Please drive by....
br...@bullcratewhipnuts.clam
out front?
Did ChuckK get caught in the sub prime mess? He would be so
embarrassed if that happened.
FB
DocDice
I suspect that anyone who gets caught in this mess would feel a bit
more than embarassment.
DD
Danno
No, Chuck took a variable rate home equity loan on his McMansion. He
is living off of the tax savings from the interest deduction. The
higher the interest rate goes on his loan, the more Chuck earns. Or at
least I think how it works.
In any event, since Chuck has perfect foresight, there is no way he
got trapped in the subprime or any other mess. He saw it coming.
Andrew in Alabama
EVERYTHING to your dumn ass????
>> Did ChuckK get caught in the sub prime mess? He would be so
>> embarrassed if that happened.
>
>I suspect that anyone who gets caught in this mess would feel a bit
>more than embarassment.
DD, you'd be amazed at some of the properties here in Alabama that are
being foreclosed on.
Mrs. Andrew is in the mortgage business, and has an associate who is
presently sitting on 4 or 5 properties, including spec houses and
vacation properties, ALL on adjustable-rate arms. The arms are slowly
expiring, and these folks, who were considered wealthy just a year
ago, may have no choice but to let the banks foreclose, since they
can't be sold unless they take a huge financial loss.
I think we will be seeing lots more of this before this mess is over.
For those of us with cash (or equity) and good credit, it is a great
buying/refinancing opportunity, but a lot of people who seemed like
geniuses not too long ago are going to find themselves out in the cold
sooner rather than later.
Sorry to add to a Chuck K thread, but I find the whole issue at once
disturbing and fascinating (not unlike Chuck K himself.)
--
Andrew <-- Is it FEBROOARY yet?
"Thank goodness KILLFILING
isn't part of the shunning rules. It's like watching a very fat guy in
a straitjacket bouncing off the walls of a padded cell.
- "BOB" on the great AVLV shun.
Steve Harder-Kucera
might add):
> For those of us with cash (or equity) and good credit, it is a great
> buying/refinancing opportunity, but a lot of people who seemed like
> geniuses not too long ago are going to find themselves out in the cold
> sooner rather than later.
>
> Sorry to add to a Chuck K thread, but I find the whole issue at once
> disturbing and fascinating (not unlike Chuck K himself.)
Didn't a housing bubble guy used to post here every now and again?
Here's an interesting read:
I have two questions re: the "crisis":
A: Who couldn't see this coming?
and
B: Wasn't the real crisis the insane escalation of the cost of one of our
most basic of needs? The "crisis" started a long time ago. The correction
was long overdue. Now it's time for someone to come in and "solve"
things... that should really screw things up!
EVIL ELVIS
> DD, you'd be amazed at some of the properties here in Alabama that are
> being foreclosed on.
When I was in Vegas last month, that's all they had listed.
> Mrs. Andrew is in the mortgage business, and has an associate who is
> presently sitting on 4 or 5 properties, including spec houses and
> vacation properties, ALL on adjustable-rate arms. The arms are slowly
> expiring, and these folks, who were considered wealthy just a year
> ago, may have no choice but to let the banks foreclose, since they
> can't be sold unless they take a huge financial loss.
Why did they have ARMs? That's crazy.
> I think we will be seeing lots more of this before this mess is over.
>
> For those of us with cash (or equity) and good credit, it is a great
> buying/refinancing opportunity, but a lot of people who seemed like
> geniuses not too long ago are going to find themselves out in the cold
> sooner rather than later.
So true. The only problem is money (mortgages) is getting tight these
days. It's not like 2 years ago where anyone with a pulse could get a
100% LTV loan on a home.
> Sorry to add to a Chuck K thread, but I find the whole issue at once
> disturbing and fascinating (not unlike Chuck K himself.)
Who?
--EE--
EVIL ELVIS
betterwaywebsites.com-please> wrote:
> Didn't a housing bubble guy used to post here every now and again?
>
> Here's an interesting read:
>
> http://tinyurl.com/3a5ydr
Great threads.
> I have two questions re: the "crisis":
>
> A: Who couldn't see this coming?
People who do not know how to invest and rely on gimmicks and trends.
> and
>
> B: Wasn't the real crisis the insane escalation of the cost of one of our
> most basic of needs? The "crisis" started a long time ago. The correction
> was long overdue.
