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post #11 of 40 (permalink) Old 03-09-2008, 01:18 PM
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How many BWOT'ers are now in danger of losing their homes and big rigs as a result of this?
There was one guy who posted up here last year some [but mostly on the technical fora] from SoCal who lost his house late last year. He and his wife were middle manager types pulling down about $250 a year but an interest only with balloon took them down hard.

I talked to him a lot off line and would not put him in the conspicuous consumption box, nor would I put him in the naiveté box. He really got caught up in the crossfire [though I pleaded with him not to go with the Interest Only/Balloon/ARM route].

I would bet there are others that are very close to upside down on equity right now or are heading for a high ARM. Statistics just bear that out. And should the requirement to move/transfer hit NOW, the feces hits the air dispersing rotating device.

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post #12 of 40 (permalink) Old 03-09-2008, 01:23 PM
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*sigh*

You never click my links . . .

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post #13 of 40 (permalink) Old 03-09-2008, 01:31 PM
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*sigh*

You never click my links . . .
I did, and saw the Big Blue Hippo thingie. I do wonder why it is taking so long for the folks to get their reimbursements. However, lately, dealing with administrivia I am not as surprised.

I was answering what I thought was a question somewhat tangential to the computer thingie.

But, after missing the Carrey video, I am clicking thru.

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post #14 of 40 (permalink) Old 03-09-2008, 01:47 PM
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I was answering what I thought was a question somewhat tangential to the computer thingie.

But, after missing the Carrey video, I am clicking thru.
I'm not that complicated . . . even Jayhawk saw through my sarcasm in the NAFTA-gate thread . . .

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post #15 of 40 (permalink) Old 03-09-2008, 04:07 PM Thread Starter
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Actually the Federal Banking [and State] Regulatory agencies would strongly disagree with that logic. Regulations have been in place since 1929 and further strengthened after the Savings and Loan failures that put responsibility on the banks to insure that the borrowers had the required assets/income/credit history to validate the integrity of the loans.

Imagine hearing from your broker, "I just can't loan you the money because you don't qualify."

At one time in recent history bank auditors would make surprise visits to banks, mortgage companies, loan companies, pull a random selection of loans, their supporting documents and verify their integrity. Irregularities would bring a nightmare of bank regulators to comb through EVERY loan to determine pattern.

It is that recent lack of Banking Regulators from the Department of Commerce and SEC [just let the industry police itself] that has assisted in this mess.

Of course we have recently replicated the same Stirling set of principles within the Mining industry [just let the industry police itself] and have watched miners be pulled out of holes in the ground in bodybags because of that lack of regulation and inspection by the MSHA.
They do that all the time... So do stock brokers. There are all manner of requirements to invest in many types of investments. I just made a fairly substantial investment in a new type of fund w/ Morgan Stanley for one of my Roth IRAs. It is called the Absolute Return Fund run by the Alternative Investment Partners. ( Morgan Stanley Investment Management Launches the Alternative Investment Partners Absolute Return Fund STS ; Absolute Return Fund STS Demonstrates Further Enhancement of Alternative Investment Offerings | Business Wire | Find Articles at BNET.com )They presented me w/ a book of warnings, qualifications and other conditions that I had to read and agree to before I could invest. They seemed to be trying to scare the hell out of me.

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post #16 of 40 (permalink) Old 03-09-2008, 05:29 PM
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I think it's very telling that you associate any type of education or dissonant thought with "fear".
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post #17 of 40 (permalink) Old 03-09-2008, 05:48 PM
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Originally Posted by mcbear View Post
Actually the Federal Banking [and State] Regulatory agencies would strongly disagree with that logic. Regulations have been in place since 1929 and further strengthened after the Savings and Loan failures that put responsibility on the banks to insure that the borrowers had the required assets/income/credit history to validate the integrity of the loans.

Imagine hearing from your broker, "I just can't loan you the money because you don't qualify."

At one time in recent history bank auditors would make surprise visits to banks, mortgage companies, loan companies, pull a random selection of loans, their supporting documents and verify their integrity. Irregularities would bring a nightmare of bank regulators to comb through EVERY loan to determine pattern.

It is that recent lack of Banking Regulators from the Department of Commerce and SEC [just let the industry police itself] that has assisted in this mess.

Of course we have recently replicated the same Stirling set of principles within the Mining industry [just let the industry police itself] and have watched miners be pulled out of holes in the ground in bodybags because of that lack of regulation and inspection by the MSHA.
You are so eager to argue with me, you make my point. The regulatory process you describe above only covers the integrity of one side of the loan transaction--the underwriting. The purpose being to prove that the loan was granted with terms and conditions that comply with Federal law regarding civil rights, redlining, ratios, etc. These folks are not interested in whether the loan was in the best interest of the borrower, which involves an entirely different set of standards.

Part of your problem here is that you've ignored the change-over to mostly conventional loans in recent times. They are not FHA and VA insured and therefore receive much less scrutiny. And the conventional loans are the ones mostly involved in the sub-prime issue.

I completely agree with lenders denying loans for non-qualifying borrowers; that was my point and I think it's yours, too. When the lender says, "At your age (or health, or multiple marriages, or too many college-age children) a new loan wouldn't be your best decision" , I object to them stepping over the line. The lender's concern should be only, 1) is the collateral solid, and 2) can the payments be made. That's it. No social work interviews necessary on the loan application.

Using the mining analogy is a weak side-trip and just grinds your liberal ax about government regulation.

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Last edited by bottomline1; 03-09-2008 at 05:53 PM.
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post #18 of 40 (permalink) Old 03-09-2008, 05:52 PM Thread Starter
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I think it's very telling that you associate any type of education or dissonant thought with "fear".
WHAT?
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post #19 of 40 (permalink) Old 03-09-2008, 06:40 PM
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WHAT?
Here, let's make this simple for you. Pick one from the list below.

Therapists, Psychologists, Counseling in Lawrence, Kansas - KS
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post #20 of 40 (permalink) Old 03-09-2008, 06:49 PM
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WHAT?

For a graduate of such higher learning (or was that leaning), you sure say that alot..............
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