Re: Home Foreclosures: Crisis Is Only Getting Deeper, conservatives

Mr Hewett -

     You've sorta made my point in that if the loan isn't _N_O_R_M_A_L_,
     one should be suspicious  -  _why_isn't_the_loan_normal_?
     The amortization table could at least give you an _IDEA_ of what
     sort of payment to expect and if not what's not right with
     this picture?  Why should I be punished?  As soon as I'm able
     I'm leaving this cesspool unless the IRS determines something is
     wrong and won't fine me for being sane.

     2penny


Larry Hewitt wrote:
> "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]
>>
> 
>