Comments on: A Second Mortgage Disaster On The Horizon?
60 Minutes: New Wave Of Mortgage Rate Adjustments Could Force More Homeowners To Default
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- Save your pity for the mentally challenged or other people with similar learning disabilities.
The willfully ignorant deserve no pity.
Posted by IamHungry68 at 03:25 PM : Dec 15, 2008
Agreed, more like contempt and disgust. - Reply to this comment
- I have said it, and I will say it again, YOU ARE BEING SCAMMED with democrapic propaganda and lies...
Nancy Pelosi knows what she''''s done and she''''s trying to point her finger ONCE AGAIN at Bernanke...
YOU ARE BEING HAD!
Posted by RowdynTex at 03:18 PM : Dec 15, 2008
You have had multiple posters address the issues that you brought up and we have all asked you to back up your assertions with more than ''this is what my Daddy did''. You have completely failed to do so and now you revert to your own simplistic propaganda, as if it MEANS anything. You post nothing but opinion and, when challenged, you constantly change the subject of the discussion instead of backing up your arguments with anything factual.
You are truly a sad, pathetic, deluded individual who has nothing but her own web of propaganda on which to build the foundation for a meaningful life. I pity you. - Reply to this comment
- No dear, they''''re not, sorry!
Posted by RowdynTex at 03:14 PM : Dec 15, 2008
Source? Aside from your inbred relatives?
(crickets)
Don''t really expect one--why should today be any different, lol. - Reply to this comment
- lol, My father in law was a builder. I''''ve watched him do this time and time again! He made a fortune at it!
Look at your title policy, what does it say? Most likely if you bought a house from a housing addition the property and the loan is owned by the builder, not a bank.
Posted by RowdynTex at 03:10 PM : Dec 15, 2008
So you''re saying that your father was a scam artist? Lol, the apple doesn''t fall far from the tree. - Reply to this comment
- It doesn''''t take much to place a double-wide on a plot of land. That''''s where all of her new constructions are coming from.
Posted by whatithink10 at 03:10 PM : Dec 15, 2008
LOL. And it would DEFINITELY take a ''double-wide'' to fit her fat posterior that she is pulling her ''facts'' from! - Reply to this comment
- MESSAGE TO ROWDYN
Builders are not bankers & most builders (99.99%) do not have free capital to loan to purchasers of home in their developments, builders are very highly leveraged(i.e. borrowed $$ from banks to finance home building & pay the loan off as they sell homes)...what these builders may have are credit arrangements with " b a n k s" to loan buyers the $$$ to make purchases....untimately these are bank owed loans & not developer owned loans... - Reply to this comment
- They don''''t HAVE to be new construction...these are houses they''''ve sold two or three times on these same scam loans.
Posted by RowdynTex at 03:07 PM : Dec 15, 2008
I have said it before and I will repeat it again because you seem a little slow on the uptake:
The vast majority of homes sold are those that were owned previously and were NOT built within the past 5 years.
Therefore, your assertion that most mortgages in default are owned by builders contractors goes into the toilet. - Reply to this comment
- "So you live in an area that is mostly new construction.
Posted by ofbyfor3 at 03:08 PM : Dec 15, 2008"
It doesn''t take much to place a double-wide on a plot of land. That''s where all of her new constructions are coming from. - Reply to this comment
- My proof is in the housing additions...go take a DRIVE!
Posted by RowdynTex at 03:06 PM : Dec 15, 2008
So you live in an area that is mostly new construction. That''s NOT the case for the VAST majority of this country, so it doesn''t prove squat. Why don''t you go beyond your tiny little world for a change? - Reply to this comment
- There is NOTHING Bernanke can do for these individual loans where the builders sold these houses to the people.
Posted by RowdynTex at 03:04 PM : Dec 15, 2008
The scenario you are describing is a mere fraction of the overall picture. Stop obsessing on something that is a mere fraction. It''s pointless. - Reply to this comment
- Why should I hang it up? Becasue YOU say so?
