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[PerryChase]

Pasadena Broker, your buyers who are being denied loans are not being screwed. They are being saved. They are marginal buyers with spotty ability to pay. They should not be taking on mortgages in this declining market (making a pact with the devil).

Think of the mortgage market as being “born again” after havin’ “seen the light.”

The sellers on the other hand are screwed for sure.

[Arraya]

Navydoc,

Here is the arm reset chart. It gives you a picture of the “arm” type mortgage reset timeline and how it breaks down per type of loan. Not sure of the actual break down of Alt-a to subprime though I do know Alt-a is a significantly larger marketshare. However, this chart illustrates the loans that could potentially cause the most problems due to the nature of the loan.

http://bp3.blogger.com/_8m7jYiLM_DI/RruNHjl0EbI/AAAAAAAAASI/GQu_3GtUaT8/s1600-h/resetchart.png

[Arraya]

Navydoc,

Here is the arm reset chart. It gives you a picture of the “arm” type mortgage reset timeline and how it breaks down per type of loan. Not sure of the actual break down of Alt-a to subprime though I do know Alt-a is a significantly larger marketshare. However, this chart illustrates the loans that could potentially cause the most problems due to the nature of the loan.

http://bp3.blogger.com/_8m7jYiLM_DI/RruNHjl0EbI/AAAAAAAAASI/GQu_3GtUaT8/s1600-h/resetchart.png

[Arraya]

Navydoc,

Here is the arm reset chart. It gives you a picture of the “arm” type mortgage reset timeline and how it breaks down per type of loan. Not sure of the actual break down of Alt-a to subprime though I do know Alt-a is a significantly larger marketshare. However, this chart illustrates the loans that could potentially cause the most problems due to the nature of the loan.

http://bp3.blogger.com/_8m7jYiLM_DI/RruNHjl0EbI/AAAAAAAAASI/GQu_3GtUaT8/s1600-h/resetchart.png

[Pasadena Broker]

Navydoc, you’re right on. It’s mind boggling. Personally, I call things for what they are, and alt-a is what I like to call fancy subprime. The loan scenario might be a little different in that the borrower has a better fico score, but that’s usually about it. Some have 5-15% to put down the others are riding on 100%. Will it have an impact? I think it’s going to be unbelievable. Most of these people got into these homes based on 2/28, 5/1, 7/1 arms or interest only, and keep in mind, we’re not talking about dumb people. Smart, Phd, high income people that felt that extra two hundred or more payment to get into a 30 year fixed wasn’t worth it since ‘we’ll sell in about 5 years’. They lacked some common sense and a little caution.

As far the economy, an old appraiser schooled me when I had the gleam of green being new in the business, said the US economy runs on 3 things, oil, the stock market, and California housing. I think the California housing is being a bit egocentric since we’re Californians, but to some extent when California is doing well, the rest of the US economy seems to follow (probably going to be some outer staters and others that are going to rip into me on this one). I think my old appraiser friend left out one more component, the consumer. The last time I checked 2/3 of our economy is based on someone in this country buying something. If you take a step back, and think about it, it’s truly amazing. We don’t sell much of anything or make anything (with the exception of big guns, planes, tanks and all the neat military hardware that’s designed to kill lots of people quickly). So here’s my take on it and I don’t have a phd or consider myself a brainiac by any means, just a regular guy with a few ideas, if the economy for the past 5-6 years was super hot because of rate cuts, people buying homes, buying stuff to fill those homes, buying toys to drive to those home, buying vacations from their homes and eating out instead preparing meals on their nice new granite countertops…and all this comes to a dwindle, I’ll leave the rest to your imagination.

