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sdrealtor.
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April 12, 2009 at 11:22 PM #380491April 13, 2009 at 2:04 AM #379933
CA renter
Participant[quote=danthedart]You really think logistics is the problem? I think its all the foreclosure moratoriums. In summer 2008 they were cranking out REOs at a fairly brisk pace or at least MUCH faster than they’re doing it now. This makes me think:
1) They did not have a premeditated plan before the bust to hold back foreclosures. They may have come up with this plan in the last 6 months, but not before last summer.
2) Logistics are not playing a part in getting the REOs on the market. They were able to do it logistically in summer 2008, they should be able to logistically do it now. [/quote]
—————Agree with this, dan.
What I think the PTB is missing is how human psychology is going to intersect with their plans.
I fully believe the foreclosures are being held off because of the moratoriums and because the lenders (and govt) are trying to work out the loans. Once it becomes obvious that the govt is writing down principal amounts (hearing anecdotal rumors this is becoming more common???) or refinancing for 30 years at a very low fixed rate (not available on the open market)…well, everyone is going to want in on the action.
When your neighbor is getting a principal write-down and/or below-market interest rate, you’d be a chump to keep paying your mortgage. Lenders are telling people to stop making payments so they can rework the loans. Someone here posted about a HUD counselor suggesting he short-sell the house back to himself through a third party!
Once the govt started painting FBs as “victims” worthy of bailouts, they opened the floodgates.
IMHO, we will begin to see record-breaking delinquencies and defaults in the next couple of years by those who CAN afford to pay, but refuse to be chumps while deadbeats get all the goodies.
April 13, 2009 at 2:04 AM #380207Participant[quote=danthedart]You really think logistics is the problem? I think its all the foreclosure moratoriums. In summer 2008 they were cranking out REOs at a fairly brisk pace or at least MUCH faster than they’re doing it now. This makes me think:
1) They did not have a premeditated plan before the bust to hold back foreclosures. They may have come up with this plan in the last 6 months, but not before last summer.
2) Logistics are not playing a part in getting the REOs on the market. They were able to do it logistically in summer 2008, they should be able to logistically do it now. [/quote]
—————Agree with this, dan.
What I think the PTB is missing is how human psychology is going to intersect with their plans.
I fully believe the foreclosures are being held off because of the moratoriums and because the lenders (and govt) are trying to work out the loans. Once it becomes obvious that the govt is writing down principal amounts (hearing anecdotal rumors this is becoming more common???) or refinancing for 30 years at a very low fixed rate (not available on the open market)…well, everyone is going to want in on the action.
When your neighbor is getting a principal write-down and/or below-market interest rate, you’d be a chump to keep paying your mortgage. Lenders are telling people to stop making payments so they can rework the loans. Someone here posted about a HUD counselor suggesting he short-sell the house back to himself through a third party!
Once the govt started painting FBs as “victims” worthy of bailouts, they opened the floodgates.
IMHO, we will begin to see record-breaking delinquencies and defaults in the next couple of years by those who CAN afford to pay, but refuse to be chumps while deadbeats get all the goodies.
April 13, 2009 at 2:04 AM #380391Participant[quote=danthedart]You really think logistics is the problem? I think its all the foreclosure moratoriums. In summer 2008 they were cranking out REOs at a fairly brisk pace or at least MUCH faster than they’re doing it now. This makes me think:
1) They did not have a premeditated plan before the bust to hold back foreclosures. They may have come up with this plan in the last 6 months, but not before last summer.
2) Logistics are not playing a part in getting the REOs on the market. They were able to do it logistically in summer 2008, they should be able to logistically do it now. [/quote]
—————Agree with this, dan.
What I think the PTB is missing is how human psychology is going to intersect with their plans.
I fully believe the foreclosures are being held off because of the moratoriums and because the lenders (and govt) are trying to work out the loans. Once it becomes obvious that the govt is writing down principal amounts (hearing anecdotal rumors this is becoming more common???) or refinancing for 30 years at a very low fixed rate (not available on the open market)…well, everyone is going to want in on the action.
