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Huckleberry
ParticipantConsidering everyone is going to be bailed out, I have some friends that live in Vegas whom could use this situation to their advantage. I think they are upside down by about 200K now.
They bought a decent home back in 05 or so, fixed it all up then sold their failing business, so could no longer afford the mortgage so just rent it out now.
They now live in Palm Desert, both work “under the table” consulting and make good money but can show they basically have very limited income.
Since everyone and their dog is going to be bailed out, I am going to convince them to seek a principal write down.
No need to give me the moral hazard speech, everyone in the country is going to be trying to figure out how to get their piece of this bailout, even rich people. So, I’m going to start advocating my friends figure out how to get their own “bailout”.
ParticipantConsidering everyone is going to be bailed out, I have some friends that live in Vegas whom could use this situation to their advantage. I think they are upside down by about 200K now.
They bought a decent home back in 05 or so, fixed it all up then sold their failing business, so could no longer afford the mortgage so just rent it out now.
They now live in Palm Desert, both work “under the table” consulting and make good money but can show they basically have very limited income.
Since everyone and their dog is going to be bailed out, I am going to convince them to seek a principal write down.
No need to give me the moral hazard speech, everyone in the country is going to be trying to figure out how to get their piece of this bailout, even rich people. So, I’m going to start advocating my friends figure out how to get their own “bailout”.
ParticipantConsidering everyone is going to be bailed out, I have some friends that live in Vegas whom could use this situation to their advantage. I think they are upside down by about 200K now.
They bought a decent home back in 05 or so, fixed it all up then sold their failing business, so could no longer afford the mortgage so just rent it out now.
They now live in Palm Desert, both work “under the table” consulting and make good money but can show they basically have very limited income.
Since everyone and their dog is going to be bailed out, I am going to convince them to seek a principal write down.
No need to give me the moral hazard speech, everyone in the country is going to be trying to figure out how to get their piece of this bailout, even rich people. So, I’m going to start advocating my friends figure out how to get their own “bailout”.
Participant[quote=jpinpb]And so now we’ve come full circle again. The government is going to bend over backwards and do somersaults to bail out banks, FB and whoever stands in line, so I repeat again, if you can’t beat them, join them. If they are going to take my taxpaying dollars to bail people out, but make it harder for me to buy, well, then I’ll just get a condo w/an FHA 3% down and then default and get bailed out too.
What can they do? So my credit gets a little tarnished. They’re not going to take the house. It is clear that is a last resort and they don’t want to do it. They’ll let you live in it for a year and still negotiate w/you. It’s like Monty Hall and “Let’s make a Deal.”
It’s like a car salesman’s pitch, “What can I do to get you in that car today?” What can we do to keep you in the house.
UUUgggggghhhh. This whole thing disgusts me. [/quote]
I like this idea. I am also going to seriously consider doing this!
I have been waiting for a long time to purchase, and if this is how the system is going to work, then I am going to work the system…
Participant[quote=jpinpb]And so now we’ve come full circle again. The government is going to bend over backwards and do somersaults to bail out banks, FB and whoever stands in line, so I repeat again, if you can’t beat them, join them. If they are going to take my taxpaying dollars to bail people out, but make it harder for me to buy, well, then I’ll just get a condo w/an FHA 3% down and then default and get bailed out too.
What can they do? So my credit gets a little tarnished. They’re not going to take the house. It is clear that is a last resort and they don’t want to do it. They’ll let you live in it for a year and still negotiate w/you. It’s like Monty Hall and “Let’s make a Deal.”
It’s like a car salesman’s pitch, “What can I do to get you in that car today?” What can we do to keep you in the house.
UUUgggggghhhh. This whole thing disgusts me. [/quote]
I like this idea. I am also going to seriously consider doing this!
I have been waiting for a long time to purchase, and if this is how the system is going to work, then I am going to work the system…
Participant[quote=jpinpb]And so now we’ve come full circle again. The government is going to bend over backwards and do somersaults to bail out banks, FB and whoever stands in line, so I repeat again, if you can’t beat them, join them. If they are going to take my taxpaying dollars to bail people out, but make it harder for me to buy, well, then I’ll just get a condo w/an FHA 3% down and then default and get bailed out too.
What can they do? So my credit gets a little tarnished. They’re not going to take the house. It is clear that is a last resort and they don’t want to do it. They’ll let you live in it for a year and still negotiate w/you. It’s like Monty Hall and “Let’s make a Deal.”
It’s like a car salesman’s pitch, “What can I do to get you in that car today?” What can we do to keep you in the house.