Perry: “They are being saved. They are marginal buyers with spotty ability to pay. They should not be taking on mortgages in this declining market”

Should not is a relative term. People should not have take an option arm, should not have purchased more home than they could’ve afforded, should not play with matches. I don’t deal with the newby investor buyers since most are rank amateurs and anyone who’s going to sit across from me and tells me what loan is good for them and I think otherwise gets shown the door. The buyers I deal with are fully aware of the credit/housing bubble or whatever it’s going to be labeled after all of this. They buy based on necessity, mother/father are getting older and is living alone at home so daughter buys a place to move them a block away from them so they have more time with the grandson, or has long tem plans to stay in an area and wants to buy that sort of deal. Everyone’s motivation is different. The housing market is taken hits from different angles, but it doesn’t mean everyone just stops buying, maybe most on Piggington, but there’s a whole ‘nother world outside of this place with opinions to match. I have professional investors that have been rehabbing houses for years that will snap up a deal when it presents itself and no, they’re not listed on joe public mls. So great time to buy versus catching a falling knife? Well, that’s an individual decision and depends on what you want.

[Pasadena Broker]

Navydoc, you’re right on. It’s mind boggling. Personally, I call things for what they are, and alt-a is what I like to call fancy subprime. The loan scenario might be a little different in that the borrower has a better fico score, but that’s usually about it. Some have 5-15% to put down the others are riding on 100%. Will it have an impact? I think it’s going to be unbelievable. Most of these people got into these homes based on 2/28, 5/1, 7/1 arms or interest only, and keep in mind, we’re not talking about dumb people. Smart, Phd, high income people that felt that extra two hundred or more payment to get into a 30 year fixed wasn’t worth it since ‘we’ll sell in about 5 years’. They lacked some common sense and a little caution.

As far the economy, an old appraiser schooled me when I had the gleam of green being new in the business, said the US economy runs on 3 things, oil, the stock market, and California housing. I think the California housing is being a bit egocentric since we’re Californians, but to some extent when California is doing well, the rest of the US economy seems to follow (probably going to be some outer staters and others that are going to rip into me on this one). I think my old appraiser friend left out one more component, the consumer. The last time I checked 2/3 of our economy is based on someone in this country buying something. If you take a step back, and think about it, it’s truly amazing. We don’t sell much of anything or make anything (with the exception of big guns, planes, tanks and all the neat military hardware that’s designed to kill lots of people quickly). So here’s my take on it and I don’t have a phd or consider myself a brainiac by any means, just a regular guy with a few ideas, if the economy for the past 5-6 years was super hot because of rate cuts, people buying homes, buying stuff to fill those homes, buying toys to drive to those home, buying vacations from their homes and eating out instead preparing meals on their nice new granite countertops…and all this comes to a dwindle, I’ll leave the rest to your imagination.

Perry: “They are being saved. They are marginal buyers with spotty ability to pay. They should not be taking on mortgages in this declining market”

Should not is a relative term. People should not have take an option arm, should not have purchased more home than they could’ve afforded, should not play with matches. I don’t deal with the newby investor buyers since most are rank amateurs and anyone who’s going to sit across from me and tells me what loan is good for them and I think otherwise gets shown the door. The buyers I deal with are fully aware of the credit/housing bubble or whatever it’s going to be labeled after all of this. They buy based on necessity, mother/father are getting older and is living alone at home so daughter buys a place to move them a block away from them so they have more time with the grandson, or has long tem plans to stay in an area and wants to buy that sort of deal. Everyone’s motivation is different. The housing market is taken hits from different angles, but it doesn’t mean everyone just stops buying, maybe most on Piggington, but there’s a whole ‘nother world outside of this place with opinions to match. I have professional investors that have been rehabbing houses for years that will snap up a deal when it presents itself and no, they’re not listed on joe public mls. So great time to buy versus catching a falling knife? Well, that’s an individual decision and depends on what you want.

[Pasadena Broker]

Navydoc, you’re right on. It’s mind boggling. Personally, I call things for what they are, and alt-a is what I like to call fancy subprime. The loan scenario might be a little different in that the borrower has a better fico score, but that’s usually about it. Some have 5-15% to put down the others are riding on 100%. Will it have an impact? I think it’s going to be unbelievable. Most of these people got into these homes based on 2/28, 5/1, 7/1 arms or interest only, and keep in mind, we’re not talking about dumb people. Smart, Phd, high income people that felt that extra two hundred or more payment to get into a 30 year fixed wasn’t worth it since ‘we’ll sell in about 5 years’. They lacked some common sense and a little caution.

