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

To: Smiling Bob who wrote (83035)	8/3/2007 8:13:43 AM
From: Think4Yourself	Read Replies (3) \| Respond to of 306849

Oh come on now. What's wrong with someone with $30K/year free cash flow buying a 1.2 million house with no money down? And what's wrong with letting someone telling you how much they make and you not verifying it before handing them a million dollars? The folks holding all the garbage originated under the rules have good reason to be nervous. They were the Patsy's in this game. The secondary market for mortgage securities should stay shut down for a long time. I would love to be a fly on the wall at a meeting of the top Chinese bankers. Do they believe the officials we send over there to lie to them, like Paulson, or do they believe the money talking in credit markets and the regular bankruptcy announcements from the mortgage origination firms? No matter what the market in general does, the builders are going to get totally hammered by all of this. Other than the non-bank mortgage companies, which will soon be bankrupt, the builders are the only absolute losers in all of this. Fannie and Freddie will also be losers. They will bail out everyone by buying all the crap. The media is trying really hard to focus everyone's attention on the jobs data this morning, as if it has relevance to what is going on.