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cr.
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August 25, 2008 at 10:28 AM #13662August 25, 2008 at 7:10 PM #261708
drunkle
Participantactually, that’s not a terrible idea. buy your dreamhouse now with an arm no matter the current price, wait for things to drop further, apply for a haircut/refi. this way, you get the house you want at the price you want it without having to fight other bottom feeders or having to time the market.
of course, you’d be gambling on getting the haircut. but jingle mail still applies.
August 25, 2008 at 7:10 PM #261910Participantactually, that’s not a terrible idea. buy your dreamhouse now with an arm no matter the current price, wait for things to drop further, apply for a haircut/refi. this way, you get the house you want at the price you want it without having to fight other bottom feeders or having to time the market.
of course, you’d be gambling on getting the haircut. but jingle mail still applies.
August 25, 2008 at 7:10 PM #261919Participantactually, that’s not a terrible idea. buy your dreamhouse now with an arm no matter the current price, wait for things to drop further, apply for a haircut/refi. this way, you get the house you want at the price you want it without having to fight other bottom feeders or having to time the market.
of course, you’d be gambling on getting the haircut. but jingle mail still applies.
August 25, 2008 at 7:10 PM #261971Participantactually, that’s not a terrible idea. buy your dreamhouse now with an arm no matter the current price, wait for things to drop further, apply for a haircut/refi. this way, you get the house you want at the price you want it without having to fight other bottom feeders or having to time the market.
of course, you’d be gambling on getting the haircut. but jingle mail still applies.
August 25, 2008 at 7:10 PM #262009Participantactually, that’s not a terrible idea. buy your dreamhouse now with an arm no matter the current price, wait for things to drop further, apply for a haircut/refi. this way, you get the house you want at the price you want it without having to fight other bottom feeders or having to time the market.
of course, you’d be gambling on getting the haircut. but jingle mail still applies.
August 26, 2008 at 11:34 AM #261959peterb
ParticipantCouldnt they give us a little hint about these new and clever ways to commit fraud? Help a brother out, why dont cha?!
Speaking of mortgage fraud, take a look at Mr Mortgages latest post regarding defaults on Prime and Alt A paper.
http://mrmortgage.ml-implode.com/
This may put a little more downward pressure on our nicer hoods this Fall….
August 26, 2008 at 11:34 AM #262160ParticipantCouldnt they give us a little hint about these new and clever ways to commit fraud? Help a brother out, why dont cha?!
Speaking of mortgage fraud, take a look at Mr Mortgages latest post regarding defaults on Prime and Alt A paper.
http://mrmortgage.ml-implode.com/
This may put a little more downward pressure on our nicer hoods this Fall….
August 26, 2008 at 11:34 AM #262168ParticipantCouldnt they give us a little hint about these new and clever ways to commit fraud? Help a brother out, why dont cha?!
Speaking of mortgage fraud, take a look at Mr Mortgages latest post regarding defaults on Prime and Alt A paper.
http://mrmortgage.ml-implode.com/
This may put a little more downward pressure on our nicer hoods this Fall….
August 26, 2008 at 11:34 AM #262221ParticipantCouldnt they give us a little hint about these new and clever ways to commit fraud? Help a brother out, why dont cha?!
Speaking of mortgage fraud, take a look at Mr Mortgages latest post regarding defaults on Prime and Alt A paper.
http://mrmortgage.ml-implode.com/
This may put a little more downward pressure on our nicer hoods this Fall….
August 26, 2008 at 11:34 AM #262258ParticipantCouldnt they give us a little hint about these new and clever ways to commit fraud? Help a brother out, why dont cha?!
Speaking of mortgage fraud, take a look at Mr Mortgages latest post regarding defaults on Prime and Alt A paper.
http://mrmortgage.ml-implode.com/
This may put a little more downward pressure on our nicer hoods this Fall….
August 26, 2008 at 3:21 PM #262082cr
ParticipantThe problem with blatantly committing fraud even if you initially pull it off is actually qualifying for the bailout, particularly in California.
Everything I read about Paulson’s plan and now this FDIC pre-re-negotiated loan terms basically makes them sound like window dressing.
For the Paulson plan a lender has to agree to lose 10% off of today’s price of your home. Under the IndyMAC FDIC plan you have to prove you qualified for the loan in the first place.
I know a guy who worked at IndyMAC and a conversation with a potential borrower would go like this:
IndyMAC broker: What’s your income?
Alt-A borrower: Uh, around $50k
IndyMAC broker: Yeah, can you get that a little higher?
Alt-A borrower: Well, I guess I could say $100k
IndyMAC broker: Yeah, how about 200k?
Alt-A borrower: Uh, well, yeah, I guess.I sure hope it puts more downard pressure, because I’m only seeing high teen price drops where I’m looking.
So far.
August 26, 2008 at 3:21 PM #262286ParticipantThe problem with blatantly committing fraud even if you initially pull it off is actually qualifying for the bailout, particularly in California.
Everything I read about Paulson’s plan and now this FDIC pre-re-negotiated loan terms basically makes them sound like window dressing.
For the Paulson plan a lender has to agree to lose 10% off of today’s price of your home. Under the IndyMAC FDIC plan you have to prove you qualified for the loan in the first place.
I know a guy who worked at IndyMAC and a conversation with a potential borrower would go like this:
IndyMAC broker: What’s your income?
Alt-A borrower: Uh, around $50k
IndyMAC broker: Yeah, can you get that a little higher?
Alt-A borrower: Well, I guess I could say $100k
IndyMAC broker: Yeah, how about 200k?
Alt-A borrower: Uh, well, yeah, I guess.I sure hope it puts more downard pressure, because I’m only seeing high teen price drops where I’m looking.
So far.
August 26, 2008 at 3:21 PM #262293ParticipantThe problem with blatantly committing fraud even if you initially pull it off is actually qualifying for the bailout, particularly in California.
Everything I read about Paulson’s plan and now this FDIC pre-re-negotiated loan terms basically makes them sound like window dressing.
For the Paulson plan a lender has to agree to lose 10% off of today’s price of your home. Under the IndyMAC FDIC plan you have to prove you qualified for the loan in the first place.
I know a guy who worked at IndyMAC and a conversation with a potential borrower would go like this:
IndyMAC broker: What’s your income?
Alt-A borrower: Uh, around $50k
IndyMAC broker: Yeah, can you get that a little higher?
Alt-A borrower: Well, I guess I could say $100k
IndyMAC broker: Yeah, how about 200k?
Alt-A borrower: Uh, well, yeah, I guess.I sure hope it puts more downard pressure, because I’m only seeing high teen price drops where I’m looking.
So far.
August 26, 2008 at 3:21 PM #262345ParticipantThe problem with blatantly committing fraud even if you initially pull it off is actually qualifying for the bailout, particularly in California.
Everything I read about Paulson’s plan and now this FDIC pre-re-negotiated loan terms basically makes them sound like window dressing.
For the Paulson plan a lender has to agree to lose 10% off of today’s price of your home. Under the IndyMAC FDIC plan you have to prove you qualified for the loan in the first place.
I know a guy who worked at IndyMAC and a conversation with a potential borrower would go like this:
IndyMAC broker: What’s your income?
Alt-A borrower: Uh, around $50k
IndyMAC broker: Yeah, can you get that a little higher?
Alt-A borrower: Well, I guess I could say $100k
IndyMAC broker: Yeah, how about 200k?
Alt-A borrower: Uh, well, yeah, I guess.I sure hope it puts more downard pressure, because I’m only seeing high teen price drops where I’m looking.
So far.
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