- This topic has 398 replies, 66 voices, and was last updated 2 years, 10 months ago by
The-Shoveler.
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July 5, 2007 at 5:05 PM #64137July 5, 2007 at 5:05 PM #64194
Anonymous
GuestGunnery Sergeant. Rough, gruff, by-the-book. No fun allowed.
Wipe that smile off of your face, mister!
Focus, people!
July 5, 2007 at 5:11 PM #641414plexowner
ParticipantHey, scruffy!
I forgot to do all the math for you – 5100 condos downtown selling at 50 units per month is 8.5 years worth of inventory
That takes us out to 2017 – interesting …
July 5, 2007 at 5:11 PM #64198ParticipantHey, scruffy!
I forgot to do all the math for you – 5100 condos downtown selling at 50 units per month is 8.5 years worth of inventory
That takes us out to 2017 – interesting …
July 5, 2007 at 5:14 PM #64143Allan from Fallbrook
ParticipantScruffy,
LTCM was not bailed out by the US government; rather a consortium featuring Fed Reserve Bank of NY, Citigroup, Lehman Bros and the rest of the Wall Street usual suspects banded together and pumped enough money into LTCM to prevent a full-blown meltdown. Had this meltdown occurred, it would reverberated throughout the financial markets with devastating effect.
I mention LTCM for two reasons: (1) You don’t have your facts straight on this topic, or, it appears, regarding real estate, and (2) What is occurring right now with the sub-prime mess specifically as it relates to Wall Street players like Bear Stearns and Merrill Lynch is about to have the same long-term implications.
Bear Stearns and the rest of the investment houses are facing a similar meltdown and are being forced to buy back securities totaling billions of dollars. These securities, which were offered as being valuable investment instruments are now considered nearly worthless (see “4plexowners” link regarding selling these for 11 cents on the dollar).
Do you believe for a second that these billions of dollars worth of securities hitting the market at fire sale prices are not going to have a profound effect on banks, mortgage houses and financial brokerages throughout America and the world? These securities, in essence, were the backing for all of those “suicide” and “liar” loans getting ready to reset at significantly higher rates of interest.
What will happen to the foreclosure market then? More importantly, what will this mean for new underwriting and credit reporting guidelines?
You are seriously delusional if you think mortgage lending and housing are going to be anywhere near healthy again anytime soon.
We have just hit a couple of bumps on the road leading off of the cliff. The precipice is ahead and the brakes just failed. Enjoy the ride.
July 5, 2007 at 5:14 PM #64200ParticipantScruffy,
LTCM was not bailed out by the US government; rather a consortium featuring Fed Reserve Bank of NY, Citigroup, Lehman Bros and the rest of the Wall Street usual suspects banded together and pumped enough money into LTCM to prevent a full-blown meltdown. Had this meltdown occurred, it would reverberated throughout the financial markets with devastating effect.
I mention LTCM for two reasons: (1) You don’t have your facts straight on this topic, or, it appears, regarding real estate, and (2) What is occurring right now with the sub-prime mess specifically as it relates to Wall Street players like Bear Stearns and Merrill Lynch is about to have the same long-term implications.
Bear Stearns and the rest of the investment houses are facing a similar meltdown and are being forced to buy back securities totaling billions of dollars. These securities, which were offered as being valuable investment instruments are now considered nearly worthless (see “4plexowners” link regarding selling these for 11 cents on the dollar).
Do you believe for a second that these billions of dollars worth of securities hitting the market at fire sale prices are not going to have a profound effect on banks, mortgage houses and financial brokerages throughout America and the world? These securities, in essence, were the backing for all of those “suicide” and “liar” loans getting ready to reset at significantly higher rates of interest.
What will happen to the foreclosure market then? More importantly, what will this mean for new underwriting and credit reporting guidelines?
You are seriously delusional if you think mortgage lending and housing are going to be anywhere near healthy again anytime soon.
We have just hit a couple of bumps on the road leading off of the cliff. The precipice is ahead and the brakes just failed. Enjoy the ride.
July 5, 2007 at 6:02 PM #64151admin
KeymasterJWM , just because Scruffy’s original post was obnoxious and completely devoid of intellectual merit doesn’t make it ok for you to be even more obnoxious (and not just to Scruffy, who admittedly would deserve it, but also to people who have disagreed with you in a perfectly civil manner).
So why don’t the both of you just knock it off.
July 5, 2007 at 6:02 PM #64208KeymasterJWM , just because Scruffy’s original post was obnoxious and completely devoid of intellectual merit doesn’t make it ok for you to be even more obnoxious (and not just to Scruffy, who admittedly would deserve it, but also to people who have disagreed with you in a perfectly civil manner).
So why don’t the both of you just knock it off.
July 5, 2007 at 7:55 PM #64167PD
ParticipantScruffy is not going to get any help from me, jg (though thanks for comparing me to a Gunnery Sergeant, I have a lot of admiration for those guys). I don’t mind a tussle or two and I happen to have laughed out loud at JWM’s post. It was on topic. 🙂
July 5, 2007 at 7:55 PM #64224ParticipantScruffy is not going to get any help from me, jg (though thanks for comparing me to a Gunnery Sergeant, I have a lot of admiration for those guys). I don’t mind a tussle or two and I happen to have laughed out loud at JWM’s post. It was on topic. 🙂
July 5, 2007 at 8:40 PM #64171Duck
ParticipantI think it’s curious that one post against the norm on this site gets the #1 spot in terms of responses with 98% being against the original poster. Reminds me of a certain mania 3 years ago.
Hmmmmm.
July 5, 2007 at 8:40 PM #64228ParticipantI think it’s curious that one post against the norm on this site gets the #1 spot in terms of responses with 98% being against the original poster. Reminds me of a certain mania 3 years ago.
Hmmmmm.
July 5, 2007 at 9:04 PM #64185DaisyDuke
ParticipantScruffy, where did you go? When you’ve been converted to facts, please come forward. We welcome you . . . so long as you bring facts …
DD
July 5, 2007 at 9:04 PM #64242ParticipantScruffy, where did you go? When you’ve been converted to facts, please come forward. We welcome you . . . so long as you bring facts …
DD
July 6, 2007 at 8:35 AM #64235(former)FormerSanDiegan
ParticipantScruffy, where did you go?
Since scruffy knows that housing is doing great (well except for that record number of NODs and NOTs and that decade low in sales, and other stuff like that) scruffy must be out making real estate deals and getting rich. No time to play with the bears.
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