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  • January 30, 2008 at 4:52 PM #145811
    lendingbubblecontinues
    Participant

    Bring on the pain…

    This country NEEDS it to survive.

    Terrified? Of what?

    January 30, 2008 at 5:01 PM #145480
    NotCranky
    Participant

    “When do people start blasting those who did fixed rates at 6% when theey could ahve had 4% variable rates for a 5 year period that are now going to reset at that same level”

    What are the terms of the notes from here on out? Many still borrowed way too much and the adjustment periods are for shorter period of time from reset on out. I don’t think the arm and option arm people are out of the woods yet. There is all kinds of paper out there. Some of the terms had actual rates going up at least a certain amount regardless of market rates. I don’t know how universal it was but I believe arm people paid more points too.

    January 30, 2008 at 5:01 PM #145721
    NotCranky
    Participant

    “When do people start blasting those who did fixed rates at 6% when theey could ahve had 4% variable rates for a 5 year period that are now going to reset at that same level”

    What are the terms of the notes from here on out? Many still borrowed way too much and the adjustment periods are for shorter period of time from reset on out. I don’t think the arm and option arm people are out of the woods yet. There is all kinds of paper out there. Some of the terms had actual rates going up at least a certain amount regardless of market rates. I don’t know how universal it was but I believe arm people paid more points too.

    January 30, 2008 at 5:01 PM #145751
    NotCranky
    Participant

    “When do people start blasting those who did fixed rates at 6% when theey could ahve had 4% variable rates for a 5 year period that are now going to reset at that same level”

    What are the terms of the notes from here on out? Many still borrowed way too much and the adjustment periods are for shorter period of time from reset on out. I don’t think the arm and option arm people are out of the woods yet. There is all kinds of paper out there. Some of the terms had actual rates going up at least a certain amount regardless of market rates. I don’t know how universal it was but I believe arm people paid more points too.

    January 30, 2008 at 5:01 PM #145759
    NotCranky
    Participant

    “When do people start blasting those who did fixed rates at 6% when theey could ahve had 4% variable rates for a 5 year period that are now going to reset at that same level”

    What are the terms of the notes from here on out? Many still borrowed way too much and the adjustment periods are for shorter period of time from reset on out. I don’t think the arm and option arm people are out of the woods yet. There is all kinds of paper out there. Some of the terms had actual rates going up at least a certain amount regardless of market rates. I don’t know how universal it was but I believe arm people paid more points too.

    January 30, 2008 at 5:01 PM #145821
    NotCranky
    Participant

    “When do people start blasting those who did fixed rates at 6% when theey could ahve had 4% variable rates for a 5 year period that are now going to reset at that same level”

    What are the terms of the notes from here on out? Many still borrowed way too much and the adjustment periods are for shorter period of time from reset on out. I don’t think the arm and option arm people are out of the woods yet. There is all kinds of paper out there. Some of the terms had actual rates going up at least a certain amount regardless of market rates. I don’t know how universal it was but I believe arm people paid more points too.

    January 30, 2008 at 5:55 PM #145527
    drunkle
    Participant

    flu:

    come on now, it seems to me that only a small minority were aggressively cheering a recession. maybe they really are in a position to weather it out? but everyone else seems far more pragmatic about things; payback is coming and it’s going to be a bitch. better now than later. there’s no free lunch, right, so wishing the problem away with a rate cut and some “free” money (aka, refund-go-round) won’t work.

    and pb’s post didn’t even make any sense. “The run up was exuberance and hubris, and downturn will be the same, but from a different group of people that feel they’re well insulated. ” what does that even mean? because quite frankly, we all know who to blame for this shit storm.

    edit: why does this theme seem familiar, “be careful what you wish for”… a recurring post topic lately? or a mother goose/twilight zone fable…

    January 30, 2008 at 5:55 PM #145771
    drunkle
    Participant

    flu:

    come on now, it seems to me that only a small minority were aggressively cheering a recession. maybe they really are in a position to weather it out? but everyone else seems far more pragmatic about things; payback is coming and it’s going to be a bitch. better now than later. there’s no free lunch, right, so wishing the problem away with a rate cut and some “free” money (aka, refund-go-round) won’t work.

    and pb’s post didn’t even make any sense. “The run up was exuberance and hubris, and downturn will be the same, but from a different group of people that feel they’re well insulated. ” what does that even mean? because quite frankly, we all know who to blame for this shit storm.

    edit: why does this theme seem familiar, “be careful what you wish for”… a recurring post topic lately? or a mother goose/twilight zone fable…

    January 30, 2008 at 5:55 PM #145798
    drunkle
    Participant

    flu:

    come on now, it seems to me that only a small minority were aggressively cheering a recession. maybe they really are in a position to weather it out? but everyone else seems far more pragmatic about things; payback is coming and it’s going to be a bitch. better now than later. there’s no free lunch, right, so wishing the problem away with a rate cut and some “free” money (aka, refund-go-round) won’t work.

    and pb’s post didn’t even make any sense. “The run up was exuberance and hubris, and downturn will be the same, but from a different group of people that feel they’re well insulated. ” what does that even mean? because quite frankly, we all know who to blame for this shit storm.

    edit: why does this theme seem familiar, “be careful what you wish for”… a recurring post topic lately? or a mother goose/twilight zone fable…

