Re: Home Foreclosures: Crisis Is Only Getting Deeper, conservatives echo Custer, indians, what indians?

"2Penny" <lw_rogers@[EMAIL PROTECTED]
> wrote in message 
news:Ju8Xj.230$Q57.190@[EMAIL PROTECTED]
>
>     This is a lot of CRAP.  Anyone ever heard of an "amortization
table"?
>     They've existed for a LONG, LONG time and you could look up how
>     large a loan you wanted and the interest rate and the time period
>     of the loan and you could quickly figure up your monthly payments.
>     I was looking at homes in California and finding out what I'd have
>     to pay each month.  It was more than what I made.  People at the
>     bank wanted me to sign up for a loan and _I_KNEW_ there was
something
>     wrong and I'm still renting.  When housing comes back closer to
>     what can be justified by an amortization table, I'm in, but not
>     until then.
>

First, most of the troubled loans were not fixed rte loans, so
amortization 
taables are worthless. These tables said the purcahser could afford the
loan 
at the time of the purchase, but things changed,\
Seconf, a lot of lenders were iffy, if not fraudulent in their lending 
practices.

For ex., Countrywide, the largest home lender, is being prosecuted for
fraud 
in their lenfiding and finanacial practices.

Larry

>     As for taxpayer paid for bailouts, why should I be billed for
someone
>     else's intemperance/idiocy.  Why can't I be rewarded for my sanity
>     and self control?  Why should I be penalized (by way of the IRS)
>     for being cautious?
>
>     2Penny
>
> Video61@[EMAIL PROTECTED]
 wrote:
>> Home Foreclosures: Crisis Is Only Getting Deeper, conservatives echo
>> Custer, indians, what indians?
>>
>>  apparently any improving numbers in the housing market are simply
>> because the statistics are being skewed, as all conservative
>> statistics are.
>>
>>
>> http://biz.yahoo.com/cnbc/080514/24615625.html
>>
>>
>> Home Foreclosures: Crisis Is Only Getting Deeper
>> Wednesday May 14, 12:15 pm ET
>>
>> It’s another record in the real estate market, and it’s not a good
>> one. RealtyTrac, the online foreclosure sale site, which has also been
>> tracking foreclosure activity since the beginning of 2005, re****ts the
>> single largest one-month volume of foreclosure activity it’s ever
>> seen.
>> ADVERTISEMENT
>>
>> Again, they’ve only been doing this for three years, but you get the
>> idea.
>> Foreclosure activity in April--that’s default notices, auction sale
>> notices and bank repossessions (so yes there can be more than one hit
>> on the property, but we look at the total percentage increases)--was
>> re****ted on 243,353 properties. That’s a 65% increase from April of
>> 2007.
>> Alright, so what about all the re****ts that borrowers are being
>> helped, and all those programs to find and refi borrowers, and what
>> about the word from some other sources that foreclosure numbers are
>> actually dipping?
>>
>>
>> Well here’s a disconcerting answer: Apparently the system, that is
>> whatever court or clerk or local bureaucratic office is stuck with
>> recording all this stuff, is stressed. In Ohio, for example, I’m being
>> told that it can take two to six months to get your filings in the
>> system.
>> "In states like Michigan, we’re hearing from some of the trustees who
>> actually do the foreclosures that the lenders have asked them to slow
>> down because they don’t want to process any more into a market that
>> won’t absorb the properties back through sales," says Rick Sharga of
>> RealtyTrac.
>> In Florida, a St. Lucie County court actually added a night ****ft to
>> handle the massive backlog of foreclosure filings. The clerk of the
>> courts was quoted as saying the caseload has become, “just
>> horrendous.” The court used to handle about forty filings per month.
>> In January they were tracking 715 foreclosure filings. Some are
>> re****ting lower numbers because the numbers simply can’t get into the
>> system.
>> The folks at RealtyTrac, and granted these folks list foreclosed
>> properties for a fee, say they don’t believe we’ll see the numbers
>> start to slow until the second quarter of 2009. May and June of this
>> year, according to banking estimates, are supposed to be the peak of
>> adjustable rate mortgage resets from subprime loans initiated in 2006.
>>
>>
>> Lower interest rates on Libor (one of the most common of benchmark
>> interest rate indexes used to make adjustments to adjustable rate
>> mortgages) and other indices that correlate to ARM loans could help,
>> as could continued efforts from FHA and lenders. But the sheer volume,
>> it appears will remain high for now.
>> All those foreclosed homes on the market will continue to push
>> inventories up and push prices down in neighborhoods across the
>> country.
>> Questions?| Comments?| RealtyCheck@[EMAIL PROTECTED]
>