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chiph-

Is the FHA going to get to see the “applicant’s income” section of original loan paperwork? Are they going to try and help re-finance non owner occupied speculation homes?

By the way, if you are one of the guys who helped perpetuate this bubble by enabling borrowers to speculate by using NINA and NINJA loans…may you forever be unemployed and destitute when this whole thing shakes out–“I’ll take that with fries please”. Otherwise, have a nice day.

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This is Enron all over again…here’s hoping Mozilo makes a trip up to Colorado soon!

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Let me say it again (with a bit more development of the thought):

We must quit kidding ourselves here: the people living in homes that cost $400K today are NOT making $114,000 in income (the income required to support a 3.5 times income buying ratio) and therefore NECESSARILY will default again.

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What about the possibility that they may just settle for $400,000 now AND for $200K a couple years down the line when the buyer defaults AGAIN?

We must quit kidding ourselves here: the people living in homes that cost $400K today are NOT making $114,000 in income (the income required to support a 3.5 times income buying ratio)

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“If you find the house you want, at a price you can afford, and are looking to LIVE there and not as an investment, then by all means go for it and enjoy it! Don’t worry about when is the right time or wrong time to buy, after all, nobody here will be making your mortgage payments but you.”

David Lereah…is that you??

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LostCat said “I just don’t see how this sag can last longer than 2 more years. It already had 2 years in the bank.”

An analogy for you….the last 2 years have been like getting a fully loaded aircraft carrier into reverse after it was steaming at “all ahead full”.

We haven’t seen anything yet.

Prices are still somewhat “sticky” right? Capitulation needs to set in before we get anywhere near close to a “bottom”.

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We can just as easily see the gap down and should see clearly by next spring that this has occurred.

I think it’s already becoming pretty apparent in some fringe markets that prices fell off the kitchen counter and went straight to the floor, missing the barstools entirely.

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The White House call center seemed more interested in forwarding my comments than did Sen. Boxer’s office…that’s all. It may be too soon, I agree…I’d rather be early than late on this issue, however.

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Everyone here who cares about this issue should call the White House comment line at 202-456-1111 and share their opinion with a live operator. I shared mine, which echoed LA_Renters sentiment: 1) NO bailout but 2) IF bailout, THEN relief only to TRUE victims, otherwise PROSECUTION of the entire food chain where FRAUD is discovered (buyer, seller, realtor(s), appraisers, mortgage brokers, all the way up)

Call now and call often!

LBC

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is it sad or is it financial Darwinism at work?

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Be not afraid.

Fortunately, we all know that EVERY single thing the Bushies have set out to accomplish on behalf of “hard-working Americans” has delivered the complete opposite result. Or, put another way, it has all backfired.

We should all be thankful, then, (with tongue in cheek) that our illustrious leader (who, I am ashamed to say, I voted for twice) is on the job….

Who knows…we may be seeing another “Mission Accomplished” event on the deck of the U.S.S. Midway museum soon, declaring problems with the housing market over in San Diego;)

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mortgage rates are tied primarily to risk premium….would you loan me a lot of money at a very low rate if you were concerned that the collateral was losing value and might not cover my debt if I couldn’t pay it off?

as asset prices fall, the rates to borrow money to buy those assets invariably go up

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make your neighbors happy…drop your price 30%

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Coincidence? I just heard they finally filled the 6-9 a.m. shift at my local Carl’s Jr. Could it be…?

Nah…..George is underqualified to make my loaded breakfast burrito.

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Coincidence? I just heard they finally filled the 6-9 a.m. shift at my local Carl’s Jr. Could it be…?

Nah…..George is underqualified to make my loaded breakfast burrito.

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