Unfortunate Details of the Bailout

[SD Realtor]

This is hilarious. I honestly do not know whether to laugh or cry.

HLS, Pasadena Broker, Arraya perhaps and other brokers can correct the stuff printed below and this was basically emailed to me. So, some of the new hocus pocus regarding financing:

**
House Republicans said they had agreed to temporarily raise loan limits for Fannie Mae and Freddie Mac to $625,500 while Democrats said the deal would boost limits to $729,750.

Either way, the increased limit on loans eligible to be bought by Fannie Mae and Freddie Mac would be temporary, expiring Dec. 31, 2008. It was not clear if the higher FHA limit would be temporary or permanent.

It is not clear if these new limits are permanent or expire 12/31/08
**

**

The plan also would more than double the size of loans insurable by the Federal Housing Administration, from $362,790 to $729,750.

(Are you kidding me??)

By utilizing FHA, the buyer will not have to adhere to the stringent underwriting guidelines that have made Conforming and Jumbo loan programs difficult to qualify for. Higher loan to values, lower
minimum credit scores, and flexible underwriting will make buying, selling, and financing a home in California much easier. Here are just some of the features of an FHA loan:

97% LTV on Purchases
Down Payment Assistance of up to 6%
95% LTV on cash out refinancing
No minimum credit scores
Liberal credit guidelines
No prepayment penalties
SFR, Condo’s, Town Homes, and Manufactured
Seller contributions of up to 6%
Non-occupying cosigners
Higher income to debt ratios
Loans are assumable

Let’s not forget the “5% DECLINING MARKET” hit that has affected nearly every Conventional loan program above 75%. FHA still allows 97% LTV’s on purchase transactions and up to 105% when using some Down Payment Assistance Programs.

And FHA does not have a “credit risk adjustment” based upon credit score such as the one recently implemented on Conventional loan’s.**

[Coronita]

Yikes. So if we can't get the system to change for the better, can we brainstorm on what we can do to milk the system?

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[HereWeGo]

I thouht Kass was off the mark, but maybe it is indeed time to short US Treasuries. Wow.

[surveyor]

upside

On the upside, maybe this will help lower rents for some people here on this board by causing a stampede towards home purchasing again…

(but hey what do I know).

[davelj]

This reminds me of the old business joke: “Yeah, we’re losing money at the unit level, but we’re going to make it up in volume!”

File under: “Truth is Stranger than Fiction”

[davelj]

This reminds me of the old business joke: “Yeah, we’re losing money at the unit level, but we’re going to make it up in volume!”

File under: “Truth is Stranger than Fiction”

[davelj]

This reminds me of the old business joke: “Yeah, we’re losing money at the unit level, but we’re going to make it up in volume!”

File under: “Truth is Stranger than Fiction”

[davelj]

This reminds me of the old business joke: “Yeah, we’re losing money at the unit level, but we’re going to make it up in volume!”

File under: “Truth is Stranger than Fiction”

[davelj]

This reminds me of the old business joke: “Yeah, we’re losing money at the unit level, but we’re going to make it up in volume!”

File under: “Truth is Stranger than Fiction”

[surveyor]

upside

On the upside, maybe this will help lower rents for some people here on this board by causing a stampede towards home purchasing again…

(but hey what do I know).

[surveyor]

upside

On the upside, maybe this will help lower rents for some people here on this board by causing a stampede towards home purchasing again…

(but hey what do I know).

[surveyor]

upside

On the upside, maybe this will help lower rents for some people here on this board by causing a stampede towards home purchasing again…

(but hey what do I know).

[surveyor]

upside

On the upside, maybe this will help lower rents for some people here on this board by causing a stampede towards home purchasing again…

(but hey what do I know).

[HereWeGo]

I thouht Kass was off the mark, but maybe it is indeed time to short US Treasuries. Wow.

[HereWeGo]

I thouht Kass was off the mark, but maybe it is indeed time to short US Treasuries. Wow.

[HereWeGo]

I thouht Kass was off the mark, but maybe it is indeed time to short US Treasuries. Wow.

[HereWeGo]

I thouht Kass was off the mark, but maybe it is indeed time to short US Treasuries. Wow.

[Coronita]

Yikes. So if we can't get the system to change for the better, can we brainstorm on what we can do to milk the system?

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Yikes. So if we can't get the system to change for the better, can we brainstorm on what we can do to milk the system?

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Yikes. So if we can't get the system to change for the better, can we brainstorm on what we can do to milk the system?

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Yikes. So if we can't get the system to change for the better, can we brainstorm on what we can do to milk the system?

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[SD Realtor]

Like I said, I don’t do loans… This was sent to me but it would be interesting to hear from some who do loans to comment.

Once again, I am sure many will chime in that of course this is not going to affect the slowdown at all. I have always consistently voiced concern over programs like this and others with a belief that they will indeed affect the slowdown. I don’t believe they will halt the slowdown but to continue to say they will not affect things is something I do not agree with.

I am hoping a mortgage broker reads the above and chimes in that none of it is true. Again, this is all speculative at this point. Yet it is much less speculative then it used to be.

SD Realtor

[JWM in SD]

JWM in SD

My questions on this issue remain the same:

1. Will standards also be eased so that conforming will have a different risk profile than it does now? The head of the OFHEO has already warned that this will not work and is only papering over the increased risk levels. It is effectively the same thing that the bond ratings and and insurers did. Mis Labeled risk securities as not risky.

2. What private sector investor is going to buy this garbage knowing full well what it is?

[JWM in SD]

JWM in SD

My questions on this issue remain the same:

1. Will standards also be eased so that conforming will have a different risk profile than it does now? The head of the OFHEO has already warned that this will not work and is only papering over the increased risk levels. It is effectively the same thing that the bond ratings and and insurers did. Mis Labeled risk securities as not risky.

2. What private sector investor is going to buy this garbage knowing full well what it is?

[JWM in SD]

JWM in SD

My questions on this issue remain the same:

1. Will standards also be eased so that conforming will have a different risk profile than it does now? The head of the OFHEO has already warned that this will not work and is only papering over the increased risk levels. It is effectively the same thing that the bond ratings and and insurers did. Mis Labeled risk securities as not risky.

2. What private sector investor is going to buy this garbage knowing full well what it is?

[JWM in SD]

JWM in SD

My questions on this issue remain the same:

1. Will standards also be eased so that conforming will have a different risk profile than it does now? The head of the OFHEO has already warned that this will not work and is only papering over the increased risk levels. It is effectively the same thing that the bond ratings and and insurers did. Mis Labeled risk securities as not risky.

2. What private sector investor is going to buy this garbage knowing full well what it is?

[JWM in SD]

JWM in SD

My questions on this issue remain the same:

1. Will standards also be eased so that conforming will have a different risk profile than it does now? The head of the OFHEO has already warned that this will not work and is only papering over the increased risk levels. It is effectively the same thing that the bond ratings and and insurers did. Mis Labeled risk securities as not risky.

2. What private sector investor is going to buy this garbage knowing full well what it is?

[jpinpb]

SD Realtor – If these terms are true, I need you to help me find a place so I can jump on this train. B/c if they’re still trying to squeeze juice out of this, then I’m done waiting.

[JWM in SD]

JWM in SD

“SD Realtor – If these terms are true, I need you to help me find a place so I can jump on this train. B/c if they’re still trying to squeeze juice out of this, then I’m done waiting.”

Hand, meet Knife. Knife, meet hand.

Go for it dude…but don’t come back here like so many others asking advice on how to ditch your home when it goes upside down.

[jpinpb]

These terms are going to make people go on another shopping spree. Once it gets going again, we’re looking to a few more years before the prices come down again. No prepayment penalties. That’ll help people. Down payment assistance. That’ll help people. Assumable loans. What more can you ask for.

97% LTV on Purchases
Down Payment Assistance of up to 6%
95% LTV on cash out refinancing
No minimum credit scores
Liberal credit guidelines
No prepayment penalties
SFR, Condo’s, Town Homes, and Manufactured
Seller contributions of up to 6%
Non-occupying cosigners
Higher income to debt ratios
Loans are assumable

[Anonymous]

It’s a bummer the government is probably going to do this. Another aspect of it is that a nice single family home will still be unaffordable to most SD families IMO. On the other hand, they bought the kool aid previously and won’t realize that a 41% debt ratio isn’t a good thing to have and they’ll be stretching to make payments. They’ll assume if the government is making the loan, then they can make the payments.

[jpinpb]

I agree, bummer. This whole thing angers me. I’m thinking if I wait, prices will come down. But this new development throws a wrench in the whole thing. After this reaches the end, what will they do next? What are they going to think of and come up w/next? What’s going to be the next great idea/scheme?

[jpinpb]

I agree, bummer. This whole thing angers me. I’m thinking if I wait, prices will come down. But this new development throws a wrench in the whole thing. After this reaches the end, what will they do next? What are they going to think of and come up w/next? What’s going to be the next great idea/scheme?

[jpinpb]

I agree, bummer. This whole thing angers me. I’m thinking if I wait, prices will come down. But this new development throws a wrench in the whole thing. After this reaches the end, what will they do next? What are they going to think of and come up w/next? What’s going to be the next great idea/scheme?

[jpinpb]

I agree, bummer. This whole thing angers me. I’m thinking if I wait, prices will come down. But this new development throws a wrench in the whole thing. After this reaches the end, what will they do next? What are they going to think of and come up w/next? What’s going to be the next great idea/scheme?

[jpinpb]

I agree, bummer. This whole thing angers me. I’m thinking if I wait, prices will come down. But this new development throws a wrench in the whole thing. After this reaches the end, what will they do next? What are they going to think of and come up w/next? What’s going to be the next great idea/scheme?

[Anonymous]

It’s a bummer the government is probably going to do this. Another aspect of it is that a nice single family home will still be unaffordable to most SD families IMO. On the other hand, they bought the kool aid previously and won’t realize that a 41% debt ratio isn’t a good thing to have and they’ll be stretching to make payments. They’ll assume if the government is making the loan, then they can make the payments.

[Anonymous]

It’s a bummer the government is probably going to do this. Another aspect of it is that a nice single family home will still be unaffordable to most SD families IMO. On the other hand, they bought the kool aid previously and won’t realize that a 41% debt ratio isn’t a good thing to have and they’ll be stretching to make payments. They’ll assume if the government is making the loan, then they can make the payments.

[Anonymous]

It’s a bummer the government is probably going to do this. Another aspect of it is that a nice single family home will still be unaffordable to most SD families IMO. On the other hand, they bought the kool aid previously and won’t realize that a 41% debt ratio isn’t a good thing to have and they’ll be stretching to make payments. They’ll assume if the government is making the loan, then they can make the payments.

[Anonymous]

It’s a bummer the government is probably going to do this. Another aspect of it is that a nice single family home will still be unaffordable to most SD families IMO. On the other hand, they bought the kool aid previously and won’t realize that a 41% debt ratio isn’t a good thing to have and they’ll be stretching to make payments. They’ll assume if the government is making the loan, then they can make the payments.

[jpinpb]

These terms are going to make people go on another shopping spree. Once it gets going again, we’re looking to a few more years before the prices come down again. No prepayment penalties. That’ll help people. Down payment assistance. That’ll help people. Assumable loans. What more can you ask for.

97% LTV on Purchases
Down Payment Assistance of up to 6%
95% LTV on cash out refinancing
No minimum credit scores
Liberal credit guidelines
No prepayment penalties
SFR, Condo’s, Town Homes, and Manufactured
Seller contributions of up to 6%
Non-occupying cosigners
Higher income to debt ratios
Loans are assumable

[jpinpb]

These terms are going to make people go on another shopping spree. Once it gets going again, we’re looking to a few more years before the prices come down again. No prepayment penalties. That’ll help people. Down payment assistance. That’ll help people. Assumable loans. What more can you ask for.

