Wells Fargo has reduced mortgage balances on 43,500 option ARM’s and counting

[analyst]

[quote=bayparkgal]Why would anyone want a 40-year interest only loan? What exactly do you own? I believe that is called renting. That has got to be the dumbest plan ever![/quote]

You would own the right to collect the amount of future price increases.

You would want a fixed-rate interest-only loan (of any number of years) if the loan amount/payment was tolerable, and you were confident that the property value would increase to your liking within that number of years. You get a place to live, and you get the profit with the lowest carrying cost.

The evidence is as yet incomplete. I don’t think Wells Fargo is offering a 40-year fixed-rate interest-only loan at 4.5%. If they are, there would be many takers, including me.

[equalizer]

Diana Olick reports that interest-only product will allow borrowers to defer their balances from 6 to 10 years.

RE is a no lose game. If you overpay, taxpayers got your back. You put no money down, get principal reduction and get 6-10 more years for market to recover to make a profit. Stock market is the real Ponzi scheme.

http://www.cnbc.com/id/33622884

[equalizer]

Diana Olick reports that interest-only product will allow borrowers to defer their balances from 6 to 10 years.

RE is a no lose game. If you overpay, taxpayers got your back. You put no money down, get principal reduction and get 6-10 more years for market to recover to make a profit. Stock market is the real Ponzi scheme.

http://www.cnbc.com/id/33622884

[equalizer]

Diana Olick reports that interest-only product will allow borrowers to defer their balances from 6 to 10 years.

RE is a no lose game. If you overpay, taxpayers got your back. You put no money down, get principal reduction and get 6-10 more years for market to recover to make a profit. Stock market is the real Ponzi scheme.

http://www.cnbc.com/id/33622884

[equalizer]

Diana Olick reports that interest-only product will allow borrowers to defer their balances from 6 to 10 years.

RE is a no lose game. If you overpay, taxpayers got your back. You put no money down, get principal reduction and get 6-10 more years for market to recover to make a profit. Stock market is the real Ponzi scheme.

http://www.cnbc.com/id/33622884

[equalizer]

Diana Olick reports that interest-only product will allow borrowers to defer their balances from 6 to 10 years.

RE is a no lose game. If you overpay, taxpayers got your back. You put no money down, get principal reduction and get 6-10 more years for market to recover to make a profit. Stock market is the real Ponzi scheme.

http://www.cnbc.com/id/33622884

[gandalf]

Exactly correct. It’s not cool. We shouldn’t be rewarding liars, cheats and freeloaders. We should be evicting non-payers and putting property back on the market so the market can reset. And the fraudsters need to go to jail.

[gandalf]

Exactly correct. It’s not cool. We shouldn’t be rewarding liars, cheats and freeloaders. We should be evicting non-payers and putting property back on the market so the market can reset. And the fraudsters need to go to jail.

[gandalf]

Exactly correct. It’s not cool. We shouldn’t be rewarding liars, cheats and freeloaders. We should be evicting non-payers and putting property back on the market so the market can reset. And the fraudsters need to go to jail.

[gandalf]

Exactly correct. It’s not cool. We shouldn’t be rewarding liars, cheats and freeloaders. We should be evicting non-payers and putting property back on the market so the market can reset. And the fraudsters need to go to jail.

[gandalf]

Exactly correct. It’s not cool. We shouldn’t be rewarding liars, cheats and freeloaders. We should be evicting non-payers and putting property back on the market so the market can reset. And the fraudsters need to go to jail.

[ctr70]

I personally know someone who had a World Savings option ARM (now Wells Fargo) and they reduced her loan balance by around $40,000 and converted her a 40 yr fixed a 4.875%. She can now rent her property and cash flow or actually sell and break even! So she got 1% for 6 yrs w/ a World Savings pick-a-pay and then did not have to pay the piper. Got a free lunch.

This blog has some info on what Wells Fargo is doing with option arms:

http://www.thetruthaboutmortgage.com

It just continues to really bother me how stupid people who got themselves into that crap are not having to pay for the consquences. And conservative people who DID NOT overextend themselves get nothing.

And I about barf when I hear so many people talk about how they were duped into these loans. Yes a few were. But the majority knew exactly what they were getting into with option arms. The lady I’m talking about above was actually IN THE LOAN BUSINESS.

What ever happened about *personal responsibility* in this country and actually READING WHAT YOU SIGN and taking responsibility for your own friggen life and finances. It makes me sick to hear all the whiners blamming others for the financial situation they got themselves into.

[ctr70]

I personally know someone who had a World Savings option ARM (now Wells Fargo) and they reduced her loan balance by around $40,000 and converted her a 40 yr fixed a 4.875%. She can now rent her property and cash flow or actually sell and break even! So she got 1% for 6 yrs w/ a World Savings pick-a-pay and then did not have to pay the piper. Got a free lunch.

This blog has some info on what Wells Fargo is doing with option arms:

http://www.thetruthaboutmortgage.com

It just continues to really bother me how stupid people who got themselves into that crap are not having to pay for the consquences. And conservative people who DID NOT overextend themselves get nothing.

And I about barf when I hear so many people talk about how they were duped into these loans. Yes a few were. But the majority knew exactly what they were getting into with option arms. The lady I’m talking about above was actually IN THE LOAN BUSINESS.

What ever happened about *personal responsibility* in this country and actually READING WHAT YOU SIGN and taking responsibility for your own friggen life and finances. It makes me sick to hear all the whiners blamming others for the financial situation they got themselves into.

[ctr70]

I personally know someone who had a World Savings option ARM (now Wells Fargo) and they reduced her loan balance by around $40,000 and converted her a 40 yr fixed a 4.875%. She can now rent her property and cash flow or actually sell and break even! So she got 1% for 6 yrs w/ a World Savings pick-a-pay and then did not have to pay the piper. Got a free lunch.

This blog has some info on what Wells Fargo is doing with option arms:

http://www.thetruthaboutmortgage.com

It just continues to really bother me how stupid people who got themselves into that crap are not having to pay for the consquences. And conservative people who DID NOT overextend themselves get nothing.

And I about barf when I hear so many people talk about how they were duped into these loans. Yes a few were. But the majority knew exactly what they were getting into with option arms. The lady I’m talking about above was actually IN THE LOAN BUSINESS.

What ever happened about *personal responsibility* in this country and actually READING WHAT YOU SIGN and taking responsibility for your own friggen life and finances. It makes me sick to hear all the whiners blamming others for the financial situation they got themselves into.

[ctr70]

I personally know someone who had a World Savings option ARM (now Wells Fargo) and they reduced her loan balance by around $40,000 and converted her a 40 yr fixed a 4.875%. She can now rent her property and cash flow or actually sell and break even! So she got 1% for 6 yrs w/ a World Savings pick-a-pay and then did not have to pay the piper. Got a free lunch.

This blog has some info on what Wells Fargo is doing with option arms:

http://www.thetruthaboutmortgage.com

It just continues to really bother me how stupid people who got themselves into that crap are not having to pay for the consquences. And conservative people who DID NOT overextend themselves get nothing.

And I about barf when I hear so many people talk about how they were duped into these loans. Yes a few were. But the majority knew exactly what they were getting into with option arms. The lady I’m talking about above was actually IN THE LOAN BUSINESS.

What ever happened about *personal responsibility* in this country and actually READING WHAT YOU SIGN and taking responsibility for your own friggen life and finances. It makes me sick to hear all the whiners blamming others for the financial situation they got themselves into.

[Author]

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