gated communities, conservative strongholds are facing a foreclosure tidal wave: “The next wave of foreclosures will be in gated communities, not on the ‘wrong side of the tracks.’”, more deflationary pressures
Nickname unavailable
tidal wave: “The next wave of foreclosures will be in gated
communities, not on the ‘wrong side of the tracks.’”, more
deflationary pressures
http://www.bloomberg.com/apps/news?pid=20601110&sid=akZLaYrsHL9E
Looming Foreclosures Threaten Gated Communities: Chart of Day
By Pete Young
June 11 (Bloomberg) -- While the tsunami of subprime foreclosures has
eased, upscale homeowners with adjustable-rate mortgages now risk
losing their homes, according to Zacks Investment Research and Credit
Suisse Group AG.
The CHART OF THE DAY shows the changes in interest rates or payments
growing later this year in two classes of loans known as Alt-A and
Option ARMs.
“Unlike subprime mortgages, these were for the most part targeted at
more upscale homeowners” Dirk van Dijk, research director at Zacks in
Chicago, said in a May 20 report, citing Credit Suisse data. “The next
wave of foreclosures will be in gated communities, not on the ‘wrong
side of the tracks.’”
Option ARMs allow the borrower to skip some interest payments and add
them to the total owed. Option ARM recasts, or changes in the minimum
payment, will soar to $8 billion a month in late 2011 from $1 billion
now, van Dijk said. Alt-A mortgages were made to home buyers with
little or no proof of income, van Dijk said. A change in the interest
rate is known as a reset.
“The vast majority of the homeowners with these ‘pick a payment’
mortgages pay only the minimum payment,” van Dijk said in a report.
“When it exceeds a set level, or at a set date in the future
(whichever comes first), the mortgage holder has to start paying the
fully amortizing payment of the now much larger mortgage. This can
cause huge jumps in the monthly payment, with increases of over 50
percent not uncommon.”
To contact the reporters on this story: Pete Young in New York at
pyou...@bloomberg.net.
Last Updated: June 11, 2009 00:01 EDT
zzbu...@netscape.net
> gated communities, conservative strongholds are facing a foreclosure
> tidal wave: “The next wave of foreclosures will be in gated
> communities, not on the ‘wrong side of the tracks.’”, more
> deflationary pressures
Well, that's not surprising to the people with actual science-
technology brains.
Given that the only thing idiot conservatives even know about real
estate
of any knid is tracks. That's why they even build self-replicating
machines,
gps, digital terrain mapping, atomic clock wristwatches, flat sceen
software debuggers,
laser disks, mini hard disks, microcomputers, optical computers, C+
+, XML, USB,
digital fiber optics signalling, light sticks, compact
flourescence, cell phones, blue ray,
mp3, mpeg, hdtv, UAVs, AAVs, Drones, Cruise Missiles, Phalanx,
Holograms,
on-line publishing, on-Line banking, and self-assembling robots.
AZDuffman
> tidal wave: “The next wave of foreclosures will be in gated
> communities, not on the ‘wrong side of the tracks.’”, more
> deflationary pressures
What makes you think only conservatives live in gated communities?
Why do you take such pleasure in people losing their homes? You must
really be a mean person to enjoy people being foreclosed on.
Nickname unavailable
i did not say all were conservative, i said conservative strongholds.
hey, they voted themselves into this mess, yet at the same time they
blamed the poor for the mortgage meltdowns. well, it looks like they
to will have to share the blame, which they will not.
mean person, you need to look in the mirror.
AZDuffman
You still are wishing ill on conservatives for no aparant reason other
than hate. And, BTW, it is the liberals who were just voted into
office. 2MM jobs lost since Obama took office and started spending
silly. But he will say he "saved" 5 million and all is well, right?
As to "blaming the poor for the meltdown" well, if the meltdown was
caused by people defaulting on mortgages they never could afford to
take out, well that blame is well placed. I sure have aproblem with
somoene who buys what they can't afford, doesn't pay for it, then
expects ME to bail them out of the mess.
You are now free to go back to your life of rage and hate of anyone
you think is better off than you. (which I'd estimate is 90% of the
population.)
