How many upside-down Americans will walk away?

[patientlywaiting]

“Does anybody else think that the BK law changed back in 05 was good timing for the banks or what?”
———–

Bad timing for the banks because the new law encourages people decide to walk from their mortgages rather than their credit card debts (which can no longer be discharged).

Underwriting is now upside-down where mortgages are riskier than credit card loans. Big problem for the banks is that mortgages pay low interest rates but have high risks. It’ll take the banks a few years to rethink their business models.

[patientlywaiting]

We are going to have more than 2 million foreclosures as a result of the mortgage meltdown.

Add to that another 3 million homeowners who will walk away. That’s my gut feeling.

[patientlywaiting]

We are going to have more than 2 million foreclosures as a result of the mortgage meltdown.

Add to that another 3 million homeowners who will walk away. That’s my gut feeling.

[patientlywaiting]

We are going to have more than 2 million foreclosures as a result of the mortgage meltdown.

Add to that another 3 million homeowners who will walk away. That’s my gut feeling.

[patientlywaiting]

We are going to have more than 2 million foreclosures as a result of the mortgage meltdown.

Add to that another 3 million homeowners who will walk away. That’s my gut feeling.

[patientlywaiting]

We are going to have more than 2 million foreclosures as a result of the mortgage meltdown.

Add to that another 3 million homeowners who will walk away. That’s my gut feeling.

[Arraya]

“Bad timing for the banks because the new law encourages people decide to walk from their mortgages rather than their credit card debts (which can no longer be discharged).”

Not sure what you mean by this. I was speaking of stricter eligibility for chapter 7 Filing. I think the fact that their home prices are so inflated and the disparity between thier motgage payment and what they can rent the same place for that encourages them to walk away.

“Underwriting is now upside-down where mortgages are riskier than credit card loans. Big problem for the banks is that mortgages pay low interest rates but have high risks. It’ll take the banks a few years to rethink their business models.”

agreed

[Arraya]

“Bad timing for the banks because the new law encourages people decide to walk from their mortgages rather than their credit card debts (which can no longer be discharged).”

Not sure what you mean by this. I was speaking of stricter eligibility for chapter 7 Filing. I think the fact that their home prices are so inflated and the disparity between thier motgage payment and what they can rent the same place for that encourages them to walk away.

“Underwriting is now upside-down where mortgages are riskier than credit card loans. Big problem for the banks is that mortgages pay low interest rates but have high risks. It’ll take the banks a few years to rethink their business models.”

agreed

[Arraya]

“Bad timing for the banks because the new law encourages people decide to walk from their mortgages rather than their credit card debts (which can no longer be discharged).”

Not sure what you mean by this. I was speaking of stricter eligibility for chapter 7 Filing. I think the fact that their home prices are so inflated and the disparity between thier motgage payment and what they can rent the same place for that encourages them to walk away.

“Underwriting is now upside-down where mortgages are riskier than credit card loans. Big problem for the banks is that mortgages pay low interest rates but have high risks. It’ll take the banks a few years to rethink their business models.”

agreed

[Arraya]

“Bad timing for the banks because the new law encourages people decide to walk from their mortgages rather than their credit card debts (which can no longer be discharged).”

Not sure what you mean by this. I was speaking of stricter eligibility for chapter 7 Filing. I think the fact that their home prices are so inflated and the disparity between thier motgage payment and what they can rent the same place for that encourages them to walk away.

“Underwriting is now upside-down where mortgages are riskier than credit card loans. Big problem for the banks is that mortgages pay low interest rates but have high risks. It’ll take the banks a few years to rethink their business models.”

agreed

[Arraya]

“Bad timing for the banks because the new law encourages people decide to walk from their mortgages rather than their credit card debts (which can no longer be discharged).”

Not sure what you mean by this. I was speaking of stricter eligibility for chapter 7 Filing. I think the fact that their home prices are so inflated and the disparity between thier motgage payment and what they can rent the same place for that encourages them to walk away.

“Underwriting is now upside-down where mortgages are riskier than credit card loans. Big problem for the banks is that mortgages pay low interest rates but have high risks. It’ll take the banks a few years to rethink their business models.”

agreed

[Eugene]

Numbers from calculatedrisk are misleading (I’d even say inaccurate). 20% nationwide decline is the average of 50% decline in California and maybe 10% in Minnesota.

Personally I expect 50% default rate among all homes bought or refinanced in CA/AZ/NV/FL between mid-2004 and 2007. Something like 700k foreclosures in CA and 50k foreclosures in San Diego county.

[Eugene]

Numbers from calculatedrisk are misleading (I’d even say inaccurate). 20% nationwide decline is the average of 50% decline in California and maybe 10% in Minnesota.

Personally I expect 50% default rate among all homes bought or refinanced in CA/AZ/NV/FL between mid-2004 and 2007. Something like 700k foreclosures in CA and 50k foreclosures in San Diego county.

[Eugene]

Numbers from calculatedrisk are misleading (I’d even say inaccurate). 20% nationwide decline is the average of 50% decline in California and maybe 10% in Minnesota.

Personally I expect 50% default rate among all homes bought or refinanced in CA/AZ/NV/FL between mid-2004 and 2007. Something like 700k foreclosures in CA and 50k foreclosures in San Diego county.

[Eugene]

Numbers from calculatedrisk are misleading (I’d even say inaccurate). 20% nationwide decline is the average of 50% decline in California and maybe 10% in Minnesota.

Personally I expect 50% default rate among all homes bought or refinanced in CA/AZ/NV/FL between mid-2004 and 2007. Something like 700k foreclosures in CA and 50k foreclosures in San Diego county.

[Author]

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