As far the economy, an old appraiser schooled me when I had the gleam of green being new in the business, said the US economy runs on 3 things, oil, the stock market, and California housing. I think the California housing is being a bit egocentric since we’re Californians, but to some extent when California is doing well, the rest of the US economy seems to follow (probably going to be some outer staters and others that are going to rip into me on this one). I think my old appraiser friend left out one more component, the consumer. The last time I checked 2/3 of our economy is based on someone in this country buying something. If you take a step back, and think about it, it’s truly amazing. We don’t sell much of anything or make anything (with the exception of big guns, planes, tanks and all the neat military hardware that’s designed to kill lots of people quickly). So here’s my take on it and I don’t have a phd or consider myself a brainiac by any means, just a regular guy with a few ideas, if the economy for the past 5-6 years was super hot because of rate cuts, people buying homes, buying stuff to fill those homes, buying toys to drive to those home, buying vacations from their homes and eating out instead preparing meals on their nice new granite countertops…and all this comes to a dwindle, I’ll leave the rest to your imagination.

Perry: “They are being saved. They are marginal buyers with spotty ability to pay. They should not be taking on mortgages in this declining market”

Should not is a relative term. People should not have take an option arm, should not have purchased more home than they could’ve afforded, should not play with matches. I don’t deal with the newby investor buyers since most are rank amateurs and anyone who’s going to sit across from me and tells me what loan is good for them and I think otherwise gets shown the door. The buyers I deal with are fully aware of the credit/housing bubble or whatever it’s going to be labeled after all of this. They buy based on necessity, mother/father are getting older and is living alone at home so daughter buys a place to move them a block away from them so they have more time with the grandson, or has long tem plans to stay in an area and wants to buy that sort of deal. Everyone’s motivation is different. The housing market is taken hits from different angles, but it doesn’t mean everyone just stops buying, maybe most on Piggington, but there’s a whole ‘nother world outside of this place with opinions to match. I have professional investors that have been rehabbing houses for years that will snap up a deal when it presents itself and no, they’re not listed on joe public mls. So great time to buy versus catching a falling knife? Well, that’s an individual decision and depends on what you want.

[JWM in SD]

Sorry Pasedena Broker but you used a lot space to pretty much say nothing particualy enlightening…specifically for most of the posters here who still know more about what is really driving the credit bubble than you do.

I’ll go on the record and say that I highly suspect that you are here to drum up business for yourself as you probably have surmised that a lot of the posters here have cash and good credit scores and therefore could buy if they wanted to. We will be the only ones left standing in this mess short of going Weimer.

As I’ve said to numerous other posters: You don’t fool me…not in the slightest.

[JWM in SD]

Sorry Pasedena Broker but you used a lot space to pretty much say nothing particualy enlightening…specifically for most of the posters here who still know more about what is really driving the credit bubble than you do.

I’ll go on the record and say that I highly suspect that you are here to drum up business for yourself as you probably have surmised that a lot of the posters here have cash and good credit scores and therefore could buy if they wanted to. We will be the only ones left standing in this mess short of going Weimer.

As I’ve said to numerous other posters: You don’t fool me…not in the slightest.

[JWM in SD]

Sorry Pasedena Broker but you used a lot space to pretty much say nothing particualy enlightening…specifically for most of the posters here who still know more about what is really driving the credit bubble than you do.

I’ll go on the record and say that I highly suspect that you are here to drum up business for yourself as you probably have surmised that a lot of the posters here have cash and good credit scores and therefore could buy if they wanted to. We will be the only ones left standing in this mess short of going Weimer.

As I’ve said to numerous other posters: You don’t fool me…not in the slightest.

