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WTF! Forgive Stupidity?

Discussion in 'The Lounge' started by Kwak, Mar 4, 2008.

  1. Kwak

    Kwak ....

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    :icon_evil: :icon_evil:

    I am sorry but this just pisses me off. He wants banks to forgive some of the principal on loans that were taken out by people that should never have bought them in the first place. THEY are part of the reason that prices went thru the roof.

    In the 80s my parents lost our home in the 80s resession. Where the fuk was their relief?

    What about people that took out loans they could afford? Are they going to get a cut too?

    I have been scraping and scratching for the past few years to get the crazy down payment to buy a home in CA with a loan I could afford. I want my fuking housing bonus too if this **** goes down. :icon_evil:

     
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  2. Boltdiehard

    Boltdiehard Well-Known Member

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  3. Kwak

    Kwak ....

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  4. wrbanwal

    wrbanwal Well-Known Member

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    WTF is 700 FICOs

    :icon_huh:
     
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  5. Kwak

    Kwak ....

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    FICO is a credit score developed by Fair Isaac & Co. It is used by many mortgage lenders that use a risk-based system to determine the possibility that the borrower may default on financial obligations to the mortgage lender.
     
  6. Fouts

    Fouts Well-Known Member

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  7. Boltdiehard

    Boltdiehard Well-Known Member

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    I know it sounds crazy but if you have open credit card accounts use it for small purchases once a month and then pay it off. The banks seem to like that. That and make sure the accounts have been active and in good standing for two years.

    Values on the Peninsula are holding pretty well. Alameda has come down a little bit and I'm looking for a good deal on an investment property here (so is everybody else :lol:).

    The hell with investments anywhere where there are rent controls. :tdown:
     
  8. Trumpet_Man

    Trumpet_Man New Member

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    Fannie Mae and the other lending whore, Freddie Mac, need to follow suit with FHA and raise their conforming loan limits of $417,000.00

    The higher FHA loan limits are set to expire at the end of this year which makes little sense because we end up having to use jumbo loans or non conforming loans which are more expensive. I have read California realtors are pushing to make this permanent.

    There is no way in hell we (California) should be subjugated to the housing values in bum fuc egypt (Arkansas for instance) when establishing base lines for what is considered a conforming loan ($417k or less).
     
  9. Boltdiehard

    Boltdiehard Well-Known Member

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    It'll last longer than a year and you can bank that. :yes:

    Getting FHA approved is a nightmare and I swear you need a PHD just to navigate the fucin maze. :icon_evil: :lol:
     
  10. Trumpet_Man

    Trumpet_Man New Member

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    It only makes sense to raise the conforming limits permanently.

    For you, I would expect to see a flurry of refi's out the ***.

    For the fence sitters to get in the home buying game which is more business, I would expect the same with rates at or near historical lows.

    This **** has to turn around soon. I started getting calls today after the announcements of the conforming loan limits being raised and then ending this year. That is a good sign....finally.
     
  11. Boltdiehard

    Boltdiehard Well-Known Member

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    It's still going to be a minute and the rate sheets I'm getting from the lenders suck this week. But yeah we'll see a spike in business if we can get the value and that's where it helps to have badass appraisers.

    Just because the conforming limit has been changed doesn't mean the value will be there. Not yet.

    That said the correction in this market is a good thing as long as the politicians don't fuc it up (in an election year :unsure:).
     
  12. Boltdiehard

    Boltdiehard Well-Known Member

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    BTW another problem that will be key is the turn times. Up here the title companies have cut staff like crazy (if they're even still in business) as well as the wholesale branches which is going to create a huge bottleneck. Indymac seems to be ahead of the curve on this (we'll see) but that's it so far. It's going to be interesting.
     
  13. Trumpet_Man

    Trumpet_Man New Member

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    There was one loan blurb which caught my eye and it said that loans above the old conforming limit and below the new conforming ceiling will be more expensive. So in other words, loans between $417k to around $725k although conforming, will still be slightly higher than loans under $417k.

