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  • May 1, 2009 at 12:22 PM #391815
    jpinpb
    Participant

    [quote=Rt.66]The Gov. just announced a solution called:

    PFCHAPDASS (PF Changs Housing Assistance Program Destructive ARM Soup Special)

    The new Temecula Changs has been doing so well they are going to chip in with a program refered to in-house as: AAARP (Appetizer ARM Assitance Rescue Program). A portion of every appetizer or bowl of soup purchased at the booming Temecula local will go to helping bridge the gap for people who planned on flipping at this juncture and are caught off gaurd at the prospect of actually paying the grossly inflated price they signed on for after the realtor, GW Bush and A. Greenspan assured them it was a good time to buy.

    [/quote]

    LOL. I’m laughing so much I’m crying.

    May 1, 2009 at 12:23 PM #391155
    jpinpb
    Participant

    [quote=FormerSanDiegan]Mish’s article is consistent with what I have been saying for the past year and a half.

    Option ARMs are toast, but all the other traditional ARMS, alt-A’s, and IOs are not as big a deal because the rate recasts are based on currently low interest rates.

    http://piggington.com/why_borrowers_may_not_benefit_from_rate_cut

    http://piggington.com/is_it_alt_a_turn

    [/quote]

    But if all they’re paying is interest and now have the pay the whole shebang, then that’s going to be a little tough for some people, even though the rate is low.

    May 1, 2009 at 12:23 PM #391418
    jpinpb
    Participant

    [quote=FormerSanDiegan]Mish’s article is consistent with what I have been saying for the past year and a half.

    Option ARMs are toast, but all the other traditional ARMS, alt-A’s, and IOs are not as big a deal because the rate recasts are based on currently low interest rates.

    http://piggington.com/why_borrowers_may_not_benefit_from_rate_cut

    http://piggington.com/is_it_alt_a_turn

    [/quote]

    But if all they’re paying is interest and now have the pay the whole shebang, then that’s going to be a little tough for some people, even though the rate is low.

    May 1, 2009 at 12:23 PM #391627
    jpinpb
    Participant

    [quote=FormerSanDiegan]Mish’s article is consistent with what I have been saying for the past year and a half.

    Option ARMs are toast, but all the other traditional ARMS, alt-A’s, and IOs are not as big a deal because the rate recasts are based on currently low interest rates.

    http://piggington.com/why_borrowers_may_not_benefit_from_rate_cut

    http://piggington.com/is_it_alt_a_turn

    [/quote]

    But if all they’re paying is interest and now have the pay the whole shebang, then that’s going to be a little tough for some people, even though the rate is low.

    May 1, 2009 at 12:23 PM #391680
    jpinpb
    Participant

    [quote=FormerSanDiegan]Mish’s article is consistent with what I have been saying for the past year and a half.

    Option ARMs are toast, but all the other traditional ARMS, alt-A’s, and IOs are not as big a deal because the rate recasts are based on currently low interest rates.

    http://piggington.com/why_borrowers_may_not_benefit_from_rate_cut

    http://piggington.com/is_it_alt_a_turn

    [/quote]

    But if all they’re paying is interest and now have the pay the whole shebang, then that’s going to be a little tough for some people, even though the rate is low.

    May 1, 2009 at 12:23 PM #391820
    jpinpb
    Participant

    [quote=FormerSanDiegan]Mish’s article is consistent with what I have been saying for the past year and a half.

    Option ARMs are toast, but all the other traditional ARMS, alt-A’s, and IOs are not as big a deal because the rate recasts are based on currently low interest rates.

    http://piggington.com/why_borrowers_may_not_benefit_from_rate_cut

    http://piggington.com/is_it_alt_a_turn

    [/quote]

    But if all they’re paying is interest and now have the pay the whole shebang, then that’s going to be a little tough for some people, even though the rate is low.

    May 1, 2009 at 12:24 PM #391160
    Eugene
    Participant

    There was an article in Business Week that claimed that only 37% of Pay Option ARMs issued in 2005 are still around. The other 63% have already been foreclosed on. Of the ones that remain, a third is deeply delinquent, and of the ones that are not, 5% go delinquent each month.

    May 1, 2009 at 12:24 PM #391423
    Eugene
    Participant

    There was an article in Business Week that claimed that only 37% of Pay Option ARMs issued in 2005 are still around. The other 63% have already been foreclosed on. Of the ones that remain, a third is deeply delinquent, and of the ones that are not, 5% go delinquent each month.

    May 1, 2009 at 12:24 PM #391632
    Eugene
    Participant

    There was an article in Business Week that claimed that only 37% of Pay Option ARMs issued in 2005 are still around. The other 63% have already been foreclosed on. Of the ones that remain, a third is deeply delinquent, and of the ones that are not, 5% go delinquent each month.

    May 1, 2009 at 12:24 PM #391685
    Eugene
    Participant

    There was an article in Business Week that claimed that only 37% of Pay Option ARMs issued in 2005 are still around. The other 63% have already been foreclosed on. Of the ones that remain, a third is deeply delinquent, and of the ones that are not, 5% go delinquent each month.

    May 1, 2009 at 12:24 PM #391826
    Eugene
    Participant

    There was an article in Business Week that claimed that only 37% of Pay Option ARMs issued in 2005 are still around. The other 63% have already been foreclosed on. Of the ones that remain, a third is deeply delinquent, and of the ones that are not, 5% go delinquent each month.

    May 1, 2009 at 12:25 PM #391165
    Rt.66
    Participant

    No matter the acronym in front of the loan, the big deal breaker in So Cal is going to be that the loan is $200k-$500k more than the value of the house.

    Only a matter of time before the FB capitulates and jingle mails the keys to the bank. The numbers are just too horrifying to tough out. You’d be an idiot to keep paying those greedy bankers.

    May 1, 2009 at 12:25 PM #391428
    Rt.66
    Participant

    No matter the acronym in front of the loan, the big deal breaker in So Cal is going to be that the loan is $200k-$500k more than the value of the house.

    Only a matter of time before the FB capitulates and jingle mails the keys to the bank. The numbers are just too horrifying to tough out. You’d be an idiot to keep paying those greedy bankers.

    May 1, 2009 at 12:25 PM #391637
    Rt.66
    Participant

    No matter the acronym in front of the loan, the big deal breaker in So Cal is going to be that the loan is $200k-$500k more than the value of the house.

    Only a matter of time before the FB capitulates and jingle mails the keys to the bank. The numbers are just too horrifying to tough out. You’d be an idiot to keep paying those greedy bankers.

    May 1, 2009 at 12:25 PM #391690
    Rt.66
    Participant

    No matter the acronym in front of the loan, the big deal breaker in So Cal is going to be that the loan is $200k-$500k more than the value of the house.

    Only a matter of time before the FB capitulates and jingle mails the keys to the bank. The numbers are just too horrifying to tough out. You’d be an idiot to keep paying those greedy bankers.

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