[Pasadena Broker]

Well you guys are the smart bunch, especially you JWM. And as for some of the posters knowing more than me regarding what’s driving the credit bubble, that’s probably true. I never claimed to know more or less, and as I’ll quote, I don’t have a phd, are consider myself brilliant, but you sound like a smart guy so you probably have everything figured out. Kudos to you

And I’ll go on record to say that I won’t be drumming up any business from this site. Take it however you want. I have enough business in LA to keep me busy, most of the posters on here are from SD so don’t see me doing business down south. I meet all my clients, don’t do out of state loans, service my community which is mostly LA county. And on a personal note, trying to obtain business from a blog like this is like going on a online date, never been turned on to it and not my thing, I think it’s a little on the weird since we do reveal a level of our personal side. Ask temeculaguy about being outed when he walked into a sales office, it’s similar to that.

Aside from some free insight/opinions, I don’t give advice, find that on your own with a mortgage broker / loan officer you’ve met and I don’t mean over the phone either. Shake her/his hand and size up the person that’s going to be responsible for one of the largest financial investments you will be making. And if it goes Weimer, order longer checks to add all those zeros.

[Pasadena Broker]

Well you guys are the smart bunch, especially you JWM. And as for some of the posters knowing more than me regarding what’s driving the credit bubble, that’s probably true. I never claimed to know more or less, and as I’ll quote, I don’t have a phd, are consider myself brilliant, but you sound like a smart guy so you probably have everything figured out. Kudos to you

And I’ll go on record to say that I won’t be drumming up any business from this site. Take it however you want. I have enough business in LA to keep me busy, most of the posters on here are from SD so don’t see me doing business down south. I meet all my clients, don’t do out of state loans, service my community which is mostly LA county. And on a personal note, trying to obtain business from a blog like this is like going on a online date, never been turned on to it and not my thing, I think it’s a little on the weird since we do reveal a level of our personal side. Ask temeculaguy about being outed when he walked into a sales office, it’s similar to that.

Aside from some free insight/opinions, I don’t give advice, find that on your own with a mortgage broker / loan officer you’ve met and I don’t mean over the phone either. Shake her/his hand and size up the person that’s going to be responsible for one of the largest financial investments you will be making. And if it goes Weimer, order longer checks to add all those zeros.

[Pasadena Broker]

Well you guys are the smart bunch, especially you JWM. And as for some of the posters knowing more than me regarding what’s driving the credit bubble, that’s probably true. I never claimed to know more or less, and as I’ll quote, I don’t have a phd, are consider myself brilliant, but you sound like a smart guy so you probably have everything figured out. Kudos to you

And I’ll go on record to say that I won’t be drumming up any business from this site. Take it however you want. I have enough business in LA to keep me busy, most of the posters on here are from SD so don’t see me doing business down south. I meet all my clients, don’t do out of state loans, service my community which is mostly LA county. And on a personal note, trying to obtain business from a blog like this is like going on a online date, never been turned on to it and not my thing, I think it’s a little on the weird since we do reveal a level of our personal side. Ask temeculaguy about being outed when he walked into a sales office, it’s similar to that.

Aside from some free insight/opinions, I don’t give advice, find that on your own with a mortgage broker / loan officer you’ve met and I don’t mean over the phone either. Shake her/his hand and size up the person that’s going to be responsible for one of the largest financial investments you will be making. And if it goes Weimer, order longer checks to add all those zeros.

[bobby]

<>

Hey, being a small business owner, I’m all for capitalism. I understand first hand about sticking your neck out and taking risk with your hard earned dollars.

again. read carefully. No one was gloating until you decided to attack us.

If you’re so compassionate, go help her out. Put your money where your mouth is.

[bobby]

<>

Hey, being a small business owner, I’m all for capitalism. I understand first hand about sticking your neck out and taking risk with your hard earned dollars.

again. read carefully. No one was gloating until you decided to attack us.

If you’re so compassionate, go help her out. Put your money where your mouth is.

[Author]

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