Forum Replies Created
-
AuthorPosts
-
February 6, 2008 at 9:59 PM in reply to: Frontpage of CNN – “CNNMoney: Mortgage too much? Just walk away” #149332February 6, 2008 at 9:59 PM in reply to: Frontpage of CNN – “CNNMoney: Mortgage too much? Just walk away” #149344
Bubblesitter
ParticipantAn interesting quote from the author…..
“So many people are handing their keys back to lenders that a new term has been coined for it: jingle mail.”
Jingle mail is not a new term. For anybody who went thru the downturns in the 80s and 90s, it was commonly used back then.
Walking away from underwater mortgages is becoming socially acceptable.
Bubblesitter
February 6, 2008 at 9:59 PM in reply to: Frontpage of CNN – “CNNMoney: Mortgage too much? Just walk away” #149361ParticipantAn interesting quote from the author…..
“So many people are handing their keys back to lenders that a new term has been coined for it: jingle mail.”
Jingle mail is not a new term. For anybody who went thru the downturns in the 80s and 90s, it was commonly used back then.
Walking away from underwater mortgages is becoming socially acceptable.
Bubblesitter
February 6, 2008 at 9:59 PM in reply to: Frontpage of CNN – “CNNMoney: Mortgage too much? Just walk away” #149433ParticipantAn interesting quote from the author…..
“So many people are handing their keys back to lenders that a new term has been coined for it: jingle mail.”
Jingle mail is not a new term. For anybody who went thru the downturns in the 80s and 90s, it was commonly used back then.
Walking away from underwater mortgages is becoming socially acceptable.
Bubblesitter
ParticipantWell, so much for the decoupling theory. The world seems to believe that they follow the US into recession.
Global markets are getting routed tonight again in Asia. EU and Asia markets took a beating on Monday.
Dow futures as of few minutes ago are pointing to a big drop tommorrow.
Dow is off by approx 16% since Oct.
I believe that the problems with bond insurers are driving a good part of the sentiment overseas that credit crunch will intensify.
Should be an interesting week ahead.
Bubblesitter
ParticipantWell, so much for the decoupling theory. The world seems to believe that they follow the US into recession.
Global markets are getting routed tonight again in Asia. EU and Asia markets took a beating on Monday.
Dow futures as of few minutes ago are pointing to a big drop tommorrow.
Dow is off by approx 16% since Oct.
I believe that the problems with bond insurers are driving a good part of the sentiment overseas that credit crunch will intensify.
Should be an interesting week ahead.
Bubblesitter
ParticipantWell, so much for the decoupling theory. The world seems to believe that they follow the US into recession.
Global markets are getting routed tonight again in Asia. EU and Asia markets took a beating on Monday.
Dow futures as of few minutes ago are pointing to a big drop tommorrow.
Dow is off by approx 16% since Oct.
I believe that the problems with bond insurers are driving a good part of the sentiment overseas that credit crunch will intensify.
Should be an interesting week ahead.
Bubblesitter
ParticipantWell, so much for the decoupling theory. The world seems to believe that they follow the US into recession.
Global markets are getting routed tonight again in Asia. EU and Asia markets took a beating on Monday.
Dow futures as of few minutes ago are pointing to a big drop tommorrow.
Dow is off by approx 16% since Oct.
I believe that the problems with bond insurers are driving a good part of the sentiment overseas that credit crunch will intensify.
Should be an interesting week ahead.
Bubblesitter
ParticipantWell, so much for the decoupling theory. The world seems to believe that they follow the US into recession.
Global markets are getting routed tonight again in Asia. EU and Asia markets took a beating on Monday.
Dow futures as of few minutes ago are pointing to a big drop tommorrow.
Dow is off by approx 16% since Oct.
I believe that the problems with bond insurers are driving a good part of the sentiment overseas that credit crunch will intensify.
Should be an interesting week ahead.
Bubblesitter
ParticipantGotta add the Bond insurers to this list, Ambac, MBIA, ACA, etc.
A few years back they used to just insure stable, safe muni-bonds. They got into the business of insuring Mortgage-backed securities during the housing bubble, reaping big profits. I guess like everyone, they got a bit too greedy.
They are in process getting their pristine AAA ratings downgraded. A ratings downgrade in the bond insurance business is effectively a death sentence. The big banks will now have huge additional write downs.
We will see a worsening of the credit crunch and extending of the housing downturn.
Bubblesitter
ParticipantGotta add the Bond insurers to this list, Ambac, MBIA, ACA, etc.
A few years back they used to just insure stable, safe muni-bonds. They got into the business of insuring Mortgage-backed securities during the housing bubble, reaping big profits. I guess like everyone, they got a bit too greedy.
They are in process getting their pristine AAA ratings downgraded. A ratings downgrade in the bond insurance business is effectively a death sentence. The big banks will now have huge additional write downs.
We will see a worsening of the credit crunch and extending of the housing downturn.
Bubblesitter
ParticipantGotta add the Bond insurers to this list, Ambac, MBIA, ACA, etc.
A few years back they used to just insure stable, safe muni-bonds. They got into the business of insuring Mortgage-backed securities during the housing bubble, reaping big profits. I guess like everyone, they got a bit too greedy.
They are in process getting their pristine AAA ratings downgraded. A ratings downgrade in the bond insurance business is effectively a death sentence. The big banks will now have huge additional write downs.
We will see a worsening of the credit crunch and extending of the housing downturn.
Bubblesitter
ParticipantGotta add the Bond insurers to this list, Ambac, MBIA, ACA, etc.
A few years back they used to just insure stable, safe muni-bonds. They got into the business of insuring Mortgage-backed securities during the housing bubble, reaping big profits. I guess like everyone, they got a bit too greedy.
They are in process getting their pristine AAA ratings downgraded. A ratings downgrade in the bond insurance business is effectively a death sentence. The big banks will now have huge additional write downs.
We will see a worsening of the credit crunch and extending of the housing downturn.
Bubblesitter
ParticipantGotta add the Bond insurers to this list, Ambac, MBIA, ACA, etc.
A few years back they used to just insure stable, safe muni-bonds. They got into the business of insuring Mortgage-backed securities during the housing bubble, reaping big profits. I guess like everyone, they got a bit too greedy.
They are in process getting their pristine AAA ratings downgraded. A ratings downgrade in the bond insurance business is effectively a death sentence. The big banks will now have huge additional write downs.
We will see a worsening of the credit crunch and extending of the housing downturn.
Bubblesitter
ParticipantI guess the net impact of the insurers going belly up is a worsening of the credit crunch. The MBS market will not likely come back as anytime soon, premium to insure these thing will probably go up big time.
The only game in town for a long time may be conforming loans bought up by GSEs Fannie Mae, Freddie Mac.
Not sure % of homes financed with conforming loans in SoCal, it must be low. Net result, more downward pressure on home prices. Anybody hazard a guess at any other possible scenario?
Large downpayments with perfect credit become even more important. I wonder who will be in position to finance jumbos or any type of exotic loan? The GSEs may be the only ones standing with financial ability
Bubblesitter
-
AuthorPosts