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  • March 10, 2008 at 8:01 AM #12049
    farbet
    Participant

    Lift a rock, find more schlock
    I believe the next area of the credit sector to implode will likely be Alt-A — loans granted to people who didn’t want to document their income, also known as liar loans — which will help illuminate the fact that our mortgage problems were never just subprime. Rather, they sprang from one big credit bubble, thanks to which mortgages were handed out to anyone who could fog a mirror. Most people took on more than they should have. (Some are now walking away from their obligations, a development recently highlighted in the media.)

    In time, it will be clear that prime mortgages are also vulnerable….

    March 10, 2008 at 8:04 AM #166655
    farbet
    Participant

    The rest is here

    http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/NextShoeToDropPrimeMortgages.aspx

    March 10, 2008 at 8:04 AM #166976
    farbet
    Participant

    The rest is here

    http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/NextShoeToDropPrimeMortgages.aspx

    March 10, 2008 at 8:04 AM #166979
    farbet
    Participant

    The rest is here

    http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/NextShoeToDropPrimeMortgages.aspx

    March 10, 2008 at 8:04 AM #167012
    farbet
    Participant

    The rest is here

    http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/NextShoeToDropPrimeMortgages.aspx

    March 10, 2008 at 8:04 AM #167074
    farbet
    Participant

    The rest is here

    http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/NextShoeToDropPrimeMortgages.aspx

    March 10, 2008 at 10:26 AM #166721
    Mean Reversion
    Participant

    I believe the next area of the credit sector to implode will likely be Alt-A…

    If you follow the credit markets, it is already pretty well known that the meltdown has affected Alt-A and beyond, not just subprime.

    Witness Thornburg Mortgage (TMA) which supposedly had no direct exposure to subprime mortgages.

    March 10, 2008 at 10:26 AM #167041
    Mean Reversion
    Participant

    I believe the next area of the credit sector to implode will likely be Alt-A…

    If you follow the credit markets, it is already pretty well known that the meltdown has affected Alt-A and beyond, not just subprime.

    Witness Thornburg Mortgage (TMA) which supposedly had no direct exposure to subprime mortgages.

    March 10, 2008 at 10:26 AM #167045
    Mean Reversion
    Participant

    I believe the next area of the credit sector to implode will likely be Alt-A…

    If you follow the credit markets, it is already pretty well known that the meltdown has affected Alt-A and beyond, not just subprime.

    Witness Thornburg Mortgage (TMA) which supposedly had no direct exposure to subprime mortgages.

    March 10, 2008 at 10:26 AM #167077
    Mean Reversion
    Participant

    I believe the next area of the credit sector to implode will likely be Alt-A…

    If you follow the credit markets, it is already pretty well known that the meltdown has affected Alt-A and beyond, not just subprime.

    Witness Thornburg Mortgage (TMA) which supposedly had no direct exposure to subprime mortgages.

    March 10, 2008 at 10:26 AM #167139
    Mean Reversion
    Participant

    I believe the next area of the credit sector to implode will likely be Alt-A…

    If you follow the credit markets, it is already pretty well known that the meltdown has affected Alt-A and beyond, not just subprime.

    Witness Thornburg Mortgage (TMA) which supposedly had no direct exposure to subprime mortgages.

    March 10, 2008 at 12:21 PM #166776
    peterb
    Participant

    With about $550B in mortgages set to adjust this year, all sectors will have trouble meeting this requirement. Whether the loan is Prime, Alt-A or subprime. Having a high FICO score does not mean you didnt lie about your “stated income”. Most of these loans are 1 to 3 years old, so the odds are good that most are upside down at or at best 0$ equity. Combine this with a recession and the new “Debt Relief Act of 2008” and I think the lenders are going to be owning a lot more realestate this year compared to 2007!

    March 10, 2008 at 12:21 PM #167096
    peterb
    Participant

    With about $550B in mortgages set to adjust this year, all sectors will have trouble meeting this requirement. Whether the loan is Prime, Alt-A or subprime. Having a high FICO score does not mean you didnt lie about your “stated income”. Most of these loans are 1 to 3 years old, so the odds are good that most are upside down at or at best 0$ equity. Combine this with a recession and the new “Debt Relief Act of 2008” and I think the lenders are going to be owning a lot more realestate this year compared to 2007!

    March 10, 2008 at 12:21 PM #167100
    peterb
    Participant

    With about $550B in mortgages set to adjust this year, all sectors will have trouble meeting this requirement. Whether the loan is Prime, Alt-A or subprime. Having a high FICO score does not mean you didnt lie about your “stated income”. Most of these loans are 1 to 3 years old, so the odds are good that most are upside down at or at best 0$ equity. Combine this with a recession and the new “Debt Relief Act of 2008” and I think the lenders are going to be owning a lot more realestate this year compared to 2007!

    March 10, 2008 at 12:21 PM #167132
    peterb
    Participant

    With about $550B in mortgages set to adjust this year, all sectors will have trouble meeting this requirement. Whether the loan is Prime, Alt-A or subprime. Having a high FICO score does not mean you didnt lie about your “stated income”. Most of these loans are 1 to 3 years old, so the odds are good that most are upside down at or at best 0$ equity. Combine this with a recession and the new “Debt Relief Act of 2008” and I think the lenders are going to be owning a lot more realestate this year compared to 2007!

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