Ramhock Posted December 6, 2007 Share Posted December 6, 2007 Reported today that there are more homeowners at least 30 days late than any time since '86 . . . and we are just getting started! Anyone need an oil change? Quote Link to comment Share on other sites More sharing options...
polksalet Posted December 6, 2007 Share Posted December 6, 2007 In my subdivision of50ish cribsthere are 5 for sale and three new ones being built.The ones that are for sale have been for sale for months. splain that??/? Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted December 6, 2007 Share Posted December 6, 2007 Reported today that there are more homeowners at least 30 days late than any time since '86 . . . and we are just getting started! I wonder what percentage of homeowners that is? Is it 1%, 10%....? The fact that there are more than at any time since '86 could simply be a function of there being more homeowners now than then. Not trying to belittle the scale of the problem, far from it, just pointing out that there are lies, damned lies and statistics. Quote Link to comment Share on other sites More sharing options...
Ramhock Posted December 6, 2007 Share Posted December 6, 2007 I wonder what percentage of homeowners that is? Is it 1%, 10%....? The fact that there are more than at any time since '86 could simply be a function of there being more homeowners now than then. Not trying to belittle the scale of the problem, far from it, just pointing out that there are lies, damned lies and statistics. The report also showed that 5.59 percent of borrowers are now at least 30 days late making their mortgage payments, which is just below the record high of 5.68 percent set in 1986. And a record 1.26 percent of the borrowers were 90-plus days late, putting them at significant risk of going into foreclosure. Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted December 6, 2007 Share Posted December 6, 2007 we talk about this all day at work. if you let these people die, the housing market really hits the skids. if you help them, does it raise a moral hazard that uncle sam will bail you out when you over extend yourself? I don't think so...it just locks the rate from going up...it doesn't mean the government pays the difference...that is my reading. It actually makes a nasty little record on your credit score as well if you accept such help. The bank loses out on the interest, but wins on mortgage retention. Also, as you correctly pointed out, the housing market stays relatively intact versus tons of foreclosures. And people get to keep the equity built up in their homes instead of losing it to higher ARM adjustments. It actually sucks the legislation is needed in the first place. If the financial institutions would have done a better job issuing loans...we wouldn't be here. Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted December 6, 2007 Share Posted December 6, 2007 The article isn't clear if it locks in the teaser rate (I've seen teaser rates that last for, oh, two days) or if it will correct ARMs that have increased into negative amortization loans, or any of the other possible permutations of an ARM mortgage. As far as "ARMs won't increase" it SOUNDS good but there's certainly a tremendous amount of subtlety that may be missed in the Big Dumb Solution. Actually, I think it corrects the ARMS that create Negative Amortization and also contain early pay back penalties to get out of such situations. Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted December 6, 2007 Share Posted December 6, 2007 Whatever happened to the mortgage as a percentage of income standard that lenders used to use? It is gone....citing your examples....it is up to the plumber to know these things...no culpability for the banks..... Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted December 6, 2007 Share Posted December 6, 2007 The report also showed that 5.59 percent of borrowers are now at least 30 days late making their mortgage payments, which is just below the record high of 5.68 percent set in 1986. And a record 1.26 percent of the borrowers were 90-plus days late, putting them at significant risk of going into foreclosure. Bad but OTOH 94.41% are making the payments. You wonder how a downturn in employment would exacerbate the figures though. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted December 6, 2007 Author Share Posted December 6, 2007 there is no longer a need for puts or insurance. everything thing will be fdic insured. Quote Link to comment Share on other sites More sharing options...
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