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| Foreclosures at record as household wealth falls (Page 16/19) |
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aceman
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MAR 09, 12:05 AM
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http://www.ahorre.com/mortg...es_in_2007_and_2008/
"The trends revealed in the third quarter survey lead the MBA to project 1.5 million homes will enter the foreclosure process in 2007, up from 960,000 in 2006 and 704,000 in 2005.
Subprime ARM loans are expected to generate the largest share of foreclosure starts -- 660,000 -- followed by 275,000 foreclosure starts among prime, fixed-rate loans; 264,000 prime ARM loans; 186,000 subprime fixed-rate loans; 140,000 FHA-backed loans, and 21,000 VA loans."
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84Bill
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MAR 09, 12:07 AM
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| quote | Originally posted by aceman:
http://www.ahorre.com/mortg...es_in_2007_and_2008/
"The trends revealed in the third quarter survey lead the MBA to project 1.5 million homes will enter the foreclosure process in 2007, up from 960,000 in 2006 and 704,000 in 2005.
Subprime ARM loans are expected to generate the largest share of foreclosure starts -- 660,000 -- followed by 275,000 foreclosure starts among prime, fixed-rate loans; 264,000 prime ARM loans; 186,000 subprime fixed-rate loans; 140,000 FHA-backed loans, and 21,000 VA loans." |
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Love it... I love it when the banks get their asses handed to them. 
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maryjane
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MAR 09, 12:07 AM
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| quote | Originally posted by aceman:
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!
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No one is disputing the fact that ARMs-(subprime) account for a high % of defaults.
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aceman
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MAR 09, 12:08 AM
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Read Mr Bitter's comment's, Don. Mr Bitter believe that this mortgage meltdown is coming from all walks of life....From those that have been laid off, or get a smaller wage, or are disabled, or die. Mr Bitter believe that the economy is the reason for the mortgage meltdown.
The mortgage meltdown: Idiots took out loans there was no way in hell for them to afford. Banks allowed it and no one wanted to realize that there is a ceiling on the price/value of a house in a given point of time.[This message has been edited by aceman (edited 03-09-2008).]
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ditch
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MAR 09, 12:10 AM
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| quote | Originally posted by aceman:
Absolutely dead-on, ditch. But, once again..........Who is the idiot in the end of this? |
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Well, I know it's not me. I have always done fixed rate. I'm the type of person who thinks ahead, way ahead. I would never do an ARM, but if I had done an ARM I would have read the entire contract and plugged the max interrest rate into a mortgage calculator to see if i could afford it based on my salary.
To answer your question, my opinion is this: There are two idiots in the end, the lender and the borrower. Now to go into more depth on my opinion, I think the bigger idiot is the borrower. Here is why I say this. The lender can absorb the cost associated with the fallout of many buyers who made bad decisions. The buyer can't absorb anything, they default and it's all over; therefore, they have to be more vigilant.
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maryjane
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MAR 09, 12:11 AM
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| quote | Originally posted by 84Bill:
Love it... I love it when the banks get their asses handed to them. |
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I take it you don't have investments with your bank. Savings-MMs-CDs?You think the bank itself is going to go down alone?
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ditch
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MAR 09, 12:12 AM
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| quote | Originally posted by 84Bill:
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.
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Just do a little research on foreclosures, they absolutely lose. I'm not making this stuff up.
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84Bill
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MAR 09, 12:12 AM
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| quote | Originally posted by aceman:
Read Mr Bitter's comment's, Don. |
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Yes.. read "Mr. Bitter's comments.. like this for example
| quote | Originally posted by aMr. Bitter:
YOU ARE SO FUKING IGNORANT!
HERE'S THE FUKING MATH AGAIN........
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LOL.. it's like romper room around here any more I tell ya!!!
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84Bill
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MAR 09, 12:14 AM
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| quote | Originally posted by ditch:
Just do a little research on foreclosures, they absolutely lose. I'm not making this stuff up. |
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They only "lost" in the short term while the bubble was increasing. Now they are losing their freaking asses and I do love it so... I really really do. It just puts a smile on my face. 
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84Bill
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MAR 09, 12:15 AM
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| quote | Originally posted by maryjane:
I take it you don't have investments with your bank. Savings-MMs-CDs?You think the bank itself is going to go down alone?
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I pulled all my stuff out of the market about a year and a half ago. I now use paper only method for what I buy. If they dont take paper money then they dont get my business. 
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