Monday, December 22, 2008

This isn't good news

Even after having their mortgages refied many are going into default again.

Just as you are about to climb out of the hole...

I'm just hoping we'll see a turn around in May or June of 09 but it won't be long lived as there's a lot of Alt A and option mortgages that will hit in late 09 and 10.


NorthCountryLiberal said...

Two comments:

1. No one can account for the $350 Billion of the $700 already spent. What the fuck happened to it?

2. In the real estate boom years a lot of speculators were buying into the no money down housing market with hopes of a quick profit. Wasn't there a TV show, "Pinp that house" or something Real estate was going up 25% a year and everyone wanted to cash in. They gambled. They lost. Let them deal with it. I didn't own a house until I was over 40 years old. Who invented the lie that everyone in America deserves to OWN a house anyway? A job, yes. Health care, yes. A college education, yes. A safe community to live in, yes. A house, no. A blanket mortgage refinancing or other form of bailout would bennefit the speculators who jumped out of the stock market after the dot com bust and invested in real estate.

BBC said...


Misspelling cuz of a brain fart?

Hey all those big shots are likely to keep the fancy buildings they work in. Continue to take their fancy trips. Get their bonuses. Hasn't been a real estate place here that has closed yet that I know of.

It's just the little folks that are going to take the shaft, for now, the ripple effect will come later. I'm sure glad that my place is free and clear.

Even Toyota lost money last year, for the first time ever. But they will make better decisions than the big three and hunker down and do okay I think.

North Country Liberal, I've almost always lived in my own homes since in my middle 20's. Renting has never made sense to me.

They wasn't always fancy places, but they were mine. My place is just two blocks off the main drag into town and zoned commercial, if someone offered me enough money for it I would be real tempted to sell it and move way the fuck out of town.

Demeur said...

NC - There was no accountability on the bail out money. I know about 1.6 billion went to the CEOs.

The problem now is that even people with good credit are defaulting and if you did your homework you'll see that this mess is spilling over to the commercial real estate market.

Billy - If you read my blog you know I can't spell. Would have had a 4.0 average except for the spelling. Even owning to very large dictionaries didn't help.

I'm with you, renting is paying somebody elses mortgage. Only rented two apartments for a short time. I had hoped to sell this place and buy a house and some land some time ago but that didn't work out. At least this place is paid for with no mortgage.

Demeur said...

Oh and an easy way to get the speculators out of the equation is to make refinancing for primary residence only.

NorthCountryLiberal said...

I'm not denying there were unfair lending practices among those mortgages but there were also a lot of those zero down mortgages taken on spec.

Still, I think the real estate crisis is a minor factor in the big picture of the financial melttown but the wingnuts are making it the main event. Like I told "Skippy"

BBC said...

I can't spell all that well either, that is what I love about spell check.

Fuck, I can barely add and subtract since they invented calculators to do that for me.