[HLS]

I expect the “happy talk” from Paulson, but not from Buffet..
I don’t think that the credit crunch is anywhere near over.

It looks like you need at least 25% equity to do a NO CASH OUT “JC” refi at the lower rate but can still get the better rate with 20% down on a purchase. (An 80% refi is still pricing higher, same as yesterday about 6.125%)

It’s just one more attempt to save a few people from doom.

It’s not going to help anybody who is underwater or who cannot qualify full doc.
There has been a lower back end DTI ratio on JC loans, which I think is still in place.

If I get updated specific guidelines I will post them later.

This is going to reward people with good credit scores who could actually afford a higher rate & payment to have a lower one!

[HLS]

I expect the “happy talk” from Paulson, but not from Buffet..
I don’t think that the credit crunch is anywhere near over.

It looks like you need at least 25% equity to do a NO CASH OUT “JC” refi at the lower rate but can still get the better rate with 20% down on a purchase. (An 80% refi is still pricing higher, same as yesterday about 6.125%)

It’s just one more attempt to save a few people from doom.

It’s not going to help anybody who is underwater or who cannot qualify full doc.
There has been a lower back end DTI ratio on JC loans, which I think is still in place.

If I get updated specific guidelines I will post them later.

This is going to reward people with good credit scores who could actually afford a higher rate & payment to have a lower one!

[HLS]

Is there a plunge protection team that is spreading filth throughout the media ?

The “value” of a home is not what an appraiser or real estate agent says it is, it’s what someone will actually pay for it, and after you deduct selling costs & commissions, THAT is what it’s really worth.

The false sense of security that people have(had)about the value/worth of their house is beyond insane.

If 10% of the population HAD to sell their house today, they would find out that it’s probably worth at least 25% less than they thought, if they are lucky.

Many houses are virtually unsaleable today at anywhere near what the owner thinks it is worth, and idiotic articles penned by people who just don’t get it aren’t doing the average consumer any favors.

As long as people don’t have to sell, they can believe what they want. They have been misled by a number of factors.

Ignorance is bliss.

[HLS]

Is there a plunge protection team that is spreading filth throughout the media ?

The “value” of a home is not what an appraiser or real estate agent says it is, it’s what someone will actually pay for it, and after you deduct selling costs & commissions, THAT is what it’s really worth.

The false sense of security that people have(had)about the value/worth of their house is beyond insane.

If 10% of the population HAD to sell their house today, they would find out that it’s probably worth at least 25% less than they thought, if they are lucky.

Many houses are virtually unsaleable today at anywhere near what the owner thinks it is worth, and idiotic articles penned by people who just don’t get it aren’t doing the average consumer any favors.

As long as people don’t have to sell, they can believe what they want. They have been misled by a number of factors.

Ignorance is bliss.

[HLS]

Is there a plunge protection team that is spreading filth throughout the media ?

The “value” of a home is not what an appraiser or real estate agent says it is, it’s what someone will actually pay for it, and after you deduct selling costs & commissions, THAT is what it’s really worth.

The false sense of security that people have(had)about the value/worth of their house is beyond insane.

If 10% of the population HAD to sell their house today, they would find out that it’s probably worth at least 25% less than they thought, if they are lucky.

Many houses are virtually unsaleable today at anywhere near what the owner thinks it is worth, and idiotic articles penned by people who just don’t get it aren’t doing the average consumer any favors.

As long as people don’t have to sell, they can believe what they want. They have been misled by a number of factors.

Ignorance is bliss.

[HLS]

Is there a plunge protection team that is spreading filth throughout the media ?

The “value” of a home is not what an appraiser or real estate agent says it is, it’s what someone will actually pay for it, and after you deduct selling costs & commissions, THAT is what it’s really worth.

The false sense of security that people have(had)about the value/worth of their house is beyond insane.

If 10% of the population HAD to sell their house today, they would find out that it’s probably worth at least 25% less than they thought, if they are lucky.

Many houses are virtually unsaleable today at anywhere near what the owner thinks it is worth, and idiotic articles penned by people who just don’t get it aren’t doing the average consumer any favors.

As long as people don’t have to sell, they can believe what they want. They have been misled by a number of factors.

Ignorance is bliss.

[HLS]

Is there a plunge protection team that is spreading filth throughout the media ?

The “value” of a home is not what an appraiser or real estate agent says it is, it’s what someone will actually pay for it, and after you deduct selling costs & commissions, THAT is what it’s really worth.

