Mob psychology may actually be changing

[HLS]

He actually did qualify for the 6.74% payment, the lender approved it and locked it that way. On day of drawing docs, lender called me and said that program didn’t allow lender paid MI…which was an add of .49%
So they changed it to 6.25%, with an MI payment.

It was lender mistake. I got my borrower a $1,000 credit for their mistake. He was OK with it, still a great loan for 95%.

His payment will be about $120 a month higher until MI can be removed, and then he will save $130 a month at the lower rate for the life of the loan.
He plans on staying there a long time, so it may actually work out better for him in the long run.

With a 30 YR amortization, a loan is at 80% after 10 years, and about 78% after 11 years.
He may be paying the loan down sooner, and get rid of the MI.

[HLS]

LA_R. of course you are correct, but I was just trying to stick with the topic!

Many LOAN scum are trying to screw people worse than ever right now because they have so few deals to do and need to make some money..It’s borrower beware.

There are and will be zillions of dollars on Wall Street.
Money will loosen up again.
I have no problem with lending standards getting back to where they should be.

Now when I tell some people that I CANNOT get them a loan, I will actually be telling them the truth. 😉

I’ve been around So Cal for 40+ years, I’ve seen almost everything.

[HLS]

LA_R. of course you are correct, but I was just trying to stick with the topic!

Many LOAN scum are trying to screw people worse than ever right now because they have so few deals to do and need to make some money..It’s borrower beware.

There are and will be zillions of dollars on Wall Street.
Money will loosen up again.
I have no problem with lending standards getting back to where they should be.

Now when I tell some people that I CANNOT get them a loan, I will actually be telling them the truth. 😉

I’ve been around So Cal for 40+ years, I’ve seen almost everything.

[HLS]

LA_R. of course you are correct, but I was just trying to stick with the topic!

Many LOAN scum are trying to screw people worse than ever right now because they have so few deals to do and need to make some money..It’s borrower beware.

There are and will be zillions of dollars on Wall Street.
Money will loosen up again.
I have no problem with lending standards getting back to where they should be.

Now when I tell some people that I CANNOT get them a loan, I will actually be telling them the truth. 😉

I’ve been around So Cal for 40+ years, I’ve seen almost everything.

[Borat]

I read about the non-conforming loan issue last week, I’m trying to find the article and I’ll post the link when I get it. There is some talk of it over at Ben Jones’ blog (see “the end of an era”):

http://thehousingbubbleblog.com/

Basically the point is that mortgage brokers are going to have a much harder time selling non-conforming loans to be bundled into MBSes. Default rates on non-conforming loans are higher than those on conforming and MBS issues with non-conforming loans in them have become very unpopular.

And even IF you can get a non-conforming loan for that hypothetical 600K house, the numbers are just going to be that much worse. Instead of a $3800/mo outlay it’s gonna be even more.

2000 prices in inflation-adjusted dollars at the bottom, that’s where we’re headed.

[Borat]

I read about the non-conforming loan issue last week, I’m trying to find the article and I’ll post the link when I get it. There is some talk of it over at Ben Jones’ blog (see “the end of an era”):

http://thehousingbubbleblog.com/

Basically the point is that mortgage brokers are going to have a much harder time selling non-conforming loans to be bundled into MBSes. Default rates on non-conforming loans are higher than those on conforming and MBS issues with non-conforming loans in them have become very unpopular.

And even IF you can get a non-conforming loan for that hypothetical 600K house, the numbers are just going to be that much worse. Instead of a $3800/mo outlay it’s gonna be even more.

2000 prices in inflation-adjusted dollars at the bottom, that’s where we’re headed.

[Borat]

I read about the non-conforming loan issue last week, I’m trying to find the article and I’ll post the link when I get it. There is some talk of it over at Ben Jones’ blog (see “the end of an era”):

http://thehousingbubbleblog.com/

Basically the point is that mortgage brokers are going to have a much harder time selling non-conforming loans to be bundled into MBSes. Default rates on non-conforming loans are higher than those on conforming and MBS issues with non-conforming loans in them have become very unpopular.

And even IF you can get a non-conforming loan for that hypothetical 600K house, the numbers are just going to be that much worse. Instead of a $3800/mo outlay it’s gonna be even more.

2000 prices in inflation-adjusted dollars at the bottom, that’s where we’re headed.

[sdrealtor]

If I assume a bottom of 2010 and a Y2K price adjusted for inflation on my home that would get me to a nominal price around late 2003. I didnt know you were so bullish Borat?

[sdrealtor]

If I assume a bottom of 2010 and a Y2K price adjusted for inflation on my home that would get me to a nominal price around late 2003. I didnt know you were so bullish Borat?

[sdrealtor]

If I assume a bottom of 2010 and a Y2K price adjusted for inflation on my home that would get me to a nominal price around late 2003. I didnt know you were so bullish Borat?

[JJGittes]

sdr,

What’s that, about 5-10% off current prices?

[JJGittes]

sdr,

What’s that, about 5-10% off current prices?

[JJGittes]

sdr,

What’s that, about 5-10% off current prices?

[SHILOH]

It was Cramer who was screaming on one of his recent video rants on the Street.com — that he couldn’t get a decent loan…as he said: and… “I’m rich.”

[SHILOH]

It was Cramer who was screaming on one of his recent video rants on the Street.com — that he couldn’t get a decent loan…as he said: and… “I’m rich.”

[Author]

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