True. Now's the time to buy.
> Now it's time for someone to come in and "solve"
> things... that should really screw things up!
How about a 5-year freeze on interest rates just because someone says
so. Funny, the politicians who are crying the loudest are the ones
that screwed this up in the first place.
--EE--
EVIL ELVIS
> No, Chuck took a variable rate home equity loan on his McMansion. He
> is living off of the tax savings from the interest deduction. The
> higher the interest rate goes on his loan, the more Chuck earns. Or at
> least I think how it works.
Didn't CTFF claim that he makes a "profit" off writing off the
interest on his trillion-dollar home? Didn't CTFF once claim that it
was better to have a large mortgage on your home to make this "profit"
rather than to own your home outright?
I wonder how CTFF is doing with his smashing TN home?
> In any event, since Chuck has perfect foresight, there is no way he
> got trapped in the subprime or any other mess. He saw it coming.
Really?
--EE--
Ace
> Someone please drive by ChuckK's new house....is there a For Sale sign
> out front?
Unless I got the address wrong, it's currently being rented out as a
massage parlor.
A*
Andrew In Alabama
EVERYTHING to your dumn ass????
>> Mrs. Andrew is in the mortgage business, and has an associate who is
>> presently sitting on 4 or 5 properties, including spec houses and
>> vacation properties, ALL on adjustable-rate arms. The arms are slowly
>> expiring, and these folks, who were considered wealthy just a year
>> ago, may have no choice but to let the banks foreclose, since they
>> can't be sold unless they take a huge financial loss.
>
>Why did they have ARMs? That's crazy.
The husband is a builder, and never had trouble selling his properties
at a large profit in the past. Like a lot of people, they never
imagined that they would find themselves unable to sell at will.
I am not justifying what they did... I'm just saying.
--
Andrew <-- a noodly appendage of the Flying Spaghetti Monster.
"I don't know anyone in maine"
"I only know about 4 people who live in maine"
-- "John Payton," in posts made two hours and 52 minutes apart on AVLV
EVIL ELVIS
> The husband is a builder, and never had trouble selling his properties
> at a large profit in the past.
Ah, that make sense.
> Like a lot of people, they never
> imagined that they would find themselves unable to sell at will.
Yeah. There is a home in my 'hood that has been on the market for 9+
months. My neighbor is selling hers and she had 2 people look at it
since it went on the market some 3 or so months ago. It's hurting out
there.
> I am not justifying what they did... I'm just saying.
Gotcha.
--EE--
br...@bullcratewhipnuts.clam
<hehate...@hotmail.com> wrote:
>Yeah. There is a home in my 'hood that has been on the market for 9+
>months. My neighbor is selling hers and she had 2 people look at it
>since it went on the market some 3 or so months ago. It's hurting out
>there.
>--EE--
A buddy just picked up a condo in Palm Desert. Went on the market at
$395K....had been listed for at least 6 months....he got it for $289K.
And they say the market hasn't bottomed out yet.
FB
EVIL ELVIS
> A buddy just picked up a condo in Palm Desert. Went on the market at
> $395K....had been listed for at least 6 months....he got it for $289K.
Not a bad deal.
> And they say the market hasn't bottomed out yet.
Nope. I've read that San Diego home prices will decrease for at least
another 2 years. That would be a great place to buy.
--EE--
tc1...@webtv.net
from him. Tom in Ct.
Andrew In Alabama
EVERYTHING to your dumn ass????
>So your wife is in the mortgage business.
>
>Did she make a lot of money helping people get sub-prime loans when
>they did not qualify for any loan?
No she didn't. In fact, she turned down many many people because she
knew they couldn't afford the home they wanted to buy, and those
people promptly went elsewhere to get financing. Today, these are the
foreclosures that you are reading so much about.
For the past few years, there was plenty of money to be made in the
mortgage business without being a sleazeball. Today, the money is in
refinances, although new sales are picking up slightly here.
DocDice
> Damb, DocDice <steve_johns...@bellsouth.net>, do I have to 'splain
Not only in Bama. Every state I have been to recently, I have heard
variations of your post. I am seeing similar occurences in buisnesss.
(people purchasing companies). So, we have the private sector
trumatized with easy to come by debt, small buisnesses beginning to be
traumatized. I will speculate that within two years things are going
to get real dicey.