97% LTV on Purchases
Down Payment Assistance of up to 6%
95% LTV on cash out refinancing
No minimum credit scores
Liberal credit guidelines
No prepayment penalties
SFR, Condo’s, Town Homes, and Manufactured
Seller contributions of up to 6%
Non-occupying cosigners
Higher income to debt ratios
Loans are assumable

[jpinpb]

These terms are going to make people go on another shopping spree. Once it gets going again, we’re looking to a few more years before the prices come down again. No prepayment penalties. That’ll help people. Down payment assistance. That’ll help people. Assumable loans. What more can you ask for.

97% LTV on Purchases
Down Payment Assistance of up to 6%
95% LTV on cash out refinancing
No minimum credit scores
Liberal credit guidelines
No prepayment penalties
SFR, Condo’s, Town Homes, and Manufactured
Seller contributions of up to 6%
Non-occupying cosigners
Higher income to debt ratios
Loans are assumable

[jpinpb]

These terms are going to make people go on another shopping spree. Once it gets going again, we’re looking to a few more years before the prices come down again. No prepayment penalties. That’ll help people. Down payment assistance. That’ll help people. Assumable loans. What more can you ask for.

97% LTV on Purchases
Down Payment Assistance of up to 6%
95% LTV on cash out refinancing
No minimum credit scores
Liberal credit guidelines
No prepayment penalties
SFR, Condo’s, Town Homes, and Manufactured
Seller contributions of up to 6%
Non-occupying cosigners
Higher income to debt ratios
Loans are assumable

[JWM in SD]

JWM in SD

“SD Realtor – If these terms are true, I need you to help me find a place so I can jump on this train. B/c if they’re still trying to squeeze juice out of this, then I’m done waiting.”

Hand, meet Knife. Knife, meet hand.

Go for it dude…but don’t come back here like so many others asking advice on how to ditch your home when it goes upside down.

[JWM in SD]

JWM in SD

“SD Realtor – If these terms are true, I need you to help me find a place so I can jump on this train. B/c if they’re still trying to squeeze juice out of this, then I’m done waiting.”

Hand, meet Knife. Knife, meet hand.

Go for it dude…but don’t come back here like so many others asking advice on how to ditch your home when it goes upside down.

[JWM in SD]

JWM in SD

“SD Realtor – If these terms are true, I need you to help me find a place so I can jump on this train. B/c if they’re still trying to squeeze juice out of this, then I’m done waiting.”

Hand, meet Knife. Knife, meet hand.

Go for it dude…but don’t come back here like so many others asking advice on how to ditch your home when it goes upside down.

[JWM in SD]

JWM in SD

“SD Realtor – If these terms are true, I need you to help me find a place so I can jump on this train. B/c if they’re still trying to squeeze juice out of this, then I’m done waiting.”

Hand, meet Knife. Knife, meet hand.

Go for it dude…but don’t come back here like so many others asking advice on how to ditch your home when it goes upside down.

[jpinpb]

SD Realtor – If these terms are true, I need you to help me find a place so I can jump on this train. B/c if they’re still trying to squeeze juice out of this, then I’m done waiting.

[jpinpb]

SD Realtor – If these terms are true, I need you to help me find a place so I can jump on this train. B/c if they’re still trying to squeeze juice out of this, then I’m done waiting.

[jpinpb]

SD Realtor – If these terms are true, I need you to help me find a place so I can jump on this train. B/c if they’re still trying to squeeze juice out of this, then I’m done waiting.

[jpinpb]

SD Realtor – If these terms are true, I need you to help me find a place so I can jump on this train. B/c if they’re still trying to squeeze juice out of this, then I’m done waiting.

[SD Realtor]

Like I said, I don’t do loans… This was sent to me but it would be interesting to hear from some who do loans to comment.

Once again, I am sure many will chime in that of course this is not going to affect the slowdown at all. I have always consistently voiced concern over programs like this and others with a belief that they will indeed affect the slowdown. I don’t believe they will halt the slowdown but to continue to say they will not affect things is something I do not agree with.

I am hoping a mortgage broker reads the above and chimes in that none of it is true. Again, this is all speculative at this point. Yet it is much less speculative then it used to be.

SD Realtor

[SD Realtor]

Like I said, I don’t do loans… This was sent to me but it would be interesting to hear from some who do loans to comment.

Once again, I am sure many will chime in that of course this is not going to affect the slowdown at all. I have always consistently voiced concern over programs like this and others with a belief that they will indeed affect the slowdown. I don’t believe they will halt the slowdown but to continue to say they will not affect things is something I do not agree with.

I am hoping a mortgage broker reads the above and chimes in that none of it is true. Again, this is all speculative at this point. Yet it is much less speculative then it used to be.

SD Realtor

[SD Realtor]

Like I said, I don’t do loans… This was sent to me but it would be interesting to hear from some who do loans to comment.

Once again, I am sure many will chime in that of course this is not going to affect the slowdown at all. I have always consistently voiced concern over programs like this and others with a belief that they will indeed affect the slowdown. I don’t believe they will halt the slowdown but to continue to say they will not affect things is something I do not agree with.

I am hoping a mortgage broker reads the above and chimes in that none of it is true. Again, this is all speculative at this point. Yet it is much less speculative then it used to be.

SD Realtor

[SD Realtor]

Like I said, I don’t do loans… This was sent to me but it would be interesting to hear from some who do loans to comment.

Once again, I am sure many will chime in that of course this is not going to affect the slowdown at all. I have always consistently voiced concern over programs like this and others with a belief that they will indeed affect the slowdown. I don’t believe they will halt the slowdown but to continue to say they will not affect things is something I do not agree with.

I am hoping a mortgage broker reads the above and chimes in that none of it is true. Again, this is all speculative at this point. Yet it is much less speculative then it used to be.

SD Realtor

[bsrsharma]

Is there any data on the general rates of delinquency & foreclosures for FHA, Fanny/Freddie loans vs. the others?

[bsrsharma]

Is there any data on the general rates of delinquency & foreclosures for FHA, Fanny/Freddie loans vs. the others?

[bsrsharma]

Is there any data on the general rates of delinquency & foreclosures for FHA, Fanny/Freddie loans vs. the others?

[bsrsharma]

Is there any data on the general rates of delinquency & foreclosures for FHA, Fanny/Freddie loans vs. the others?

[bsrsharma]

Is there any data on the general rates of delinquency & foreclosures for FHA, Fanny/Freddie loans vs. the others?

[Anonymous]

I’m rusty on mortgages, but those guidelines do sound correct of what I knew of FHA loans. They do carry a mortgage insurance premium in addition to what you posted.

[Anonymous]

I’m rusty on mortgages, but those guidelines do sound correct of what I knew of FHA loans. They do carry a mortgage insurance premium in addition to what you posted.

[Anonymous]

I’m rusty on mortgages, but those guidelines do sound correct of what I knew of FHA loans. They do carry a mortgage insurance premium in addition to what you posted.

[Anonymous]

I’m rusty on mortgages, but those guidelines do sound correct of what I knew of FHA loans. They do carry a mortgage insurance premium in addition to what you posted.

[Anonymous]

I’m rusty on mortgages, but those guidelines do sound correct of what I knew of FHA loans. They do carry a mortgage insurance premium in addition to what you posted.

[Anonymous]

I forgot to add, the total debt to income ratios used to be 41% and I don’t think they’ve changed it. I hope it won’t, but this may delay more of a downturn in inflated markets temporarily.

[Anonymous]

I forgot to add, the total debt to income ratios used to be 41% and I don’t think they’ve changed it. I hope it won’t, but this may delay more of a downturn in inflated markets temporarily.

[Anonymous]

I forgot to add, the total debt to income ratios used to be 41% and I don’t think they’ve changed it. I hope it won’t, but this may delay more of a downturn in inflated markets temporarily.

[Anonymous]

I forgot to add, the total debt to income ratios used to be 41% and I don’t think they’ve changed it. I hope it won’t, but this may delay more of a downturn in inflated markets temporarily.

[Anonymous]

I forgot to add, the total debt to income ratios used to be 41% and I don’t think they’ve changed it. I hope it won’t, but this may delay more of a downturn in inflated markets temporarily.

[Coronita]

Again….Think folks, think. How do we milk this cow this time if…

(1) You're already a homeowner.

or 

(2) If you're on the sideline right now.

 

There's got to be a way to milk this. 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[jpinpb]

I’m sitting at the boarding station. Every train that goes by is like the train to crazyville. ARM train, zero down train, interest-only train, the subprime trains, neg am trains. I’m still waiting for a normal train to come by. All these people hopping on these trains, cheering and happy, laughing at me.

Then, it looks like the trains are running out of tracks for those people and finally maybe the right train will come along for me.

But no. They just built more tracks for the crazy trains.

Unbelievable. I’m sick.

[jpinpb]

I’m sitting at the boarding station. Every train that goes by is like the train to crazyville. ARM train, zero down train, interest-only train, the subprime trains, neg am trains. I’m still waiting for a normal train to come by. All these people hopping on these trains, cheering and happy, laughing at me.

Then, it looks like the trains are running out of tracks for those people and finally maybe the right train will come along for me.

But no. They just built more tracks for the crazy trains.

Unbelievable. I’m sick.

[jpinpb]

I’m sitting at the boarding station. Every train that goes by is like the train to crazyville. ARM train, zero down train, interest-only train, the subprime trains, neg am trains. I’m still waiting for a normal train to come by. All these people hopping on these trains, cheering and happy, laughing at me.

Then, it looks like the trains are running out of tracks for those people and finally maybe the right train will come along for me.

But no. They just built more tracks for the crazy trains.

Unbelievable. I’m sick.

[jpinpb]

I’m sitting at the boarding station. Every train that goes by is like the train to crazyville. ARM train, zero down train, interest-only train, the subprime trains, neg am trains. I’m still waiting for a normal train to come by. All these people hopping on these trains, cheering and happy, laughing at me.

Then, it looks like the trains are running out of tracks for those people and finally maybe the right train will come along for me.

But no. They just built more tracks for the crazy trains.

Unbelievable. I’m sick.

[jpinpb]

I’m sitting at the boarding station. Every train that goes by is like the train to crazyville. ARM train, zero down train, interest-only train, the subprime trains, neg am trains. I’m still waiting for a normal train to come by. All these people hopping on these trains, cheering and happy, laughing at me.

Then, it looks like the trains are running out of tracks for those people and finally maybe the right train will come along for me.

But no. They just built more tracks for the crazy trains.

Unbelievable. I’m sick.

[Eugene]

Short Fannie?

[betting on fall]

jpinpb- like your crazy train analogy.
The private sector has finally run out of ways to keep the consumer spending spree going, so now the government has to step in and prod the consumer along with cash and now by taking on the risk of new loans the private sector won’t make.

We love the market economy until it stops loving us back, then we seem to have no problem being socialists. But god forbid we get taxed like socialist to pay for it.

[jpinpb]

betting on fall – my butt is getting sore sitting on these hard benches at this train station waiting.

We’ve now got government engineers coming in and putting new tracks for the crazy trains. When will it end?

Powter’s diet book really should be about real estate. “Stop the insanity!”

[jpinpb]

betting on fall – my butt is getting sore sitting on these hard benches at this train station waiting.

We’ve now got government engineers coming in and putting new tracks for the crazy trains. When will it end?

Powter’s diet book really should be about real estate. “Stop the insanity!”

[jpinpb]

betting on fall – my butt is getting sore sitting on these hard benches at this train station waiting.

We’ve now got government engineers coming in and putting new tracks for the crazy trains. When will it end?

Powter’s diet book really should be about real estate. “Stop the insanity!”

[jpinpb]

betting on fall – my butt is getting sore sitting on these hard benches at this train station waiting.

We’ve now got government engineers coming in and putting new tracks for the crazy trains. When will it end?

Powter’s diet book really should be about real estate. “Stop the insanity!”