When your neighbor is getting a principal write-down and/or below-market interest rate, you’d be a chump to keep paying your mortgage. Lenders are telling people to stop making payments so they can rework the loans. Someone here posted about a HUD counselor suggesting he short-sell the house back to himself through a third party!
Once the govt started painting FBs as “victims” worthy of bailouts, they opened the floodgates.
IMHO, we will begin to see record-breaking delinquencies and defaults in the next couple of years by those who CAN afford to pay, but refuse to be chumps while deadbeats get all the goodies.
April 13, 2009 at 2:04 AM #380438Participant[quote=danthedart]You really think logistics is the problem? I think its all the foreclosure moratoriums. In summer 2008 they were cranking out REOs at a fairly brisk pace or at least MUCH faster than they’re doing it now. This makes me think:
1) They did not have a premeditated plan before the bust to hold back foreclosures. They may have come up with this plan in the last 6 months, but not before last summer.
2) Logistics are not playing a part in getting the REOs on the market. They were able to do it logistically in summer 2008, they should be able to logistically do it now. [/quote]
—————Agree with this, dan.
What I think the PTB is missing is how human psychology is going to intersect with their plans.
I fully believe the foreclosures are being held off because of the moratoriums and because the lenders (and govt) are trying to work out the loans. Once it becomes obvious that the govt is writing down principal amounts (hearing anecdotal rumors this is becoming more common???) or refinancing for 30 years at a very low fixed rate (not available on the open market)…well, everyone is going to want in on the action.
When your neighbor is getting a principal write-down and/or below-market interest rate, you’d be a chump to keep paying your mortgage. Lenders are telling people to stop making payments so they can rework the loans. Someone here posted about a HUD counselor suggesting he short-sell the house back to himself through a third party!
Once the govt started painting FBs as “victims” worthy of bailouts, they opened the floodgates.
IMHO, we will begin to see record-breaking delinquencies and defaults in the next couple of years by those who CAN afford to pay, but refuse to be chumps while deadbeats get all the goodies.
April 13, 2009 at 2:04 AM #380566Participant[quote=danthedart]You really think logistics is the problem? I think its all the foreclosure moratoriums. In summer 2008 they were cranking out REOs at a fairly brisk pace or at least MUCH faster than they’re doing it now. This makes me think:
1) They did not have a premeditated plan before the bust to hold back foreclosures. They may have come up with this plan in the last 6 months, but not before last summer.
2) Logistics are not playing a part in getting the REOs on the market. They were able to do it logistically in summer 2008, they should be able to logistically do it now. [/quote]
—————Agree with this, dan.
What I think the PTB is missing is how human psychology is going to intersect with their plans.
I fully believe the foreclosures are being held off because of the moratoriums and because the lenders (and govt) are trying to work out the loans. Once it becomes obvious that the govt is writing down principal amounts (hearing anecdotal rumors this is becoming more common???) or refinancing for 30 years at a very low fixed rate (not available on the open market)…well, everyone is going to want in on the action.
When your neighbor is getting a principal write-down and/or below-market interest rate, you’d be a chump to keep paying your mortgage. Lenders are telling people to stop making payments so they can rework the loans. Someone here posted about a HUD counselor suggesting he short-sell the house back to himself through a third party!
Once the govt started painting FBs as “victims” worthy of bailouts, they opened the floodgates.
IMHO, we will begin to see record-breaking delinquencies and defaults in the next couple of years by those who CAN afford to pay, but refuse to be chumps while deadbeats get all the goodies.
April 13, 2009 at 8:16 AM #379953SD Realtor
Participantjp I think that one is a good example of bad record keeping by the entities that perform all of the NOD records. That home was the one that sold last August. It was purchased at trustee sale by a private party and then put on the MLS and sold.
Remember, these companies simply track public recordings of NODs and NOTs but it seems as if they are not to diligent tracking what happens to the properties after that.
April 13, 2009 at 8:16 AM #380226Participantjp I think that one is a good example of bad record keeping by the entities that perform all of the NOD records. That home was the one that sold last August. It was purchased at trustee sale by a private party and then put on the MLS and sold.
