Comments on: Lords of Housing: Believing in the $22.5 Trillion Housing Market. http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/ How I Learned to Love Southern California and Forget the Housing Bubble Sun, 12 Oct 2008 19:49:17 +0000 http://wordpress.org/?v=2.2.2 By: Walter Beisel http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/#comment-11511 Walter Beisel Sun, 20 Apr 2008 21:06:48 +0000 http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/#comment-11511 There is nothing new in this world - only history repeating itself. We may very well be at the beginning of the greatest financial disaster since 1929. Considering what we are not being told! the financial losses of the Banks and other financial institutions may very well be in trillions. If you have money in the bank and depend on the government guarantee of your investment - ask what the status of the reserve is. The day when foreign investers will stop sending their good money to the United States may not be too far away. After that - your guess is as good as mine. Oh yes, this financial mess is not an accident. It is by design. THINK - it may be a new experience. W. There is nothing new in this world - only history repeating itself. We may very well be at the beginning of the greatest financial disaster since 1929. Considering what we are not being told! the financial losses of the Banks and other financial institutions may very well be in trillions. If you have money in the bank and depend on the government guarantee of your investment - ask what the status of the reserve is. The day when foreign investers will stop sending their good money to the United States may not be too far away. After that - your guess is as good as mine.
Oh yes, this financial mess is not an accident. It is by design. THINK - it may be a new experience.
W.

]]> By: gman http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/#comment-10161 gman Wed, 02 Apr 2008 05:43:50 +0000 http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/#comment-10161 What is up with the blog from http://ocfliptrack.blogspot.com/. What are you keeping a secret. Make your blog public!! Are you a pu** G What is up with the blog from http://ocfliptrack.blogspot.com/. What are you keeping a secret. Make your blog public!! Are you a pu**
G

]]> By: Steve http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/#comment-10154 Steve Wed, 02 Apr 2008 00:03:24 +0000 http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/#comment-10154 Interesting stuff, Scott. The Fannie Mae site says that the borrower must demonstrate the financial capacity to continue to pay the 1st mortgage payments once the arrears are cleared. "Verbal confirmation of financial capacity is acceptable". Liar loan? Interesting stuff, Scott.

The Fannie Mae site says that the borrower must demonstrate the financial capacity to continue to pay the 1st mortgage payments once the arrears are cleared. “Verbal confirmation of financial capacity is acceptable”.

Liar loan?

]]> By: Scott http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/#comment-10150 Scott Tue, 01 Apr 2008 21:56:52 +0000 http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/#comment-10150 http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/01/BUJJVTBTK.DTL The coordinators of Sunday's auction of 41 units at the new Eight Orchids condominium midrise in Oakland billed the event as a means of finding the actual market value for such homes..... sales prices ranged between 25.3 and 34 percent off the original asking price. That's well below the 16.9 annual percent drop in median resale condo values or the 21.2 percent decline for all new homes in Alameda County, according to a February report from DataQuick Information Systems. Then this morning UBS announced it was writing off another $19 billion in bad loans and setting up a dump for its crap subprime AND its Alt-A loans. Hooray goes Wall St. in an April Fools rally. The worst is behind us. Well the worst maybe behind UBS because it has cleared the junk off its books but have American banks? Citi has taken some big write offs but have Wamu, Sun Trust, Wachovia? Not so as I can see. They've augmented their loan loss reserves but, unlike UBS, they are still sitting on piles of piles of Alt-A and Helocs and have yet to begin writing this stuff off. I was stunned to learn of a Fannie Mae program called, I believe, HomeSaver Advance. In this piece of financial legerdemain a person who is delinquent on a FNM insured mortgage is given an UNSECURED loan for the amount they are in arrears and, abacadabra, the loan is current again and Fannie Mae does not have to compesate the MBS pool owners for their loss. No, this is not an April Fool's joke, this is how Fannie Mae is doctoring its books. They are extending the same kind of negative amortizing loan as the banks were doing but not to a new customer with good credit but to a previous customer who is deliquent on his existing loan. The Fed and the GSE's appear to be doing exactly what the banks did to get us into this mess as the solution to get us out! http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/01/BUJJVTBTK.DTL The coordinators of Sunday’s auction of 41 units at the new Eight Orchids condominium midrise in Oakland billed the event as a means of finding the actual market value for such homes….. sales prices ranged between 25.3 and 34 percent off the original asking price. That’s well below the 16.9 annual percent drop in median resale condo values or the 21.2 percent decline for all new homes in Alameda County, according to a February report from DataQuick Information Systems. Then this morning UBS announced it was writing off another $19 billion in bad loans and setting up a dump for its crap subprime AND its Alt-A loans. Hooray goes Wall St. in an April Fools rally. The worst is behind us. Well the worst maybe behind UBS because it has cleared the junk off its books but have American banks? Citi has taken some big write offs but have Wamu, Sun Trust, Wachovia? Not so as I can see. They’ve augmented their loan loss reserves but, unlike UBS, they are still sitting on piles of piles of Alt-A and Helocs and have yet to begin writing this stuff off. I was stunned to learn of a Fannie Mae program called, I believe, HomeSaver Advance. In this piece of financial legerdemain a person who is delinquent on a FNM insured mortgage is given an UNSECURED loan for the amount they are in arrears and, abacadabra,
the loan is current again and Fannie Mae does not have to compesate the MBS
pool owners for their loss. No, this is not an April Fool’s joke, this is how Fannie
Mae is doctoring its books. They are extending the same kind of negative amortizing loan as the banks were doing but not to a new customer with good credit but to a previous customer who is deliquent on his existing loan. The Fed and the GSE’s appear to be doing exactly what the banks did to get us into this mess as the solution to get us out!

]]> By: Jes http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/#comment-10147 Jes Tue, 01 Apr 2008 18:05:52 +0000 http://www.doctorhousingbubble.com/lords-of-housing-believing-in-the-225-trillion-housing-market/#comment-10147 The lost trillions won't be forgotten for too much longer. On the radio today I heard an announcer explain that some new manufacturing data indicated that the recession we're in (this is their words) might be less severe than feared. In other words, we're now publicly admittng there is a recession. So, over the next couple of weeks I expect we'll start hearing more about the impact of that lost equity. The lost trillions won’t be forgotten for too much longer. On the radio today I heard an announcer explain that some new manufacturing data indicated that the recession we’re in (this is their words) might be less severe than feared. In other words, we’re now publicly admittng there is a recession. So, over the next couple of weeks I expect we’ll start hearing more about the impact of that lost equity.

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