[jpinpb]

betting on fall – my butt is getting sore sitting on these hard benches at this train station waiting.

We’ve now got government engineers coming in and putting new tracks for the crazy trains. When will it end?

Powter’s diet book really should be about real estate. “Stop the insanity!”

[betting on fall]

jpinpb- like your crazy train analogy.
The private sector has finally run out of ways to keep the consumer spending spree going, so now the government has to step in and prod the consumer along with cash and now by taking on the risk of new loans the private sector won’t make.

We love the market economy until it stops loving us back, then we seem to have no problem being socialists. But god forbid we get taxed like socialist to pay for it.

[betting on fall]

jpinpb- like your crazy train analogy.
The private sector has finally run out of ways to keep the consumer spending spree going, so now the government has to step in and prod the consumer along with cash and now by taking on the risk of new loans the private sector won’t make.

We love the market economy until it stops loving us back, then we seem to have no problem being socialists. But god forbid we get taxed like socialist to pay for it.

[betting on fall]

jpinpb- like your crazy train analogy.
The private sector has finally run out of ways to keep the consumer spending spree going, so now the government has to step in and prod the consumer along with cash and now by taking on the risk of new loans the private sector won’t make.

We love the market economy until it stops loving us back, then we seem to have no problem being socialists. But god forbid we get taxed like socialist to pay for it.

[betting on fall]

jpinpb- like your crazy train analogy.
The private sector has finally run out of ways to keep the consumer spending spree going, so now the government has to step in and prod the consumer along with cash and now by taking on the risk of new loans the private sector won’t make.

We love the market economy until it stops loving us back, then we seem to have no problem being socialists. But god forbid we get taxed like socialist to pay for it.

[HereWeGo]

Is it possible to short Ginnie Mae MBS? Would the federal government stand by the guarantee in the face of monstrous losses? If not, would treasuries plummet (i.e., rates soar?)

[HereWeGo]

Is it possible to short Ginnie Mae MBS? Would the federal government stand by the guarantee in the face of monstrous losses? If not, would treasuries plummet (i.e., rates soar?)

[HereWeGo]

Is it possible to short Ginnie Mae MBS? Would the federal government stand by the guarantee in the face of monstrous losses? If not, would treasuries plummet (i.e., rates soar?)

[HereWeGo]

Is it possible to short Ginnie Mae MBS? Would the federal government stand by the guarantee in the face of monstrous losses? If not, would treasuries plummet (i.e., rates soar?)

[HereWeGo]

Is it possible to short Ginnie Mae MBS? Would the federal government stand by the guarantee in the face of monstrous losses? If not, would treasuries plummet (i.e., rates soar?)

[Eugene]

Short Fannie?

[Eugene]

Short Fannie?

[Eugene]

Short Fannie?

[Eugene]

Short Fannie?

[Coronita]

Again….Think folks, think. How do we milk this cow this time if…

(1) You're already a homeowner.

or 

(2) If you're on the sideline right now.

 

There's got to be a way to milk this. 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Again….Think folks, think. How do we milk this cow this time if…

(1) You're already a homeowner.

or 

(2) If you're on the sideline right now.

 

There's got to be a way to milk this. 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Again….Think folks, think. How do we milk this cow this time if…

(1) You're already a homeowner.

or 

(2) If you're on the sideline right now.

 

There's got to be a way to milk this. 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Again….Think folks, think. How do we milk this cow this time if…

(1) You're already a homeowner.

or 

(2) If you're on the sideline right now.

 

There's got to be a way to milk this. 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Pasadena Broker]

Ah, sd, you got the email…

I’ve had my Realtors here asking me/telling me my business is going to be jumping once the changes go into affect. I’ve also had fellow associates in the mortgage brokering business rubbing their hands hoping as well.

You’re right sd, there is a 5% declining/softening market that has gone into affect. The problem I see with this increase is three fold.

One, we’re prolonging the natural cycle of where we ought to be heading with this market, and I’m sure I can get an ‘amen’ from the Pigg crowd on this. Someone on Capital Hill is smoking some good green to think this one up.

Two, this isn’t for new homebuyers but for all the ones underwater. Under-water, yup, mortgage outweighs the equity. So how in the hell is this going to help them refi out of that fantastico Option Arm, 80/20 purchase, 2/28 or 2/27 loan? Loan limits raised, hey that’s great, but Mr. Borrower, you don’t have the equity, can you bring $50K to escrow?

Three, FHA loans are FULL DOC. All the $500K+ loans were stated income. What underwriter is going to be convinced that the welder guy and his receptionist wife make $150K a year when salary info can easily be looked up Salary.com?

It’s just another way of blowing smoke by the thieving, lying bastards on Capital Hill and Sacto, they’re scrambling because we’re knee deep in poo. I’d say ‘go Ron Paul’ but that guy would probably get shot if he were to get anywhere near the White House.

Oh, btw, if none of this makes sense, my apology. I get my point across much better in person than writing. I’m a verbal type of guy.

[jpinpb]

Pasadena Broker – you say this isn’t for new homebuyers. You mention equity and you mention full docs. But SD Realtor says:

******97% LTV on Purchases
******Down Payment Assistance of up to 6%
******% LTV on cash out refinancing
******No minimum credit scores
***** Liberal credit guidelines

It just sounds like free money to everyone again. It doesn’t say they’re raising the Jumbo limit strictly for those already in homes, excluding new buyers. That would be beyond stupid. They want more people on the hook.

NONE of this makes sense. The more I read, the more confused I get. This is driving me crazy.

I’m going to throw myself on the tracks and let the train just hit me (kidding)

[Anonymous]

jpinpb – Pasadena Broker brought me back to my senses by bringing up that FHA is full doc. It made me think how FHA loans have been available to buyers in the i.e. and other less expensive areas under the current limits and that hasn’t helped sales there. That’s a good sign.

[patientrenter]

FHA will be full doc until that proves to be an obstacle to supporting inflated home prices. Then some, er, flexibility will be introduced. The whole point of all these measures is to inflate home prices, to keep the majority of voters happy. Why would the pols stop until they have tried every old and new trick?

Here’s a Bloomberg article giving you a glimpse into how far along, and how radical, are the proposals being shaped right now to keep inflated home prices, and inflated asset prices generally, as inflated as possible.

http://www.bloomberg.com/apps/news?pid=20601103&sid=arcwG_0LM0lM&refer=us

Patient renter in OC

[patientrenter]

FHA will be full doc until that proves to be an obstacle to supporting inflated home prices. Then some, er, flexibility will be introduced. The whole point of all these measures is to inflate home prices, to keep the majority of voters happy. Why would the pols stop until they have tried every old and new trick?

Here’s a Bloomberg article giving you a glimpse into how far along, and how radical, are the proposals being shaped right now to keep inflated home prices, and inflated asset prices generally, as inflated as possible.

http://www.bloomberg.com/apps/news?pid=20601103&sid=arcwG_0LM0lM&refer=us

Patient renter in OC

[patientrenter]

FHA will be full doc until that proves to be an obstacle to supporting inflated home prices. Then some, er, flexibility will be introduced. The whole point of all these measures is to inflate home prices, to keep the majority of voters happy. Why would the pols stop until they have tried every old and new trick?

Here’s a Bloomberg article giving you a glimpse into how far along, and how radical, are the proposals being shaped right now to keep inflated home prices, and inflated asset prices generally, as inflated as possible.

http://www.bloomberg.com/apps/news?pid=20601103&sid=arcwG_0LM0lM&refer=us

Patient renter in OC

[patientrenter]

FHA will be full doc until that proves to be an obstacle to supporting inflated home prices. Then some, er, flexibility will be introduced. The whole point of all these measures is to inflate home prices, to keep the majority of voters happy. Why would the pols stop until they have tried every old and new trick?

Here’s a Bloomberg article giving you a glimpse into how far along, and how radical, are the proposals being shaped right now to keep inflated home prices, and inflated asset prices generally, as inflated as possible.

http://www.bloomberg.com/apps/news?pid=20601103&sid=arcwG_0LM0lM&refer=us

Patient renter in OC

[patientrenter]

FHA will be full doc until that proves to be an obstacle to supporting inflated home prices. Then some, er, flexibility will be introduced. The whole point of all these measures is to inflate home prices, to keep the majority of voters happy. Why would the pols stop until they have tried every old and new trick?

Here’s a Bloomberg article giving you a glimpse into how far along, and how radical, are the proposals being shaped right now to keep inflated home prices, and inflated asset prices generally, as inflated as possible.

http://www.bloomberg.com/apps/news?pid=20601103&sid=arcwG_0LM0lM&refer=us

Patient renter in OC

[Anonymous]

jpinpb – Pasadena Broker brought me back to my senses by bringing up that FHA is full doc. It made me think how FHA loans have been available to buyers in the i.e. and other less expensive areas under the current limits and that hasn’t helped sales there. That’s a good sign.

[Anonymous]

jpinpb – Pasadena Broker brought me back to my senses by bringing up that FHA is full doc. It made me think how FHA loans have been available to buyers in the i.e. and other less expensive areas under the current limits and that hasn’t helped sales there. That’s a good sign.

[Anonymous]

jpinpb – Pasadena Broker brought me back to my senses by bringing up that FHA is full doc. It made me think how FHA loans have been available to buyers in the i.e. and other less expensive areas under the current limits and that hasn’t helped sales there. That’s a good sign.

[Anonymous]

jpinpb – Pasadena Broker brought me back to my senses by bringing up that FHA is full doc. It made me think how FHA loans have been available to buyers in the i.e. and other less expensive areas under the current limits and that hasn’t helped sales there. That’s a good sign.

[jpinpb]

Pasadena Broker – you say this isn’t for new homebuyers. You mention equity and you mention full docs. But SD Realtor says:

******97% LTV on Purchases
******Down Payment Assistance of up to 6%
******% LTV on cash out refinancing
******No minimum credit scores
***** Liberal credit guidelines

It just sounds like free money to everyone again. It doesn’t say they’re raising the Jumbo limit strictly for those already in homes, excluding new buyers. That would be beyond stupid. They want more people on the hook.

NONE of this makes sense. The more I read, the more confused I get. This is driving me crazy.

I’m going to throw myself on the tracks and let the train just hit me (kidding)

[jpinpb]

Pasadena Broker – you say this isn’t for new homebuyers. You mention equity and you mention full docs. But SD Realtor says:

******97% LTV on Purchases
******Down Payment Assistance of up to 6%
******% LTV on cash out refinancing
******No minimum credit scores
***** Liberal credit guidelines

It just sounds like free money to everyone again. It doesn’t say they’re raising the Jumbo limit strictly for those already in homes, excluding new buyers. That would be beyond stupid. They want more people on the hook.

NONE of this makes sense. The more I read, the more confused I get. This is driving me crazy.

I’m going to throw myself on the tracks and let the train just hit me (kidding)

[jpinpb]

Pasadena Broker – you say this isn’t for new homebuyers. You mention equity and you mention full docs. But SD Realtor says:

******97% LTV on Purchases
******Down Payment Assistance of up to 6%
******% LTV on cash out refinancing
******No minimum credit scores
***** Liberal credit guidelines

It just sounds like free money to everyone again. It doesn’t say they’re raising the Jumbo limit strictly for those already in homes, excluding new buyers. That would be beyond stupid. They want more people on the hook.

NONE of this makes sense. The more I read, the more confused I get. This is driving me crazy.

I’m going to throw myself on the tracks and let the train just hit me (kidding)

[jpinpb]

Pasadena Broker – you say this isn’t for new homebuyers. You mention equity and you mention full docs. But SD Realtor says:

******97% LTV on Purchases
******Down Payment Assistance of up to 6%
******% LTV on cash out refinancing
******No minimum credit scores
***** Liberal credit guidelines

It just sounds like free money to everyone again. It doesn’t say they’re raising the Jumbo limit strictly for those already in homes, excluding new buyers. That would be beyond stupid. They want more people on the hook.