    I am curious if this is true when you get your new rate sheets. :yes:
     
  14. Trumpet_Man

    Trumpet_Man New Member

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    Values have been plummeting and it will only help a narrow group of buyers with the enough equity to consolidate a first and second trust deed or a line of credit into a new conforming loan.

    Hell, even for new buyer looking to get in the market here in San Diego where the average price of a home is easily $400k and which would require a first and a second mortgage to enter, will help immediately (I would think).

    The bottleneck you referenced in processing loans, I suspect, is going to be a biitch once people start to do the math and get into the game.

    Right now is a KILLER time to pick up a REPO or bank owned property.

    I just inspected a property last week here in Ramona (San Diego Country Estates). What the agent neglected to tell me was that the owner of the home murdered his wife and buried her in the back yard. :icon_eek: He had his step son help him bury his mom. She was rotting for 18 months. The dude choked his wife to death and buried her in two separate graves. It is a huge case which just hit the media last week. Dude confessed and re-enacted the murder.

    The home is selling for $50k under market value. I am not sure what this has to do with anything but this first beer loosened my tongue and typing fingers.:lol: True story.
     
  15. Boltdiehard

    Boltdiehard Well-Known Member

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    I'll let you know and the banks aren't saying much yet and you can just feel the tight bungholes. We're continuing with business as usual and we're fine.

    Bottom line is values and check your local comps.

    Bush blew this **** out. :yes:
     
  16. Boltdiehard

    Boltdiehard Well-Known Member

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    Yep. :yes: :tup:

    Despite the rumors of 20% down you can still get in for 10% down (at worst).

    As far as your story I don't even wanna screw with those disclosures :icon_eek:

    Is it podcast time yet? :icon_party:
     
  17. Trumpet_Man

    Trumpet_Man New Member

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    After enduring over a BILLION DOLLARS worth of class action lawsuits and every type of finger up my *** trying to discredit me, I prevailed and then this comes along.

    I ask, just like a rat trained in a maze, to ask the question "Is there anything on the TDS or transfer disclosure statement I need to know about?"

    This includes remodels, fires, floods, HAUNTINGS, MURDERS or anything out of the ordinary I should know about.

    You think I would be informed of these facts but nooooooo.......

    It is almost Podcast time and I am jonesing for football. FOOTBALL. I WANT some FOOTBALL. :bolt:
     
  18. Kwak

    Kwak ....

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    I roll my CCs. Don't worry. No activity is just as bad as missing payments. Fuked up wako credit score math.
     
  19. Kwak

    Kwak ....

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    California needs to secede and make their own rules.
    A is for Anarchy and Anarchy's for me. :icon_twisted:

    Fuking starter homes in the bay area run 500K. This 417k limit is just stupid for CA.
     
  20. Boltdiehard

    Boltdiehard Well-Known Member

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    T-Man as I said Indymac is ahead of everyone else and the initial rate sheets that they sent out yesterday are anywhere from .25 to .50 higher than the rates under the old conforming limit. I expect this to change possibly even today.
     
  21. Fouts

    Fouts Well-Known Member

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    People say this market is gonna correct itself violently, yet I'm not bullish on this market at all and think we'll be in a protracted trough once we hit bottom (like 1990-1997, and probably worse).

    I am looking to buy coastal, the beach communities have not been hit that hard … yet. There are just too many problems out there – way too much supply, too little demand, new home builders slashing their prices, lending practices are much more strict, affordability is still out of reach for many. When the market has hit bottom, I think we will know it and it will stay there for a while. In 1989-90 the San Diego RE market started the last decline (due in part to employment issues, which is different than today). It slowly went down for a few years and then just sat there until 1996 or 1997. You had plenty of time to look. Ancient market proverb: "don't try to catch a falling knife."

    Just some thoughts,

    FOUTS
     

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