I once again want to thank Alex for the opportunity to post here. . .and, for all of the informative opinions and views on the market. Perhaps this may come off as a rant. . .but, really it is just my opinion and some thoughts and quest
ion
s on the last open market Friday of the year . .
First off, with all of the Tarp funds and government intervention in the credit markets. . .why is it still so hard to get a loan?
I have coined the term “blue collar loan,” because this is what it is. If you are self employed or deep in real estate, forget it. . .that is unless you have no writeoffs or you are equity rich!
The 30 year fixed rates that everyone is jabbering about, sure they are at an all time low for “conforming loans”. . .but, as a consumer, you need to know that there are “risked based price adjustments” that directly affect those low rates; credit score, loan to value, and occupancy hits.
Why is it that even if you put 20% down in certain markets in our immediate area and even in the City, you can be underneath your home?
It is likely that property values may dip even further. buying viagra . .at what point will the banks reduce principal balances and make it sensible for a homeowner to continue to pay their mortgage?
With many ALT A mortgages and 100% Loan to Value loans made in 05, 06, and 07 we have not even seen the tip of the iceberg. . .FORECLOSURE!
Why isn’t the city stepping in with Silent Seconds, to fill the gap. . .since there are no second mortgages and Mortgage Insurance basically does not exist.
To date, there are 311 Lenders who have gone out of business. . .where do mortgage brokers send loans? <a href=”http://ml-implode.com/”>http://ml-implode.com/</a>
Lastly, How long will this last?
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“If you are self employed or deep in real estate, forget it. . .”
that’s my situation to a T. luckily i was able to turn to family for funds to rehab a rental property i need to get in rental ready status. once that’s taken care of it’s time to huncker down, secure the hatches, put head between kneens and wait for this royal cluster-f*ck of illiquidity come to pass. this is not the time to have unstabilized investment properties.
I found this post very hard to read. Points taken though.
If you were a bank, would *you* lend against a declining asset?
Maybe no one willing to buy at today’s prices *should* get a loan?