UUUgggggghhhh. This whole thing disgusts me. [/quote]
I like this idea. I am also going to seriously consider doing this!
I have been waiting for a long time to purchase, and if this is how the system is going to work, then I am going to work the system…
Participant[quote=jpinpb]And so now we’ve come full circle again. The government is going to bend over backwards and do somersaults to bail out banks, FB and whoever stands in line, so I repeat again, if you can’t beat them, join them. If they are going to take my taxpaying dollars to bail people out, but make it harder for me to buy, well, then I’ll just get a condo w/an FHA 3% down and then default and get bailed out too.
What can they do? So my credit gets a little tarnished. They’re not going to take the house. It is clear that is a last resort and they don’t want to do it. They’ll let you live in it for a year and still negotiate w/you. It’s like Monty Hall and “Let’s make a Deal.”
It’s like a car salesman’s pitch, “What can I do to get you in that car today?” What can we do to keep you in the house.
UUUgggggghhhh. This whole thing disgusts me. [/quote]
I like this idea. I am also going to seriously consider doing this!
I have been waiting for a long time to purchase, and if this is how the system is going to work, then I am going to work the system…
Participant[quote=jpinpb]And so now we’ve come full circle again. The government is going to bend over backwards and do somersaults to bail out banks, FB and whoever stands in line, so I repeat again, if you can’t beat them, join them. If they are going to take my taxpaying dollars to bail people out, but make it harder for me to buy, well, then I’ll just get a condo w/an FHA 3% down and then default and get bailed out too.
What can they do? So my credit gets a little tarnished. They’re not going to take the house. It is clear that is a last resort and they don’t want to do it. They’ll let you live in it for a year and still negotiate w/you. It’s like Monty Hall and “Let’s make a Deal.”
It’s like a car salesman’s pitch, “What can I do to get you in that car today?” What can we do to keep you in the house.
UUUgggggghhhh. This whole thing disgusts me. [/quote]
I like this idea. I am also going to seriously consider doing this!
I have been waiting for a long time to purchase, and if this is how the system is going to work, then I am going to work the system…
Participant[quote=jpinpb]If I’m to believe what I hear from various sources, including Mr. Mortgage, we’re looking at trillions and trillions that was pumped into the economy from about 2001 to 2007.
Can the government really rescue this crisis? Are they prepared to throw trillions into this?
Another thing: This economy was booming until recently. It went from the dotcom to real estate. Please consider everything that boosted our economy, b/c it was related in one way or another to real estate.
What will make our economy flourish again? We have to make our economy grow. What will create jobs that will replace the job losses in real estate and provide money that the ATM house machines were once dispensing?[/quote]
Agreed. Even if there are a plethora of govt programs to stem foreclosures and keep people in their homes, 45% of people (quote from Freddie Mac) don’t even want a “workout” unless it will give them positive equity in their home. They are walking even when the GSE is trying to help them. This is the case with the banks too.
If they can’t feel wealth from their home, they don’t have any incentive to stay in them.
Even if the govt does enact any or all of these new programs, they won’t be around for very long once they figure out that people are taking the write down and still walking away, inevitably foreclosing.
Until housing comes back to equilibrium with incomes, foreclosures are going to keep rolling, unless of course they pass new policies that force more “creative” mortgage financing, which got us into this mess in the first place.
Participant[quote=jpinpb]If I’m to believe what I hear from various sources, including Mr. Mortgage, we’re looking at trillions and trillions that was pumped into the economy from about 2001 to 2007.
Can the government really rescue this crisis? Are they prepared to throw trillions into this?
Another thing: This economy was booming until recently. It went from the dotcom to real estate. Please consider everything that boosted our economy, b/c it was related in one way or another to real estate.
What will make our economy flourish again? We have to make our economy grow. What will create jobs that will replace the job losses in real estate and provide money that the ATM house machines were once dispensing?[/quote]
Agreed. Even if there are a plethora of govt programs to stem foreclosures and keep people in their homes, 45% of people (quote from Freddie Mac) don’t even want a “workout” unless it will give them positive equity in their home. They are walking even when the GSE is trying to help them. This is the case with the banks too.
If they can’t feel wealth from their home, they don’t have any incentive to stay in them.
Even if the govt does enact any or all of these new programs, they won’t be around for very long once they figure out that people are taking the write down and still walking away, inevitably foreclosing.
Until housing comes back to equilibrium with incomes, foreclosures are going to keep rolling, unless of course they pass new policies that force more “creative” mortgage financing, which got us into this mess in the first place.