    January 30, 2008 at 5:55 PM #145809
    drunkle
    Participant

    flu:

    come on now, it seems to me that only a small minority were aggressively cheering a recession. maybe they really are in a position to weather it out? but everyone else seems far more pragmatic about things; payback is coming and it’s going to be a bitch. better now than later. there’s no free lunch, right, so wishing the problem away with a rate cut and some “free” money (aka, refund-go-round) won’t work.

    and pb’s post didn’t even make any sense. “The run up was exuberance and hubris, and downturn will be the same, but from a different group of people that feel they’re well insulated. ” what does that even mean? because quite frankly, we all know who to blame for this shit storm.

    edit: why does this theme seem familiar, “be careful what you wish for”… a recurring post topic lately? or a mother goose/twilight zone fable…

    January 30, 2008 at 5:55 PM #145870
    drunkle
    Participant

    flu:

    come on now, it seems to me that only a small minority were aggressively cheering a recession. maybe they really are in a position to weather it out? but everyone else seems far more pragmatic about things; payback is coming and it’s going to be a bitch. better now than later. there’s no free lunch, right, so wishing the problem away with a rate cut and some “free” money (aka, refund-go-round) won’t work.

    and pb’s post didn’t even make any sense. “The run up was exuberance and hubris, and downturn will be the same, but from a different group of people that feel they’re well insulated. ” what does that even mean? because quite frankly, we all know who to blame for this shit storm.

    edit: why does this theme seem familiar, “be careful what you wish for”… a recurring post topic lately? or a mother goose/twilight zone fable…

    January 30, 2008 at 6:15 PM #145543
    temeculaguy
    Participant

    Wanting a recession and predicting one are two seperate things. Wanting to be right or just planning that you are right, equally different. I know there are people who earn 50k and have very little savings so their only hope for ownership is moving or a collapse so the prices fall in line with their income. But that person is not the majority here and that person will likely be negatively affected by a recession as well.

    I hate being demonized for predicting a dramatic housing decline and a recession brought on by said collapse, I didn’t cause it, I just saw it coming and planned for it. So did most of my homeboys on this site. If we had planned for a particular stock to rise and bought it before it went up, nobody would be critical of us, that we are profiting from some “victim.” But that’s exactly what we would have done, the person we bought the stock from lost, we won, yet we are considered “smart.” Predict that housing will crash, buy a repo for half price and suddenly we hurt some old lady with our greed and our wishing misfortune on others. Both scenarios are the same, they just play out differently to you conscious. My weekly “wire” quote is fitting “It’s all in the game.”

    January 30, 2008 at 6:15 PM #145786
    temeculaguy
    Participant

    Wanting a recession and predicting one are two seperate things. Wanting to be right or just planning that you are right, equally different. I know there are people who earn 50k and have very little savings so their only hope for ownership is moving or a collapse so the prices fall in line with their income. But that person is not the majority here and that person will likely be negatively affected by a recession as well.

    I hate being demonized for predicting a dramatic housing decline and a recession brought on by said collapse, I didn’t cause it, I just saw it coming and planned for it. So did most of my homeboys on this site. If we had planned for a particular stock to rise and bought it before it went up, nobody would be critical of us, that we are profiting from some “victim.” But that’s exactly what we would have done, the person we bought the stock from lost, we won, yet we are considered “smart.” Predict that housing will crash, buy a repo for half price and suddenly we hurt some old lady with our greed and our wishing misfortune on others. Both scenarios are the same, they just play out differently to you conscious. My weekly “wire” quote is fitting “It’s all in the game.”

    January 30, 2008 at 6:15 PM #145813
    temeculaguy
    Participant

    Wanting a recession and predicting one are two seperate things. Wanting to be right or just planning that you are right, equally different. I know there are people who earn 50k and have very little savings so their only hope for ownership is moving or a collapse so the prices fall in line with their income. But that person is not the majority here and that person will likely be negatively affected by a recession as well.

    I hate being demonized for predicting a dramatic housing decline and a recession brought on by said collapse, I didn’t cause it, I just saw it coming and planned for it. So did most of my homeboys on this site. If we had planned for a particular stock to rise and bought it before it went up, nobody would be critical of us, that we are profiting from some “victim.” But that’s exactly what we would have done, the person we bought the stock from lost, we won, yet we are considered “smart.” Predict that housing will crash, buy a repo for half price and suddenly we hurt some old lady with our greed and our wishing misfortune on others. Both scenarios are the same, they just play out differently to you conscious. My weekly “wire” quote is fitting “It’s all in the game.”

    January 30, 2008 at 6:15 PM #145824
    temeculaguy
    Participant

    Wanting a recession and predicting one are two seperate things. Wanting to be right or just planning that you are right, equally different. I know there are people who earn 50k and have very little savings so their only hope for ownership is moving or a collapse so the prices fall in line with their income. But that person is not the majority here and that person will likely be negatively affected by a recession as well.

    I hate being demonized for predicting a dramatic housing decline and a recession brought on by said collapse, I didn’t cause it, I just saw it coming and planned for it. So did most of my homeboys on this site. If we had planned for a particular stock to rise and bought it before it went up, nobody would be critical of us, that we are profiting from some “victim.” But that’s exactly what we would have done, the person we bought the stock from lost, we won, yet we are considered “smart.” Predict that housing will crash, buy a repo for half price and suddenly we hurt some old lady with our greed and our wishing misfortune on others. Both scenarios are the same, they just play out differently to you conscious. My weekly “wire” quote is fitting “It’s all in the game.”

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