Remember, these companies simply track public recordings of NODs and NOTs but it seems as if they are not to diligent tracking what happens to the properties after that.
April 13, 2009 at 8:16 AM #380411Participantjp I think that one is a good example of bad record keeping by the entities that perform all of the NOD records. That home was the one that sold last August. It was purchased at trustee sale by a private party and then put on the MLS and sold.
Remember, these companies simply track public recordings of NODs and NOTs but it seems as if they are not to diligent tracking what happens to the properties after that.
April 13, 2009 at 8:16 AM #380458Participantjp I think that one is a good example of bad record keeping by the entities that perform all of the NOD records. That home was the one that sold last August. It was purchased at trustee sale by a private party and then put on the MLS and sold.
Remember, these companies simply track public recordings of NODs and NOTs but it seems as if they are not to diligent tracking what happens to the properties after that.
April 13, 2009 at 8:16 AM #380586Participantjp I think that one is a good example of bad record keeping by the entities that perform all of the NOD records. That home was the one that sold last August. It was purchased at trustee sale by a private party and then put on the MLS and sold.
Remember, these companies simply track public recordings of NODs and NOTs but it seems as if they are not to diligent tracking what happens to the properties after that.
April 13, 2009 at 8:21 AM #379958Participantdan you bring up good points. I am trying to think of a better way to state what I am trying to say without calling it a premeditated plan.
Let me state it this way… without calling it a premeditated plan. I think that the lenders knew they had passed the point of no return and they knew that the government would have to bail them out. Also I am not so sure that they were able to do anything logistically faster in 2008 at all. I think that is a subjective point. In fact if they were able to do so, at least in San Diego county our inventory would have been substantially higher then it was in 2008 and it was not.
So I guess I should not as sound so black helicopter like in my post. However I do still believe even if it is not all orchestrated, it certainly is playing out in a very favorable way to the lenders. Wouldn’t you say?
April 13, 2009 at 8:21 AM #380231Participantdan you bring up good points. I am trying to think of a better way to state what I am trying to say without calling it a premeditated plan.
Let me state it this way… without calling it a premeditated plan. I think that the lenders knew they had passed the point of no return and they knew that the government would have to bail them out. Also I am not so sure that they were able to do anything logistically faster in 2008 at all. I think that is a subjective point. In fact if they were able to do so, at least in San Diego county our inventory would have been substantially higher then it was in 2008 and it was not.
So I guess I should not as sound so black helicopter like in my post. However I do still believe even if it is not all orchestrated, it certainly is playing out in a very favorable way to the lenders. Wouldn’t you say?
April 13, 2009 at 8:21 AM #380416Participantdan you bring up good points. I am trying to think of a better way to state what I am trying to say without calling it a premeditated plan.
Let me state it this way… without calling it a premeditated plan. I think that the lenders knew they had passed the point of no return and they knew that the government would have to bail them out. Also I am not so sure that they were able to do anything logistically faster in 2008 at all. I think that is a subjective point. In fact if they were able to do so, at least in San Diego county our inventory would have been substantially higher then it was in 2008 and it was not.
So I guess I should not as sound so black helicopter like in my post. However I do still believe even if it is not all orchestrated, it certainly is playing out in a very favorable way to the lenders. Wouldn’t you say?
April 13, 2009 at 8:21 AM #380463Participantdan you bring up good points. I am trying to think of a better way to state what I am trying to say without calling it a premeditated plan.
Let me state it this way… without calling it a premeditated plan. I think that the lenders knew they had passed the point of no return and they knew that the government would have to bail them out. Also I am not so sure that they were able to do anything logistically faster in 2008 at all. I think that is a subjective point. In fact if they were able to do so, at least in San Diego county our inventory would have been substantially higher then it was in 2008 and it was not.
So I guess I should not as sound so black helicopter like in my post. However I do still believe even if it is not all orchestrated, it certainly is playing out in a very favorable way to the lenders. Wouldn’t you say?
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