[GoUSC]

Guys…typical Mello Roos (aka Bonds) are used by the developer to build all the infrastructure for a residential development. Aka the roads, utilities, curbs, gutters, lights, etc. etc. Stuff that the government USED to pay for but because of Prop. 13 (their excuse) they no longer can afford. Sure you can get rid of the Mello Roos but then the price of the home will go up.

Not defending developers but I am one (Commecial though) and you need to understand the full picture.

[GoUSC]

Ugh. Let’s bailout fiscally irresponsible people. Great.

[GoUSC]

There is no exact definition per se. However here are some guidelines:

People have told me it’s loans with FICO scores of 620 or less. Others have told me it’s 660 or less. But I’ve seen loan matrices that count loans as subprime with FICOs above 660 but loan-to-value ratios of 95 percent plus, or with low documentation, or both. People outside the industry might count those as subprime and people in the industry are more likely to call them Alt-A.

[GoUSC]

Dodd is an idiot. No one should be a “fan” of subprime lending. In general subprime lending refers to mortgages to people with bad credit. Not really lower income people, but people that choose to live a certain lifestyle that has eclipsed their earning capacity.

Our government is rotten to the core.

[GoUSC]

I’m an EU citizen, speak German, her mom is a big woopie-doo at UBS. And it was more a joke than anything… 🙂

[GoUSC]

LostCat,

I don’t think the situation is that dire. Yes be have a completely incompetent president, yes we have lost manufacturing jobs, but I disagree on limited resources among other things. We are still a very very strong economy and even though China is growing at an amazing pace, 1.) it still pales in comparison to ours, 2.) it is so closely tied to us that if we slow down they will as well. True I think times might get tight over the next few years but we need that to correct the mistakes of past. I only hope that some fiscal responsibility is instilled on the part of the general populace and government.

If it isn’t…my girlfriend and I are moving to Switzerland.

[GoUSC]

That’s the worst part…all the assh($es who headed companies like New Century, etc. knew what they were doing. At the end of the day they sold their stock options and walked away leaving the stock holders & the government (Fannie Mae & Freddie Mac) aka TAXPAYERS holding the bag.

It really really pisses me off.

[GoUSC]

Yeah things are going to get a whole lot worse before better. There is absolutely no fiscal responsibility out there. I am worried because I work in RE Development (Retail). Obviously we are nervous in the short term (although our big projects are 2-4 years out before construction even begins). Regardless, there needs to be a come to jesus moment for this country so people can get back to a policy on fiscal responsibility. I am a Republican and don’t like big government but both Credit Card companies and mortgage lending companies have become so greedy and unethical that I believe there needs to be a serious look at how much the Government regulates these companies. Not to send the general public is not guilty here…they are just as much to blame. Sorry you can’t make $65k/yr and have a $700k home, BMW, Ford F350, Motorcycles, Boats, plasma’s, desert toys. It just doesn’t work.

[GoUSC]

I like your gameplan. I think I am going to adopt your plan. Do I have to pay you a fee for that???? 😉

[GoUSC]

What I am happy about is that finally my sitting on the fence waiting to buy is justified. Probably not going to buy now but at least I see the start of the deflation. Hopefully in six months to 18 months the right deal will come along and I’ll be able to buy something that I can honestly say “was a good deal”.

[GoUSC]

I am a new poster to this forum but have been lurking for quite some time. I went ahead and sent emails to my Congresswoman and Representative basically stating that they can’t do this…

If Congress decides to do something like this I will seriously consider moving out of the Country. Fiscally irresponsible people need to be taught a lesson. If the US Government decides that the best course of action is to bail them out I am going to seriously consider moving to Europe and living under my EU passport.

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