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ParticipantPeople are assuming these people are operating with ratios similar to ours, but there are some differences. Proeprty taxes in New York are not based off a capped assessment value as they are in California, and energy costs to operate a household and get around in Buffalo are going to be a lot higher than they are here. That adds significantly to their budget.
ParticipantPeople are assuming these people are operating with ratios similar to ours, but there are some differences. Proeprty taxes in New York are not based off a capped assessment value as they are in California, and energy costs to operate a household and get around in Buffalo are going to be a lot higher than they are here. That adds significantly to their budget.
ParticipantPeople are assuming these people are operating with ratios similar to ours, but there are some differences. Proeprty taxes in New York are not based off a capped assessment value as they are in California, and energy costs to operate a household and get around in Buffalo are going to be a lot higher than they are here. That adds significantly to their budget.
ParticipantPeople are assuming these people are operating with ratios similar to ours, but there are some differences. Proeprty taxes in New York are not based off a capped assessment value as they are in California, and energy costs to operate a household and get around in Buffalo are going to be a lot higher than they are here. That adds significantly to their budget.
ParticipantMulti-Dingo,
Lemme ask you – where were you when the bulls were being gleeful and were promoting the virtues of “being bold”? Did you spend any effort at that time telling them to be careful what they wished for? I think not, otherwise you’d be on this side of the discussion right now.
There are some people on this board (like me) who are holding RE but at a reasonable price, and thus are neither renters nor overleveraged. I don’t wish ill on anyone but the crooks, but I do have some bitterness in me:
I am bitter that the laws and regulations that are in place to prevent this type of damage were not enforced. I am bitter that the politicians and corrupt bankers, along with the greedy and foolish borrowers who apparently comprise their constituency, are attempting to make me and every other responsible citizen subsidize their greed and foolishness. I was mightily annoyed that the sound advice that was offered to these fools went unheeded, and I was especially annoyed at the attitudes of many of the bulls when presented with data and analysis that clearly indicated they were playing with fire. I retain a certain amount of bitterness at the attitude of entitlement that these idiots display, now blaming their predicament on the media and claiming this downturn was created by the blogs and the resetting of ARM rates only for the subprime borrowers. Yeah, the fact that these fools continue to bask in their ignorance and refuse to acknowledge the simplest of truths is indeed cause for some bitterness.
It is true that most of the regulars on this forum are bears right now, but it also true that most of them are actively watching what’s going on so they can put on their bull costume at the right time. I don’t see that as having a negative outlook; quite the contrary, I see it as having a very positive outlook and making the best of a horrible situation that was created by others.
Here it is, cuz – it ain’t what you used to “own” that counts, it’s what you can keep.
ParticipantMulti-Dingo,
Lemme ask you – where were you when the bulls were being gleeful and were promoting the virtues of “being bold”? Did you spend any effort at that time telling them to be careful what they wished for? I think not, otherwise you’d be on this side of the discussion right now.
There are some people on this board (like me) who are holding RE but at a reasonable price, and thus are neither renters nor overleveraged. I don’t wish ill on anyone but the crooks, but I do have some bitterness in me:
I am bitter that the laws and regulations that are in place to prevent this type of damage were not enforced. I am bitter that the politicians and corrupt bankers, along with the greedy and foolish borrowers who apparently comprise their constituency, are attempting to make me and every other responsible citizen subsidize their greed and foolishness. I was mightily annoyed that the sound advice that was offered to these fools went unheeded, and I was especially annoyed at the attitudes of many of the bulls when presented with data and analysis that clearly indicated they were playing with fire. I retain a certain amount of bitterness at the attitude of entitlement that these idiots display, now blaming their predicament on the media and claiming this downturn was created by the blogs and the resetting of ARM rates only for the subprime borrowers. Yeah, the fact that these fools continue to bask in their ignorance and refuse to acknowledge the simplest of truths is indeed cause for some bitterness.
It is true that most of the regulars on this forum are bears right now, but it also true that most of them are actively watching what’s going on so they can put on their bull costume at the right time. I don’t see that as having a negative outlook; quite the contrary, I see it as having a very positive outlook and making the best of a horrible situation that was created by others.
Here it is, cuz – it ain’t what you used to “own” that counts, it’s what you can keep.
ParticipantMulti-Dingo,
Lemme ask you – where were you when the bulls were being gleeful and were promoting the virtues of “being bold”? Did you spend any effort at that time telling them to be careful what they wished for? I think not, otherwise you’d be on this side of the discussion right now.
There are some people on this board (like me) who are holding RE but at a reasonable price, and thus are neither renters nor overleveraged. I don’t wish ill on anyone but the crooks, but I do have some bitterness in me:
I am bitter that the laws and regulations that are in place to prevent this type of damage were not enforced. I am bitter that the politicians and corrupt bankers, along with the greedy and foolish borrowers who apparently comprise their constituency, are attempting to make me and every other responsible citizen subsidize their greed and foolishness. I was mightily annoyed that the sound advice that was offered to these fools went unheeded, and I was especially annoyed at the attitudes of many of the bulls when presented with data and analysis that clearly indicated they were playing with fire. I retain a certain amount of bitterness at the attitude of entitlement that these idiots display, now blaming their predicament on the media and claiming this downturn was created by the blogs and the resetting of ARM rates only for the subprime borrowers. Yeah, the fact that these fools continue to bask in their ignorance and refuse to acknowledge the simplest of truths is indeed cause for some bitterness.
