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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (27940)	3/9/2005 7:07:59 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 306849

LOL, if he's gonna publish installments of the "Mania Chronicles, pt II" I may have to subscribe again. That was the best stuff on the web when the Bubble first popped (and was right here on SI). Perfect example of what LEND, NEW (and ultimately FNM and the American taxpayor/bagholder) are up against: "No. If the interest rates go up, or if housing prices go down, I don't lose anything. I'll just stop making payments and turn the house back over to the bank. It cost me nothing to get in the house, and I can walk away with only a ding on my credit report" Be afraid....be VERY afraid!<NFG>

To: orkrious who wrote (27940)	3/9/2005 7:32:05 PM
From: bentway	Read Replies (1) \| Respond to of 306849

Just as with bankruptcy, which used to be a shameful thing to be avoided at all costs but is now just business as usual, homeownership has changed a lot. Does anyone have mortgage burning parties after making the nut for 30 years and suddenly being able to burn the piece of paper that has absorbed the largest chunk of their income for all that time? How many 30 year mortgages actually get paid off today? Most people today have no such dream. The dream today is to be able to get and cash out your appreciation. If the appreciation goes away, will the mortgage-burning party return? Will housing be once again just a necessary expense instead of a speculative vehicle?

To: orkrious who wrote (27940)	3/10/2005 6:55:08 AM
From: Tradelite	Read Replies (5) \| Respond to of 306849

Far be it from me to challenge the myths circulating today that all lenders are handing out mortgage money without restriction and at bargain-basement rates to the unqualified, and that consumers aren't worried about defaulting on their home loans (i.e., "It will only be a ding on my credit report"). However, I suggest that people who actually are naive enough to believe all this internet blog stuff might want to contact a loan officer associated with a reputable lending company in their area and ask for an opinion on how much of this is true. Better yet, go into the lender's office and ask to get all the loan terms which are so widely publicized as being available to everyone at presumably cheap rates--such as stated-income loans, interest-only loans, etc. If you are a prospective borrower and your income is documentable, adequate and steady, and if your credit is perfect, and if the lender likes the property you want to buy and wants to extend itself in your economically booming area of the country, you might get the terms you assume are being extended to everyone else . If you or the property somehow fail the test in one way or another, my guess is that you should expect to pay more for your loan or not get the loan at all. Report back to us all on the results of your research. Until you can do that, accept all other assertions with at LEAST a grain of skepticism. That would be healthy.