Posted on 08/08/2007 6:47:57 AM PDT by Hydroshock
NEW YORK - The dream of owning a home is fading away for many Americans with less than stellar credit.
On Tuesday HomeBanc Corp. said it will not issue any more loans, and Impac Mortgage Holdings Inc. shut down a type of loan called “alt-A” for people with limited documentation or slight credit issues.
That followed bankruptcies for two of the country’s biggest home lenders — American Home Mortgage Investment Corp. and New Century Financial Corp. — and tighter terms at most other lenders that are thus far surviving a shakeout in the industry.
“Every day I hear about a number of lenders that are reducing their products,” said George Hanzimanolis, president of the National Association of Mortgage Brokers. “It is going to take a while before the dust settles.”
(Excerpt) Read more at msnbc.msn.com ...
“I’m just a geezer renting in Oregon”
The average price of a home in California last month was $596,000. This is up from 569,000 last year. This shows how stats can be used to exaggerate or support a position which may not have a solid foundation. Your statement should be that some or many homes may have gone down, but the average is up. If you want to know how the number went up, I can explain that for you.
Glad you drove Cal for three weeks. That means very little to me and based on my own knowledge and experience in the state since 1959 may or may not having any significnat meaning.
Some people claim years of experience and yet they were merely repeating the same year over and over doing the same ole smae ole.
Since you don't know what I know about the California market and you are attempting pumping up your own bona fides and scare me off, I suggest you be careful about underestimating whom you are talking to to avoid future embarassment.
I don't know x-Tex's agenda, but in the short time I have been here I wonder why he exaggerates so much. There is enough misery around without resorting to hyperbole.
Ex-your comment about your health does not bring a tear to my eye. If I tell you I had quintuple bypasses in 2002, can we be on equal footing for the sympathy vote?
Hint: Try spell check next time. It's free. It's easy.
I think he wants everyone to be as miserable as he is. And he wants to drive traffic to his website.
You cannot counter my information so you are now making a personal attack and calling your posse to join in.
Whether or not I'm Donald Trump or an apartment renter, YOUR FACTS WERE INCORRECT and you used them to exaggerate. If you were gentleman enough to admit it, we wouldn't be having this conversation.
I am new here, but I will call BS when I see it.
I think his mother was scared by a mortgage officer when she was pregnant.
PS: I identified myself earlier on this thread so you would not have to fantasize a conspiracy.
But I suspect you are not a real newbie. I note how you were very quick to comment also to a well known tormentor of mine. A fake newbie is nothing new here. All you real estate and mortgage shills use the same sort of dissembling tactics.
For your information, I grew up in California. I have owned homes and owned rental properties in four states.
It is going to be very hard for California home buyers to find mortgage companies to help them refinance. They are going out of business rapidly. . . 114 ! . . mortgage lenders have now gone belly up. Since December, 2006. Many of them were based in California.
Hope all the criminals eventually are forced out of the mortgage business. Some high level management people deserve to be behind bars.
I think Jim Cramer is right about thing, that a lot of people will just walk awy from their homes. Why struggle to make a payment after it readjusts when you realize you are 20% to 30% in the hole. I ahe seen it before, they just mail the keys to the bank and rent for a few years.
I signed up yesterday after reading your incorrect information on several threads. I didn't read in the rules that correcting false information was a violation.
I called your bluff a few exchanges ago. Instead of folding and acknowledging that your information was wrong, you started to attack me and call for help.
It's clear you did not look at my earlier posts. I have not hidden what I do for a living. Now, I'm supposed to be one of your tormentors.
Here's a tip. When you have the facts wrong admit it. It's more gentlemanly and honest and others will respect you for it. But what you've done is turn it into a pissing match. I'm not going to continue that because you just change the subject like you just did with mortgages. You posted information I never addressed to you to avoid apologizing.
The high end of the market continues on. People with money buy when they want to or need to. The middle and low end have seen flattening or depreciation from 5-20% in the last year in California, ex-Texan's home state based upon his stated expertise.
Since the sales of low end are off and the high end has remained basically the same, the high end is a higher percentage of the market than it was last year. That makes the average go up, while others are suffering.
Of course the actual situation is that most people are not buying or selling and are long-termers wondering what all the fuss is about.
With her message, people with "less than stellar credit" will only hear from the bank that forecloses.
My ex and I are going to buy one of those repos from a bank....because WE save and have stellar credit.
I guess that old adage, "Them that has, gets" has SOME truth to it. :o) People who don't know that have "head" problems: head in the clouds, head in the sand, or head up their butts.
But the clever Russkies have a new scam going in Californicated. They have an Ivan (or a Jose!) move into a vacant house listed for sale by some stupid, failed house flipper. Then the Ivan files homestead papers on the home.
When the bank starts foreclosure title reviews, they discover there is a new homestead filing. They cannot complete the process without contacting the person who filed. The Ivan demands a cash payoff. Tantamount to kidnapping the house and holding it for ransom. Demands of $ 10,000 or $ 20,000 are common.
The banks pay the Ivan rather than getting into an expensive legal fight. The Russkie moves down the road into another vacant house. Very clever scam.
The Russkies are all over the housing bubble and credit bubble. Making millions. Laundering illegal drug profits. Building houses using stolen credit cards to purchase materials. Shilling for realtors and mortgage brokers. Million have been stolen from innocent victims.
Open borders. FBI asleep. Homeland security asleep. Bush is talking about giving more millions to corrupt Mexican officials to police the drug trade. Shesssh!
Pure and simple: You are a newbie. I suspect a fake newbie as well. Your false assertions of fact are proof that you are dissembling and a real estate shill. I will not reply to you again. Hang in the wind and twirl like Toadsterpatriot.
" The median price of a home in Encino is 1.19 mill, not 850,000. While you said "over" 850,000 you are way off. If you had the actual numbers or could even come closer you would increase your credibility and wouldn't have to spend time cleaning up the mess you created.
The average price of a home in California last month was $596,000. This is up from 569,000 last year. This shows how stats can be used to exaggerate or support a position which may not have a solid foundation. Your statement should be that some or many homes may have gone down, but the average is up. If you want to know how the number went up, I can explain that for you."
Run away. LOL!
Also, the licensee can run a property profile and get the mortgage info and compare it to the market value.
I have heard that one major investor is buying 300 properties from Countrywide at 760% of current market value. However, that's not the level I can play at.
Best wishes!
I guess my “opinions” with all those numbers scared him off. LOL!
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