When the bank would no longer make loans to people for the $250,000 homes the builders wanted to sell...they started financing these homes themselves with loans similar to ARMS.
Row after row after row of these homes in housing additions are in foreclosure now because of it.
The banks do not hold the loans, the builders hold those loans themselves.
Posted by RowdynTex at 03:01 PM : Dec 15, 2008
Where is your PROOF that the majority of these loans are in NEW construction? You HAVE none, so your point is INVALID to this discussion! - Reply to this comment
- LOL! I thought I was the only one who noticed that...
Posted by slownewsdaze at 03:01 PM : Dec 15, 2008
She does it EVERY time. Pretty obvious to those of us who have taken her on. ;) - Reply to this comment
- I think Rowdy is off consulting the Rush Limbaugh "Help" section...
Posted by slownewsdaze at 02:52 PM : Dec 15, 2008
No, she''ll just run away like the little coward that she always shows herself to be in the end. - Reply to this comment
- A great majority of the home loans in foreclosure are contract of sale mortgages by BUILDERS, not BANKS!
She is screeching at Bernanke about something he can DO NOTHING ABOUT! AND SHE KNOWS IT!
Posted by RowdynTex at 02:52 PM : Dec 15, 2008
Anything to back up your assertion that the majority of these are in NEW construction and NOT in previously owned homes?
(***crickets***)
I thought not. - Reply to this comment
- Rowdyn in TX gets their talking points from Bill''o, Limbfartz & Han$hitty...that is why unstantiated & obviously ridiculous statements are continually being made...the fact is this, the poor/minorities had little to do with subprim crisis (they were a small factor)...the majority of this came from the middle class & the wealthy...if you are not sure go to C-CSPAN for conmfirmation & watch the testimony from all the bankers...it was great theatre watching over the past weekend...
- Reply to this comment
- RowdynTex,
You might want to stick to topics that you know more about, like everyone who was born in Kenya in the 1960s. - Reply to this comment
- hello scott,
i appreciate your segment last night on the upcoming 2nd wave in the mortgage crisis. as a 25 year veteren of the mortgage industry i felt as if the average viewer would walk away thinking that all or most alt-a and option arm loans were doomed to failure/foreclosre. i personally don''t believe this.
it is true that many of these loans were made using unorthodox criteria however i would assume that most of these troubled loans have already failed or been identified with losses provided for.
many of the remaining loans that are performing now and are subject to adjustment/recast in the next 12-24 months will probably not be subject to the payment shock forcasted by mr. tilson for the following reason(s) 1)indexes that the adjustments are based on are falling to record lows and thus, when the rate is adjusted the payment may only go up slightly, and in some cases, may be even be lower than the current payment rate, 2)by design "pay option" loans payment amounts rise a minimum amout each year approx. equal to a .5% increase in the rate. after 5 years the payment would have increased the equivelent of 2.5% above the "starting rate". with indexes falling the recast event after the 5th year may not present a significant payment adjustment.
it should be noted that pay option loans had been sucessfully in use since the late 1970''s. it wasn''t until the past 4 or 5 years that these lending instruments were misused and abused by unorthodox undersriting standards.
dave - Reply to this comment
- RainMan? Is that you?
Posted by avoice at 02:47 PM : Dec 15, 2008
At least Rain Man was an ''idiot SAVANT'', as opposed to Rowdy who is simply a garden-variety IDIOT of the most common kind. - Reply to this comment
- Actually what you are talking about is loans held by BUILDERS! Not banks.
Posted by RowdynTex at 02:43 PM : Dec 15, 2008
We''ve already addressed this. And we proved you wrong.
But honk on.
It''s rather amusing to see you run around in circles after your own tail. - Reply to this comment
- "Oh, but there''''''''s the little whammy, the banks wouldn''''''''t write loans for a $250,000 mortgage for people making $40,000....so the builders decided to do it on their own with their little handy dandy scams...
Posted by RowdynTex at 02:30 PM : Dec 15, 2008"
Again, you made up your mind and the facts can''t change it!!!
Crazy woman! - Reply to this comment