The false sense of security that people have(had)about the value/worth of their house is beyond insane.

If 10% of the population HAD to sell their house today, they would find out that it’s probably worth at least 25% less than they thought, if they are lucky.

Many houses are virtually unsaleable today at anywhere near what the owner thinks it is worth, and idiotic articles penned by people who just don’t get it aren’t doing the average consumer any favors.

As long as people don’t have to sell, they can believe what they want. They have been misled by a number of factors.

Ignorance is bliss.

[HLS]

Coop..
You got it ,,, many people just don’t qualify by historical lending guidelines….

The new “conforming jumbos” require minimum 25% down/equity.
The rates are currently .50% higher than conforming, but with a lower debt ratio, and full doc only.

Today, 30 YR fixed “conforming jumbo” would be 6.375% with less than a 1pt cost or 6.25% with a 1.20% cost.

With only 20% equity, the “old” jumbo rate is 7.375%, so the GSE rates are lower, it’s just all about qualifying!

The govt’s attempt is to delay, prolong, stall and spread out the inevitable. By giving people false hope and encourage modifications it does exactly that and avoids widespread panic at collapse all at once.

It is a fact that a high % of mod’s end up in default anyway. More people will lose houses or just be upside down in debt claiming to be “homeowners” for many years to come and in actuality own absolutely nothing.

The govt can TRY to control many things, but the true value of the house isn’t one of them.
They are well aware of the continuing crisis that this represents, and just want to pass it off to the next administration, who will not have any better idea of what to do…

I’m still trying to decide which sounds better, Clintonvilles, Obamavilles or McCainvilles…

[HLS]

Coop..
You got it ,,, many people just don’t qualify by historical lending guidelines….

The new “conforming jumbos” require minimum 25% down/equity.
The rates are currently .50% higher than conforming, but with a lower debt ratio, and full doc only.

Today, 30 YR fixed “conforming jumbo” would be 6.375% with less than a 1pt cost or 6.25% with a 1.20% cost.

With only 20% equity, the “old” jumbo rate is 7.375%, so the GSE rates are lower, it’s just all about qualifying!

The govt’s attempt is to delay, prolong, stall and spread out the inevitable. By giving people false hope and encourage modifications it does exactly that and avoids widespread panic at collapse all at once.

It is a fact that a high % of mod’s end up in default anyway. More people will lose houses or just be upside down in debt claiming to be “homeowners” for many years to come and in actuality own absolutely nothing.

The govt can TRY to control many things, but the true value of the house isn’t one of them.
They are well aware of the continuing crisis that this represents, and just want to pass it off to the next administration, who will not have any better idea of what to do…

I’m still trying to decide which sounds better, Clintonvilles, Obamavilles or McCainvilles…

[HLS]

Coop..
You got it ,,, many people just don’t qualify by historical lending guidelines….

The new “conforming jumbos” require minimum 25% down/equity.
The rates are currently .50% higher than conforming, but with a lower debt ratio, and full doc only.

Today, 30 YR fixed “conforming jumbo” would be 6.375% with less than a 1pt cost or 6.25% with a 1.20% cost.

With only 20% equity, the “old” jumbo rate is 7.375%, so the GSE rates are lower, it’s just all about qualifying!

The govt’s attempt is to delay, prolong, stall and spread out the inevitable. By giving people false hope and encourage modifications it does exactly that and avoids widespread panic at collapse all at once.

It is a fact that a high % of mod’s end up in default anyway. More people will lose houses or just be upside down in debt claiming to be “homeowners” for many years to come and in actuality own absolutely nothing.

The govt can TRY to control many things, but the true value of the house isn’t one of them.
They are well aware of the continuing crisis that this represents, and just want to pass it off to the next administration, who will not have any better idea of what to do…

I’m still trying to decide which sounds better, Clintonvilles, Obamavilles or McCainvilles…

[HLS]

Coop..
You got it ,,, many people just don’t qualify by historical lending guidelines….

The new “conforming jumbos” require minimum 25% down/equity.
The rates are currently .50% higher than conforming, but with a lower debt ratio, and full doc only.

Today, 30 YR fixed “conforming jumbo” would be 6.375% with less than a 1pt cost or 6.25% with a 1.20% cost.

With only 20% equity, the “old” jumbo rate is 7.375%, so the GSE rates are lower, it’s just all about qualifying!

The govt’s attempt is to delay, prolong, stall and spread out the inevitable. By giving people false hope and encourage modifications it does exactly that and avoids widespread panic at collapse all at once.

