Comments on: 48% Of Subprime Mortgages In Trouble

By: canary

canary — Fri, 06 Mar 2009 09:17:58 +0000

yeah good point. I just heard a day or two ago, the national average was 1 out of 5 homes. That they were going to let people pay 500 dollars a month, for 3 monthes, and then look at each loan on an “individual basis”. We are a red state and are getting about .15 %. We are creating a task force to keep an eye on every penny.

By: crosspatch

crosspatch — Fri, 06 Mar 2009 08:20:08 +0000

Something I just noticed … it looks like the “everyone making over $250K is going to bail everyone else out” isn’t exactly true. It is individuals making over 200K and couples making over 250K. Now that is probably every single working couple over 30 years old in Silicon Valley. Now imagine … you live in a place where a 40 year old ranch style housing development slab home costs a million dollars. You and your wife make about $150K which is just enough to buy a home IF you had some equity from your last one you could use as a down payment … now Obama wants to take away part of their mortgage interest deduction and their charitable deductions. Now they can’t afford to make their payments.

Obama is going to turn us into a nation of renters.

By: David

David — Fri, 06 Mar 2009 06:19:38 +0000

My wife and I looked at a foreclosed house here in Oregon. The previous owner wrote on the living room wall some comments about how “the f**ing war” affected their ability to pay their mortgage or afford to finish their remodel. Then they proceeded to take a sawzall to the load bearing walls and cut a slice in each and every stud. They also removed the tarp from the roof covering their unfinished sky light hole allowing rain to destroy the master bedroom and bath. Now there isn’t a bank in the area that would give a loan for it even at less then half its assessed value because of the damage. The rotting house sits empty for half a year now driving down the worth of the neighborhood. Had it been a year later this person would have had Obama to bail him out. I hate to judge so many based on the actions of one idiot but no one like this should get bailed out.
I also resent liberals painting the subprime buyers as low income, disadvantaged buyers. My wife and I fit that description to a “T” but we will be getting a conventional loan (a small one) at a great rate because we have been exceedingly careful with our credit. There is no reason to buy at subprime rates, just wait a few years and build your credit back up. To me, subprime means irresponsible.

By: heykev

heykev — Fri, 06 Mar 2009 05:24:24 +0000

Good article Pro. It’s just a shame he’s not standing trail for his crimes. If Holder wasn’t such a coward, maybe he’d put him on trial.

By: crosspatch

crosspatch — Fri, 06 Mar 2009 01:41:44 +0000

“So how can the AP now know that the exact percentage that are in trouble”

Because someone actually “services” the mortgage … meaning someone collects the payments, sends out past-due notices, does the foreclosure, etc. So the service companies know how many sub-prime loans they are handling and they know how many are past due.

By: wardmama4

wardmama4 — Fri, 06 Mar 2009 01:15:15 +0000

Wait, I thought that all these subprime loans were bundled into packages and then sold – which is why so many banks are in trouble – since they can’t tell which is which and bought garbage along with good. So how can the AP now know that the exact percentage that are in trouble?

Sounds a bit like The One ™ logic – if it scares people and gets them to support my next Generational Theft Act – it’s good.

By: GetBackJack

GetBackJack — Thu, 05 Mar 2009 22:28:38 +0000

To quote Gomer Pyle …. Surprise, Surprise, Surprise!

By: proreason

proreason — Thu, 05 Mar 2009 21:33:04 +0000

Bio of the “man” most responsible for the financial crisis, Drooling Barney Franks.

Even readers of this site may be surprised.

http://www.americanthinker.com.....frank.html

By: 1sttofight

1sttofight — Thu, 05 Mar 2009 20:31:55 +0000

NO IT IS ALL ABOUT BUYING VOTES. PURE AND SIMPLE.

MEET ME IN DC 7/4

By: crosspatch

crosspatch — Thu, 05 Mar 2009 20:27:10 +0000

“And with ownership of nearly all banks by government soon …”

Actually, there is some pushback on that front. BofA, for example, has been talking about giving back the money they got from the government because Congress then apparently wants to tell the bank how to do business. BofA says that the restrictions Congress wants to saddle them with would make them less competitive in the marketplace against banks that didn’t take the money. So they are saying they are going to pay it down as fast as they possibly can.

By: Jason Gillman

Jason Gillman — Thu, 05 Mar 2009 19:26:00 +0000

And with ownership of nearly all banks by government soon, we will likely see more of the rotten loans made vs the ones that wind up only 30 days out before getting caught up.

By: proreason

proreason — Thu, 05 Mar 2009 19:19:26 +0000

“And another thing to note is how regional the numbers are”

yeh, democrat regions.

The mortgage bailout is just another re-distribution scheme. It’s a payoff scheme for deadbeats who were first given the mortgages and now are being given the houses.

When will it stop?

By: 1sttofight

1sttofight — Thu, 05 Mar 2009 18:55:14 +0000

Your mortgage is not my problem.

By: crosspatch

crosspatch — Thu, 05 Mar 2009 18:45:19 +0000

And another thing to note is how regional the numbers are. Half the states are unchanged or improved from a year ago. 35 states are improved from last month. The five states with the highest percentage of households in foreclosure are Oregon, Florida, Arizona, California, and Nevada. These are states that had a tremendous “housing bubble” over the past 10 years. The five states with the lowest percentage in foreclosure are Vermont, Nebraska, West Virginia, South Dakota and Montana. I would be willing to bet that housing has homes have held their value pretty well in those states. A quick look at zip code 59102 shows housing values today the same as they were in January 07 and substantially higher than they were in January 05. They have held their value quite well. People in Billings are not “under water” with their mortgages and the banks there are not in trouble unless they invested heavily in real estate in Florida, California, Arizona, Nevada and Oregon or got into mortgage derivatives based on mortgages in those states.

This is a very regional problem. The trouble is the big banks pumped up the markets in the “bubble” states and took a hard fall when that ponzi scheme collapsed.

By: Reality Bytes

Reality Bytes — Thu, 05 Mar 2009 18:39:09 +0000

Actually, Colonel, I saw it on an Honeymooner’s episode called “Funny Money”

http://www.youtube.com/watch?v.....re=related

Why shoudn’t everybody have a boat with 3 propellers on it?

If you think that’s funny, check out the Franks n Waters Show…

http://www.youtube.com/watch?v.....re=related\

Franks n Waters…not in a million years (but still funny) ;-)

By: 1sttofight

1sttofight — Thu, 05 Mar 2009 18:11:34 +0000

Then I guess I am in foreclosure, my house payment was due on the 1st which was a sunday and I did not make it until the 2nd (monday) so I guess I am in imment foreclosure.
I demand immediate relief from the federal goverment.

I think they should pay off my mortgage in full otherwise I may get the vapors.