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mgubnyc1
Participantjc you live in America, anything could happen, you may even wil a lotto. What if you were born in Iran or Iraq would your chances of a nice home be any better?
I agree home prices did go out of control, but more so in certain locations. For example percentage wise homes very close to major cities like LA and New York saw less of an increase compared to lets say a home in Murrieta or simular that increased 3 X or more in value in less then 4 years. I really hope were not going to see hugh reductions in prime real-estate. your not going to see homes on Newport Beach selling for 700K your dreaming, but if we do wake up and see this were fucked!ParticipantAt this moment I don’t own any property, sold my home CA last August to a guy who took a mortgage for over 680K and moved back to the east coast. Yes, I miss the weather but that is all.
by the way the property was in Murrieta, and as soon as his loan re-sets he will just walk away. He has several hundred thousand in cash from a previous sale of a property he owned for over 2 years so he doesn’t owe any tax’s on it. He’ll stay in the house until the bank bankrupt’s him and walk away free and clear, in a couple of years he’ll have his credit back. The guy works in a warehouse and makes around 50K a year his wife works at the local supermarket, cashier! not big spenders.
So I ask you this, why would anyone loan this guy 600K?
what was the motivation for the mortgage company? why would the state or federal goverments even consider to bail out these corporations? imo this is fraud, and it is still going on, the realtor the appraisor and mortgage company all let this happen. I don’t think anyone even knows how much fraud was and is going on, I also think things are going to get much, much worse. Nothing the federal goverment will do can fix this, it has to come to a head and I think the sooner the better. the longer this drags on the worse it’s going to be, I hope Ben raises the prime rate and bam the credit crunch happens, right away,then make the mortgage companies that made these crazy loans buy back the paper they sold, they’ll go bankrupt, let the stock market go through its corrections it will be painfull but we’ll get through it. its going to happen anyways, we may as well just get it over with.ParticipantAt this moment I don’t own any property, sold my home CA last August to a guy who took a mortgage for over 680K and moved back to the east coast. Yes, I miss the weather but that is all.
by the way the property was in Murrieta, and as soon as his loan re-sets he will just walk away. He has several hundred thousand in cash from a previous sale of a property he owned for over 2 years so he doesn’t owe any tax’s on it. He’ll stay in the house until the bank bankrupt’s him and walk away free and clear, in a couple of years he’ll have his credit back. The guy works in a warehouse and makes around 50K a year his wife works at the local supermarket, cashier! not big spenders.
So I ask you this, why would anyone loan this guy 600K?
what was the motivation for the mortgage company? why would the state or federal goverments even consider to bail out these corporations? imo this is fraud, and it is still going on, the realtor the appraisor and mortgage company all let this happen. I don’t think anyone even knows how much fraud was and is going on, I also think things are going to get much, much worse. Nothing the federal goverment will do can fix this, it has to come to a head and I think the sooner the better. the longer this drags on the worse it’s going to be, I hope Ben raises the prime rate and bam the credit crunch happens, right away,then make the mortgage companies that made these crazy loans buy back the paper they sold, they’ll go bankrupt, let the stock market go through its corrections it will be painfull but we’ll get through it. its going to happen anyways, we may as well just get it over with.ParticipantAt this moment I don’t own any property, sold my home CA last August to a guy who took a mortgage for over 680K and moved back to the east coast. Yes, I miss the weather but that is all.
by the way the property was in Murrieta, and as soon as his loan re-sets he will just walk away. He has several hundred thousand in cash from a previous sale of a property he owned for over 2 years so he doesn’t owe any tax’s on it. He’ll stay in the house until the bank bankrupt’s him and walk away free and clear, in a couple of years he’ll have his credit back. The guy works in a warehouse and makes around 50K a year his wife works at the local supermarket, cashier! not big spenders.
