Borders, language, culture
The sky is falling LOL
Hey Mont, I know where you might get a good deal on a "never been rode on roller coaster".Mont said:Chris, just be glad you aren't Tillman Ferttita and got called on a 400 million dollar loan yesterday. Ouch.
Mont, I would like to forget 82-86, less than stellar years to be employed in the oil patch. Even though I survived many Bonzai Charges, it gives pause for reflection anytime you have "adjustments" like this. Also, being married to a banker, she makes sure we stay away from any / all of those good deals. Like you, happy with my bidness just the way it is...don't need a bigger house, faster boat or a newer truck.Mont said:I distinctly remember 1986 and the following couple of years. It's not a matter of if, it's just when. My 5% fixed interest house note works just fine for me.
Haute Pursuit said:Most of the lenders have not stopped making the bad loans like the news is reporting. I had one come across my desk last week from Countrywide's subprime mortgage operation in California for a $86,000 mortgage with the seller contributing all of the buyers down payment and closing costs and get this, 40 year term at 10.75% interest. The buyer has absolutely no equity and the house was on the market for $81,000. The sales price was juiced to cover some of the cash to be contributed by seller. The housing market will not be in recovery anytime soon if lenders keep making these loans.
Sad. $84g a year ain't going to cover a $4,482 a month nut either.kenny said:It's like the S&L crash all over and somehow the taxpayer will be stuck.
I saw this in a March issue of Fortune Mag.
NEW YORK (Fortune) -- When a certain $126,000 subprime loan on a $696,000 house on the West Coast failed to produce a single mortgage payment, alarm bells went off at Clayton Holdings, a company that monitors credit risk.
Closer scrutiny revealed other red flags. The borrower's previous rent payment had been $1,000, compared to the $4,482 she was supposed to be shelling out for both the primary loan and the $126,000 piggyback. And her stated income was $84,000 even though she was an hourly worker at Target.