Foreclosures at record as household wealth falls (Page 15/19)
aceman MAR 08, 11:46 PM

quote
Originally posted by 84fiero123:

And anything ace says is fact, at least in his mind.

No one can find anything as far as what % of home loans are ARM’s and what % are regular loans.

See the thing is this is going to hurt everyone, even ace, see he still owes on his house and if the current trend keeps up as far as devaluing homes he may not get what he paid for his home because it will be worth less than what he paid for it.

This is going to affect everyone, homeowner or not.

Companies are already laying off people because of this, I have already posted links.

But ace said they have nothing to do with this, even though it said right in the article it was because of this.





YOU ARE SO FUKING IGNORANT!

HERE'S THE FUKING MATH AGAIN........

I owe $95,000.
I'm listing at $185,000
Taxed market value is $235,000
Last comparable houses sold in the past 6 months in the $170s.
The last time ANY house with 2,000 square feet sold in my area for less than $100,000 was 1999.

Sorry Mr Bitter, as of 1:00pm this afternoon, I may be keeping my house. Retirement from the Army next year and owning a "family" business where I grew up is looking quite tempting. So, I'll keep the house and sell it in 3 years for over $200,000.

Keep up your barroom brawl drunken argument you ignorant, uneducated, worthless fuk!


----------------------------------
Spend 5 minutes searching the internet and you'll find numbers for your ARM and regular loans. It's much better than your method of let's pull something out of Mr Bitter's ass and try to link it or hope nobody's checking that it really isn't a fact.

You posted links to the mortgage companies laying off people. DUH! Many of those companies went under. Where does this directly link to the mortgage meltdown? Did John and Sally and Bob get a ARM mortgage as a bonus to taking a job with XYZ Mortgage Company?

Pull your head out of your ass and stop being a bitter fuk!
ditch MAR 08, 11:46 PM

quote
Originally posted by maryjane:


You and Bill are both right. Bill in saying the target was a high risk category-you in saying the banks really have no way to break even on mass foreclosures. The banks took the word of economists that the economy would remain strong, and underestimated the total # of people accross the country who were actually taking these loans.



I totally agree that they targeted a higher risk category with ARM's, but to say they did it with the hopes of foreclosure couldn't be farther from the truth. There is no money to be made in foreclosure. That is what I was commenting on.

I think you're right about the banks underestimating the number of people taking these high risk loans. Heck, I wouldn't be surprised to find out they never even considered how many people would jump on those loans.
maryjane MAR 08, 11:50 PM
Evidently there are more than a few who believe the realtors are at least a little involved in this. (if the link works) Read down where it shows the realtors tied in. Yes, I understand this is just some peoples' opinions.

http://answers.yahoo.com/qu...0070928115703AAkvj1C
aceman MAR 08, 11:51 PM

quote
Originally posted by ditch:


I totally agree that they targeted a higher risk category with ARM's, but to say they did it with the hopes of foreclosure couldn't be farther from the truth. There is no money to be made in foreclosure. That is what I was commenting on.

I think you're right about the banks underestimating the number of people taking these high risk loans. Heck, I wouldn't be surprised to find out they never even considered how many people would jump on those loans.



Absolutely dead-on, ditch. But, once again..........Who is the idiot in the end of this?
maryjane MAR 08, 11:54 PM

quote
Originally posted by ditch:


I totally agree that they targeted a higher risk category with ARM's, but to say they did it with the hopes of foreclosure couldn't be farther from the truth. [b]There is no money to be made in foreclosure.[\b] That is what I was commenting on.

.



Agree fully-the mortgage banks aren't in the housing business-they are in the money business. No one wins in foreclosures--and no one makes money except the speculators and they better have deep pockets and a lot of patience.
aceman MAR 08, 11:56 PM
http://www.inman.com/news/2...arts-hit-new-records

There! There are some numbers and fact to chew on. Took me 3 minutes to search the net for this:

"Subprime ARMs represented just 7 percent of loans outstanding, but accounted for 42 percent of foreclosures starts during the fourth quarter. Prime ARMs represented 15 percent of outstanding loans, and 20 percent of the foreclosures started."

ARMs accounted for 62 percent of last quarter's foreclosures. Not to tough to go to Google and find FACTS!

[This message has been edited by aceman (edited 03-08-2008).]

84Bill MAR 08, 11:57 PM

quote
Originally posted by ditch:
That's an interresting theory, but it's not true. If you look into it you'll find that banks lose money in foreclosures regardless of the strength of the housing market. Owning a house is not good for a bank. They don't win by acquiring a home via foreclosure, they win by collecting mortgage payments on that home.

Think about it. You loan someone $120,000 for 30 years at 6% interrest. If they fulfill their obligation, you'll end up receiving about $250,000 on that loan. If they default, you're stuck with the house. If you're lucky, you can sell it for the loan amount ($120,000) + foreclosure costs + other expenses such as damage done to the house, taxes/maintenance/utilities while it is vacant, etc. If you're extremely lucky you'll break even.



they lose nothing when they provide a larger loan amount to the next buyer. I mean man! How do you think the housing bubble" got its buyers? sh!t loans and a quick flip. The banks aren't in the business to LOSE money bub... The bank schemes "had" many avenues of escape on foreclosures and defaults right up till their little bubble got burst. Why do you think the altered bankruptsey laws? Do you REALLY believe they altered them to "help" the people.

[This message has been edited by 84Bill (edited 03-09-2008).]

maryjane MAR 09, 12:01 AM

quote
Originally posted by aceman:


But, once again..........Who is the idiot in the end of this?



Does it really matter that much to you?
{A bank is robbed. One man drives the getaway car. One man knocks out the alarms. One man keeps watch. Only one man enters the bank and does the heist.} The whole thing falls apart when the car crashes into a dead cow and the cops catch them. How many go to jail for the robbery?
All of them.
84Bill MAR 09, 12:03 AM

quote
Originally posted by maryjane:
Does it really matter that much to you?
{A bank is robbed. One man drives the getaway car. One man knocks out the alarms. One man keeps watch. Only one man enters the bank and does the heist.} The whole thing falls apart when the car crashes into a dead cow and the cops catch them. How many go to jail for the robbery?
All of them.



Amen brother.
sostock MAR 09, 12:05 AM

quote
Originally posted by maryjane:


Does it really matter that much to you?
{A bank is robbed. One man drives the getaway car. One man knocks out the alarms. One man keeps watch. Only one man enters the bank and does the heist.} The whole thing falls apart when the car crashes into a dead cow and the cops catch them. How many go to jail for the robbery?
All of them.



How'd they hit a dead cow? Was it in the road or a field? Sounds like the getaway driver is to blame.