Your average Joe Lunch Bucket is living better, but it' ain't on earned wages, it's on credit.
As I get older Tinley, Orland, Lemont-suburbs my pompous North Side ass once laughed at are the only places left in Chicago that I politically fit. Orange County too. So I guess in a weird way Irvine and Tinley are connected, lol.
Politically they are a mirror image of each other. I used to live right near the Orange County airport back in the late 70's. Before the Duke died. Right near Main and MacArthur. Just got too congested for me and I moved back here in 1984. Wish I'd have held the property out there, I'd be a friggin millionaire, couple times over. Smart money, in my not so humble opinion, is in N.W. Indiana. What you pay 300-400K for here will cost you 100-150K more in Orland. 250K more in Naperville. Enough of the ramble.
Looking for a fight? Seems you know something Buffet doesn't. I find that a bit suspect.... I didn't see the FED backstopping Warrens 5 Billion stake in Goldman. Did you? Also, please elaborate on Goldmans long subprime position? And how you know? I am interested.
I got tired of putting those courtesy checks in the shredder, so I called up my credit card companies and told them not to send anymore. They kept sending them. I called them again, they said they would not, yet they are still sending them to this day. They are like herion pushers waiving bags infront of you, saying take it, just take it. "God Damn the pusher man".