NONE of this makes sense. The more I read, the more confused I get. This is driving me crazy.

I’m going to throw myself on the tracks and let the train just hit me (kidding)

[SD Realtor]

Pasadena Broker I am glad you chimed in. I almost passed out when I got the email.

I have spoke to a few brokers today and I have received a variety of stories. The bottom line is that it all sounds somewhat subjective until we actually see the legislation 100% passed.

Let me be clear on this for everyone, I am by no means in favor of any of this. It is bad in just so many ways that I cannot begin to start.

JWM your point about nobody in the secondary market would buy this crud rings clear but dude… they are FHA insured man. FHA insured. FHA insured. See what I am saying?

Pasadena I am glad that these loans are all full doc but by the same token, if you compare lending guidelines that are in place right now as we type, with the guidelines that will be in affect once this legislation goes through, it will be easier for buyers to qualify tomorrow then it is today. Also there are new homebuyers that effectively are locked out of the market today that will not be tomorrow.

As for myself something like this really bums me out. Hopefully the effects will not be pronounced. I am not advocating for anyone to buy now but to say this will not result in some additional sales is something I do not agree with.

SD Realtor

[p-dude]

I think you all worry too much. If some one wants to
pay 4K for a house that collects 2k rents. Let them
go for it. If because of this new legislation same
house mortgage becomes 2k, I would buy it. It’s all
about PE and nothing else. At least this is the way I look at it!

After all set and done this will be another fail attempt
to bail out housing. Been there done that, super SIV,
bond insurance bail out, …….
Furthermore who the hell is going to buy this crap from
Fannie and Freddie. As far as I can tell they already in
deep with altA and non performing assets. Just take a
look at their stock.

As far as benefiting from this situation goes. I used to
invest in a fund that was following 10 yr yield. I made
some money out of it when fed was raising interest rate,
but nothing to write home about it. I think in long run
treasury would fall and interest on 10yr will have to
increase to attract investors. Especially with new budget
which came out today. If this what you are looking
for take a look at RYJAX. I probably put some money in it
after next rate cut.

Here is chart comparing it to 10yr yield.

http://finance.yahoo.com/charts#chart9:symbol=ryjax;range=2y
;compare=^tyx;charttype=line;crosshair=on;logscale=on;
source=undefined

[NotCranky]

Where does mortgage insurance fit into this?

For those who don’t know, this is how FHA supposedly works:

Mutual Mortgage Insurance Fund:
Government sponsored mortgage insurance administered by the Federal Housing Administration which insures mortgage loans on one- to four-family residential housing. The plan is designed to be self-funding, the FHA collects premiums from mortgagors and pays lender claims on losses from mortgage defaults. Borrowers pay a one time premium or MIP which is a part of the monthly payment. Maybe some of those big 6% seller contributions go to that?

On the bright side, Bidding on HUD repos is fun.

[NotCranky]

Where does mortgage insurance fit into this?

For those who don’t know, this is how FHA supposedly works:

Mutual Mortgage Insurance Fund:
Government sponsored mortgage insurance administered by the Federal Housing Administration which insures mortgage loans on one- to four-family residential housing. The plan is designed to be self-funding, the FHA collects premiums from mortgagors and pays lender claims on losses from mortgage defaults. Borrowers pay a one time premium or MIP which is a part of the monthly payment. Maybe some of those big 6% seller contributions go to that?

On the bright side, Bidding on HUD repos is fun.

[NotCranky]

Where does mortgage insurance fit into this?

For those who don’t know, this is how FHA supposedly works:

Mutual Mortgage Insurance Fund:
Government sponsored mortgage insurance administered by the Federal Housing Administration which insures mortgage loans on one- to four-family residential housing. The plan is designed to be self-funding, the FHA collects premiums from mortgagors and pays lender claims on losses from mortgage defaults. Borrowers pay a one time premium or MIP which is a part of the monthly payment. Maybe some of those big 6% seller contributions go to that?

On the bright side, Bidding on HUD repos is fun.

[NotCranky]

Where does mortgage insurance fit into this?

For those who don’t know, this is how FHA supposedly works:

Mutual Mortgage Insurance Fund:
Government sponsored mortgage insurance administered by the Federal Housing Administration which insures mortgage loans on one- to four-family residential housing. The plan is designed to be self-funding, the FHA collects premiums from mortgagors and pays lender claims on losses from mortgage defaults. Borrowers pay a one time premium or MIP which is a part of the monthly payment. Maybe some of those big 6% seller contributions go to that?

On the bright side, Bidding on HUD repos is fun.

[NotCranky]

Where does mortgage insurance fit into this?

For those who don’t know, this is how FHA supposedly works:

Mutual Mortgage Insurance Fund:
Government sponsored mortgage insurance administered by the Federal Housing Administration which insures mortgage loans on one- to four-family residential housing. The plan is designed to be self-funding, the FHA collects premiums from mortgagors and pays lender claims on losses from mortgage defaults. Borrowers pay a one time premium or MIP which is a part of the monthly payment. Maybe some of those big 6% seller contributions go to that?

On the bright side, Bidding on HUD repos is fun.

[p-dude]

I think you all worry too much. If some one wants to
pay 4K for a house that collects 2k rents. Let them
go for it. If because of this new legislation same
house mortgage becomes 2k, I would buy it. It’s all
about PE and nothing else. At least this is the way I look at it!

After all set and done this will be another fail attempt
to bail out housing. Been there done that, super SIV,
bond insurance bail out, …….
Furthermore who the hell is going to buy this crap from
Fannie and Freddie. As far as I can tell they already in
deep with altA and non performing assets. Just take a
look at their stock.

As far as benefiting from this situation goes. I used to
invest in a fund that was following 10 yr yield. I made
some money out of it when fed was raising interest rate,
but nothing to write home about it. I think in long run
treasury would fall and interest on 10yr will have to
increase to attract investors. Especially with new budget
which came out today. If this what you are looking
for take a look at RYJAX. I probably put some money in it
after next rate cut.

Here is chart comparing it to 10yr yield.

http://finance.yahoo.com/charts#chart9:symbol=ryjax;range=2y
;compare=^tyx;charttype=line;crosshair=on;logscale=on;
source=undefined

[p-dude]

I think you all worry too much. If some one wants to
pay 4K for a house that collects 2k rents. Let them
go for it. If because of this new legislation same
house mortgage becomes 2k, I would buy it. It’s all
about PE and nothing else. At least this is the way I look at it!

After all set and done this will be another fail attempt
to bail out housing. Been there done that, super SIV,
bond insurance bail out, …….
Furthermore who the hell is going to buy this crap from
Fannie and Freddie. As far as I can tell they already in
deep with altA and non performing assets. Just take a
look at their stock.

As far as benefiting from this situation goes. I used to
invest in a fund that was following 10 yr yield. I made
some money out of it when fed was raising interest rate,
but nothing to write home about it. I think in long run
treasury would fall and interest on 10yr will have to
increase to attract investors. Especially with new budget
which came out today. If this what you are looking
for take a look at RYJAX. I probably put some money in it
after next rate cut.

Here is chart comparing it to 10yr yield.

http://finance.yahoo.com/charts#chart9:symbol=ryjax;range=2y
;compare=^tyx;charttype=line;crosshair=on;logscale=on;
source=undefined

[p-dude]

I think you all worry too much. If some one wants to
pay 4K for a house that collects 2k rents. Let them
go for it. If because of this new legislation same
house mortgage becomes 2k, I would buy it. It’s all
about PE and nothing else. At least this is the way I look at it!

After all set and done this will be another fail attempt
to bail out housing. Been there done that, super SIV,
bond insurance bail out, …….
Furthermore who the hell is going to buy this crap from
Fannie and Freddie. As far as I can tell they already in
deep with altA and non performing assets. Just take a
look at their stock.

As far as benefiting from this situation goes. I used to
invest in a fund that was following 10 yr yield. I made
some money out of it when fed was raising interest rate,
but nothing to write home about it. I think in long run
treasury would fall and interest on 10yr will have to
increase to attract investors. Especially with new budget
which came out today. If this what you are looking
for take a look at RYJAX. I probably put some money in it
after next rate cut.

Here is chart comparing it to 10yr yield.

http://finance.yahoo.com/charts#chart9:symbol=ryjax;range=2y
;compare=^tyx;charttype=line;crosshair=on;logscale=on;
source=undefined

[p-dude]

I think you all worry too much. If some one wants to
pay 4K for a house that collects 2k rents. Let them
go for it. If because of this new legislation same
house mortgage becomes 2k, I would buy it. It’s all
about PE and nothing else. At least this is the way I look at it!

After all set and done this will be another fail attempt
to bail out housing. Been there done that, super SIV,
bond insurance bail out, …….
Furthermore who the hell is going to buy this crap from
Fannie and Freddie. As far as I can tell they already in
deep with altA and non performing assets. Just take a
look at their stock.

As far as benefiting from this situation goes. I used to
invest in a fund that was following 10 yr yield. I made
some money out of it when fed was raising interest rate,
but nothing to write home about it. I think in long run
treasury would fall and interest on 10yr will have to
increase to attract investors. Especially with new budget
which came out today. If this what you are looking
for take a look at RYJAX. I probably put some money in it
after next rate cut.

Here is chart comparing it to 10yr yield.

http://finance.yahoo.com/charts#chart9:symbol=ryjax;range=2y
;compare=^tyx;charttype=line;crosshair=on;logscale=on;
source=undefined

[SD Realtor]

Pasadena Broker I am glad you chimed in. I almost passed out when I got the email.

I have spoke to a few brokers today and I have received a variety of stories. The bottom line is that it all sounds somewhat subjective until we actually see the legislation 100% passed.

Let me be clear on this for everyone, I am by no means in favor of any of this. It is bad in just so many ways that I cannot begin to start.

JWM your point about nobody in the secondary market would buy this crud rings clear but dude… they are FHA insured man. FHA insured. FHA insured. See what I am saying?

Pasadena I am glad that these loans are all full doc but by the same token, if you compare lending guidelines that are in place right now as we type, with the guidelines that will be in affect once this legislation goes through, it will be easier for buyers to qualify tomorrow then it is today. Also there are new homebuyers that effectively are locked out of the market today that will not be tomorrow.

As for myself something like this really bums me out. Hopefully the effects will not be pronounced. I am not advocating for anyone to buy now but to say this will not result in some additional sales is something I do not agree with.

SD Realtor

[SD Realtor]

Pasadena Broker I am glad you chimed in. I almost passed out when I got the email.

I have spoke to a few brokers today and I have received a variety of stories. The bottom line is that it all sounds somewhat subjective until we actually see the legislation 100% passed.

Let me be clear on this for everyone, I am by no means in favor of any of this. It is bad in just so many ways that I cannot begin to start.

JWM your point about nobody in the secondary market would buy this crud rings clear but dude… they are FHA insured man. FHA insured. FHA insured. See what I am saying?

Pasadena I am glad that these loans are all full doc but by the same token, if you compare lending guidelines that are in place right now as we type, with the guidelines that will be in affect once this legislation goes through, it will be easier for buyers to qualify tomorrow then it is today. Also there are new homebuyers that effectively are locked out of the market today that will not be tomorrow.

As for myself something like this really bums me out. Hopefully the effects will not be pronounced. I am not advocating for anyone to buy now but to say this will not result in some additional sales is something I do not agree with.

SD Realtor

[SD Realtor]

Pasadena Broker I am glad you chimed in. I almost passed out when I got the email.

I have spoke to a few brokers today and I have received a variety of stories. The bottom line is that it all sounds somewhat subjective until we actually see the legislation 100% passed.

Let me be clear on this for everyone, I am by no means in favor of any of this. It is bad in just so many ways that I cannot begin to start.

JWM your point about nobody in the secondary market would buy this crud rings clear but dude… they are FHA insured man. FHA insured. FHA insured. See what I am saying?

