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Deal HunterParticipant
The clue to the future of this bubble is to look at who’s still making money amidst all of this, or who is making even more money now. I see it among hard money lenders in small business and real estate. These guys couldn’t compete with no doc loans and low interest rates before. Now, they’re making 18% – 33% on collaterlized loans!
Hard money does not care about your FICO score. They barely care that you have identification, they just want good collateral. It’s only a matter of time before the big banks want in on the action. I think the next hot credit product is the No-FICO 75% LTV loan on real estate, jewelry, retirement fund and even your wages. Not sure how this would work? Go to your local pawn shop.
Banks will charge horrific rates, yet people will eat up this new credit like teenagers at a buffet. It either re-inflate the fizzing bubble we have now, or create a whole new one.
Deal HunterParticipantThe clue to the future of this bubble is to look at who’s still making money amidst all of this, or who is making even more money now. I see it among hard money lenders in small business and real estate. These guys couldn’t compete with no doc loans and low interest rates before. Now, they’re making 18% – 33% on collaterlized loans!
Hard money does not care about your FICO score. They barely care that you have identification, they just want good collateral. It’s only a matter of time before the big banks want in on the action. I think the next hot credit product is the No-FICO 75% LTV loan on real estate, jewelry, retirement fund and even your wages. Not sure how this would work? Go to your local pawn shop.
Banks will charge horrific rates, yet people will eat up this new credit like teenagers at a buffet. It either re-inflate the fizzing bubble we have now, or create a whole new one.
Deal HunterParticipantThe clue to the future of this bubble is to look at who’s still making money amidst all of this, or who is making even more money now. I see it among hard money lenders in small business and real estate. These guys couldn’t compete with no doc loans and low interest rates before. Now, they’re making 18% – 33% on collaterlized loans!
Hard money does not care about your FICO score. They barely care that you have identification, they just want good collateral. It’s only a matter of time before the big banks want in on the action. I think the next hot credit product is the No-FICO 75% LTV loan on real estate, jewelry, retirement fund and even your wages. Not sure how this would work? Go to your local pawn shop.
Banks will charge horrific rates, yet people will eat up this new credit like teenagers at a buffet. It either re-inflate the fizzing bubble we have now, or create a whole new one.
Deal HunterParticipantThe clue to the future of this bubble is to look at who’s still making money amidst all of this, or who is making even more money now. I see it among hard money lenders in small business and real estate. These guys couldn’t compete with no doc loans and low interest rates before. Now, they’re making 18% – 33% on collaterlized loans!
Hard money does not care about your FICO score. They barely care that you have identification, they just want good collateral. It’s only a matter of time before the big banks want in on the action. I think the next hot credit product is the No-FICO 75% LTV loan on real estate, jewelry, retirement fund and even your wages. Not sure how this would work? Go to your local pawn shop.
Banks will charge horrific rates, yet people will eat up this new credit like teenagers at a buffet. It either re-inflate the fizzing bubble we have now, or create a whole new one.
Deal HunterParticipantThe clue to the future of this bubble is to look at who’s still making money amidst all of this, or who is making even more money now. I see it among hard money lenders in small business and real estate. These guys couldn’t compete with no doc loans and low interest rates before. Now, they’re making 18% – 33% on collaterlized loans!
Hard money does not care about your FICO score. They barely care that you have identification, they just want good collateral. It’s only a matter of time before the big banks want in on the action. I think the next hot credit product is the No-FICO 75% LTV loan on real estate, jewelry, retirement fund and even your wages. Not sure how this would work? Go to your local pawn shop.
Banks will charge horrific rates, yet people will eat up this new credit like teenagers at a buffet. It either re-inflate the fizzing bubble we have now, or create a whole new one.
Deal HunterParticipantVegas is Different
Patient renter – I just want to clarify the cases in Las Vegas I posted about. These 3 homeowners were all in the real estate industry. 2 were mortgage lenders that got the boot when their company went bust and one was an employee of a new home builder that also got laid off.
