foreclosure wave about to hit — again! — and with a thunderous roar no less (per TG’s ladyfriend)

[sdcellar]

[quote=temeculaguy]2. Home price declines have either stopped or bounced off bottom, traditional affordibility metrics have returned to 90% of the market, maybe not the one’s the more active posters are looking at, but sanity has retrned to most of the country.[/quote]Say, is this a reference to me?!!? I am not an active poster. I may repeat myself quite a bit, which might provide the illusion of activity, but I assure you it is not!

If you weren’t referring to me, then it’s just me being self-centered, which is absolutely squarely in the middle of the realm of possibility.

…and good luck with the hookup.

[briansd1]

[quote=CA renter]Part of my prediction for 2010 on the HBB:

The GSEs will become the ultra-super-SIV, and principal reductions will become the norm on GSE loans. IMHO, one of the reasons inventory has been kept off the market is because the PTB wanted housing prices high enough that borrowers can refi into GSE loans. I believe a good portion of the toxic loans now belongs to the GSEs, and they can now do what they’ve wanted to do, without the complications of multiple layers of investors in the private, securitized market.

http://www.thehousingbubbleblog.com/?p=5808#comment-1725591
——————

IMHO, the PTB are not stupid. They know we cannot prop up the housing market forever; and forcing U.S. workers to continually overpay for housing will prevent us from competing with other countries with lower wages.

We need to allow for lower wages, and we cannot do that until we let housing prices fall to afordable levels (at these reduced wages).

IMHO, all the moratoriums, govt programs, inventory suppression, etc. were required to get as many private bank loans refinanced into publicly guaranteed or held loans (FHA or GSEs). They had to keep prices artificially inflated for political reasons — the prices had to drop AFTER the risks were already transferred, or the public would have been up in arms about making Goldman Sachs (or the public pensions) whole on the taxpayers’ dime. They needed to refi a $500K loan (from the private lenders) into a $500K (or $450K) loan (to the public lender), or else there would have been a public outcry.

Once they’ve done everything they can to save the banks, they will allow the housing market to fall again, IMHO. They’ve had over two years to work on this, and I believe they are near the end of their “risk-transfer” program.

This was never about saving Joe Sixpack. It was always about saving the banks.

Not sure why anyone would have ever questioned the existence of the “shadow inventory.” Where there’s smoke, there’s fire; and there was plenty of smoke.[/quote]

I agree very much with the transfer of risk to FHA and the GSEs.

It’s about letting deflating the bubble slowly.

And, of course, as with any intervention, there are unintended consequences and collateral damage. As long as the mission is accomplished, the collateral damage will be forgotten soon enough.

[briansd1]

[quote=CA renter]Part of my prediction for 2010 on the HBB:

The GSEs will become the ultra-super-SIV, and principal reductions will become the norm on GSE loans. IMHO, one of the reasons inventory has been kept off the market is because the PTB wanted housing prices high enough that borrowers can refi into GSE loans. I believe a good portion of the toxic loans now belongs to the GSEs, and they can now do what they’ve wanted to do, without the complications of multiple layers of investors in the private, securitized market.

http://www.thehousingbubbleblog.com/?p=5808#comment-1725591
——————

IMHO, the PTB are not stupid. They know we cannot prop up the housing market forever; and forcing U.S. workers to continually overpay for housing will prevent us from competing with other countries with lower wages.

We need to allow for lower wages, and we cannot do that until we let housing prices fall to afordable levels (at these reduced wages).

IMHO, all the moratoriums, govt programs, inventory suppression, etc. were required to get as many private bank loans refinanced into publicly guaranteed or held loans (FHA or GSEs). They had to keep prices artificially inflated for political reasons — the prices had to drop AFTER the risks were already transferred, or the public would have been up in arms about making Goldman Sachs (or the public pensions) whole on the taxpayers’ dime. They needed to refi a $500K loan (from the private lenders) into a $500K (or $450K) loan (to the public lender), or else there would have been a public outcry.