It is true that most of the regulars on this forum are bears right now, but it also true that most of them are actively watching what’s going on so they can put on their bull costume at the right time. I don’t see that as having a negative outlook; quite the contrary, I see it as having a very positive outlook and making the best of a horrible situation that was created by others.
Here it is, cuz – it ain’t what you used to “own” that counts, it’s what you can keep.
ParticipantMulti-Dingo,
Lemme ask you – where were you when the bulls were being gleeful and were promoting the virtues of “being bold”? Did you spend any effort at that time telling them to be careful what they wished for? I think not, otherwise you’d be on this side of the discussion right now.
There are some people on this board (like me) who are holding RE but at a reasonable price, and thus are neither renters nor overleveraged. I don’t wish ill on anyone but the crooks, but I do have some bitterness in me:
I am bitter that the laws and regulations that are in place to prevent this type of damage were not enforced. I am bitter that the politicians and corrupt bankers, along with the greedy and foolish borrowers who apparently comprise their constituency, are attempting to make me and every other responsible citizen subsidize their greed and foolishness. I was mightily annoyed that the sound advice that was offered to these fools went unheeded, and I was especially annoyed at the attitudes of many of the bulls when presented with data and analysis that clearly indicated they were playing with fire. I retain a certain amount of bitterness at the attitude of entitlement that these idiots display, now blaming their predicament on the media and claiming this downturn was created by the blogs and the resetting of ARM rates only for the subprime borrowers. Yeah, the fact that these fools continue to bask in their ignorance and refuse to acknowledge the simplest of truths is indeed cause for some bitterness.
It is true that most of the regulars on this forum are bears right now, but it also true that most of them are actively watching what’s going on so they can put on their bull costume at the right time. I don’t see that as having a negative outlook; quite the contrary, I see it as having a very positive outlook and making the best of a horrible situation that was created by others.
Here it is, cuz – it ain’t what you used to “own” that counts, it’s what you can keep.
ParticipantMulti-Dingo,
Lemme ask you – where were you when the bulls were being gleeful and were promoting the virtues of “being bold”? Did you spend any effort at that time telling them to be careful what they wished for? I think not, otherwise you’d be on this side of the discussion right now.
There are some people on this board (like me) who are holding RE but at a reasonable price, and thus are neither renters nor overleveraged. I don’t wish ill on anyone but the crooks, but I do have some bitterness in me:
I am bitter that the laws and regulations that are in place to prevent this type of damage were not enforced. I am bitter that the politicians and corrupt bankers, along with the greedy and foolish borrowers who apparently comprise their constituency, are attempting to make me and every other responsible citizen subsidize their greed and foolishness. I was mightily annoyed that the sound advice that was offered to these fools went unheeded, and I was especially annoyed at the attitudes of many of the bulls when presented with data and analysis that clearly indicated they were playing with fire. I retain a certain amount of bitterness at the attitude of entitlement that these idiots display, now blaming their predicament on the media and claiming this downturn was created by the blogs and the resetting of ARM rates only for the subprime borrowers. Yeah, the fact that these fools continue to bask in their ignorance and refuse to acknowledge the simplest of truths is indeed cause for some bitterness.
It is true that most of the regulars on this forum are bears right now, but it also true that most of them are actively watching what’s going on so they can put on their bull costume at the right time. I don’t see that as having a negative outlook; quite the contrary, I see it as having a very positive outlook and making the best of a horrible situation that was created by others.
Here it is, cuz – it ain’t what you used to “own” that counts, it’s what you can keep.
December 1, 2007 at 9:58 PM in reply to: CNN — Rate freeze plan for ARMs gains traction. How will this affect the market if this goes thru? #107020ParticipantI think it comes down to the investors. The teaser rates already represent a negative cash flow and every year at that rate only increases the amount of the principal. Bear in mind that some of these teasers are a lot lower than 4.5%.
If the investors are dumb enough to think that the market is going to turn around and cover the borrower’s positions they might agree to the short term losses with a view of recouping them later. The question is, how dumb are these investors?
If I’m holding one of these SoCal-backed CDOs I’m going to recognize that my loss upon liquidation in 2007 is going to be less than if I wait until 2009 or 2010. I’m going to recognize that the only way I break even is if the current trend stages a spectacular reversal and my borrowers’ positions – which have degraded even further by the extension of the teasers – get covered. That would take price increases well beyond the original purchase/refi values that got them into this mess.
As far as I’m concerned, this is posturing on the part of the polticians and the banks. Meanwhile, we still have 10+ months of inventory sitting around in SD County and a sizable number of other would-be sellers casting about in search of an exit that doesn’t involve a short sale or foreclosure. At most, a bail out will only slow the pace of correction down, increase the amount of collateral damage; and worse, burn the investors beyond all recognition.
