this bullshit is happening all over again. how long is this refi game gonna go on? until the dollar is worth the same as a peso and gas is $5.50/gal? greenspan is a weasel for creating the bubble and bernanke is a weasel for prolonging it.
no problem... I'll bullshit the application and buy 10 condos and sell 5 for 25% off and skip the country.... I'll call you Monday
You know - in the market Im in - in NC -- we never really saw the wild appreciation that markets like CA, NY & FLA experienced But even in those markets --- ifyou had a house that was worth 500K 5 years ago - and it went up to 1.2 M in 2006 and then back to 750K in 2008---- you still havent lost money IMHO - appreciation is not the problem its the scumbag brokers and lenders who wrote sub-prime paper for people with no stated income and no assets --- and who should never have gotten a loan in the first place but at the end of the day - those kind of people are only 15% of the mortgage market of course, --- none of that says anything about the wall street scumbags who cooked up exotic cdo's and sold them to unwary chinese and indonesians...... there is a major f*ck up there for sure
the only broker who would write you that loan left for mexico in September or jumped off a bridge on the Marlton pike ---- that kind of nonsense has been wrung out of the market IMHO we used to see a whole section of every major lenders rate sheet titled 'sub-prime' those sections of the rate sheets are now completely blank
look ... me and 100 strawberry pickers are coming to your office on Monday and demanding minority status for our American Dream.... strawberries are going up in price you must know and we demand our rights..... http://drhousingbubble.blogspot.com/2007/05/yearly-income-14000-purchase-of-house.html
Interestingly enough - BOA has introduced some kind of product called 'American Dream' -- or something goofy like that --- and its requirements put the subprime lenders to shame Bankruptcy - OK No stated income - OK no assets -- OK 95LTV when the BOA guy showed it to me --- my first thought was...... The big banks are taking this opportunity to move into the sub-prime space---- and just put a marketing spin on it so that the loan is not called sub-prime now its called 'American Dream' who was it who said 'greed is good'?
Ok that's it I'm bringing 1000 strawberry pickers and you better Se hablo Espanol we'll float the whole debt in a CMO to a bunch of suckers in Singapore and head for the Caymans.... I love it when a plan comes together...
Yes - I am serious I'll look it up on Tuesday and tell you the actual name of the product - I saved the flyer I was talking to some folks in the office - and we all agreed you'd have to be the scummiest scumbag in town to hook somebody up with that product my thought was the big lenders are trying to pick up the market share abdicated by all the mom-pop subprime lenders who have crashed and burned in the last 6 months