Pasadena I am glad that these loans are all full doc but by the same token, if you compare lending guidelines that are in place right now as we type, with the guidelines that will be in affect once this legislation goes through, it will be easier for buyers to qualify tomorrow then it is today. Also there are new homebuyers that effectively are locked out of the market today that will not be tomorrow.

As for myself something like this really bums me out. Hopefully the effects will not be pronounced. I am not advocating for anyone to buy now but to say this will not result in some additional sales is something I do not agree with.

SD Realtor

[SD Realtor]

Pasadena Broker I am glad you chimed in. I almost passed out when I got the email.

I have spoke to a few brokers today and I have received a variety of stories. The bottom line is that it all sounds somewhat subjective until we actually see the legislation 100% passed.

Let me be clear on this for everyone, I am by no means in favor of any of this. It is bad in just so many ways that I cannot begin to start.

JWM your point about nobody in the secondary market would buy this crud rings clear but dude… they are FHA insured man. FHA insured. FHA insured. See what I am saying?

Pasadena I am glad that these loans are all full doc but by the same token, if you compare lending guidelines that are in place right now as we type, with the guidelines that will be in affect once this legislation goes through, it will be easier for buyers to qualify tomorrow then it is today. Also there are new homebuyers that effectively are locked out of the market today that will not be tomorrow.

As for myself something like this really bums me out. Hopefully the effects will not be pronounced. I am not advocating for anyone to buy now but to say this will not result in some additional sales is something I do not agree with.

SD Realtor

[Pasadena Broker]

Ah, sd, you got the email…

I’ve had my Realtors here asking me/telling me my business is going to be jumping once the changes go into affect. I’ve also had fellow associates in the mortgage brokering business rubbing their hands hoping as well.

You’re right sd, there is a 5% declining/softening market that has gone into affect. The problem I see with this increase is three fold.

One, we’re prolonging the natural cycle of where we ought to be heading with this market, and I’m sure I can get an ‘amen’ from the Pigg crowd on this. Someone on Capital Hill is smoking some good green to think this one up.

Two, this isn’t for new homebuyers but for all the ones underwater. Under-water, yup, mortgage outweighs the equity. So how in the hell is this going to help them refi out of that fantastico Option Arm, 80/20 purchase, 2/28 or 2/27 loan? Loan limits raised, hey that’s great, but Mr. Borrower, you don’t have the equity, can you bring $50K to escrow?

Three, FHA loans are FULL DOC. All the $500K+ loans were stated income. What underwriter is going to be convinced that the welder guy and his receptionist wife make $150K a year when salary info can easily be looked up Salary.com?

It’s just another way of blowing smoke by the thieving, lying bastards on Capital Hill and Sacto, they’re scrambling because we’re knee deep in poo. I’d say ‘go Ron Paul’ but that guy would probably get shot if he were to get anywhere near the White House.

Oh, btw, if none of this makes sense, my apology. I get my point across much better in person than writing. I’m a verbal type of guy.

[Pasadena Broker]

Ah, sd, you got the email…

I’ve had my Realtors here asking me/telling me my business is going to be jumping once the changes go into affect. I’ve also had fellow associates in the mortgage brokering business rubbing their hands hoping as well.

You’re right sd, there is a 5% declining/softening market that has gone into affect. The problem I see with this increase is three fold.

One, we’re prolonging the natural cycle of where we ought to be heading with this market, and I’m sure I can get an ‘amen’ from the Pigg crowd on this. Someone on Capital Hill is smoking some good green to think this one up.

Two, this isn’t for new homebuyers but for all the ones underwater. Under-water, yup, mortgage outweighs the equity. So how in the hell is this going to help them refi out of that fantastico Option Arm, 80/20 purchase, 2/28 or 2/27 loan? Loan limits raised, hey that’s great, but Mr. Borrower, you don’t have the equity, can you bring $50K to escrow?

Three, FHA loans are FULL DOC. All the $500K+ loans were stated income. What underwriter is going to be convinced that the welder guy and his receptionist wife make $150K a year when salary info can easily be looked up Salary.com?

It’s just another way of blowing smoke by the thieving, lying bastards on Capital Hill and Sacto, they’re scrambling because we’re knee deep in poo. I’d say ‘go Ron Paul’ but that guy would probably get shot if he were to get anywhere near the White House.

Oh, btw, if none of this makes sense, my apology. I get my point across much better in person than writing. I’m a verbal type of guy.

[Pasadena Broker]

Ah, sd, you got the email…

I’ve had my Realtors here asking me/telling me my business is going to be jumping once the changes go into affect. I’ve also had fellow associates in the mortgage brokering business rubbing their hands hoping as well.

You’re right sd, there is a 5% declining/softening market that has gone into affect. The problem I see with this increase is three fold.

One, we’re prolonging the natural cycle of where we ought to be heading with this market, and I’m sure I can get an ‘amen’ from the Pigg crowd on this. Someone on Capital Hill is smoking some good green to think this one up.

Two, this isn’t for new homebuyers but for all the ones underwater. Under-water, yup, mortgage outweighs the equity. So how in the hell is this going to help them refi out of that fantastico Option Arm, 80/20 purchase, 2/28 or 2/27 loan? Loan limits raised, hey that’s great, but Mr. Borrower, you don’t have the equity, can you bring $50K to escrow?

Three, FHA loans are FULL DOC. All the $500K+ loans were stated income. What underwriter is going to be convinced that the welder guy and his receptionist wife make $150K a year when salary info can easily be looked up Salary.com?

It’s just another way of blowing smoke by the thieving, lying bastards on Capital Hill and Sacto, they’re scrambling because we’re knee deep in poo. I’d say ‘go Ron Paul’ but that guy would probably get shot if he were to get anywhere near the White House.

Oh, btw, if none of this makes sense, my apology. I get my point across much better in person than writing. I’m a verbal type of guy.

[Pasadena Broker]

Ah, sd, you got the email…

I’ve had my Realtors here asking me/telling me my business is going to be jumping once the changes go into affect. I’ve also had fellow associates in the mortgage brokering business rubbing their hands hoping as well.

You’re right sd, there is a 5% declining/softening market that has gone into affect. The problem I see with this increase is three fold.

One, we’re prolonging the natural cycle of where we ought to be heading with this market, and I’m sure I can get an ‘amen’ from the Pigg crowd on this. Someone on Capital Hill is smoking some good green to think this one up.

Two, this isn’t for new homebuyers but for all the ones underwater. Under-water, yup, mortgage outweighs the equity. So how in the hell is this going to help them refi out of that fantastico Option Arm, 80/20 purchase, 2/28 or 2/27 loan? Loan limits raised, hey that’s great, but Mr. Borrower, you don’t have the equity, can you bring $50K to escrow?

Three, FHA loans are FULL DOC. All the $500K+ loans were stated income. What underwriter is going to be convinced that the welder guy and his receptionist wife make $150K a year when salary info can easily be looked up Salary.com?

It’s just another way of blowing smoke by the thieving, lying bastards on Capital Hill and Sacto, they’re scrambling because we’re knee deep in poo. I’d say ‘go Ron Paul’ but that guy would probably get shot if he were to get anywhere near the White House.

Oh, btw, if none of this makes sense, my apology. I get my point across much better in person than writing. I’m a verbal type of guy.

[Pasadena Broker]

“It just sounds like free money to everyone again. It doesn’t say they’re raising the Jumbo limit strictly for those already in homes, excluding new buyers. That would be beyond stupid. They want more people on the hook.”

It’s is beyond stupid but haven’t you seen the pattern yet with our gubermint? They’re not doing this for the new homebuyers but to save all the bad decision making done by people that will be foreclosed, it’ll benefit them the most since no lender will touch these people with a 30 ft pole.

This is bad news, the liars, hucksters, and thieves were being weeded out from April 07 til now, but this might have them stampede right back into this business,heh, lucky me.

[Anonymous]

Ok, is this going to work, guys? Is this latest scheme going to delay the crash?

[kev374]

It’s a fraudulent scheme by the government under the guise of helping homeowners it just bails out the investors and shifts the risk to the taxpayers, simple as that.

[kev374]

It’s a fraudulent scheme by the government under the guise of helping homeowners it just bails out the investors and shifts the risk to the taxpayers, simple as that.

[kev374]

It’s a fraudulent scheme by the government under the guise of helping homeowners it just bails out the investors and shifts the risk to the taxpayers, simple as that.

[kev374]

It’s a fraudulent scheme by the government under the guise of helping homeowners it just bails out the investors and shifts the risk to the taxpayers, simple as that.

[kev374]

It’s a fraudulent scheme by the government under the guise of helping homeowners it just bails out the investors and shifts the risk to the taxpayers, simple as that.

[jpinpb]

Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.

Will it work? If they have to PROVE they can make the payments to qualify for the loan, then it’s a joke. These people can barely make payments now w/the lying loan.

Is there going to be help w/those who have a 10% decrease in property values. That seems to be a fair average of decrease right now. Or will they have to come up w/the difference. (good luck)

If the jumbo loan limits are increased, why is just for homeowners and not everyone. Indirectly, it will help those w/homes who are trying to sell. Make it easier for the new batch of suckers to buy, or at least those who qualify. Allows those who had no business buying in the first place to get out and those who can afford it to take over.

It would seem that this will delay the crash.

The bench on this train station is hard and it’s getting cold.

Service section is contracting, 41.9. That’s bad. That’s all there really was left.

[HereWeGo]

The only sticking point is the 41% DTI limit. That’s tough for California.

Otherwise, it certainly seems as if the government is attempting to take over the business that has pulled MBIA and Ambac to the edge of bankruptcy.

[HereWeGo]

The only sticking point is the 41% DTI limit. That’s tough for California.

Otherwise, it certainly seems as if the government is attempting to take over the business that has pulled MBIA and Ambac to the edge of bankruptcy.

[HereWeGo]

The only sticking point is the 41% DTI limit. That’s tough for California.

Otherwise, it certainly seems as if the government is attempting to take over the business that has pulled MBIA and Ambac to the edge of bankruptcy.

[HereWeGo]

The only sticking point is the 41% DTI limit. That’s tough for California.

Otherwise, it certainly seems as if the government is attempting to take over the business that has pulled MBIA and Ambac to the edge of bankruptcy.

[HereWeGo]

The only sticking point is the 41% DTI limit. That’s tough for California.

Otherwise, it certainly seems as if the government is attempting to take over the business that has pulled MBIA and Ambac to the edge of bankruptcy.

[NotCranky]

“Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.”

The Housing and Urban Development department repossesses homes, mainly through its FHA program. The FHA insures lenders who make loans(see my Post above for how this is supposed to work). When a borrower defaults, the FHA makes good the loan to the lender, and takes the property back.

Watch out for a new plan for HUD to put the homes in an subsidized affordable rental housing scheme. (crackpot conspiracy theory but don’t let Washington catch wind of the idea)

I haven’t seen anyone post it but I think they might be in part targeting houses with 90 days or longer delinquencies, at least the gse’s anyway. I tried to find the reference to this topic but couldn’t right away so I quit.

[Aecetia]

The government bailed out Chrysler.

[Aecetia]

The government bailed out Chrysler.

[Aecetia]

The government bailed out Chrysler.

[Aecetia]

The government bailed out Chrysler.

[Aecetia]

The government bailed out Chrysler.

[Aecetia]

*

[AK]

Chrysler paid the government a loan guarantee fee, and repaid the guaranteed loans early. In the end there was no direct cost to taxpayers.

IIRC the government also made hundreds of millions by exercising stock warrants given as part of the bailout package. The cost was passed on to Chrysler stockholders in the form of dilution.

Chrysler had to renegotiate its existing debt. Creditors wrote off substantial sums in order to avoid even greater losses in bankruptcy.

