[ctr70]

People with prime and alt-a 5/1’s and 3/1’s with fairly low margin’s have been resetting to LOWER rates than their original rates the last 2+ years.

The option ARM servicers are also being very aggressive with modifications and doing principle reductions. Wachovia (from their World Savings loans) is the most aggressive from what I’ve heard reducing principle on the options ARM’s.

[ctr70]

People with prime and alt-a 5/1’s and 3/1’s with fairly low margin’s have been resetting to LOWER rates than their original rates the last 2+ years.

The option ARM servicers are also being very aggressive with modifications and doing principle reductions. Wachovia (from their World Savings loans) is the most aggressive from what I’ve heard reducing principle on the options ARM’s.

[ctr70]

DWCAP….It may be a little more than north county coastal, but I wouldn’t be so sure the areas in east county and south county are as much fha/va as you think. There are a gazillion fha/va buyers in those areas too that cannot get an offer accepted b/c they are getting beat out by cash and 20%+ down. I know some well qualified VA people with 800 credit that have literally been trying for 2 years with dozens and dozens of offers!!! Plenty of cash and 20%+ down there too.

Also, the other area I researched all the sold’s in the last 6 weeks in great depth, condo’s in metro san diego, is not North County Coastal. And there were very few fha/va loans on the closed properties the last 6 weeks in this area. Mostly all cash and 20%+ down.

I also noticed that the few fha and va closed sales are going for inflated prices. The few fha/va approved condo’s have so many buyers that want them, they have to bid way above asking to have a chance.

[ctr70]

DWCAP….It may be a little more than north county coastal, but I wouldn’t be so sure the areas in east county and south county are as much fha/va as you think. There are a gazillion fha/va buyers in those areas too that cannot get an offer accepted b/c they are getting beat out by cash and 20%+ down. I know some well qualified VA people with 800 credit that have literally been trying for 2 years with dozens and dozens of offers!!! Plenty of cash and 20%+ down there too.

Also, the other area I researched all the sold’s in the last 6 weeks in great depth, condo’s in metro san diego, is not North County Coastal. And there were very few fha/va loans on the closed properties the last 6 weeks in this area. Mostly all cash and 20%+ down.

I also noticed that the few fha and va closed sales are going for inflated prices. The few fha/va approved condo’s have so many buyers that want them, they have to bid way above asking to have a chance.

[ctr70]

DWCAP….It may be a little more than north county coastal, but I wouldn’t be so sure the areas in east county and south county are as much fha/va as you think. There are a gazillion fha/va buyers in those areas too that cannot get an offer accepted b/c they are getting beat out by cash and 20%+ down. I know some well qualified VA people with 800 credit that have literally been trying for 2 years with dozens and dozens of offers!!! Plenty of cash and 20%+ down there too.

Also, the other area I researched all the sold’s in the last 6 weeks in great depth, condo’s in metro san diego, is not North County Coastal. And there were very few fha/va loans on the closed properties the last 6 weeks in this area. Mostly all cash and 20%+ down.

I also noticed that the few fha and va closed sales are going for inflated prices. The few fha/va approved condo’s have so many buyers that want them, they have to bid way above asking to have a chance.

[ctr70]

DWCAP….It may be a little more than north county coastal, but I wouldn’t be so sure the areas in east county and south county are as much fha/va as you think. There are a gazillion fha/va buyers in those areas too that cannot get an offer accepted b/c they are getting beat out by cash and 20%+ down. I know some well qualified VA people with 800 credit that have literally been trying for 2 years with dozens and dozens of offers!!! Plenty of cash and 20%+ down there too.

Also, the other area I researched all the sold’s in the last 6 weeks in great depth, condo’s in metro san diego, is not North County Coastal. And there were very few fha/va loans on the closed properties the last 6 weeks in this area. Mostly all cash and 20%+ down.

I also noticed that the few fha and va closed sales are going for inflated prices. The few fha/va approved condo’s have so many buyers that want them, they have to bid way above asking to have a chance.

[ctr70]

DWCAP….It may be a little more than north county coastal, but I wouldn’t be so sure the areas in east county and south county are as much fha/va as you think. There are a gazillion fha/va buyers in those areas too that cannot get an offer accepted b/c they are getting beat out by cash and 20%+ down. I know some well qualified VA people with 800 credit that have literally been trying for 2 years with dozens and dozens of offers!!! Plenty of cash and 20%+ down there too.

Also, the other area I researched all the sold’s in the last 6 weeks in great depth, condo’s in metro san diego, is not North County Coastal. And there were very few fha/va loans on the closed properties the last 6 weeks in this area. Mostly all cash and 20%+ down.

I also noticed that the few fha and va closed sales are going for inflated prices. The few fha/va approved condo’s have so many buyers that want them, they have to bid way above asking to have a chance.

[ctr70]

http://www.thetruthaboutmortgage.com/wells-fargo-converting-option-arms-into-interest-only-loans/

This is the link to the actually post about Wells reducing pincipal balances on option arms and converting to IO loans.

[ctr70]

http://www.thetruthaboutmortgage.com/wells-fargo-converting-option-arms-into-interest-only-loans/

This is the link to the actually post about Wells reducing pincipal balances on option arms and converting to IO loans.

[ctr70]

http://www.thetruthaboutmortgage.com/wells-fargo-converting-option-arms-into-interest-only-loans/

This is the link to the actually post about Wells reducing pincipal balances on option arms and converting to IO loans.

[ctr70]

http://www.thetruthaboutmortgage.com/wells-fargo-converting-option-arms-into-interest-only-loans/

This is the link to the actually post about Wells reducing pincipal balances on option arms and converting to IO loans.

[ctr70]

http://www.thetruthaboutmortgage.com/wells-fargo-converting-option-arms-into-interest-only-loans/

This is the link to the actually post about Wells reducing pincipal balances on option arms and converting to IO loans.

[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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