December 1, 2007 at 9:58 PM in reply to: CNN — Rate freeze plan for ARMs gains traction. How will this affect the market if this goes thru? #107118ParticipantI think it comes down to the investors. The teaser rates already represent a negative cash flow and every year at that rate only increases the amount of the principal. Bear in mind that some of these teasers are a lot lower than 4.5%.
If the investors are dumb enough to think that the market is going to turn around and cover the borrower’s positions they might agree to the short term losses with a view of recouping them later. The question is, how dumb are these investors?
If I’m holding one of these SoCal-backed CDOs I’m going to recognize that my loss upon liquidation in 2007 is going to be less than if I wait until 2009 or 2010. I’m going to recognize that the only way I break even is if the current trend stages a spectacular reversal and my borrowers’ positions – which have degraded even further by the extension of the teasers – get covered. That would take price increases well beyond the original purchase/refi values that got them into this mess.
As far as I’m concerned, this is posturing on the part of the polticians and the banks. Meanwhile, we still have 10+ months of inventory sitting around in SD County and a sizable number of other would-be sellers casting about in search of an exit that doesn’t involve a short sale or foreclosure. At most, a bail out will only slow the pace of correction down, increase the amount of collateral damage; and worse, burn the investors beyond all recognition.
December 1, 2007 at 9:58 PM in reply to: CNN — Rate freeze plan for ARMs gains traction. How will this affect the market if this goes thru? #107149ParticipantI think it comes down to the investors. The teaser rates already represent a negative cash flow and every year at that rate only increases the amount of the principal. Bear in mind that some of these teasers are a lot lower than 4.5%.
If the investors are dumb enough to think that the market is going to turn around and cover the borrower’s positions they might agree to the short term losses with a view of recouping them later. The question is, how dumb are these investors?
If I’m holding one of these SoCal-backed CDOs I’m going to recognize that my loss upon liquidation in 2007 is going to be less than if I wait until 2009 or 2010. I’m going to recognize that the only way I break even is if the current trend stages a spectacular reversal and my borrowers’ positions – which have degraded even further by the extension of the teasers – get covered. That would take price increases well beyond the original purchase/refi values that got them into this mess.
As far as I’m concerned, this is posturing on the part of the polticians and the banks. Meanwhile, we still have 10+ months of inventory sitting around in SD County and a sizable number of other would-be sellers casting about in search of an exit that doesn’t involve a short sale or foreclosure. At most, a bail out will only slow the pace of correction down, increase the amount of collateral damage; and worse, burn the investors beyond all recognition.
December 1, 2007 at 9:58 PM in reply to: CNN — Rate freeze plan for ARMs gains traction. How will this affect the market if this goes thru? #107156ParticipantI think it comes down to the investors. The teaser rates already represent a negative cash flow and every year at that rate only increases the amount of the principal. Bear in mind that some of these teasers are a lot lower than 4.5%.
If the investors are dumb enough to think that the market is going to turn around and cover the borrower’s positions they might agree to the short term losses with a view of recouping them later. The question is, how dumb are these investors?
If I’m holding one of these SoCal-backed CDOs I’m going to recognize that my loss upon liquidation in 2007 is going to be less than if I wait until 2009 or 2010. I’m going to recognize that the only way I break even is if the current trend stages a spectacular reversal and my borrowers’ positions – which have degraded even further by the extension of the teasers – get covered. That would take price increases well beyond the original purchase/refi values that got them into this mess.
As far as I’m concerned, this is posturing on the part of the polticians and the banks. Meanwhile, we still have 10+ months of inventory sitting around in SD County and a sizable number of other would-be sellers casting about in search of an exit that doesn’t involve a short sale or foreclosure. At most, a bail out will only slow the pace of correction down, increase the amount of collateral damage; and worse, burn the investors beyond all recognition.
December 1, 2007 at 9:58 PM in reply to: CNN — Rate freeze plan for ARMs gains traction. How will this affect the market if this goes thru? #107178ParticipantI think it comes down to the investors. The teaser rates already represent a negative cash flow and every year at that rate only increases the amount of the principal. Bear in mind that some of these teasers are a lot lower than 4.5%.
If the investors are dumb enough to think that the market is going to turn around and cover the borrower’s positions they might agree to the short term losses with a view of recouping them later. The question is, how dumb are these investors?
If I’m holding one of these SoCal-backed CDOs I’m going to recognize that my loss upon liquidation in 2007 is going to be less than if I wait until 2009 or 2010. I’m going to recognize that the only way I break even is if the current trend stages a spectacular reversal and my borrowers’ positions – which have degraded even further by the extension of the teasers – get covered. That would take price increases well beyond the original purchase/refi values that got them into this mess.
As far as I’m concerned, this is posturing on the part of the polticians and the banks. Meanwhile, we still have 10+ months of inventory sitting around in SD County and a sizable number of other would-be sellers casting about in search of an exit that doesn’t involve a short sale or foreclosure. At most, a bail out will only slow the pace of correction down, increase the amount of collateral damage; and worse, burn the investors beyond all recognition.
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