So I ask you this, why would anyone loan this guy 600K?
what was the motivation for the mortgage company? why would the state or federal goverments even consider to bail out these corporations? imo this is fraud, and it is still going on, the realtor the appraisor and mortgage company all let this happen. I don’t think anyone even knows how much fraud was and is going on, I also think things are going to get much, much worse. Nothing the federal goverment will do can fix this, it has to come to a head and I think the sooner the better. the longer this drags on the worse it’s going to be, I hope Ben raises the prime rate and bam the credit crunch happens, right away,then make the mortgage companies that made these crazy loans buy back the paper they sold, they’ll go bankrupt, let the stock market go through its corrections it will be painfull but we’ll get through it. its going to happen anyways, we may as well just get it over with.Participantthe CEO/CFO of that mortgage company or bank should, that loaned the money should be forced to buy that property at the listed price.
Participantthe CEO/CFO of that mortgage company or bank should, that loaned the money should be forced to buy that property at the listed price.
Participantthe CEO/CFO of that mortgage company or bank should, that loaned the money should be forced to buy that property at the listed price.
ParticipantJC with 65k a year you will have a hard time buying a house anywhere in the USA. You have to earn more money!
Anyone that took a loan they can not afford I do not feel sorry for and couldn’t care less if they lose the home.
Its the family that has their life savings into a home only watch it fade away only to find themselves upside down 200K even if they have only a 100K mortgage at 5% for 30years that family lost 200K and that is not right!!!!ParticipantJC with 65k a year you will have a hard time buying a house anywhere in the USA. You have to earn more money!
Anyone that took a loan they can not afford I do not feel sorry for and couldn’t care less if they lose the home.
Its the family that has their life savings into a home only watch it fade away only to find themselves upside down 200K even if they have only a 100K mortgage at 5% for 30years that family lost 200K and that is not right!!!!ParticipantJC with 65k a year you will have a hard time buying a house anywhere in the USA. You have to earn more money!
Anyone that took a loan they can not afford I do not feel sorry for and couldn’t care less if they lose the home.
Its the family that has their life savings into a home only watch it fade away only to find themselves upside down 200K even if they have only a 100K mortgage at 5% for 30years that family lost 200K and that is not right!!!!ParticipantBecause it should not be worth that in the 1st place
I agree, alot of people were cheated, and who allowed it?
yes, I think people should be allowed to profit on the sale of a property, but the whole real-estate mortgage industry in certain parts of the country mostly the south east and the west were creating a pyrmaid scheme and my point is the whole real-estate mortgage industry knew what was going on and allowed it to get to the point we are at. I don’t know how to fix it but having our PRIME property value drop 50 is not the answer.
ParticipantBecause it should not be worth that in the 1st place
I agree, alot of people were cheated, and who allowed it?
yes, I think people should be allowed to profit on the sale of a property, but the whole real-estate mortgage industry in certain parts of the country mostly the south east and the west were creating a pyrmaid scheme and my point is the whole real-estate mortgage industry knew what was going on and allowed it to get to the point we are at. I don’t know how to fix it but having our PRIME property value drop 50 is not the answer.
ParticipantBecause it should not be worth that in the 1st place
I agree, alot of people were cheated, and who allowed it?
yes, I think people should be allowed to profit on the sale of a property, but the whole real-estate mortgage industry in certain parts of the country mostly the south east and the west were creating a pyrmaid scheme and my point is the whole real-estate mortgage industry knew what was going on and allowed it to get to the point we are at. I don’t know how to fix it but having our PRIME property value drop 50 is not the answer.
ParticipantI saw premium properties in Balboa Island (part of Newport Beach) sell for 50 percent off their peak prices of 1989-1990. I was amazed. I’m sure it can, and will happen again.
Cashman, who is this good for? what if they fall 80% would that make it an even better deal for you?
how about all the other prime real-estate around the country, what if they also fall 50%, then intrest rates drop to 0% and still no one is buying, then investors all over the world take thier money out of the country and were fall into one of the worst depressions ever, would you like that to? becareful what you wish for!
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