Sure, Chrysler screwed up, and by the cold logic of capitalism shareholders and management deserved to feel some pain. They did. But the bailout kept thousands of workers and dozens of plants in productive use.

A house produces nothing. It is valuable for its use as shelter, but a 3000sf house serves the same purpose whether it costs $1 million or $400,000.

[jpinpb]

AK says: “A house produces nothing. It is valuable for its use as shelter, but a 3000sf house serves the same purpose whether it costs $1 million or $400,000”

I disagree. This housing market, whether artificially or not, produced good paying jobs overnight and – artificially, albeit, created equity which people took out of their homes and put back into the economy.

[unbiasedobserver]

Every since the subject of these increased limits came up, I’ve been trying to figure out what the DTI limits are. Evidently that is not a clear cut answer. If you go to Fannie’s site and use their calculator “what can I afford”, it spits back a DTI of 45%!! That’s friggin’ nuts, works out to about 75% of take home pay. These govt loans are not nearly as conservative as some think they are. The 45% used to be 32% last time I bought a house.

[JWM in SD]

JWM in SD

Here is my opinion on the conforming loan limits. I would actually support it IF THE FOLLOWING WERE TRUE:
-The lenders / investors were forced to eat the difference from the workout (Loan value versus new appraisal value) and take the “CramDown” as Tanta likes to call it.

-The new Gov backed principal balance would need to be less than the Upper Conforming Limit.

Yes, a lot of FBs would get to stay in their stucco box if that is truly what they want to do (otherwise, just walk away right?). However, this would cause a very fast decline in home prices to a market value while keeping FBs happy.

Thoughts?

[Mayer]

http://blownmortgage.com/wp-content/uploads/2008/02/newconforminglimits.pdf

[Mayer]

http://blownmortgage.com/wp-content/uploads/2008/02/newconforminglimits.pdf

[Mayer]

http://blownmortgage.com/wp-content/uploads/2008/02/newconforminglimits.pdf

[Mayer]

http://blownmortgage.com/wp-content/uploads/2008/02/newconforminglimits.pdf

[Mayer]

http://blownmortgage.com/wp-content/uploads/2008/02/newconforminglimits.pdf

[JWM in SD]

JWM in SD

Here is my opinion on the conforming loan limits. I would actually support it IF THE FOLLOWING WERE TRUE:
-The lenders / investors were forced to eat the difference from the workout (Loan value versus new appraisal value) and take the “CramDown” as Tanta likes to call it.

-The new Gov backed principal balance would need to be less than the Upper Conforming Limit.

Yes, a lot of FBs would get to stay in their stucco box if that is truly what they want to do (otherwise, just walk away right?). However, this would cause a very fast decline in home prices to a market value while keeping FBs happy.

Thoughts?

[JWM in SD]

JWM in SD

Here is my opinion on the conforming loan limits. I would actually support it IF THE FOLLOWING WERE TRUE:
-The lenders / investors were forced to eat the difference from the workout (Loan value versus new appraisal value) and take the “CramDown” as Tanta likes to call it.

-The new Gov backed principal balance would need to be less than the Upper Conforming Limit.

Yes, a lot of FBs would get to stay in their stucco box if that is truly what they want to do (otherwise, just walk away right?). However, this would cause a very fast decline in home prices to a market value while keeping FBs happy.

Thoughts?

[JWM in SD]

JWM in SD

Here is my opinion on the conforming loan limits. I would actually support it IF THE FOLLOWING WERE TRUE:
-The lenders / investors were forced to eat the difference from the workout (Loan value versus new appraisal value) and take the “CramDown” as Tanta likes to call it.

-The new Gov backed principal balance would need to be less than the Upper Conforming Limit.

Yes, a lot of FBs would get to stay in their stucco box if that is truly what they want to do (otherwise, just walk away right?). However, this would cause a very fast decline in home prices to a market value while keeping FBs happy.

Thoughts?

[JWM in SD]

JWM in SD

Here is my opinion on the conforming loan limits. I would actually support it IF THE FOLLOWING WERE TRUE:
-The lenders / investors were forced to eat the difference from the workout (Loan value versus new appraisal value) and take the “CramDown” as Tanta likes to call it.

-The new Gov backed principal balance would need to be less than the Upper Conforming Limit.

Yes, a lot of FBs would get to stay in their stucco box if that is truly what they want to do (otherwise, just walk away right?). However, this would cause a very fast decline in home prices to a market value while keeping FBs happy.

Thoughts?

[unbiasedobserver]

Every since the subject of these increased limits came up, I’ve been trying to figure out what the DTI limits are. Evidently that is not a clear cut answer. If you go to Fannie’s site and use their calculator “what can I afford”, it spits back a DTI of 45%!! That’s friggin’ nuts, works out to about 75% of take home pay. These govt loans are not nearly as conservative as some think they are. The 45% used to be 32% last time I bought a house.

[unbiasedobserver]

Every since the subject of these increased limits came up, I’ve been trying to figure out what the DTI limits are. Evidently that is not a clear cut answer. If you go to Fannie’s site and use their calculator “what can I afford”, it spits back a DTI of 45%!! That’s friggin’ nuts, works out to about 75% of take home pay. These govt loans are not nearly as conservative as some think they are. The 45% used to be 32% last time I bought a house.

[unbiasedobserver]

Every since the subject of these increased limits came up, I’ve been trying to figure out what the DTI limits are. Evidently that is not a clear cut answer. If you go to Fannie’s site and use their calculator “what can I afford”, it spits back a DTI of 45%!! That’s friggin’ nuts, works out to about 75% of take home pay. These govt loans are not nearly as conservative as some think they are. The 45% used to be 32% last time I bought a house.

[unbiasedobserver]

Every since the subject of these increased limits came up, I’ve been trying to figure out what the DTI limits are. Evidently that is not a clear cut answer. If you go to Fannie’s site and use their calculator “what can I afford”, it spits back a DTI of 45%!! That’s friggin’ nuts, works out to about 75% of take home pay. These govt loans are not nearly as conservative as some think they are. The 45% used to be 32% last time I bought a house.

[jpinpb]

AK says: “A house produces nothing. It is valuable for its use as shelter, but a 3000sf house serves the same purpose whether it costs $1 million or $400,000”

I disagree. This housing market, whether artificially or not, produced good paying jobs overnight and – artificially, albeit, created equity which people took out of their homes and put back into the economy.

[jpinpb]

AK says: “A house produces nothing. It is valuable for its use as shelter, but a 3000sf house serves the same purpose whether it costs $1 million or $400,000”

I disagree. This housing market, whether artificially or not, produced good paying jobs overnight and – artificially, albeit, created equity which people took out of their homes and put back into the economy.

[jpinpb]

AK says: “A house produces nothing. It is valuable for its use as shelter, but a 3000sf house serves the same purpose whether it costs $1 million or $400,000”

I disagree. This housing market, whether artificially or not, produced good paying jobs overnight and – artificially, albeit, created equity which people took out of their homes and put back into the economy.

[jpinpb]

AK says: “A house produces nothing. It is valuable for its use as shelter, but a 3000sf house serves the same purpose whether it costs $1 million or $400,000”

I disagree. This housing market, whether artificially or not, produced good paying jobs overnight and – artificially, albeit, created equity which people took out of their homes and put back into the economy.

[AK]

Chrysler paid the government a loan guarantee fee, and repaid the guaranteed loans early. In the end there was no direct cost to taxpayers.

IIRC the government also made hundreds of millions by exercising stock warrants given as part of the bailout package. The cost was passed on to Chrysler stockholders in the form of dilution.

Chrysler had to renegotiate its existing debt. Creditors wrote off substantial sums in order to avoid even greater losses in bankruptcy.

Sure, Chrysler screwed up, and by the cold logic of capitalism shareholders and management deserved to feel some pain. They did. But the bailout kept thousands of workers and dozens of plants in productive use.

A house produces nothing. It is valuable for its use as shelter, but a 3000sf house serves the same purpose whether it costs $1 million or $400,000.

[AK]

Chrysler paid the government a loan guarantee fee, and repaid the guaranteed loans early. In the end there was no direct cost to taxpayers.

IIRC the government also made hundreds of millions by exercising stock warrants given as part of the bailout package. The cost was passed on to Chrysler stockholders in the form of dilution.

Chrysler had to renegotiate its existing debt. Creditors wrote off substantial sums in order to avoid even greater losses in bankruptcy.

Sure, Chrysler screwed up, and by the cold logic of capitalism shareholders and management deserved to feel some pain. They did. But the bailout kept thousands of workers and dozens of plants in productive use.

A house produces nothing. It is valuable for its use as shelter, but a 3000sf house serves the same purpose whether it costs $1 million or $400,000.

[AK]

Chrysler paid the government a loan guarantee fee, and repaid the guaranteed loans early. In the end there was no direct cost to taxpayers.

IIRC the government also made hundreds of millions by exercising stock warrants given as part of the bailout package. The cost was passed on to Chrysler stockholders in the form of dilution.

Chrysler had to renegotiate its existing debt. Creditors wrote off substantial sums in order to avoid even greater losses in bankruptcy.

Sure, Chrysler screwed up, and by the cold logic of capitalism shareholders and management deserved to feel some pain. They did. But the bailout kept thousands of workers and dozens of plants in productive use.

A house produces nothing. It is valuable for its use as shelter, but a 3000sf house serves the same purpose whether it costs $1 million or $400,000.

[AK]

Chrysler paid the government a loan guarantee fee, and repaid the guaranteed loans early. In the end there was no direct cost to taxpayers.

IIRC the government also made hundreds of millions by exercising stock warrants given as part of the bailout package. The cost was passed on to Chrysler stockholders in the form of dilution.

Chrysler had to renegotiate its existing debt. Creditors wrote off substantial sums in order to avoid even greater losses in bankruptcy.

Sure, Chrysler screwed up, and by the cold logic of capitalism shareholders and management deserved to feel some pain. They did. But the bailout kept thousands of workers and dozens of plants in productive use.

A house produces nothing. It is valuable for its use as shelter, but a 3000sf house serves the same purpose whether it costs $1 million or $400,000.

[Aecetia]

*

[Aecetia]

*

[Aecetia]

*

[Aecetia]

*

[NotCranky]

“Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.”

The Housing and Urban Development department repossesses homes, mainly through its FHA program. The FHA insures lenders who make loans(see my Post above for how this is supposed to work). When a borrower defaults, the FHA makes good the loan to the lender, and takes the property back.

Watch out for a new plan for HUD to put the homes in an subsidized affordable rental housing scheme. (crackpot conspiracy theory but don’t let Washington catch wind of the idea)

I haven’t seen anyone post it but I think they might be in part targeting houses with 90 days or longer delinquencies, at least the gse’s anyway. I tried to find the reference to this topic but couldn’t right away so I quit.

[NotCranky]

“Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.”

The Housing and Urban Development department repossesses homes, mainly through its FHA program. The FHA insures lenders who make loans(see my Post above for how this is supposed to work). When a borrower defaults, the FHA makes good the loan to the lender, and takes the property back.

Watch out for a new plan for HUD to put the homes in an subsidized affordable rental housing scheme. (crackpot conspiracy theory but don’t let Washington catch wind of the idea)

I haven’t seen anyone post it but I think they might be in part targeting houses with 90 days or longer delinquencies, at least the gse’s anyway. I tried to find the reference to this topic but couldn’t right away so I quit.

[NotCranky]

“Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.”

The Housing and Urban Development department repossesses homes, mainly through its FHA program. The FHA insures lenders who make loans(see my Post above for how this is supposed to work). When a borrower defaults, the FHA makes good the loan to the lender, and takes the property back.

Watch out for a new plan for HUD to put the homes in an subsidized affordable rental housing scheme. (crackpot conspiracy theory but don’t let Washington catch wind of the idea)

I haven’t seen anyone post it but I think they might be in part targeting houses with 90 days or longer delinquencies, at least the gse’s anyway. I tried to find the reference to this topic but couldn’t right away so I quit.