Once they’ve done everything they can to save the banks, they will allow the housing market to fall again, IMHO. They’ve had over two years to work on this, and I believe they are near the end of their “risk-transfer” program.

This was never about saving Joe Sixpack. It was always about saving the banks.

Not sure why anyone would have ever questioned the existence of the “shadow inventory.” Where there’s smoke, there’s fire; and there was plenty of smoke.[/quote]

I agree very much with the transfer of risk to FHA and the GSEs.

It’s about letting deflating the bubble slowly.

And, of course, as with any intervention, there are unintended consequences and collateral damage. As long as the mission is accomplished, the collateral damage will be forgotten soon enough.

[briansd1]

[quote=CA renter]Part of my prediction for 2010 on the HBB:

The GSEs will become the ultra-super-SIV, and principal reductions will become the norm on GSE loans. IMHO, one of the reasons inventory has been kept off the market is because the PTB wanted housing prices high enough that borrowers can refi into GSE loans. I believe a good portion of the toxic loans now belongs to the GSEs, and they can now do what they’ve wanted to do, without the complications of multiple layers of investors in the private, securitized market.

http://www.thehousingbubbleblog.com/?p=5808#comment-1725591
——————

IMHO, the PTB are not stupid. They know we cannot prop up the housing market forever; and forcing U.S. workers to continually overpay for housing will prevent us from competing with other countries with lower wages.

We need to allow for lower wages, and we cannot do that until we let housing prices fall to afordable levels (at these reduced wages).

IMHO, all the moratoriums, govt programs, inventory suppression, etc. were required to get as many private bank loans refinanced into publicly guaranteed or held loans (FHA or GSEs). They had to keep prices artificially inflated for political reasons — the prices had to drop AFTER the risks were already transferred, or the public would have been up in arms about making Goldman Sachs (or the public pensions) whole on the taxpayers’ dime. They needed to refi a $500K loan (from the private lenders) into a $500K (or $450K) loan (to the public lender), or else there would have been a public outcry.

Once they’ve done everything they can to save the banks, they will allow the housing market to fall again, IMHO. They’ve had over two years to work on this, and I believe they are near the end of their “risk-transfer” program.

This was never about saving Joe Sixpack. It was always about saving the banks.

Not sure why anyone would have ever questioned the existence of the “shadow inventory.” Where there’s smoke, there’s fire; and there was plenty of smoke.[/quote]

I agree very much with the transfer of risk to FHA and the GSEs.

It’s about letting deflating the bubble slowly.

And, of course, as with any intervention, there are unintended consequences and collateral damage. As long as the mission is accomplished, the collateral damage will be forgotten soon enough.

[briansd1]

[quote=CA renter]Part of my prediction for 2010 on the HBB:

The GSEs will become the ultra-super-SIV, and principal reductions will become the norm on GSE loans. IMHO, one of the reasons inventory has been kept off the market is because the PTB wanted housing prices high enough that borrowers can refi into GSE loans. I believe a good portion of the toxic loans now belongs to the GSEs, and they can now do what they’ve wanted to do, without the complications of multiple layers of investors in the private, securitized market.

http://www.thehousingbubbleblog.com/?p=5808#comment-1725591
——————

IMHO, the PTB are not stupid. They know we cannot prop up the housing market forever; and forcing U.S. workers to continually overpay for housing will prevent us from competing with other countries with lower wages.

We need to allow for lower wages, and we cannot do that until we let housing prices fall to afordable levels (at these reduced wages).

IMHO, all the moratoriums, govt programs, inventory suppression, etc. were required to get as many private bank loans refinanced into publicly guaranteed or held loans (FHA or GSEs). They had to keep prices artificially inflated for political reasons — the prices had to drop AFTER the risks were already transferred, or the public would have been up in arms about making Goldman Sachs (or the public pensions) whole on the taxpayers’ dime. They needed to refi a $500K loan (from the private lenders) into a $500K (or $450K) loan (to the public lender), or else there would have been a public outcry.

Once they’ve done everything they can to save the banks, they will allow the housing market to fall again, IMHO. They’ve had over two years to work on this, and I believe they are near the end of their “risk-transfer” program.