These people had legitimate hardship cases. It just so happened that we executed the short sales before their cash savings ran out from trying to keep up with payments that had adjusted in conjunction with upside down loans.
On the flip side of the short sale, a new homeowner was able to get into a property at 20-30% off the market today and almost 50% off the market from the same time last year. I don’t see any bail out in these three situations, unless the banks that approved the short sale are going to get a rebate from taxes on the debt they ate. In addition, the property went back into play in the economy as it now anchors a new loan with a new borrower.
I think this is a rare situation because of Las Vegas’ booming economy. We have population growth and continued stimulus from tourism (up nowadays from bargain seeking international visitors taking advantage of the dead U.S. Dollar).
I don’t endorse “faking” a hardship just to get out from under an upside down loan. However, I also don’t feel I’ve the right to scold people for walking away from a situation where the upside down mortgage is sinking them and their family.
Deal HunterParticipantVegas is Different
Patient renter – I just want to clarify the cases in Las Vegas I posted about. These 3 homeowners were all in the real estate industry. 2 were mortgage lenders that got the boot when their company went bust and one was an employee of a new home builder that also got laid off.
These people had legitimate hardship cases. It just so happened that we executed the short sales before their cash savings ran out from trying to keep up with payments that had adjusted in conjunction with upside down loans.
On the flip side of the short sale, a new homeowner was able to get into a property at 20-30% off the market today and almost 50% off the market from the same time last year. I don’t see any bail out in these three situations, unless the banks that approved the short sale are going to get a rebate from taxes on the debt they ate. In addition, the property went back into play in the economy as it now anchors a new loan with a new borrower.
I think this is a rare situation because of Las Vegas’ booming economy. We have population growth and continued stimulus from tourism (up nowadays from bargain seeking international visitors taking advantage of the dead U.S. Dollar).
I don’t endorse “faking” a hardship just to get out from under an upside down loan. However, I also don’t feel I’ve the right to scold people for walking away from a situation where the upside down mortgage is sinking them and their family.
Deal HunterParticipantVegas is Different
Patient renter – I just want to clarify the cases in Las Vegas I posted about. These 3 homeowners were all in the real estate industry. 2 were mortgage lenders that got the boot when their company went bust and one was an employee of a new home builder that also got laid off.
These people had legitimate hardship cases. It just so happened that we executed the short sales before their cash savings ran out from trying to keep up with payments that had adjusted in conjunction with upside down loans.
On the flip side of the short sale, a new homeowner was able to get into a property at 20-30% off the market today and almost 50% off the market from the same time last year. I don’t see any bail out in these three situations, unless the banks that approved the short sale are going to get a rebate from taxes on the debt they ate. In addition, the property went back into play in the economy as it now anchors a new loan with a new borrower.
I think this is a rare situation because of Las Vegas’ booming economy. We have population growth and continued stimulus from tourism (up nowadays from bargain seeking international visitors taking advantage of the dead U.S. Dollar).
I don’t endorse “faking” a hardship just to get out from under an upside down loan. However, I also don’t feel I’ve the right to scold people for walking away from a situation where the upside down mortgage is sinking them and their family.
Deal HunterParticipantVegas is Different
Patient renter – I just want to clarify the cases in Las Vegas I posted about. These 3 homeowners were all in the real estate industry. 2 were mortgage lenders that got the boot when their company went bust and one was an employee of a new home builder that also got laid off.
These people had legitimate hardship cases. It just so happened that we executed the short sales before their cash savings ran out from trying to keep up with payments that had adjusted in conjunction with upside down loans.
On the flip side of the short sale, a new homeowner was able to get into a property at 20-30% off the market today and almost 50% off the market from the same time last year. I don’t see any bail out in these three situations, unless the banks that approved the short sale are going to get a rebate from taxes on the debt they ate. In addition, the property went back into play in the economy as it now anchors a new loan with a new borrower.
I think this is a rare situation because of Las Vegas’ booming economy. We have population growth and continued stimulus from tourism (up nowadays from bargain seeking international visitors taking advantage of the dead U.S. Dollar).
