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July 11, 2007 at 9:10 AM in reply to: Standard & Poor’s just drove a huge harpoon into the heart of the mortgage credit bubble, #65187
Nancy_s soothsayer
ParticipantI apologize for the following rant:
The three rating agencies – Moody’s, S&P, and Fitch – were like the pimps that endorsed “diseased hookers” to pension funds. I can’t wait to see mass lawsuits start to make these pimps pay up for their worthless “investment-grade” ratings. They made suckas out of so many people.
July 11, 2007 at 9:10 AM in reply to: Standard & Poor’s just drove a huge harpoon into the heart of the mortgage credit bubble, #65249ParticipantI apologize for the following rant:
The three rating agencies – Moody’s, S&P, and Fitch – were like the pimps that endorsed “diseased hookers” to pension funds. I can’t wait to see mass lawsuits start to make these pimps pay up for their worthless “investment-grade” ratings. They made suckas out of so many people.
July 10, 2007 at 9:57 PM in reply to: Standard & Poor’s just drove a huge harpoon into the heart of the mortgage credit bubble, #65113ParticipantBy gullible-gosh, there goes the pension fund. Can some pension manager reading this please start redeeming all those CMO’s, CDO’s and MBS, please? Same with those “alpha engines” full of synthetic derivatives, please? Hellerr…is anyone listening? We’re talking a lot of money at risk here.
July 10, 2007 at 9:57 PM in reply to: Standard & Poor’s just drove a huge harpoon into the heart of the mortgage credit bubble, #65174ParticipantBy gullible-gosh, there goes the pension fund. Can some pension manager reading this please start redeeming all those CMO’s, CDO’s and MBS, please? Same with those “alpha engines” full of synthetic derivatives, please? Hellerr…is anyone listening? We’re talking a lot of money at risk here.
ParticipantThe “loan modification” game being worked out by the accountants is similar to the most recent bankruptcy laws where a debtor gets shackled and tied to his loans and contractual obligations till there is no more blood to squeeze. The debtors can’t walk away easily – the rule makers are making sure of that! Inspite of this effort of minimizing foreclosures, the deflation of housing prices won’t be stopped because the FLIPPING GAME which created the bubble is way over.
They make it sound like they are “helping” the homedebtors. The truth is, the banks will punish those who got into the flipping game by not letting them easily off the hook. As a consequence, these homedebtors can’t go buy another house or two to flip down the road. Let me guess, if these homedebtors won’t cooperate with their lenders to get “loan modification”, somehow, they would be blacklisted and would end up as Forever-Renters.
It’s all good, in the end. These homedebtors are prevented from buying another house (ever) again, I hope.
ParticipantThe “loan modification” game being worked out by the accountants is similar to the most recent bankruptcy laws where a debtor gets shackled and tied to his loans and contractual obligations till there is no more blood to squeeze. The debtors can’t walk away easily – the rule makers are making sure of that! Inspite of this effort of minimizing foreclosures, the deflation of housing prices won’t be stopped because the FLIPPING GAME which created the bubble is way over.
They make it sound like they are “helping” the homedebtors. The truth is, the banks will punish those who got into the flipping game by not letting them easily off the hook. As a consequence, these homedebtors can’t go buy another house or two to flip down the road. Let me guess, if these homedebtors won’t cooperate with their lenders to get “loan modification”, somehow, they would be blacklisted and would end up as Forever-Renters.
It’s all good, in the end. These homedebtors are prevented from buying another house (ever) again, I hope.
ParticipantWe’ve only started projecting since the last two years. When did Piggington come into existence? That’s nothing compared to the more than 8 years (1998 through 2005)span of run-up. What you see today is not what you will see next year after the major ARM resets per the famous chart. You could spend at least a couple of days at Ben Jones’ blog and you will realize that Piggingtonians are mild in comparison as to conviction. In other housing blogs, they are rabid in their bearish convictions – they feed on each other in Shaedenfreud. It gets very intense/entertaining.
You’re just not seeing it. Maybe you need to see an eye-doctor. Better yet, a doctor who gives a good dose of reality is what you need. What about a Math teacher who teaches extrapolations – the better you can reach a conclusion when looking at the ARM reset chart.
ParticipantWe’ve only started projecting since the last two years. When did Piggington come into existence? That’s nothing compared to the more than 8 years (1998 through 2005)span of run-up. What you see today is not what you will see next year after the major ARM resets per the famous chart. You could spend at least a couple of days at Ben Jones’ blog and you will realize that Piggingtonians are mild in comparison as to conviction. In other housing blogs, they are rabid in their bearish convictions – they feed on each other in Shaedenfreud. It gets very intense/entertaining.
You’re just not seeing it. Maybe you need to see an eye-doctor. Better yet, a doctor who gives a good dose of reality is what you need. What about a Math teacher who teaches extrapolations – the better you can reach a conclusion when looking at the ARM reset chart.
ParticipantHype, it is good that the delusional knife-catchers who are buying now are getting out of the way when it is Piggingtonians’ turn to buy a west coast “dream” home in about two years. Less competition is much appreciated for prime properties at much better pricing available in 2009-2010. Some of these starry-eyed knife-catchers today are counting on perpetual housing price inflation. They got lucky before – now they think more of the same such that if they upgrade at double the price, they could also double the luck and increase their profit if they sell the new one down the road. With so much blind optimism, some of them might even “accidentally” end up carrying two mortgages (can’t sell the old house). They will implode their net worth. Who will come out financially strong and whole in the end? I hope many Piggingtonians do.
ParticipantHype, it is good that the delusional knife-catchers who are buying now are getting out of the way when it is Piggingtonians’ turn to buy a west coast “dream” home in about two years. Less competition is much appreciated for prime properties at much better pricing available in 2009-2010. Some of these starry-eyed knife-catchers today are counting on perpetual housing price inflation. They got lucky before – now they think more of the same such that if they upgrade at double the price, they could also double the luck and increase their profit if they sell the new one down the road. With so much blind optimism, some of them might even “accidentally” end up carrying two mortgages (can’t sell the old house). They will implode their net worth. Who will come out financially strong and whole in the end? I hope many Piggingtonians do.
ParticipantThank you, doctor. How about the aspirin?
ParticipantThank you, doctor. How about the aspirin?
ParticipantIf there are way too many dogs lost, I overheard some goofballs say the earth will be shaking soon. Makes you even more cynical.
ParticipantIf there are way too many dogs lost, I overheard some goofballs say the earth will be shaking soon. Makes you even more cynical.
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