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NotCranky
Participant“My point in posting about the all-too-easy, quasi-academic requirements in order to sit for the CA agent or broker exam was to illustrate the low caliber of the CA state requirements. IMO this lack of standards has contributed in no small way to the current situation.”
Real Estate agents are really small fish in all of this. I also don’t believe for a minute that the decision to retreat from selling unqualified people houses or putting them in obviously stupid loans correlated to the degree that licensees are educated academically.
Participant“My point in posting about the all-too-easy, quasi-academic requirements in order to sit for the CA agent or broker exam was to illustrate the low caliber of the CA state requirements. IMO this lack of standards has contributed in no small way to the current situation.”
Real Estate agents are really small fish in all of this. I also don’t believe for a minute that the decision to retreat from selling unqualified people houses or putting them in obviously stupid loans correlated to the degree that licensees are educated academically.
ParticipantCan’t wait until somebody comes up and says “I want a three car garage and a brown lawn.”
ParticipantCan’t wait until somebody comes up and says “I want a three car garage and a brown lawn.”
ParticipantThe mortgage people are required to have licenses, those working in banking/investment banking, many more credentials, what good did that do?The Realtor feeding the sharks has a license too. All of them were enabled by some of the most highly positioned and credentialed in our society. Saying that consumers should have to get licenses to borrow, is not a bad idea in itself, but this happened becaused the already licensed and credentialed players wanted it to happen or played along with or without ignorance and they didn’t give a damn what happened to the little unlicensed “consumer” or the economy.
If we looked at people when they came to us for services and said to ourselves “What if this were my son or daughter, what if this were my brother or sister, what if this were my father or mother” that would have been another way to have sidestepped the bubble.
I am not saying individual debtors are not responsible but they are clearly the ones most entitiled to play the ignorant card. I hope they don’t cause themselves more trouble than they have to over it.ParticipantThe mortgage people are required to have licenses, those working in banking/investment banking, many more credentials, what good did that do?The Realtor feeding the sharks has a license too. All of them were enabled by some of the most highly positioned and credentialed in our society. Saying that consumers should have to get licenses to borrow, is not a bad idea in itself, but this happened becaused the already licensed and credentialed players wanted it to happen or played along with or without ignorance and they didn’t give a damn what happened to the little unlicensed “consumer” or the economy.
If we looked at people when they came to us for services and said to ourselves “What if this were my son or daughter, what if this were my brother or sister, what if this were my father or mother” that would have been another way to have sidestepped the bubble.
I am not saying individual debtors are not responsible but they are clearly the ones most entitiled to play the ignorant card. I hope they don’t cause themselves more trouble than they have to over it.Participant“HLS (or anyone) what does the 5 year ARM mean against say the 2-3 year? Are less people willing to take those?”
The 5 year arm could be better, if you just want to control cash flow(which is what these things are supposed to be for, but the teaser rate won’t be so low because the banks are postponing interest income further out.In any case now a borrower would have to qualify based on the post reset rate and that basically means only people qualified to go conventional can get the exotic stuff now. That is how it usually is. “Affordability” , using credit, is getting worse and worse even as prices fall, That is a recipe for a snowball.Just add foreclosures, oh yes we have those.Job losses/income/wealth setbacks on deck.
You are right Cardiff, the LTV requirements are much bigger deals. Documentation of income requirements is huge.
Before, a buyer or their mortgage broker could literally enter any fudged income figure and a FICO score and that was it…instant homeowner.EDIT: Man am I slow!
Participant“HLS (or anyone) what does the 5 year ARM mean against say the 2-3 year? Are less people willing to take those?”
The 5 year arm could be better, if you just want to control cash flow(which is what these things are supposed to be for, but the teaser rate won’t be so low because the banks are postponing interest income further out.In any case now a borrower would have to qualify based on the post reset rate and that basically means only people qualified to go conventional can get the exotic stuff now. That is how it usually is. “Affordability” , using credit, is getting worse and worse even as prices fall, That is a recipe for a snowball.Just add foreclosures, oh yes we have those.Job losses/income/wealth setbacks on deck.
You are right Cardiff, the LTV requirements are much bigger deals. Documentation of income requirements is huge.
Before, a buyer or their mortgage broker could literally enter any fudged income figure and a FICO score and that was it…instant homeowner.EDIT: Man am I slow!
Participant“yeah, but she’s talking about acceleration of the down trend rather than the peak. like the point at which a coaster starts speeding down the track, the center of mass crests and starts accelerating the whole thing down even though several cars have already gone over the peak.”
I’ve already stuck my neck out on that one. Something about the “macaroni about to hit the fan” on a “Big chunk or Slow Decline” thread.Confirmation/Denial reports are due in the next 3 to 9 months.
Participant“yeah, but she’s talking about acceleration of the down trend rather than the peak. like the point at which a coaster starts speeding down the track, the center of mass crests and starts accelerating the whole thing down even though several cars have already gone over the peak.”
I’ve already stuck my neck out on that one. Something about the “macaroni about to hit the fan” on a “Big chunk or Slow Decline” thread.Confirmation/Denial reports are due in the next 3 to 9 months.
ParticipantI think HB’s link said the worst selling in the asian markets was happening after hours.
ParticipantI think HB’s link said the worst selling in the asian markets was happening after hours.
Participantsdr,”I felt the beginning of the change around June of 2004 which I think pretty much everyone would agree is far earlier than most of us here.”
This is about when I said to my wife. “The gig is up, you can’t buy a house fix it up and sell it for more. You might even get less than what you paid. If sweat equity is a waste of time, it is over.”(yes there have probably been a few exceptions)
The Union Tribune even ran a negative artical about the fall of 2004.I wish I had a link to it. The markets collective vital signs have been worsening since .Participantsdr,”I felt the beginning of the change around June of 2004 which I think pretty much everyone would agree is far earlier than most of us here.”
This is about when I said to my wife. “The gig is up, you can’t buy a house fix it up and sell it for more. You might even get less than what you paid. If sweat equity is a waste of time, it is over.”(yes there have probably been a few exceptions)
The Union Tribune even ran a negative artical about the fall of 2004.I wish I had a link to it. The markets collective vital signs have been worsening since . -
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