The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: John Vosilla who wrote (31388)	5/18/2005 8:39:51 AM
From: Robohogs	Read Replies (2) of 306849

I am a banker who recently left a HY/leveraged loan origination job in HK after 10 years in the business. I had fairly high income over that time and managed to correct youthful excesses of too much credit card debt (and 1-2 late payments). Why am I rambling? I have no visible source of income (reasonable cash savings can last 3-7 years before I starve) but because I have a FICO well above 800 and since cc's don't check jobs, I am apparently being inundated with new cc offers at my mail address in US. This is absolutely a disgrace what the cc and mortgage companies are doing. I guess I could daytrade US houses with no income, 90% LTV and low cost. Ridiculous. I know I do not believe in collapse as strongly as most here, but yesterday's WSJ articles should scare some people. Instead, you hear apologists explain the flow numbers (income over debt service). BUT there was an article yesterday in WSJ where median spending was above median income by like $5K annually (order of magnitude of 10+% of net income). How can this go on? Jon

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