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September 21, 2007 at 10:25 AM in reply to: Is GOV already bailing out Lenders? I have DATA!! #85438September 21, 2007 at 10:11 AM in reply to: Is GOV already bailing out Lenders? I have DATA!! #85434
The OC Scam
ParticipantBy the way I’m not saying 420K is low but for me I can afford it but for others I understand prices should come down even lower…
September 21, 2007 at 10:01 AM in reply to: Is GOV already bailing out Lenders? I have DATA!! #85430ParticipantIt matters because I’m have friend who just bought a foreclosure for 40% percent off! And I’m doing the same just made an offer for $420k on a home (20 % down)that was purchased for $700K last year. I will have details if they accept.
My questions is these banks are getting heavy discounts they can afford to sale low now!
ParticipantHave you all forgot[img_assist|nid=4785|title=The Leader of the free world|desc=|link=node|align=left|width=396|height=500] this article from 2004????
He knew and encouraged it. Where is the truth I ask my fellow americans???? Where???? By the way I’m paying my rent again!!!llllol
Greenspan says ARMs might be better deal
By Sue Kirchhoff and Barbara Hagenbaugh, USA TODAY
WASHINGTON — Federal Reserve Chairman Alan Greenspan said Monday that Americans’ preference for long-term, fixed-rate mortgages means many are paying more than necessary for their homes and suggested consumers would benefit if lenders offered more alternatives.
In a standing-room-only speech to the Credit Union National Association meeting here, Greenspan also said U.S. household finances appeared generally sound, despite rising debt levels and bankruptcy filings. Low interest rates and surging home prices have given consumers flexibility to manage debt, he said.“Overall, the household sector seems to be in good shape,” Greenspan said.
AP file
GreenspanAmericans have been buying homes and refinancing mortgages at a record pace in the past several years, lured by low interest rates. Most mortgages are fixed rate, so consumers can prepay when rates go down but do not face higher costs if rates rise. Under adjustable-rate mortgages (ARMs), which made up about 28% of mortgages in January, borrowers usually have lower initial rates but face the risk of higher payments if rates in the broader economy rise.
While borrowers can refinance fixed-rate mortgages, Greenspan said homeowners were paying as much as 0.5 to 1.2 percentage points for that right and the protection against a potential rate rise, which could increase annual after-tax payments by several thousand dollars.
He said a Fed study suggested many homeowners could have saved tens of thousands of dollars in the last decade if they had ARMs. Those savings would not have been realized, however, had interest rates shot up.
“American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage,” Greenspan said.
Joseph McKenzie, deputy chief economist at the Federal Housing Finance Board, says buyers like the stability of fixed-rate mortgages, but there is increasing flexibility in products. “There are lots of innovative programs, especially targeting low-income and first-time buyers,” he says.
The Mortgage Bankers Association said the average rate for a 30-year fixed mortgage in the week ended Feb. 13 was 5.46%, compared with 3.27% for a one-year ARM. Mark Zandi of Economy.com says that although Greenspan is technically correct, for some borrowers, including those with high debt, fixed-rate mortgages may be a better bet.
ParticipantParticipantThe good news is that no idiot was stupid enough to bid! The $279k price I believe was the starting bid?
My uncle bought a house in the area for $130k 9 years ago and I wouldn’t pay any more then that now.
ParticipantI see what this is all about Hillary is really the creator of the Subprime loan!
Aliens do exist…….
ParticipantThe thing is she really believes this shat! I can’t judge the realtor it’s in their blood.
ParticipantThe good news is we just picked up some large medical accounts that should keep things rolling through these tough times!!!
ParticipantHad large contracts with support of IT and Telecom equipment they purchase directly from my company..
ParticipantHey…. Eye pod Your such a sweet heart! Don’t worry to much I’m gonna send her money in jail. Atleast a couple dollars a month to get the much needed pack of cigs!! The NO RENT BABY is very convenient especially when you just get back from costco with that new eye pod….Learn the LAW BABY! It’s a little crazy I know but RENTERS actually have rights???
And in case nobody including miss i-pod do not understand it is not called little old FRAUD!!! You can go to prison and little old eye-pod will come, visit and sing you to sleep
(MARY HAD A LITTLE LAMB or something like that?)
Oh yeah a new concept SIGN A LEASE YOU CAN BACK!
Thanks for the love EYE-POD nation
ParticipantIt’s not about owning the home. It is a little more complicated then that if you understand the situation. I have written about this situation under my forum OC scam part 1 and 2. In brief I have legal right to withhold the rent because she intentionally signed a lease agreement for a year for a home that she has never made a mortgage since purchasing the home in August of 2006 then signing a lease with me in December 2006 (This is called rent skimming). Then she broke the contract when she filed bankruptcy but remember this is for 7 homes she purchased I was paying the full amount we agreed to. She is being investigated for fraud by all lenders involved. I’m the least of the lenders problems right now! I could sue her for the lease agreement she broke which I would never win any amount of money because she has no assets. There is seven families involved in this situation we all have lawyers and trust me this is completely legal and is why the money is being placed aside and not being spent until all is resolved.
Thanks guys for the love!
ParticipantYes in some way SD-R I meant to SCREAM entitlement and vindication but more in a funny ha-ha way.
Most in this situation as I have heard damage the property. I have a legal contract that was broken and have full legal right to live here until the bank ask me to move out or until by lease date expires. Which I agree is a little different then most properties that squatters would be found living in.
ParticipantYes in some way SD-R I meant to SCREAM entitlement and vindication but more in a funny ha-ha way.
Most in this situation as I have heard damage the property. I have a legal contract that was broken and have full legal right to live here until the bank ask me to move out or until by lease date expires. Which I agree is a little different then most properties that squatters would be found living in.
ParticipantYes in some way SD-R I meant to SCREAM entitlement and vindication but more in a funny ha-ha way.
Most in this situation as I have heard damage the property. I have a legal contract that was broken and have full legal right to live here until the bank ask me to move out or until by lease date expires. Which I agree is a little different then most properties that squatters would be found living in.
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