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November 25, 2010 at 7:03 PM in reply to: RollingStone: Matt Taibbi: Courts Helping Banks Screw Over Homeowners #633324
patb
Participant[quote=sdrealtor]Here here, Permabear!! It was not just independent mortgage brokers it was the direct banks also. When I took out my HELOC I went to my WF branch bank and they asked me how much I wanted. I said that I wanted the maximum to have as an open line (I knew what was coming and wanted one open just in case there were opportunites I wanted to take advantage of). I asked how much I needed to earn to get it. They calculated the number and just put it in without asking me for any documentation. The banks lending their own money were just as complicite as anyone.[/quote]
The banks would charge a fee to process a HELOC, so they just did them, as long as they could process them into REMIC…
when the REMICs collapsed they cancelled HELOCs like mad.
November 25, 2010 at 7:03 PM in reply to: RollingStone: Matt Taibbi: Courts Helping Banks Screw Over Homeowners #633402Participant[quote=sdrealtor]Here here, Permabear!! It was not just independent mortgage brokers it was the direct banks also. When I took out my HELOC I went to my WF branch bank and they asked me how much I wanted. I said that I wanted the maximum to have as an open line (I knew what was coming and wanted one open just in case there were opportunites I wanted to take advantage of). I asked how much I needed to earn to get it. They calculated the number and just put it in without asking me for any documentation. The banks lending their own money were just as complicite as anyone.[/quote]
The banks would charge a fee to process a HELOC, so they just did them, as long as they could process them into REMIC…
when the REMICs collapsed they cancelled HELOCs like mad.
November 25, 2010 at 7:03 PM in reply to: RollingStone: Matt Taibbi: Courts Helping Banks Screw Over Homeowners #633977Participant[quote=sdrealtor]Here here, Permabear!! It was not just independent mortgage brokers it was the direct banks also. When I took out my HELOC I went to my WF branch bank and they asked me how much I wanted. I said that I wanted the maximum to have as an open line (I knew what was coming and wanted one open just in case there were opportunites I wanted to take advantage of). I asked how much I needed to earn to get it. They calculated the number and just put it in without asking me for any documentation. The banks lending their own money were just as complicite as anyone.[/quote]
The banks would charge a fee to process a HELOC, so they just did them, as long as they could process them into REMIC…
when the REMICs collapsed they cancelled HELOCs like mad.
November 25, 2010 at 7:03 PM in reply to: RollingStone: Matt Taibbi: Courts Helping Banks Screw Over Homeowners #634106Participant[quote=sdrealtor]Here here, Permabear!! It was not just independent mortgage brokers it was the direct banks also. When I took out my HELOC I went to my WF branch bank and they asked me how much I wanted. I said that I wanted the maximum to have as an open line (I knew what was coming and wanted one open just in case there were opportunites I wanted to take advantage of). I asked how much I needed to earn to get it. They calculated the number and just put it in without asking me for any documentation. The banks lending their own money were just as complicite as anyone.[/quote]
The banks would charge a fee to process a HELOC, so they just did them, as long as they could process them into REMIC…
when the REMICs collapsed they cancelled HELOCs like mad.
November 25, 2010 at 7:03 PM in reply to: RollingStone: Matt Taibbi: Courts Helping Banks Screw Over Homeowners #634425Participant[quote=sdrealtor]Here here, Permabear!! It was not just independent mortgage brokers it was the direct banks also. When I took out my HELOC I went to my WF branch bank and they asked me how much I wanted. I said that I wanted the maximum to have as an open line (I knew what was coming and wanted one open just in case there were opportunites I wanted to take advantage of). I asked how much I needed to earn to get it. They calculated the number and just put it in without asking me for any documentation. The banks lending their own money were just as complicite as anyone.[/quote]
The banks would charge a fee to process a HELOC, so they just did them, as long as they could process them into REMIC…
when the REMICs collapsed they cancelled HELOCs like mad.
ParticipantThe guy knows he has a problem in the house.
He should sell it as. Atear down, buy a new place.
As for shafting your secretary, bad karma.
You want to sack people buy their stock back.
ParticipantThe guy knows he has a problem in the house.
He should sell it as. Atear down, buy a new place.
As for shafting your secretary, bad karma.
You want to sack people buy their stock back.
ParticipantThe guy knows he has a problem in the house.
He should sell it as. Atear down, buy a new place.
As for shafting your secretary, bad karma.
You want to sack people buy their stock back.
ParticipantThe guy knows he has a problem in the house.
He should sell it as. Atear down, buy a new place.
As for shafting your secretary, bad karma.
You want to sack people buy their stock back.
ParticipantThe guy knows he has a problem in the house.
He should sell it as. Atear down, buy a new place.
As for shafting your secretary, bad karma.
You want to sack people buy their stock back.
Participant[quote=SD Transplant]A quick note from the NAR chief was stating that the elimination of the MID will shave off about 15% of the current prices…….we shall see[/quote]
If interest rate keep dropping, the value of the MID drops.
Consider a $100K house with a 8% mortgage and 33% tax rate.
The interest is 8000/year. And the value of the MID is 2650 a year.
At 4% the mortgage is 4000 a year and the MID is worth 1300 a year.
As people payoff their houses, the MID decays anyways, so if you set the MID to cap at the median house and and decay over 10 years, it will have a lower impact.
Say you can apply 100 percent in the first year, and then 90% the next year
And 81% the next year,,,,People won’t price that in. They will figure their incomes will increase
Participant[quote=SD Transplant]A quick note from the NAR chief was stating that the elimination of the MID will shave off about 15% of the current prices…….we shall see[/quote]
If interest rate keep dropping, the value of the MID drops.
Consider a $100K house with a 8% mortgage and 33% tax rate.
The interest is 8000/year. And the value of the MID is 2650 a year.
At 4% the mortgage is 4000 a year and the MID is worth 1300 a year.
As people payoff their houses, the MID decays anyways, so if you set the MID to cap at the median house and and decay over 10 years, it will have a lower impact.
Say you can apply 100 percent in the first year, and then 90% the next year
And 81% the next year,,,,People won’t price that in. They will figure their incomes will increase
Participant[quote=SD Transplant]A quick note from the NAR chief was stating that the elimination of the MID will shave off about 15% of the current prices…….we shall see[/quote]
If interest rate keep dropping, the value of the MID drops.
Consider a $100K house with a 8% mortgage and 33% tax rate.
The interest is 8000/year. And the value of the MID is 2650 a year.
At 4% the mortgage is 4000 a year and the MID is worth 1300 a year.
As people payoff their houses, the MID decays anyways, so if you set the MID to cap at the median house and and decay over 10 years, it will have a lower impact.
Say you can apply 100 percent in the first year, and then 90% the next year
And 81% the next year,,,,People won’t price that in. They will figure their incomes will increase
Participant[quote=SD Transplant]A quick note from the NAR chief was stating that the elimination of the MID will shave off about 15% of the current prices…….we shall see[/quote]
If interest rate keep dropping, the value of the MID drops.
Consider a $100K house with a 8% mortgage and 33% tax rate.
The interest is 8000/year. And the value of the MID is 2650 a year.
At 4% the mortgage is 4000 a year and the MID is worth 1300 a year.
As people payoff their houses, the MID decays anyways, so if you set the MID to cap at the median house and and decay over 10 years, it will have a lower impact.
Say you can apply 100 percent in the first year, and then 90% the next year
And 81% the next year,,,,People won’t price that in. They will figure their incomes will increase
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