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The worst news on the horizon for GM is the inevitable downturn for GMAC. GMAC has made a lot of money in the mortgage business. The real estate boom is at best slowing and at worst a buble about to burst. When the mortgage related earnings begin to slide GMAC will be in some trouble and will...

The reason for lenders being allowed to book the deffered interes as income lies in a combination of the terms of these exotic mortgages and some kind of loophole in accountg rules. The borrower has the option to pay either: A. Minimum payment with defered interest B. Full interest due...

The time to short will be when the Negative Amortization "option arm" mortgages begin to go bad. These loasn offer a teaser rate of 1% to 2% and defer interest for a period of time. A lot of these are being used by borrowers who assume value can only go up and that they will be able to refinance...

I am a loan officer working for a broker in a Washington DC suburb and the same thing is happening in the DC market. Baltimore is not as overheated as DC/Northern Virginia. A lot of non-English speaking hispanic borrowers are getting lied to and are taking these Option loans and also buying...

Most 2/28 I/O ARMS still have a 5 or a 10 year I/O period so the paymnet jump will not incorporate any principle and therefore not be as painful as an Option ARM scenario. Option ARM cash out or purchase transactionis performened with LTV of 75 or 80% and 2nd mortgage up to 90% CLTV on a...

Saying that "the ratio should be the cost of finance to income" is a bit of a misnomer because there is no uniform metric for the cost of financing. The increased number of various mortgage products completely throws this theory out the window. The cost of financing will be extremely low on an...

I am a loan officer in the DC metro area and the peak here seems to have been mid to late July. There was a runup during late spring early summer and July was the last of the "I need to buy now before I am priced out of the market" buying. Right now there is a glut of inventory in Montgomery...

I appreciate all the cautious advice. One point of contention I have is that it is not a zero sum game. The house always makes its cut. If I do begin to trade, no matter my profit or loss some broker will make money off of the commissions. But in all seriousness can someone point me to a...

I talked to futurestrader71 and he is not hiring. Anybody else know of either A good place to open a low cost paper account which provides live quotes A good prop shop in DC with a training program

when I said 50-100k I did not mean shares but rather $. $50k could be anywhere from 125 shares to 4000 shares. I know that the commissions eat into the profits. I definately appreciate all of the advice. What I want to know is if there are any books that you guys would recomend and information...

Bright trading seem to have a real program but require going out to Vegas and I am not sure if that is feasable due to some family responsibilities. Can someone give me info on how to open a paper account at IB and how much they charge for that?

So how did you guys get into the market? Did all of you save up a year's worth of living expenses and than live income free for a year? What did you do to get ready and how did you start out?

Unfortunately it is rather hard to save up 1 year of living expenses. Part of what draws me to the market is that I have made some very good calls. If all I did was short GM I would make a ton of money. There are other calls that are fairly easy to make. Are there any prop houses that offer...

Please explain more

How so? I really want to learn more, so please explain what I am doing wrong.

Is there any cost involved in using the real time demo platform? How can I sign up to do that? Also I realize that $5k is nothing. But, with leverage it can be something. In order to make and save money I need to make approximately $250-300 a day on average or about $5k per month before...

Well GOOG move +/- 1% daily. Large cap, very liquid. GM does the same (mostly down but nonetheless movement) AMD, INTC, two other big name large cap stocks that move.

I guess what I am really looking for is a prop shop in the DC area that would take the time to really talk to me, maybe let me come in for a week and see how the traders operate, maybe even trade with a paper account to see if I can legitimately make some money at it. I may be able to save up...

I understand your advise and please don't think that I am trying to argue but here is my question: What makes it so difficult to do what I am talking about doing? Large cap liquid names move +/- 1% to 2% every day. The momentum is not that hard to see. Why do you say that the probability of...

I am 25 I do not have a college degree. Some personal and financial difficulties hit me kinda hard during my 5th semester at college and I had to leave school without a real opportunity to go back. I have worked in IT, and sales. Currently a mortgage broker. Part of my job is to see short...