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Discussion Starter · #1 ·
I had not heard of them and just watching 60 Minutes discussing these new problems making their way into the market.What an education I thought the Sub-Prime problem was the end of the grief.:confused:
 

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Az Desert Dweller
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:mad: there are more snakes involved in this mess than we'll ever know !!, bad part is those of us who kept our noses clean, legit loans we could pay on are getting penalized now !!! :mad:
 

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Then again, the chance at refinancing or purchasing at what could be the lowest interest rate in history doesn't sound like much of penalty. Would never have happened without the meltdown.
 

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:mad: there are more snakes involved in this mess than we'll ever know !!, bad part is those of us who kept our noses clean, legit loans we could pay on are getting penalized now !!! :mad:
Exactly right!............Credit union that financed my truck called my loan in couple of months ago and gave the reason as the person i used as a local reference was not qualified (i was not a member and all they asked for was a local name that was a member.) It was an out of state buy and the C.U. rate was smoking better than anything else and the loan officer said find a name and it just so happened one of my girls employee`s had a relative in that town,good enough at the time. From day one have paid well above the minimum and way early why would a financial institution mess with that, short answer would be to cover the crap loans. I paid it off but still shaking my head on that deal.
 

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I watched part of that show also, seems allot of it was in Florida. Got a call from an ex-employee who runs equipment down there asking if he could get a job on the fishing boat with me. This is a guy that left 5 years ago and SWORE he would never be back. That makes 4 people i haven't worked with in years looking for work that have called me in the last month. I don't like seeing my friends having to back peddle in life.
 

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Discussion Starter · #6 ·
According to this story

:mad: there are more snakes involved in this mess than we'll ever know !!, bad part is those of us who kept our noses clean, legit loans we could pay on are getting penalized now !!! :mad:
The interview was quite startling,as the source had for casted this current mess on 60 minutes months ago and with data in hand this presenting charts of past,current and according to him the future,with out a doubt a bleak 3-4-5- years ahead.i must wonder where were all our Federal Regulators paid to do watch over and prevent Disasters such as this? I am confident everyone alive will remember this ride for their life.
 

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holy shiat!

I totaly did not get it, I thought the mess we are in now was from adjustable rate loans resetting and interest only crap!! Now there is more comming down the line??? Damm I guess I should have held off on that duplex I just bought. I am more worried after seeing that, I figured just had another year or so to ride out.... looks more like 3 or 4:|err
 

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Discussion Starter · #8 ·
Hey!!

I totaly did not get it, I thought the mess we are in now was from adjustable rate loans resetting and interest only crap!! Now there is more comming down the line??? Damm I guess I should have held off on that duplex I just bought. I am more worried after seeing that, I figured just had another year or so to ride out.... looks more like 3 or 4:|err

You are not the only one.I was just switching channels between NFL and 60 Minutes and this guy has it pegged and difficult to argue with the facts? I have to laugh when on the same program they lay this BOMB on us they had interviewed BARNY FRANKS POS he was partly in charge of this disaster and will not admit to it or express any remorse what so ever.
 

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Yep, 2010 and 2011 might be bad if things don't change.

Also most people cannot refi now because of dropping values and or they don't make enough.

I know I don't qualify.
 

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Painter Guy
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What was presented was an absolute worst scenario. We ARE going to see concerted, large-scale restructuring efforts made for the first "wave" of sub-prime recipients. If said recipients are able to keep up with their lower-rate, longer term (resulting in lower monthly output and ultimately more income for the lenders) fixed loans, there might be promise for the second "wave" of alt-a loans in the future. Funny how doom and gloom speculation stories always take precedence over stories of optimistic speculation...
 

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USC coach Pete Carrol's segment was very good. The things he is doing with the young kids in LA really looked great.

Anyone else see that part?
 

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You who rock I salute you
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What was presented was an absolute worst scenario. We ARE going to see concerted, large-scale restructuring efforts made for the first "wave" of sub-prime recipients. If said recipients are able to keep up with their lower-rate, longer term (resulting in lower monthly output and ultimately more income for the lenders) fixed loans, there might be promise for the second "wave" of alt-a loans in the future. Funny how doom and gloom speculation stories always take precedence over stories of optimistic speculation...
I understand your right honorable take and hope you are correct, but without contradicting you:

The re-fi's of defaulted sub-prime loans are now re-defaulting, or secondary foreclosing at a 50% rate.
It's why Paulson isn't flowing any cash into the program.
It's failing.

It'll hit over a 65% secondary default mortgage foreclosure rate if the Treasury starts pumping TARP money into the program.

Un-credit worthy people are just plain that,, un-credit worthy. It has to take its course.

We'll all be paying for it with mega-inflation that will be arriving soon enough.
 

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You who rock I salute you
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You are not the only one.I was just switching channels between NFL and 60 Minutes and this guy has it pegged and difficult to argue with the facts? I have to laugh when on the same program they lay this BOMB on us they had interviewed BARNY FRANKS POS he was partly in charge of this disaster and will not admit to it or express any remorse what so ever.
Notice Frank said "I can't force Paulson to do anything" in reference to re-financing Sub prime foreclosures with TARP money.

Frank knows the real reason Paulson won't fund sub prime re-financing is it's failing at a 50% secondary foreclosure rate.

Stahl & 60 minutes failed to mention when they showed Frank with his lover was the lover was the head of Freddie Mac .
 

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You who rock I salute you
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What will finally come out of this recession will be two classes of people.

Those with credit, and those without credit.

Sooner or later, it'll be the only way the financial chips can fall.
 

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I'm not over the part where $250 billion would have bought out all the current foreclosed homes? I thought that was what everyone agreed to do with the first $700 billion? WTF???

BArney Frank is a clown. Good old Barney is smarter than he is. He is absolutely one of the responsible parties for getting us into this mess with Freddie and Fannie.
 

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I'm not over the part where $250 billion would have bought out all the current foreclosed homes? I thought that was what everyone agreed to do with the first $700 billion? WTF???

BArney Frank is a clown. Good old Barney is smarter than he is. He is absolutely one of the responsible parties for getting us into this mess with Freddie and Fannie.
The bailout turned into complete BS.

The bailout was suppose to be used to buyout the troubled mortgages. Instead they decided it was going to be given out so banks could lend money to people who deserve loans. The banks took the money and bought more banks. Peoples homes are still going into forclosure and banks still aren't lending.

This is a bad deal for many but creating many oppurtunities for those who may not have had the oppurtunity to buy a home in the past.
 
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