[NotCranky]

“Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.”

The Housing and Urban Development department repossesses homes, mainly through its FHA program. The FHA insures lenders who make loans(see my Post above for how this is supposed to work). When a borrower defaults, the FHA makes good the loan to the lender, and takes the property back.

Watch out for a new plan for HUD to put the homes in an subsidized affordable rental housing scheme. (crackpot conspiracy theory but don’t let Washington catch wind of the idea)

I haven’t seen anyone post it but I think they might be in part targeting houses with 90 days or longer delinquencies, at least the gse’s anyway. I tried to find the reference to this topic but couldn’t right away so I quit.

[jpinpb]

Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.

Will it work? If they have to PROVE they can make the payments to qualify for the loan, then it’s a joke. These people can barely make payments now w/the lying loan.

Is there going to be help w/those who have a 10% decrease in property values. That seems to be a fair average of decrease right now. Or will they have to come up w/the difference. (good luck)

If the jumbo loan limits are increased, why is just for homeowners and not everyone. Indirectly, it will help those w/homes who are trying to sell. Make it easier for the new batch of suckers to buy, or at least those who qualify. Allows those who had no business buying in the first place to get out and those who can afford it to take over.

It would seem that this will delay the crash.

The bench on this train station is hard and it’s getting cold.

Service section is contracting, 41.9. That’s bad. That’s all there really was left.

[jpinpb]

Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.

Will it work? If they have to PROVE they can make the payments to qualify for the loan, then it’s a joke. These people can barely make payments now w/the lying loan.

Is there going to be help w/those who have a 10% decrease in property values. That seems to be a fair average of decrease right now. Or will they have to come up w/the difference. (good luck)

If the jumbo loan limits are increased, why is just for homeowners and not everyone. Indirectly, it will help those w/homes who are trying to sell. Make it easier for the new batch of suckers to buy, or at least those who qualify. Allows those who had no business buying in the first place to get out and those who can afford it to take over.

It would seem that this will delay the crash.

The bench on this train station is hard and it’s getting cold.

Service section is contracting, 41.9. That’s bad. That’s all there really was left.

[jpinpb]

Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.

Will it work? If they have to PROVE they can make the payments to qualify for the loan, then it’s a joke. These people can barely make payments now w/the lying loan.

Is there going to be help w/those who have a 10% decrease in property values. That seems to be a fair average of decrease right now. Or will they have to come up w/the difference. (good luck)

If the jumbo loan limits are increased, why is just for homeowners and not everyone. Indirectly, it will help those w/homes who are trying to sell. Make it easier for the new batch of suckers to buy, or at least those who qualify. Allows those who had no business buying in the first place to get out and those who can afford it to take over.

It would seem that this will delay the crash.

The bench on this train station is hard and it’s getting cold.

Service section is contracting, 41.9. That’s bad. That’s all there really was left.

[jpinpb]

Please forgive the stupid question. Help me understand. Isn’t FHA going to be Federally insured? I.e., government insured, i.e. if someone defaults/forecloses on loan, the government bails them out, i.e. the taxpayers? Or as mentioned, will it be a HUD home. Cool. HUD homes in 4S Ranch. I like that.

Will it work? If they have to PROVE they can make the payments to qualify for the loan, then it’s a joke. These people can barely make payments now w/the lying loan.

Is there going to be help w/those who have a 10% decrease in property values. That seems to be a fair average of decrease right now. Or will they have to come up w/the difference. (good luck)

If the jumbo loan limits are increased, why is just for homeowners and not everyone. Indirectly, it will help those w/homes who are trying to sell. Make it easier for the new batch of suckers to buy, or at least those who qualify. Allows those who had no business buying in the first place to get out and those who can afford it to take over.

It would seem that this will delay the crash.

The bench on this train station is hard and it’s getting cold.

Service section is contracting, 41.9. That’s bad. That’s all there really was left.

[dontfollowtheherd]

So we’re supposed to rush out and by a house because the gub’mint says everything is great? lol.

I don’t think there’s a huge feeling of trust engendered by the current administration marion. It’s not split on party lines either because of a large number of republicans disagreeing with him on many of his policies.

After all, this is the guy who is responsible for his part in:

1.trading away Sammy Sosa to the Cubs and as the joke in Texas goes – bought into the wrong team
2.lost money in practically everything he was involved in (oh wait there was that oil stock which he was accused of insider selling ahead of bad news – he was eventually cleared on that one I believe.
3. WMD
4. you’re doing a heck of a job Brownie
5. proposed the wrong Harriet – he needed Ozzie’s wife
6. Alberto the AG
7. Scooter
8. WMD – oops – mentioned that already
9. taking one of the largest surpluses and turning it into record deficits with his “team” through a “war” and a false economy in real estate only to delay and increase the severity potential of the recession we’re experiencing now
10. reassures the public everything is great and the markets keep tanking within days.
11. failed to “restore” integrity to the White House as he made this a cornerstone of his election strategy (Ted Stevens, Abramoff, Duke Cunningham – we could be here all night)
12. gitmo – waterboarding etc.
13. screwed things up so badly that the Dems got a majority in congress and his own party members were trying to ditch him faster than an ugly blind date
14. created a public “terror” paranoia to get people to support the majority of his initiatives

Yeah, I’m feeling really good about the leadership of my country. lol. Time to get off the soap box.

Let’s face it. As an independent I miss Ronald Reagan in times like these!

[The OC Scam]

Watch the movie (Director’s Cut) Brazil!

[kev374]

Government is able to do this BECAUSE the government is nothing but a front for all the corporations. The idiotic American population keep spending and enslaving themselves to corporate America.

[kev374]

Government is able to do this BECAUSE the government is nothing but a front for all the corporations. The idiotic American population keep spending and enslaving themselves to corporate America.

[kev374]

Government is able to do this BECAUSE the government is nothing but a front for all the corporations. The idiotic American population keep spending and enslaving themselves to corporate America.

[kev374]

Government is able to do this BECAUSE the government is nothing but a front for all the corporations. The idiotic American population keep spending and enslaving themselves to corporate America.

[kev374]

Government is able to do this BECAUSE the government is nothing but a front for all the corporations. The idiotic American population keep spending and enslaving themselves to corporate America.

[The OC Scam]

Watch the movie (Director’s Cut) Brazil!

[The OC Scam]

Watch the movie (Director’s Cut) Brazil!

[The OC Scam]

Watch the movie (Director’s Cut) Brazil!

[The OC Scam]

Watch the movie (Director’s Cut) Brazil!

[dontfollowtheherd]

So we’re supposed to rush out and by a house because the gub’mint says everything is great? lol.

I don’t think there’s a huge feeling of trust engendered by the current administration marion. It’s not split on party lines either because of a large number of republicans disagreeing with him on many of his policies.

After all, this is the guy who is responsible for his part in:

1.trading away Sammy Sosa to the Cubs and as the joke in Texas goes – bought into the wrong team
2.lost money in practically everything he was involved in (oh wait there was that oil stock which he was accused of insider selling ahead of bad news – he was eventually cleared on that one I believe.
3. WMD
4. you’re doing a heck of a job Brownie
5. proposed the wrong Harriet – he needed Ozzie’s wife
6. Alberto the AG
7. Scooter
8. WMD – oops – mentioned that already
9. taking one of the largest surpluses and turning it into record deficits with his “team” through a “war” and a false economy in real estate only to delay and increase the severity potential of the recession we’re experiencing now
10. reassures the public everything is great and the markets keep tanking within days.
11. failed to “restore” integrity to the White House as he made this a cornerstone of his election strategy (Ted Stevens, Abramoff, Duke Cunningham – we could be here all night)
12. gitmo – waterboarding etc.
13. screwed things up so badly that the Dems got a majority in congress and his own party members were trying to ditch him faster than an ugly blind date
14. created a public “terror” paranoia to get people to support the majority of his initiatives

Yeah, I’m feeling really good about the leadership of my country. lol. Time to get off the soap box.

Let’s face it. As an independent I miss Ronald Reagan in times like these!

[dontfollowtheherd]

So we’re supposed to rush out and by a house because the gub’mint says everything is great? lol.

I don’t think there’s a huge feeling of trust engendered by the current administration marion. It’s not split on party lines either because of a large number of republicans disagreeing with him on many of his policies.

After all, this is the guy who is responsible for his part in:

1.trading away Sammy Sosa to the Cubs and as the joke in Texas goes – bought into the wrong team
2.lost money in practically everything he was involved in (oh wait there was that oil stock which he was accused of insider selling ahead of bad news – he was eventually cleared on that one I believe.
3. WMD
4. you’re doing a heck of a job Brownie
5. proposed the wrong Harriet – he needed Ozzie’s wife
6. Alberto the AG
7. Scooter
8. WMD – oops – mentioned that already
9. taking one of the largest surpluses and turning it into record deficits with his “team” through a “war” and a false economy in real estate only to delay and increase the severity potential of the recession we’re experiencing now
10. reassures the public everything is great and the markets keep tanking within days.
11. failed to “restore” integrity to the White House as he made this a cornerstone of his election strategy (Ted Stevens, Abramoff, Duke Cunningham – we could be here all night)
12. gitmo – waterboarding etc.
13. screwed things up so badly that the Dems got a majority in congress and his own party members were trying to ditch him faster than an ugly blind date
14. created a public “terror” paranoia to get people to support the majority of his initiatives

Yeah, I’m feeling really good about the leadership of my country. lol. Time to get off the soap box.

Let’s face it. As an independent I miss Ronald Reagan in times like these!

[dontfollowtheherd]

So we’re supposed to rush out and by a house because the gub’mint says everything is great? lol.

I don’t think there’s a huge feeling of trust engendered by the current administration marion. It’s not split on party lines either because of a large number of republicans disagreeing with him on many of his policies.

After all, this is the guy who is responsible for his part in:

1.trading away Sammy Sosa to the Cubs and as the joke in Texas goes – bought into the wrong team
2.lost money in practically everything he was involved in (oh wait there was that oil stock which he was accused of insider selling ahead of bad news – he was eventually cleared on that one I believe.
3. WMD
4. you’re doing a heck of a job Brownie
5. proposed the wrong Harriet – he needed Ozzie’s wife
6. Alberto the AG
7. Scooter
8. WMD – oops – mentioned that already
9. taking one of the largest surpluses and turning it into record deficits with his “team” through a “war” and a false economy in real estate only to delay and increase the severity potential of the recession we’re experiencing now
10. reassures the public everything is great and the markets keep tanking within days.
11. failed to “restore” integrity to the White House as he made this a cornerstone of his election strategy (Ted Stevens, Abramoff, Duke Cunningham – we could be here all night)
12. gitmo – waterboarding etc.
13. screwed things up so badly that the Dems got a majority in congress and his own party members were trying to ditch him faster than an ugly blind date
14. created a public “terror” paranoia to get people to support the majority of his initiatives

Yeah, I’m feeling really good about the leadership of my country. lol. Time to get off the soap box.

Let’s face it. As an independent I miss Ronald Reagan in times like these!

[dontfollowtheherd]

So we’re supposed to rush out and by a house because the gub’mint says everything is great? lol.

I don’t think there’s a huge feeling of trust engendered by the current administration marion. It’s not split on party lines either because of a large number of republicans disagreeing with him on many of his policies.