Rod Speed
> Nickname unavailable <Vide...@tcq.net> wrote
>> AZDuffman <srduffy1...@gmail.com> wrote
>>> Nickname unavailable <Vide...@tcq.net> wrote
>>>> gated communities, conservative strongholds are facing a
>>>> foreclosure tidal wave: �The next wave of foreclosures will be
>>>> in gated communities, not on the �wrong side of the tracks.��,
>>>> more deflationary pressures
>>> What makes you think only conservatives live in gated communities?
>>> Why do you take such pleasure in people losing their homes? You
>>> must really be a mean person to enjoy people being foreclosed on.
>> i did not say all were conservative, i said conservative strongholds.
>> hey, they voted themselves into this mess, yet at the same time they
>> blamed the poor for the mortgage meltdowns. well, it looks like they
>> to will have to share the blame, which they will not.
>> mean person, you need to look in the mirror.
> You still are wishing ill on conservatives for no aparant reason other
> than hate. And, BTW, it is the liberals who were just voted into office.
Yes.
> 2MM jobs lost since Obama took office and started spending silly.
Corse the shrub didnt produce the complete implosion of the world
financial system or spend a cent as a result of having done that, eh ?
> But he will say he "saved" 5 million and all is well, right?
Very likely, because it wont be the end of civilisation as we know it.
> As to "blaming the poor for the meltdown" well, if the meltdown was caused
> by people defaulting on mortgages they never could afford to take out,
It wasnt. The default rate was never high enough to produce the
complete implosion of the world financial system. The most that could
have produced was higher costs for those who had not defaulted.
> well that blame is well placed.
Pity it isnt.
> I sure have aproblem with somoene who buys what they can't afford,
> doesn't pay for it, then expects ME to bail them out of the mess.
And thats precisely what those in those gated communitys are doing
right now. Essentially because they were stupid enough to go for ARMs.
Essentially because they were sure they could refinance those loans
before the rate hiked and have now discovered that they cant.
> You are now free to go back to your life of rage and hate of anyone you
> think is better off than you. (which I'd estimate is 90% of the population.)
You wouldnt know what real rage was if it bit you on your lard arse.
AZDuffman
<snip>
> You wouldnt know what real rage was if it bit you on your lard arse.
For crying out loud, can't you come up with anything else?
Nickname unavailable
hate you, no, but, you are stupid, ignorant, selfish, greedy, inbred,
intolerant, bigoted, unamerican, you lack the ability to see facts,
logic, or reason, and you raised those horrible qualities to be
virtues. your type is responsible for this mess.
and your response to me proves what i have just said.
Rod Speed
> Rod Speed <rod.speed....@gmail.com> wrote
>> You wouldnt know what real rage was if it bit you on your lard arse.
> For crying out loud, can't you come up with anything else?
Never ever could bullshit its way out of a wet paper bag.
AZDuffman
Translation: bed-wetter Rod has run out of anything to say.
AZDuffman
Sounds like hate to me!
Nickname unavailable
nope, i feel sorry for you. those that have elevated stupidity into a
virtue, are to be pitied.
Rod Speed
> Nickname unavailable <Vide...@tcq.net> wrote
>> AZDuffman <srduffy1...@gmail.com> wrote
>>> Nickname unavailable <Vide...@tcq.net> wrote
>>>>> Nickname unavailable <Vide...@tcq.net> wrote
> Sounds like hate to me!
Then you need to get those ears tested, again.
Its actually contempt.
Rod Speed
AZDuffman
> > Sounds like hate to me!
>
> nope, i feel sorry for you. those that have elevated stupidity into a
> virtue, are to be pitied.- Hide quoted text -
I don't need your pity, what I'd rather you do is work a day in your
life and quit blaming conservatives for everything and quit waiting
for Obama to take my money to give to the lazy and greedy like you.
Nickname unavailable
hey, you dealt the deck, not me. and i work far more than you will
ever know. i have not had a weeks vacation in 26 years. i work 7 days
a week, 9 months out of the year. i produce real tangible products, i
export all over the world.