Is it just me?

[jpinpb]

[quote=CricketOnTheHearth]Or maybe the reason the banks are clinging to the NODs like grim death is simply that if they let them blow up, they blow big holes in the banks’ balance sheets. Depending on the (actual, not Turner-rumored) state of said balance sheets, the banks may not be able to afford much more damage like that.

If this latter theory is correct, then what if the government were to pass some legislation that somehow let the banks have a one-time writedown of these houses, allowing them to mark-to-market and sell them without having to take the losses? I predict two things would happen:

1) Market prices would drop off a cliff and
2) Oodles of houses would suddenly appear. It would be a helicopter-drop of houses (fine by me).[/quote]

I vote for you as President!

[quote=JohnAlt91941]With unemployment in CA at 11% and possibly rising higher, how can it possibly be rational to buy or even worse bid against others?
[/quote]

I’m still trying to figure that out as the bulls claim that still 85-90% are employed and taunt me by saying fear is keeping me stuck as a renter.

[Arraya]

JP-The big boyz asset shell game will be done before all the other “market distortions” work thru the system. I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”. The standard re-works are typically interest rate reductions. IMO, Loan mods and other inventory distortions(rent and sale) are still just noise at this point until the purchasing power of the average homeowner finds a floor and their still is a lot of deflation going on in that arena for the foreseeable future.

[Arraya]

JP-The big boyz asset shell game will be done before all the other “market distortions” work thru the system. I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”. The standard re-works are typically interest rate reductions. IMO, Loan mods and other inventory distortions(rent and sale) are still just noise at this point until the purchasing power of the average homeowner finds a floor and their still is a lot of deflation going on in that arena for the foreseeable future.

[Arraya]

JP-The big boyz asset shell game will be done before all the other “market distortions” work thru the system. I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”. The standard re-works are typically interest rate reductions. IMO, Loan mods and other inventory distortions(rent and sale) are still just noise at this point until the purchasing power of the average homeowner finds a floor and their still is a lot of deflation going on in that arena for the foreseeable future.

[Arraya]

JP-The big boyz asset shell game will be done before all the other “market distortions” work thru the system. I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”. The standard re-works are typically interest rate reductions. IMO, Loan mods and other inventory distortions(rent and sale) are still just noise at this point until the purchasing power of the average homeowner finds a floor and their still is a lot of deflation going on in that arena for the foreseeable future.

[Arraya]

JP-The big boyz asset shell game will be done before all the other “market distortions” work thru the system. I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”. The standard re-works are typically interest rate reductions. IMO, Loan mods and other inventory distortions(rent and sale) are still just noise at this point until the purchasing power of the average homeowner finds a floor and their still is a lot of deflation going on in that arena for the foreseeable future.

[patientrenter]

[quote=Arraya]…..I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”…..[/quote]

I wish I had been irresponsible. I feel stupid. But I do learn.

[patientrenter]

[quote=Arraya]…..I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”…..[/quote]

I wish I had been irresponsible. I feel stupid. But I do learn.

[patientrenter]

[quote=Arraya]…..I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”…..[/quote]

I wish I had been irresponsible. I feel stupid. But I do learn.

[patientrenter]

[quote=Arraya]…..I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”…..[/quote]

I wish I had been irresponsible. I feel stupid. But I do learn.

[patientrenter]

[quote=Arraya]…..I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”…..[/quote]

I wish I had been irresponsible. I feel stupid. But I do learn.

[Arraya]

[quote=patientrenter][quote=Arraya]…..I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”…..[/quote]

I wish I had been irresponsible. I feel stupid. But I do learn.[/quote]

I wish I had been a bk lawyer. That guy is cleaning up @ 3-5K per mod.

[Arraya]

[quote=patientrenter][quote=Arraya]…..I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”…..[/quote]

I wish I had been irresponsible. I feel stupid. But I do learn.[/quote]

I wish I had been a bk lawyer. That guy is cleaning up @ 3-5K per mod.

[Arraya]

[quote=patientrenter][quote=Arraya]…..I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”…..[/quote]

I wish I had been irresponsible. I feel stupid. But I do learn.[/quote]

I wish I had been a bk lawyer. That guy is cleaning up @ 3-5K per mod.

[Arraya]

[quote=patientrenter][quote=Arraya]…..I spoke to a lawyer that works at a firm that does loan mods. He said they do about 200-300 a month and 1/3 of them are principle reductions which essentially is a FHA refi were they will take somebody from like 120% LTV down to 97.5% LTV. The other re-works are with the existing lender based on “hardship” and ability to pay. A very common hardship is one spouse lost a job, but he said that the hardship “umbrella” is wide and they can get “creative”…..[/quote]

I wish I had been irresponsible. I feel stupid. But I do learn.[/quote]

I wish I had been a bk lawyer. That guy is cleaning up @ 3-5K per mod.

[Author]

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