Participant[quote=jpinpb]If I’m to believe what I hear from various sources, including Mr. Mortgage, we’re looking at trillions and trillions that was pumped into the economy from about 2001 to 2007.
Can the government really rescue this crisis? Are they prepared to throw trillions into this?
Another thing: This economy was booming until recently. It went from the dotcom to real estate. Please consider everything that boosted our economy, b/c it was related in one way or another to real estate.
What will make our economy flourish again? We have to make our economy grow. What will create jobs that will replace the job losses in real estate and provide money that the ATM house machines were once dispensing?[/quote]
Agreed. Even if there are a plethora of govt programs to stem foreclosures and keep people in their homes, 45% of people (quote from Freddie Mac) don’t even want a “workout” unless it will give them positive equity in their home. They are walking even when the GSE is trying to help them. This is the case with the banks too.
If they can’t feel wealth from their home, they don’t have any incentive to stay in them.
Even if the govt does enact any or all of these new programs, they won’t be around for very long once they figure out that people are taking the write down and still walking away, inevitably foreclosing.
Until housing comes back to equilibrium with incomes, foreclosures are going to keep rolling, unless of course they pass new policies that force more “creative” mortgage financing, which got us into this mess in the first place.
Participant[quote=jpinpb]If I’m to believe what I hear from various sources, including Mr. Mortgage, we’re looking at trillions and trillions that was pumped into the economy from about 2001 to 2007.
Can the government really rescue this crisis? Are they prepared to throw trillions into this?
Another thing: This economy was booming until recently. It went from the dotcom to real estate. Please consider everything that boosted our economy, b/c it was related in one way or another to real estate.
What will make our economy flourish again? We have to make our economy grow. What will create jobs that will replace the job losses in real estate and provide money that the ATM house machines were once dispensing?[/quote]
Agreed. Even if there are a plethora of govt programs to stem foreclosures and keep people in their homes, 45% of people (quote from Freddie Mac) don’t even want a “workout” unless it will give them positive equity in their home. They are walking even when the GSE is trying to help them. This is the case with the banks too.
If they can’t feel wealth from their home, they don’t have any incentive to stay in them.
Even if the govt does enact any or all of these new programs, they won’t be around for very long once they figure out that people are taking the write down and still walking away, inevitably foreclosing.
Until housing comes back to equilibrium with incomes, foreclosures are going to keep rolling, unless of course they pass new policies that force more “creative” mortgage financing, which got us into this mess in the first place.
Participant[quote=jpinpb]If I’m to believe what I hear from various sources, including Mr. Mortgage, we’re looking at trillions and trillions that was pumped into the economy from about 2001 to 2007.
Can the government really rescue this crisis? Are they prepared to throw trillions into this?
Another thing: This economy was booming until recently. It went from the dotcom to real estate. Please consider everything that boosted our economy, b/c it was related in one way or another to real estate.
What will make our economy flourish again? We have to make our economy grow. What will create jobs that will replace the job losses in real estate and provide money that the ATM house machines were once dispensing?[/quote]
Agreed. Even if there are a plethora of govt programs to stem foreclosures and keep people in their homes, 45% of people (quote from Freddie Mac) don’t even want a “workout” unless it will give them positive equity in their home. They are walking even when the GSE is trying to help them. This is the case with the banks too.
If they can’t feel wealth from their home, they don’t have any incentive to stay in them.
Even if the govt does enact any or all of these new programs, they won’t be around for very long once they figure out that people are taking the write down and still walking away, inevitably foreclosing.
Until housing comes back to equilibrium with incomes, foreclosures are going to keep rolling, unless of course they pass new policies that force more “creative” mortgage financing, which got us into this mess in the first place.
ParticipantYep, I read them and these are the statements that make me highly doubtful:
“It’s unclear if the program has yielded results thus far, although most industry insiders that spoke with HW remain skeptical; investors are also watching closely, to determine what the modification effort will mean for their investments.”
“If the FDIC follows its stated plan, which is to maximize loan value or recovery value, a good chunk of these mods won’t go through anyway, despite the press given to it,” one senior banking official told HW last month, when the plan was announced. “The FDIC will find out what every other servicer already knows: for one thing, the majority of borrowers will simply ignore the offer. For another, those that do step up will give credible proof that they cannot afford their homes unless the FDIC were to undercut home value by 40 or 50 percent from current levels.”
Read here and you will clearly see more of my point:
http://mrmortgage.ml-implode.com/2008/10/23/40-billion-foreclosure-assistance-not-even-close/They can keep throwing money and new policies at this problem and it still will not abate…
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