It is a fact that a high % of mod’s end up in default anyway. More people will lose houses or just be upside down in debt claiming to be “homeowners” for many years to come and in actuality own absolutely nothing.

The govt can TRY to control many things, but the true value of the house isn’t one of them.
They are well aware of the continuing crisis that this represents, and just want to pass it off to the next administration, who will not have any better idea of what to do…

I’m still trying to decide which sounds better, Clintonvilles, Obamavilles or McCainvilles…

[HLS]

Coop..
You got it ,,, many people just don’t qualify by historical lending guidelines….

The new “conforming jumbos” require minimum 25% down/equity.
The rates are currently .50% higher than conforming, but with a lower debt ratio, and full doc only.

Today, 30 YR fixed “conforming jumbo” would be 6.375% with less than a 1pt cost or 6.25% with a 1.20% cost.

With only 20% equity, the “old” jumbo rate is 7.375%, so the GSE rates are lower, it’s just all about qualifying!

The govt’s attempt is to delay, prolong, stall and spread out the inevitable. By giving people false hope and encourage modifications it does exactly that and avoids widespread panic at collapse all at once.

It is a fact that a high % of mod’s end up in default anyway. More people will lose houses or just be upside down in debt claiming to be “homeowners” for many years to come and in actuality own absolutely nothing.

The govt can TRY to control many things, but the true value of the house isn’t one of them.
They are well aware of the continuing crisis that this represents, and just want to pass it off to the next administration, who will not have any better idea of what to do…

I’m still trying to decide which sounds better, Clintonvilles, Obamavilles or McCainvilles…

[HLS]

I’m on the same page as you. I don’t call it doom & gloom, I call it reality.

I hope that I am wrong about what could happen to this economy, but I want to be prepared as I can be and then just sit back and watch it unfold if it does happen.

If the average person didn’t live so far beyond their means they would be able to survive, but unfortunately for them many cannot buy groceries or gas until their next paycheck arrives.

There ARE many people with cash on the sidelines, but I think that the number of available homes will exceed the number of buyers in the short-medium term. It’s all relative.

Some realtors are doing well today with that “pent up demand” thingy, but for every house that they buy, there is one less “pent up demander” out there and they aren’t being created like the fed creates money.

I think that there will also be a huge “pent up supply” from the waiting to get even crowd. The MLS inventory numbers don’t tell the true story about what really could be for sale, if only the house was worth more, but there just aren’t enough buyers.

It’s a game of musical chairs in reverse, with thousands of empty chairs and only a few hundred players. Not hard at all to find a seat!

[HLS]

I’m on the same page as you. I don’t call it doom & gloom, I call it reality.

I hope that I am wrong about what could happen to this economy, but I want to be prepared as I can be and then just sit back and watch it unfold if it does happen.

If the average person didn’t live so far beyond their means they would be able to survive, but unfortunately for them many cannot buy groceries or gas until their next paycheck arrives.

There ARE many people with cash on the sidelines, but I think that the number of available homes will exceed the number of buyers in the short-medium term. It’s all relative.

Some realtors are doing well today with that “pent up demand” thingy, but for every house that they buy, there is one less “pent up demander” out there and they aren’t being created like the fed creates money.

I think that there will also be a huge “pent up supply” from the waiting to get even crowd. The MLS inventory numbers don’t tell the true story about what really could be for sale, if only the house was worth more, but there just aren’t enough buyers.

It’s a game of musical chairs in reverse, with thousands of empty chairs and only a few hundred players. Not hard at all to find a seat!

[HLS]

I’m on the same page as you. I don’t call it doom & gloom, I call it reality.

I hope that I am wrong about what could happen to this economy, but I want to be prepared as I can be and then just sit back and watch it unfold if it does happen.

If the average person didn’t live so far beyond their means they would be able to survive, but unfortunately for them many cannot buy groceries or gas until their next paycheck arrives.

There ARE many people with cash on the sidelines, but I think that the number of available homes will exceed the number of buyers in the short-medium term. It’s all relative.

Some realtors are doing well today with that “pent up demand” thingy, but for every house that they buy, there is one less “pent up demander” out there and they aren’t being created like the fed creates money.

I think that there will also be a huge “pent up supply” from the waiting to get even crowd. The MLS inventory numbers don’t tell the true story about what really could be for sale, if only the house was worth more, but there just aren’t enough buyers.

It’s a game of musical chairs in reverse, with thousands of empty chairs and only a few hundred players. Not hard at all to find a seat!

[Author]

Posts