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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (50434)	1/20/2006 5:39:55 PM
From: Mike Johnston	Read Replies (2) \| Respond to of 110194

Some ugly, ugly news about housing market today. Reading today's Ben Jones blog is like a horror novel. Very negative comments by NY mayor Bloomberg and Paul Volcker. And how about this guy ? And David Reed has this from Realty Times. "I got yet another email from another unfortunate homebuyer pleading for help. I tried to contact both the builders sales reps as well as the loan officer..the builder didn't return any emails and the loan officer said he couldn't talk too much about his 'clients' loan. This means that this story might be completely fabricated. But I doubt it." "He couldn't qualify for the new home because he's been unable to sell his current one. He's about to lose his $68,000 deposit if he doesn't take the new loan offered by the Builders' mortgage company. Because his monthly income is $4,800 and his interest-only payment is $5,200, the guy can't afford this house, get it? Apparently the loan officer doesn't care. And he's pointing a financial gun to Prakash's head, basically saying, 'It doesn't matter if you can't afford it, if you don't take the loan you'll lose your deposit with the builder.'" thehousingbubble2.blogspot.com