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: Live2Sail who wrote (87188)	8/27/2007 10:08:00 AM
From: MulhollandDrive	Read Replies (1) of 306849

Can you elaborate on what "good luck" refers to. in your hypothetical you were suggesting getting 10%, i said 'good luck' i was referencing the people in the article in the high end that walked away from their deal when the lender balked All of a sudden the lender, because it is backed by a series of investors that are feeling very shaky and panicky, decided it could no longer honor the loan commitment," Hogan said. "This was not a subprime loan; this was fully documented, people with outstanding credit who own a $5 million home now and didn't need to sell it to buy this one." The buyers could have gotten a mortgage at a substantially higher rate - just under 8 percent - Hogan said, but "they crunched the numbers and said, 'Hell, no, maybe this is a sign for us to get out.' "

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