I don’t endorse “faking” a hardship just to get out from under an upside down loan. However, I also don’t feel I’ve the right to scold people for walking away from a situation where the upside down mortgage is sinking them and their family.
Deal HunterParticipantVegas is Different
Patient renter – I just want to clarify the cases in Las Vegas I posted about. These 3 homeowners were all in the real estate industry. 2 were mortgage lenders that got the boot when their company went bust and one was an employee of a new home builder that also got laid off.
These people had legitimate hardship cases. It just so happened that we executed the short sales before their cash savings ran out from trying to keep up with payments that had adjusted in conjunction with upside down loans.
On the flip side of the short sale, a new homeowner was able to get into a property at 20-30% off the market today and almost 50% off the market from the same time last year. I don’t see any bail out in these three situations, unless the banks that approved the short sale are going to get a rebate from taxes on the debt they ate. In addition, the property went back into play in the economy as it now anchors a new loan with a new borrower.
I think this is a rare situation because of Las Vegas’ booming economy. We have population growth and continued stimulus from tourism (up nowadays from bargain seeking international visitors taking advantage of the dead U.S. Dollar).
I don’t endorse “faking” a hardship just to get out from under an upside down loan. However, I also don’t feel I’ve the right to scold people for walking away from a situation where the upside down mortgage is sinking them and their family.
Deal HunterParticipantNo Such Thing as Free Enterprise. There hasn’t been a free market in the U.S. since 1917 (The birth of the Federal Reserve). True capitalism includes the checks and balaces, booms and busts of a free market. However, when things like money supply are manipulated by an outside force, the booms and busts are about as real as Spongebob Squarepants.
Moral hazard is moot. The basic truth remains that the economy is driven by consumption. Without some sort of debt relief (be it from the banks taking losses or taxpayers funding GSE mortgage insurance organizations or stimulus packages), people will not consume to the level needed for the economy to pick up speed. Money – wherever it comes from – needs to go into spending, not repayment of debt. Yet, because FICO is so important (or so we have been convinced by Suze Orman) Americans will save and pay down debt rather than continue to consume.
There can only be 2 results:
1 – The economy will flatline as Americans save up, stop spending and work to live debt free. They may even do something as nightmarish as teach their children to be debt free!2 – FICO will go away. The next boom will flower as collateral becomes everything and as long as you can fog a mirror, you can get a loan. If credit-worthiness is putting a chokehold on consumption, the key to breaking the chokehold is in to lend on collateral-worthiness instead. If you own anything that has liquid cash value in the world, you can get a cash advance on 50% of its value. Want proof? Just look at your neighborhood pawn shop or talk to a hard money lender.
Regarding the short-term recession beast… it will get fed and get fed good. The near term solution to the “slump” will come from the new fever or cooperation between the Fed and Congress. The meal will consist of permanent tax cuts to businesses and massive tax reform for the tax base. Perhaps even a well disguised mass amnesty to increase the tax base and BUUURRRP! Recession beast is satiated and the next boom (in real estate) ensues.
Deal HunterParticipantNo Such Thing as Free Enterprise. There hasn’t been a free market in the U.S. since 1917 (The birth of the Federal Reserve). True capitalism includes the checks and balaces, booms and busts of a free market. However, when things like money supply are manipulated by an outside force, the booms and busts are about as real as Spongebob Squarepants.
Moral hazard is moot. The basic truth remains that the economy is driven by consumption. Without some sort of debt relief (be it from the banks taking losses or taxpayers funding GSE mortgage insurance organizations or stimulus packages), people will not consume to the level needed for the economy to pick up speed. Money – wherever it comes from – needs to go into spending, not repayment of debt. Yet, because FICO is so important (or so we have been convinced by Suze Orman) Americans will save and pay down debt rather than continue to consume.
There can only be 2 results:
1 – The economy will flatline as Americans save up, stop spending and work to live debt free. They may even do something as nightmarish as teach their children to be debt free!2 – FICO will go away. The next boom will flower as collateral becomes everything and as long as you can fog a mirror, you can get a loan. If credit-worthiness is putting a chokehold on consumption, the key to breaking the chokehold is in to lend on collateral-worthiness instead. If you own anything that has liquid cash value in the world, you can get a cash advance on 50% of its value. Want proof? Just look at your neighborhood pawn shop or talk to a hard money lender.
