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Global Credit Ocean Dries Up
Business Telegraph ^
| 2/24/2006
| Staff Writers
Posted on 03/01/2006 10:27:06 AM PST by ex-Texan
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To: .cnI redruM
Whoa, aren't you listening? Owning Property Is Bad! If you're not going to rent forever like a smart investor, at least only go coop.
41
posted on
03/01/2006 11:45:45 AM PST
by
soloNYer
To: ex-Texan
http://housingpanic.blogspot.com/
Interesting Blog. I was hoping you would specify which posts identified supposedly reputable banking firms who are presently trolling for foreclosures. I was intending to write The Better Business Bureau and 7 News On Your Side today. I wanted to hear what these banks would have to say with regard to these accusations of sordid credit wrecking.
42
posted on
03/01/2006 11:47:33 AM PST
by
.cnI redruM
(Spreading liberal beliefs is as wrong as spreading AIDS.)
To: soloNYer
No, by renting instead of owning, I'm putting AMERICA First! Yep, the IRS gets to handi-vac me! I'm supporting some loser's six kids on welfare. Someone should put a little gold star on the tip of my nose.
43
posted on
03/01/2006 11:50:16 AM PST
by
.cnI redruM
(Spreading liberal beliefs is as wrong as spreading AIDS.)
To: GovernmentShrinker
LOL! By that I mean associates I know in the broker trade. They are moving stuff out of real estate. But they are still screaming, so that is probably a good thing.
44
posted on
03/01/2006 11:56:44 AM PST
by
redgolum
("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
To: RegulatorCountry
Legit Mortgage rates aren't tied to the Fed rate.
Most longer term fixed rates are tied to 30-year treasury bills\bonds. ARMS generally are tied to a 1 year treasury bill.
There are a few of both that are tied to other indexes.
Of course, there's the sub-prime predators that tie their rates to the "magic 8 ball" or the dart board.
45
posted on
03/01/2006 11:57:11 AM PST
by
stylin19a
(Do you still have sex or are you already playing golf?)
To: .cnI redruM
Start Here and then look
Here scroll down to caption on predatory mortgages.
46
posted on
03/01/2006 11:57:51 AM PST
by
ex-Texan
(Matthew 7:1 through 6)
To: .cnI redruM
That's the spirit! Renting keeps you away from all those lending schemes designed to foreclose on your property (which lenders would rather have empty as we know), since people should not be held responsible for failing to read a contract! Or to actually pay for their loan, which got them a house & land for hundreds of thousands of dollars they don't have!
By the way, as a renter, you can also apply for Sec 8 or DSS so that you can go buy that plasma screen TV you need.
47
posted on
03/01/2006 11:57:55 AM PST
by
soloNYer
To: ex-Texan
48
posted on
03/01/2006 12:00:21 PM PST
by
VOA
To: ex-Texan
http://observer.guardian.co.uk/business/story/0,6903,1519745,00.html
Here's a story from last Summer predicting that oil would have hit $100/ barrel by now....
>>>>>"Fannie Mae and Freddie Mac don't have a lot of control over the people out there approving these loans," said Tom Maeser, president of the Fortune Academy of Real Estate in Myrtle Beach. "All it takes is a few real creative and less-than-honorable mortgage people to get them in trouble."
Finally! Here's an actual substantial issue. I'm looking at this and wondering to myself. Wouldn't it just be easy enough to allow Fannie and Freddie to perform Risk Analysis based on a company's foreclosure track record and stop accepting loans from any mortgage bucket shop that foreclosed more frequently than 2SD over the norm? Once a shop gets delisted by Fannie Mae and Freddie, they're pretty much reduced to diddly as far as reselling.
http://www.myrtlebeachonline.com/mld/myrtlebeachonline/13577280.htm
49
posted on
03/01/2006 12:08:52 PM PST
by
.cnI redruM
(Spreading liberal beliefs is as wrong as spreading AIDS.)
To: soloNYer
I already have that...
