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anxvariety
ParticipantOn conference call CEO just said worst housing market since great depression.
ParticipantOn the conference call, Angelo Mozillo the CEO of Countrywide when asked what is going to need to happen before the market turns around and what are the reasons its so soft – he just said “no one saw this coming”. On the soft real estate market that he predicts will be the case until 2009. Nobody saw it coming?? Talk about hyperbole.
Some of the things Angelo is saying on the call–
“stretch themselves to get into a home, high desire to get a home”“the mortgage product was developed to get the people into the homes, also known as exotic”
“traditional underwriting standards were altered to use more technology and more credit scoring as a judgmental factor in whether a loan could qualify or not as opposed to traditional documentation”
“i say 2009, it takes a long time to turn a battleship around, this is a huge battleship, first it needs to slow down, then stop, then turn, based on what ive seen in the past its going to take to 2008 to slow down 2009 to head in other direction, by that time reduced competition and pent up demand will….”
the call is here and will be archived:
http://biz.yahoo.com/cc/0/82070.htmlParticipantOn the conference call, Angelo Mozillo the CEO of Countrywide when asked what is going to need to happen before the market turns around and what are the reasons its so soft – he just said “no one saw this coming”. On the soft real estate market that he predicts will be the case until 2009. Nobody saw it coming?? Talk about hyperbole.
Some of the things Angelo is saying on the call–
“stretch themselves to get into a home, high desire to get a home”“the mortgage product was developed to get the people into the homes, also known as exotic”
“traditional underwriting standards were altered to use more technology and more credit scoring as a judgmental factor in whether a loan could qualify or not as opposed to traditional documentation”
“i say 2009, it takes a long time to turn a battleship around, this is a huge battleship, first it needs to slow down, then stop, then turn, based on what ive seen in the past its going to take to 2008 to slow down 2009 to head in other direction, by that time reduced competition and pent up demand will….”
the call is here and will be archived:
http://biz.yahoo.com/cc/0/82070.htmlParticipantRustico, good post.
ParticipantRustico, good post.
ParticipantPolitics are a hopeless quagmire.
ParticipantPolitics are a hopeless quagmire.
ParticipantAs a network security engineer, I can comment that in the state of California, unauthorized use of a wireless access point is considered theft of service and is a felony.
LOL typical “network security” person. No, it’s not illegal, and lots of people do it. If you don’t secure it, then it’s open and your computer without modification will connect to it and use it. Nowhere near illegal, tht’s just something that old people and full of themselves say. Why not help people secure their networks if they care instead of making stuff up.
ParticipantAs a network security engineer, I can comment that in the state of California, unauthorized use of a wireless access point is considered theft of service and is a felony.
LOL typical “network security” person. No, it’s not illegal, and lots of people do it. If you don’t secure it, then it’s open and your computer without modification will connect to it and use it. Nowhere near illegal, tht’s just something that old people and full of themselves say. Why not help people secure their networks if they care instead of making stuff up.
June 11, 2007 at 4:52 AM in reply to: Need advice on the pros and cons of interest only loans #58344ParticipantI might get an IO in an appreciating market, but otherwise I don’t see much of a reason. The rich don’t pay interest on something that’s depreciating. I guess if the difference between IO and another mortgage can be used to make more than the IO interest rate then maybe it would make sense? With renting as an option I just don’t see how anyone could make a convincing argument for IO.
June 11, 2007 at 4:52 AM in reply to: Need advice on the pros and cons of interest only loans #58371ParticipantI might get an IO in an appreciating market, but otherwise I don’t see much of a reason. The rich don’t pay interest on something that’s depreciating. I guess if the difference between IO and another mortgage can be used to make more than the IO interest rate then maybe it would make sense? With renting as an option I just don’t see how anyone could make a convincing argument for IO.
ParticipantAmerica is a land of immigrants and opportunity, so how are you any different? If you have to do tricks, or start a company for the sole reason of deceiving the admissions process then I’d guess the program isn’t intended for you. If everyone did it, then the program would be broken. Who do you think would get the blame for that? If you use the program under deception, is that taking the opportunity away from someone who actually needs it?
More people than not have been poor.. more people than not have had struggles, and almost everyone here in America was once an immigrant. So I don’t see how you will be able to excuse yourself on any of those points should you ever feel guilty in the future. That said, I’m not the most virtuous person ever just tossing out a perspective. Not trying to judge you as a person, just challenging some of the reasons you mentioned.
I thought military would pay for school. I guess that’s just active duty? That sucks if not.. I think the military should be on the hook for active or not education valid through lifetime. Especially when considering that we have enough money bleeding to pay social security to illegal immigrants…
Best of luck on your degree!
ParticipantAmerica is a land of immigrants and opportunity, so how are you any different? If you have to do tricks, or start a company for the sole reason of deceiving the admissions process then I’d guess the program isn’t intended for you. If everyone did it, then the program would be broken. Who do you think would get the blame for that? If you use the program under deception, is that taking the opportunity away from someone who actually needs it?
More people than not have been poor.. more people than not have had struggles, and almost everyone here in America was once an immigrant. So I don’t see how you will be able to excuse yourself on any of those points should you ever feel guilty in the future. That said, I’m not the most virtuous person ever just tossing out a perspective. Not trying to judge you as a person, just challenging some of the reasons you mentioned.
I thought military would pay for school. I guess that’s just active duty? That sucks if not.. I think the military should be on the hook for active or not education valid through lifetime. Especially when considering that we have enough money bleeding to pay social security to illegal immigrants…
Best of luck on your degree!
ParticipantI think supporting him will encourage others to be more like him. He probably has quite an uphill battle, but saying the media will pick the president is probably not as dutious as spreading the word.
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