Regarding the short-term recession beast… it will get fed and get fed good. The near term solution to the “slump” will come from the new fever or cooperation between the Fed and Congress. The meal will consist of permanent tax cuts to businesses and massive tax reform for the tax base. Perhaps even a well disguised mass amnesty to increase the tax base and BUUURRRP! Recession beast is satiated and the next boom (in real estate) ensues.
Deal HunterParticipantNo Such Thing as Free Enterprise. There hasn’t been a free market in the U.S. since 1917 (The birth of the Federal Reserve). True capitalism includes the checks and balaces, booms and busts of a free market. However, when things like money supply are manipulated by an outside force, the booms and busts are about as real as Spongebob Squarepants.
Moral hazard is moot. The basic truth remains that the economy is driven by consumption. Without some sort of debt relief (be it from the banks taking losses or taxpayers funding GSE mortgage insurance organizations or stimulus packages), people will not consume to the level needed for the economy to pick up speed. Money – wherever it comes from – needs to go into spending, not repayment of debt. Yet, because FICO is so important (or so we have been convinced by Suze Orman) Americans will save and pay down debt rather than continue to consume.
There can only be 2 results:
1 – The economy will flatline as Americans save up, stop spending and work to live debt free. They may even do something as nightmarish as teach their children to be debt free!2 – FICO will go away. The next boom will flower as collateral becomes everything and as long as you can fog a mirror, you can get a loan. If credit-worthiness is putting a chokehold on consumption, the key to breaking the chokehold is in to lend on collateral-worthiness instead. If you own anything that has liquid cash value in the world, you can get a cash advance on 50% of its value. Want proof? Just look at your neighborhood pawn shop or talk to a hard money lender.
Regarding the short-term recession beast… it will get fed and get fed good. The near term solution to the “slump” will come from the new fever or cooperation between the Fed and Congress. The meal will consist of permanent tax cuts to businesses and massive tax reform for the tax base. Perhaps even a well disguised mass amnesty to increase the tax base and BUUURRRP! Recession beast is satiated and the next boom (in real estate) ensues.
Deal HunterParticipantNo Such Thing as Free Enterprise. There hasn’t been a free market in the U.S. since 1917 (The birth of the Federal Reserve). True capitalism includes the checks and balaces, booms and busts of a free market. However, when things like money supply are manipulated by an outside force, the booms and busts are about as real as Spongebob Squarepants.
Moral hazard is moot. The basic truth remains that the economy is driven by consumption. Without some sort of debt relief (be it from the banks taking losses or taxpayers funding GSE mortgage insurance organizations or stimulus packages), people will not consume to the level needed for the economy to pick up speed. Money – wherever it comes from – needs to go into spending, not repayment of debt. Yet, because FICO is so important (or so we have been convinced by Suze Orman) Americans will save and pay down debt rather than continue to consume.
There can only be 2 results:
1 – The economy will flatline as Americans save up, stop spending and work to live debt free. They may even do something as nightmarish as teach their children to be debt free!2 – FICO will go away. The next boom will flower as collateral becomes everything and as long as you can fog a mirror, you can get a loan. If credit-worthiness is putting a chokehold on consumption, the key to breaking the chokehold is in to lend on collateral-worthiness instead. If you own anything that has liquid cash value in the world, you can get a cash advance on 50% of its value. Want proof? Just look at your neighborhood pawn shop or talk to a hard money lender.
Regarding the short-term recession beast… it will get fed and get fed good. The near term solution to the “slump” will come from the new fever or cooperation between the Fed and Congress. The meal will consist of permanent tax cuts to businesses and massive tax reform for the tax base. Perhaps even a well disguised mass amnesty to increase the tax base and BUUURRRP! Recession beast is satiated and the next boom (in real estate) ensues.
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