After all, this is the guy who is responsible for his part in:

1.trading away Sammy Sosa to the Cubs and as the joke in Texas goes – bought into the wrong team
2.lost money in practically everything he was involved in (oh wait there was that oil stock which he was accused of insider selling ahead of bad news – he was eventually cleared on that one I believe.
3. WMD
4. you’re doing a heck of a job Brownie
5. proposed the wrong Harriet – he needed Ozzie’s wife
6. Alberto the AG
7. Scooter
8. WMD – oops – mentioned that already
9. taking one of the largest surpluses and turning it into record deficits with his “team” through a “war” and a false economy in real estate only to delay and increase the severity potential of the recession we’re experiencing now
10. reassures the public everything is great and the markets keep tanking within days.
11. failed to “restore” integrity to the White House as he made this a cornerstone of his election strategy (Ted Stevens, Abramoff, Duke Cunningham – we could be here all night)
12. gitmo – waterboarding etc.
13. screwed things up so badly that the Dems got a majority in congress and his own party members were trying to ditch him faster than an ugly blind date
14. created a public “terror” paranoia to get people to support the majority of his initiatives

Yeah, I’m feeling really good about the leadership of my country. lol. Time to get off the soap box.

Let’s face it. As an independent I miss Ronald Reagan in times like these!

[Anonymous]

Ok, is this going to work, guys? Is this latest scheme going to delay the crash?

[Anonymous]

Ok, is this going to work, guys? Is this latest scheme going to delay the crash?

[Anonymous]

Ok, is this going to work, guys? Is this latest scheme going to delay the crash?

[Anonymous]

Ok, is this going to work, guys? Is this latest scheme going to delay the crash?

[Pasadena Broker]

“It just sounds like free money to everyone again. It doesn’t say they’re raising the Jumbo limit strictly for those already in homes, excluding new buyers. That would be beyond stupid. They want more people on the hook.”

It’s is beyond stupid but haven’t you seen the pattern yet with our gubermint? They’re not doing this for the new homebuyers but to save all the bad decision making done by people that will be foreclosed, it’ll benefit them the most since no lender will touch these people with a 30 ft pole.

This is bad news, the liars, hucksters, and thieves were being weeded out from April 07 til now, but this might have them stampede right back into this business,heh, lucky me.

[Pasadena Broker]

“It just sounds like free money to everyone again. It doesn’t say they’re raising the Jumbo limit strictly for those already in homes, excluding new buyers. That would be beyond stupid. They want more people on the hook.”

It’s is beyond stupid but haven’t you seen the pattern yet with our gubermint? They’re not doing this for the new homebuyers but to save all the bad decision making done by people that will be foreclosed, it’ll benefit them the most since no lender will touch these people with a 30 ft pole.

This is bad news, the liars, hucksters, and thieves were being weeded out from April 07 til now, but this might have them stampede right back into this business,heh, lucky me.

[Pasadena Broker]

“It just sounds like free money to everyone again. It doesn’t say they’re raising the Jumbo limit strictly for those already in homes, excluding new buyers. That would be beyond stupid. They want more people on the hook.”

It’s is beyond stupid but haven’t you seen the pattern yet with our gubermint? They’re not doing this for the new homebuyers but to save all the bad decision making done by people that will be foreclosed, it’ll benefit them the most since no lender will touch these people with a 30 ft pole.

This is bad news, the liars, hucksters, and thieves were being weeded out from April 07 til now, but this might have them stampede right back into this business,heh, lucky me.

[Pasadena Broker]

“It just sounds like free money to everyone again. It doesn’t say they’re raising the Jumbo limit strictly for those already in homes, excluding new buyers. That would be beyond stupid. They want more people on the hook.”

It’s is beyond stupid but haven’t you seen the pattern yet with our gubermint? They’re not doing this for the new homebuyers but to save all the bad decision making done by people that will be foreclosed, it’ll benefit them the most since no lender will touch these people with a 30 ft pole.

This is bad news, the liars, hucksters, and thieves were being weeded out from April 07 til now, but this might have them stampede right back into this business,heh, lucky me.

[qcomer]

This was expected following the trails of so called stimulus package and the mortgage help programs. This country is on its way to bankruptcy and much lower standards of living for future generations.

This proposal or some other proposal of this form will ultimately come to bailout/reward fiscal irresponsibility. This will increase deficits, kill dollar and help commodities and hard assets (gold anyone?). When these bad loans will start blowing up on govt on massive levels (trillions of dollars), our foreign borrowers will disappear and stop financing us. Then we will see double digit interest rates and much higher taxes for ALL. Unfortunately, we all will have to pay for the excesses of the few.

[qcomer]

This was expected following the trails of so called stimulus package and the mortgage help programs. This country is on its way to bankruptcy and much lower standards of living for future generations.

This proposal or some other proposal of this form will ultimately come to bailout/reward fiscal irresponsibility. This will increase deficits, kill dollar and help commodities and hard assets (gold anyone?). When these bad loans will start blowing up on govt on massive levels (trillions of dollars), our foreign borrowers will disappear and stop financing us. Then we will see double digit interest rates and much higher taxes for ALL. Unfortunately, we all will have to pay for the excesses of the few.

[qcomer]

This was expected following the trails of so called stimulus package and the mortgage help programs. This country is on its way to bankruptcy and much lower standards of living for future generations.

This proposal or some other proposal of this form will ultimately come to bailout/reward fiscal irresponsibility. This will increase deficits, kill dollar and help commodities and hard assets (gold anyone?). When these bad loans will start blowing up on govt on massive levels (trillions of dollars), our foreign borrowers will disappear and stop financing us. Then we will see double digit interest rates and much higher taxes for ALL. Unfortunately, we all will have to pay for the excesses of the few.

[qcomer]

This was expected following the trails of so called stimulus package and the mortgage help programs. This country is on its way to bankruptcy and much lower standards of living for future generations.

This proposal or some other proposal of this form will ultimately come to bailout/reward fiscal irresponsibility. This will increase deficits, kill dollar and help commodities and hard assets (gold anyone?). When these bad loans will start blowing up on govt on massive levels (trillions of dollars), our foreign borrowers will disappear and stop financing us. Then we will see double digit interest rates and much higher taxes for ALL. Unfortunately, we all will have to pay for the excesses of the few.

[qcomer]

This was expected following the trails of so called stimulus package and the mortgage help programs. This country is on its way to bankruptcy and much lower standards of living for future generations.

This proposal or some other proposal of this form will ultimately come to bailout/reward fiscal irresponsibility. This will increase deficits, kill dollar and help commodities and hard assets (gold anyone?). When these bad loans will start blowing up on govt on massive levels (trillions of dollars), our foreign borrowers will disappear and stop financing us. Then we will see double digit interest rates and much higher taxes for ALL. Unfortunately, we all will have to pay for the excesses of the few.

[AK]

Doesn’t FHA have a 31% limit for PITI expenses on top of the 43% DTI limit? If so I’d imagine that would be a deal-breaker for most Californians.

Jillayne Schlicke at raincityguide.com makes a few pointed observations about FHA “reform”:

http://www.raincityguide.com/2007/10/02/fha-a-siren-who-just-might-break-your-heart/

http://www.raincityguide.com/2007/08/31/fha-secure-a-political-power-move-disguised-as-a-helping-hand-to-those-in-need/

Among other things, she notes that FHA loan performance is already less than stellar. And I love this rant:

When I pay my federal income tax next spring, perhaps there will be a box I can check to elect whether or not I’d like to give my taxes over to the corporate welfare plan cleverly disguised as more FHA loan programs and subsidizing pre-foreclosure loan modifications. Government was never intended to bail out corporations. Let the invisible hand of the free market take its toll. Let the corporations that screwed up go down, let those employees re-enter the workforce elsewhere, let the homebuyers who fell for pay option, interest only, negative am ARMs re-enter the home market as renters.

Ooooh 🙂

[Eugene]

IIRC it’s 29% not 31%.

[Eugene]

IIRC it’s 29% not 31%.

[Eugene]

IIRC it’s 29% not 31%.

[Eugene]

IIRC it’s 29% not 31%.

[Eugene]

IIRC it’s 29% not 31%.

[AK]

Doesn’t FHA have a 31% limit for PITI expenses on top of the 43% DTI limit? If so I’d imagine that would be a deal-breaker for most Californians.

Jillayne Schlicke at raincityguide.com makes a few pointed observations about FHA “reform”:

http://www.raincityguide.com/2007/10/02/fha-a-siren-who-just-might-break-your-heart/

http://www.raincityguide.com/2007/08/31/fha-secure-a-political-power-move-disguised-as-a-helping-hand-to-those-in-need/

Among other things, she notes that FHA loan performance is already less than stellar. And I love this rant:

When I pay my federal income tax next spring, perhaps there will be a box I can check to elect whether or not I’d like to give my taxes over to the corporate welfare plan cleverly disguised as more FHA loan programs and subsidizing pre-foreclosure loan modifications. Government was never intended to bail out corporations. Let the invisible hand of the free market take its toll. Let the corporations that screwed up go down, let those employees re-enter the workforce elsewhere, let the homebuyers who fell for pay option, interest only, negative am ARMs re-enter the home market as renters.

Ooooh 🙂

[AK]

Doesn’t FHA have a 31% limit for PITI expenses on top of the 43% DTI limit? If so I’d imagine that would be a deal-breaker for most Californians.

Jillayne Schlicke at raincityguide.com makes a few pointed observations about FHA “reform”:

http://www.raincityguide.com/2007/10/02/fha-a-siren-who-just-might-break-your-heart/

http://www.raincityguide.com/2007/08/31/fha-secure-a-political-power-move-disguised-as-a-helping-hand-to-those-in-need/

Among other things, she notes that FHA loan performance is already less than stellar. And I love this rant:

When I pay my federal income tax next spring, perhaps there will be a box I can check to elect whether or not I’d like to give my taxes over to the corporate welfare plan cleverly disguised as more FHA loan programs and subsidizing pre-foreclosure loan modifications. Government was never intended to bail out corporations. Let the invisible hand of the free market take its toll. Let the corporations that screwed up go down, let those employees re-enter the workforce elsewhere, let the homebuyers who fell for pay option, interest only, negative am ARMs re-enter the home market as renters.

Ooooh 🙂

[AK]

Doesn’t FHA have a 31% limit for PITI expenses on top of the 43% DTI limit? If so I’d imagine that would be a deal-breaker for most Californians.

Jillayne Schlicke at raincityguide.com makes a few pointed observations about FHA “reform”:

http://www.raincityguide.com/2007/10/02/fha-a-siren-who-just-might-break-your-heart/

http://www.raincityguide.com/2007/08/31/fha-secure-a-political-power-move-disguised-as-a-helping-hand-to-those-in-need/

Among other things, she notes that FHA loan performance is already less than stellar. And I love this rant:

When I pay my federal income tax next spring, perhaps there will be a box I can check to elect whether or not I’d like to give my taxes over to the corporate welfare plan cleverly disguised as more FHA loan programs and subsidizing pre-foreclosure loan modifications. Government was never intended to bail out corporations. Let the invisible hand of the free market take its toll. Let the corporations that screwed up go down, let those employees re-enter the workforce elsewhere, let the homebuyers who fell for pay option, interest only, negative am ARMs re-enter the home market as renters.

Ooooh 🙂

[AK]

Doesn’t FHA have a 31% limit for PITI expenses on top of the 43% DTI limit? If so I’d imagine that would be a deal-breaker for most Californians.

Jillayne Schlicke at raincityguide.com makes a few pointed observations about FHA “reform”:

http://www.raincityguide.com/2007/10/02/fha-a-siren-who-just-might-break-your-heart/

http://www.raincityguide.com/2007/08/31/fha-secure-a-political-power-move-disguised-as-a-helping-hand-to-those-in-need/

Among other things, she notes that FHA loan performance is already less than stellar. And I love this rant:

When I pay my federal income tax next spring, perhaps there will be a box I can check to elect whether or not I’d like to give my taxes over to the corporate welfare plan cleverly disguised as more FHA loan programs and subsidizing pre-foreclosure loan modifications. Government was never intended to bail out corporations. Let the invisible hand of the free market take its toll. Let the corporations that screwed up go down, let those employees re-enter the workforce elsewhere, let the homebuyers who fell for pay option, interest only, negative am ARMs re-enter the home market as renters.

Ooooh 🙂

[Author]

Posts