Quote from jficquette:
Typical Socialists.
John
Quote from TheDudeofLife:
crazy folks..In America we don't like to bail out average folks. We prefer to bail out big banks and corporations.
The one good thing about the glut of abandoned, foreclosed, and unsold inventory of new homes, is that the next wave of illegal immigrants will have a nice choice of places to squat in.
Quote from blast19:
CTX - This is a builder...but they have $10 billion in "inventory" which likely means houses they can't sell as of now. Even if they're raw materials, they're not "dealers" so they'll likely take a hit on selling even raw materials. They'll have to write-down probably.
Quote from Willleung:
Blast, any contact inside to buy at wholesale in 6 or 12 months time? LOL
Quote from bestfriend:
I worked in an S&L in the 80's.
This is what is likely to happen:
1)Borrowers say "wtf" and mail the keys to the home to the lender, then go rent for much less or buy cheaper.
2) When this happens in droves, some lenders will renegotiate rates on a mass basis
3) #2 is much less likely than the 80's due to the packaging of MBS
4) Investors in weak mortgage securities will lose money, all the way up to stuff that is maybe as high as an original S&P "A" rating, though I doubt it goes that high
5) Borrowers who are forclosed will get 1099's (or is it 1098's) for "relief of debt income."
6) There will be a lot of Chapter 13's