Mortgages

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.
 
Quote from mgabriel01:

Property Value $600,000
Loan Amount $400,000
Equity $200,000
Interest Rate 5.7500%
LTV 67%
P&I $2,334.29


the rest of course depends on property taxes, insurance, homeowner dues etc etc etc

If you were in NC I could fix you up in a heartbeat
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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
 
Quote from daddyeaux:

what I'm reading is insanity part II

so a piece of crap condo worth 1/3 of the top price gets a refi based on what?

pour me a scotch... the monkeys are running the zoo
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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
 
Quote from daddyeaux:

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
More...


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
 
Quote from mgabriel01:

The problem with the mortgage brokerage business in general is there are so many scumbags in the business it makes us all look like used car salemen who have no teeth!

:-)
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ha ha I know what you mean man. ha ha good one.
 
Quote from daddyeaux:

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
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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'?
 
Quote from mgabriel01:

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'?
More...


Are you being serious? Holy hell that's a riot.
 
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...
 
Quote from Reaver:

Are you being serious? Holy hell that's a riot.
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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
 
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