Discussion in 'Wall St. News' started by Bogan7, Apr 6, 2008.
LOFL, greedy bastards.
They had to go mess up a business model which has been around for over 100 years because they were looking for their next growth sector.
Yum, Greed is Good!
once again, it's regional. Michigan has the Highest Unemployment rate in the country, Michigan is a state that is in a Recession. Califorina is Mixed. Florida is Mixed, NV, AZ, Mixed.
This will take a decade to wind up however, as politics are local, so is this "Crash".
besides, it's now the best opportunity to purchase a home, even a better oportunity than back in 2002. Other than for the"POOR" and "INDEBT" .....nothing has changed for the "Smart Buyer".
I was a developer at the time of the crash in 1987 and by 1990 the banks were flooded with property that they were not equipped to handle.
In one instance I was late with payments on a rental property (I was milking it to float other empty and half finished projects) and after selling two condos I went to the major (top 10)national lender saying I wanted to bring the loan current and I could even make some advance payments to show good faith. They said no dice, the case is already at the lawyers.
So they foreclosed on me for being late 3 months.
What happened after that?
They forgot to tell the tenants where to send the rent and the tenants lived there for almost 3 years without paying rent.
Good article, particularly some of the details regarding the servicing of mortgages. Very good point that it can be difficult for a mortgage servicing company to adapt when default rates climb substantially.
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