This was never about saving Joe Sixpack. It was always about saving the banks.

Not sure why anyone would have ever questioned the existence of the “shadow inventory.” Where there’s smoke, there’s fire; and there was plenty of smoke.[/quote]

I agree very much with the transfer of risk to FHA and the GSEs.

It’s about letting deflating the bubble slowly.

And, of course, as with any intervention, there are unintended consequences and collateral damage. As long as the mission is accomplished, the collateral damage will be forgotten soon enough.

[briansd1]

[quote=CA renter]Part of my prediction for 2010 on the HBB:

The GSEs will become the ultra-super-SIV, and principal reductions will become the norm on GSE loans. IMHO, one of the reasons inventory has been kept off the market is because the PTB wanted housing prices high enough that borrowers can refi into GSE loans. I believe a good portion of the toxic loans now belongs to the GSEs, and they can now do what they’ve wanted to do, without the complications of multiple layers of investors in the private, securitized market.

http://www.thehousingbubbleblog.com/?p=5808#comment-1725591
——————

IMHO, the PTB are not stupid. They know we cannot prop up the housing market forever; and forcing U.S. workers to continually overpay for housing will prevent us from competing with other countries with lower wages.

We need to allow for lower wages, and we cannot do that until we let housing prices fall to afordable levels (at these reduced wages).

IMHO, all the moratoriums, govt programs, inventory suppression, etc. were required to get as many private bank loans refinanced into publicly guaranteed or held loans (FHA or GSEs). They had to keep prices artificially inflated for political reasons — the prices had to drop AFTER the risks were already transferred, or the public would have been up in arms about making Goldman Sachs (or the public pensions) whole on the taxpayers’ dime. They needed to refi a $500K loan (from the private lenders) into a $500K (or $450K) loan (to the public lender), or else there would have been a public outcry.

Once they’ve done everything they can to save the banks, they will allow the housing market to fall again, IMHO. They’ve had over two years to work on this, and I believe they are near the end of their “risk-transfer” program.

This was never about saving Joe Sixpack. It was always about saving the banks.

Not sure why anyone would have ever questioned the existence of the “shadow inventory.” Where there’s smoke, there’s fire; and there was plenty of smoke.[/quote]

I agree very much with the transfer of risk to FHA and the GSEs.

It’s about letting deflating the bubble slowly.

And, of course, as with any intervention, there are unintended consequences and collateral damage. As long as the mission is accomplished, the collateral damage will be forgotten soon enough.

[mercedes7]

Day off today and have been listening to CNBC off and on. Diana Olick keeps talking about a new wave of forclosures coming now???? Very interesting change indeed. TG please pursue that romantic interlude and report back the pillow talk. Curious to know what Diana knows…

[mercedes7]

Day off today and have been listening to CNBC off and on. Diana Olick keeps talking about a new wave of forclosures coming now???? Very interesting change indeed. TG please pursue that romantic interlude and report back the pillow talk. Curious to know what Diana knows…

[mercedes7]

Day off today and have been listening to CNBC off and on. Diana Olick keeps talking about a new wave of forclosures coming now???? Very interesting change indeed. TG please pursue that romantic interlude and report back the pillow talk. Curious to know what Diana knows…

[mercedes7]

Day off today and have been listening to CNBC off and on. Diana Olick keeps talking about a new wave of forclosures coming now???? Very interesting change indeed. TG please pursue that romantic interlude and report back the pillow talk. Curious to know what Diana knows…

[mercedes7]

Day off today and have been listening to CNBC off and on. Diana Olick keeps talking about a new wave of forclosures coming now???? Very interesting change indeed. TG please pursue that romantic interlude and report back the pillow talk. Curious to know what Diana knows…

[Aecetia]

TG-

I think you are being asked to take one for the Pigg Team…

[Aecetia]

TG-

I think you are being asked to take one for the Pigg Team…

[Aecetia]

TG-

I think you are being asked to take one for the Pigg Team…

[Aecetia]

TG-

I think you are being asked to take one for the Pigg Team…

[Author]

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