I hit up my relatives, my only section eight was from the US Army (j/k)
50
posted on
03/01/2006 12:09:47 PM PST
by
.cnI redruM
(Spreading liberal beliefs is as wrong as spreading AIDS.)
To: ex-Texan
The end of the carry trade doesn't mean the end of the world, especially since everyone sees it coming. The Bank of Japan is merely rattling sabres at the moment. The first thing they'll do, and may be doing now, is to turn off the cash spigot that it has been running for a couple of years. This is IN ADDITION to 10 years of zero interest rates.
Probably by the end of 2007 we'll see short rates in Japan at still less than 2%. Ham on rye. There is a possibility that we'll see much less demand for US debt, gold, mortgages or whatever else the carry trade has been buying up and leveraging. But we won't see panic selling.
51
posted on
03/01/2006 12:11:23 PM PST
by
groanup
(Shred for Ian)
To: .cnI redruM
Fannie and Freddie are folding. Not on the MSM news yet. But they have been raped by insiders. Million dollar golden parachutes and all that sort of stuff. They hired 14,000 number crunchers early last year. Nobody is even talking about shredding papers. GiGo. 'All the King's horses . . . ' sound familiar?
52
posted on
03/01/2006 12:15:57 PM PST
by
ex-Texan
(Matthew 7:1 through 6)
To: .cnI redruM
Perhaps it has a double meaning for renters mentally unfit to own property....or to be frightened out of using leverage to own the roof over your head, the only investment that provides physical shelter from the elements.
53
posted on
03/01/2006 12:28:00 PM PST
by
soloNYer
To: ex-Texan
>>>>>They hired 14,000 number crunchers early last year.
I crunch numbers for a living and resemble that remark.
>>>>Nobody is even talking about shredding papers.
I was unaware they'd rehired Fawn Hall as well. This is both hugh AND series!
54
posted on
03/01/2006 12:45:09 PM PST
by
.cnI redruM
(Spreading liberal beliefs is as wrong as spreading AIDS.)
To: ex-Texan
Fannie and Freddie are folding. Not on the MSM news yet. You are talking out of your ass.
55
posted on
03/01/2006 1:00:41 PM PST
by
presidio9
("Bird Flu" is the new Y2K Virus -Only without the inconvenient deadline.)
To: presidio9
No.
You are. The pattern is just like ENRON. Hundreds of Millions in losses hidden by fraud. Fannie and Freddie were trading mortgage derivatives like enron was trading power. Corporate insiders were getting rich. You know what happened to ENRON don't you? Wait, watch, listen.
56
posted on
03/01/2006 1:10:50 PM PST
by
ex-Texan
(Matthew 7:1 through 6)
To: ex-Texan
Much residential and commercial property is about to become available through foreclosures and bankruptcy. One man's problem is another's opportunity.
57
posted on
03/01/2006 1:12:55 PM PST
by
pabianice
(contact ebay??)
To: ex-Texan
Can you please define a "mortgage derivate" for me, and how they effect the balance sheets of Fannie and Freddie?
BTW, I am a former mortge derivate trader.
58
posted on
03/01/2006 1:13:06 PM PST
by
presidio9
("Bird Flu" is the new Y2K Virus -Only without the inconvenient deadline.)
To: stylin19a
"Legit Mortgage rates aren't tied to the Fed rate."
You're right, they're not "tied to" the Fed rate. 10 year treasuries have served as more of a benchmark. Increasingly, the newly reintroduced 30 year will begin to serve that purpose. However, the Fed rate does have an impact on treasury yields, and therefore mortgage rates, indirect though it may be. The big factor, and one that is largely outside of our control, is the fact tha yields are being depressed by heavy buying from China, Japan, etcetera ... dollars coming home to roost, so to speak. So long as this continues, long rates will continue to be lower than some might prefer.
To: ex-Texan
On the other hand, when compared against the catostrophe of the Carter Years, this burp hardley registers.
60
posted on
03/01/2006 1:14:36 PM PST
by
pabianice
(contact ebay??)
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