DD
EVIL ELVIS
> Not for nothing.....I sent Chuck an e mail last month and did not hear
> from him.
Perhaps he's stuck in his $5,000 toilet?
--EE--
DocTCW
You have absolutely put your finger on the secret to happiness and
financial success and/or runi------DEBT. Either the prescense or abscence
of. Either one can make a world of difference in your life, for the bad or
the good.
Tom
________________________________________________________________________
: the next generation of web-newsreaders : http://www.recgroups.com
smilewhen...@gmail.com
> You have absolutely put your finger on the secret to happiness and
> financial success and/or runi------DEBT. Either the prescense or abscence
> of. Either one can make a world of difference in your life, for the bad or
> the good.
What good will it be for a man if he gains the whole world, yet
forfeits his soul?
Or what can a man give in exchange for his soul?
Jesus paid the ultimate debt for each one of us, that that we could
never pay on our own.
But sadly, too many will refuse this gift.
For the wages of sin is death,
but the gift of God is eternal
life in Christ Jesus our Lord.
Romans 6:23
George Leppla
"DocTCW" <doc...@aol.com> wrote in message
news:2ksk85x...@recgroups.com...
> DD--
>
> You have absolutely put your finger on the secret to happiness and
> financial success and/or runi------DEBT. Either the prescense or abscence
> of. Either one can make a world of difference in your life, for the bad or
> the good.
I don't have much pity for people who bought ARM's but I can understand how
it happened. When I bought this house last year, I talked with a mortgage
broker about getting a small (<$100K) mortgage, conventional, fixed rate.
All he needed was my SS number and he came back almost immediately with some
options. The first was that I could borrow $400K on an ARM 3.95% to start..
FOUR HUNDRED G'S!!!!! I looked at the guy like he had a third eye and asked
him if he didn't understand what I was looking for.
Then he went into his spiel.... all about how wouldn't we like to live in a
"nice" neighborhood and this was out chance to "step up" and the monthly
payments were going to be the same as a conventional... blah.... blah. It
was as relentless as a time-share pitch and I hit the door.
They make it sound very attractive and for young people with no assets, it
would seem like the answer to a prayer.
To me, financial happiness includes not living over your head.... and a soft
$$$ cushion for when things go to hell.
George L
George Leppla
<smilewhen...@gmail.com> wrote in message
news:5ef7f931-7fce-4c35...@o77g2000hsf.googlegroups.com...
On Feb 16, 9:17 pm, "DocTCW" <doc...@aol.com> wrote:
> You have absolutely put your finger on the secret to happiness and
> financial success and/or runi------DEBT. Either the prescense or abscence
> of. Either one can make a world of difference in your life, for the bad or
> the good.
>What good will it be for a man if he gains the whole world, yet
>forfeits his soul?
I got the world on a string, sitting on a rainbow... got the string around
my finger.
>For the wages of sin is death,
I hear that in Vegas, the wages of sin start around $200 an hour and goes
way up... especially if you are into kinky stuff like midgets or donkeys.
George L.
salmo...@aol.com
> way up... especially if you are into kinky stuff like midgets or donkeys.
>
> George L.
Alas, I've got a good source that says you can't get a donkey. Snakes?
Sure. But no donkeys.
br...@bullcratewhipnuts.clam
<andr...@yahoo.com> wrote:
>No she didn't. In fact, she turned down many many people because she
>knew they couldn't afford the home they wanted to buy, and those
>people promptly went elsewhere to get financing. Today, these are the
>foreclosures that you are reading so much about.
How people fell for those "3 year teaser rates" is beyond me. If
you're that stupid you don't deserve to get a mortgage.
FB
DocDice
> For the wages of sin is death,
> but the gift of God is eternal
> life in Christ Jesus our Lord.
> Romans 6:23
There ya go...........God did it
DD
Nonnymus
>
>
> I hear that in Vegas, the wages of sin start around $200 an hour and
> goes way up... especially if you are into kinky stuff like midgets or
> donkeys.
>
> George L.
Times are tough nowadays. Midgets are well under $100/hr, now and
donkeys can be had for the price of a bucket of oats out in Red Rock
Canyon.
--
Nonny
Nonnymus
A penny saved is obviously a
government oversight.