“Hell… I can take Jonesy to lunch and he’ll loan me another two million!
We’ sittin’ in the “catbird” seat here partner!”

entagor on April 4, 2008 at 12:39 PM

Builder’s — 50 %
Banker’s —45%
Dumbe asse buyers without 20 % down payment with NO CREDIT history—5.0000%

Who are the ‘perps?”

HUH…?

Hey folks, the “builder’s” multi millionionaires started this “shit’1

unseen on April 4, 2008 at 10:22 AM

Did you see Jim Cramer’s take on “Mad Money” this afternoon?

Reference who shouldn’t get their [6 billion] dollar portion of the significantly larger financial, “mercy jump” parachute?

Buyer: $1,000? Hmmmmm, that’s going to be a stretch. But we’re a young and healthy family, so I guess I can drop my health insurance and use the money for premiums for the house and car loan. I guess we can’t have everything, so something has give…..

Fast forward: Mortgage adjusts to 8% and buyer cries foul for being “forced” out of his home when payments more than double. Gas hits $4.00 and the SUV gets 9 miles to the gallon and he can’t afford to drive it to work
LOL

funky chicken on April 3, 2008 at 3:26 PM

Not in Michigan. Young healthy families wish they had jobs. The last COBRA health insurance I purchased had a premium of $700 a month.

tragic not greedy. The sad part is the banks would rather take the house and sell it for 20 percent of value than refinance with the owner for the new depreciated value.
entagor on April 3, 2008 at 12:20 PM
Actually, I’ve been trying to buy some foreclosed properties, and haven’t found that to be the case. The banks still have enough reserves to not slash prices on homes in decent shape in good school zones……just another reason why I know the chicken littles are full of nonsense.
The banks are holding out for the big gvmt payoff rather than liquidating homes at crazy prices, at least for now.

Dammit, I’m trying to build my slumlord empire here! LOL

funky chicken on April 3, 2008 at 1:05 PM

Again, Michigan seems to be very different from the area you live in. I have saved the tax foreclosure issue of our major newspaper. It is surreal. The 2008 Wayne County tax foreclosure list runs 120 pages of fine print. For each property is listed the holders of interest, banks, mortgage companies and others. It was something else. The banks are letting the county have the houses and the liability of maintaining them with no buyers in sight.

Johan Klaus on April 3, 2008 at 6:37 PM

could be the deal of the century for the taxpayers.

Homeowners have been getting far more than counseling for decades…There are a list of housing programs longer than your arm out there. HUD and VA are popularly known but there are many others. A common thread among these programs is that they are geared toward first time homeowners and they provide for little or no down-payment. The unfortunate bi-product are thousands of homes that have been foreclosed. This is not un-charted territory for the banks or the government. Taxpayers have been supporting this stuff since after WWII. I have seen whole neighborhoods of government repos for sale. To add insult to injury the government provides first priority re-sales (after re-hab) to the under-qualified buyers again with low or no down-payment government loans. And so, the cycle continues…

All that this action is going to do, is cost the taxpayers.

Johan Klaus on April 3, 2008 at 6:37 PM

…and future market participants.

I guess if I want to buy a Rolls Royce and have the Congressional pinheads buy it for me then I should hang a mailbox on it, default on the payments then plead my case in “counseling.”

More of the same government dependence wrought by the Great Society. Expect plenty of strings attached not only for those irresponsible with their mortgages but for those within their means expected to bear the burden of the careless.