Unfortunate Details of the Bailout

[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)

[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)

[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.

[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

[Author]

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