Comments on: Stage Two of the Mortgage Collapse: $500 Billion in Pay Option ARMs Meet the Piper in 2008 with 60 Percent Being in California. http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/ How I Learned to Love Southern California and Forget the Housing Bubble Fri, 19 Mar 2010 02:14:34 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Gary http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/comment-page-1/#comment-41366 Gary Mon, 26 Oct 2009 11:14:51 +0000 http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/#comment-41366 Truthfully there is no stage 2. Stage 2 has well mostly happened. Pay Options true if the rates increase will have even more foreclosures. Stage 1 was bullshit. Sub-prime loans did not cause this. Anyone that knows anything about mortgages knows this including the lying press that is owned by the lying mortgage lender. It was so-called cheap money. Which really is a misnomer for giving away money to anyone that looked like he could possibly be a human being. Trying to dig their way out of 9/11 and a war. Hey this sounds harsh. But you know what I didn't cause all this. The half wits that run all of this did. Truthfully there is no stage 2. Stage 2 has well mostly happened. Pay Options true if the rates increase will have even more foreclosures. Stage 1 was bullshit. Sub-prime loans did not cause this. Anyone that knows anything about mortgages knows this including the lying press that is owned by the lying mortgage lender. It was so-called cheap money. Which really is a misnomer for giving away money to anyone that looked like he could possibly be a human being. Trying to dig their way out of 9/11 and a war. Hey this sounds harsh. But you know what I didn’t cause all this. The half wits that run all of this did.

]]> By: karr http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/comment-page-1/#comment-40796 karr Mon, 12 Oct 2009 21:37:56 +0000 http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/#comment-40796 Well, I was one of the idiots...I should have known better. I have regretted my decision to refinance into one of these stupid loans pretty much since the day I did it. I made an emotional decision based on trying to find a way to stay home with my daughter after I quit my full time job. I feel like I've signed a "deal with the devil". I do not have an option to pay a fee and refinance. My home is worth less than half of what I originally borrowed...I have no one else to blame, but myself. Well, I was one of the idiots…I should have known better. I have regretted my decision to refinance into one of these stupid loans pretty much since the day I did it. I made an emotional decision based on trying to find a way to stay home with my daughter after I quit my full time job. I feel like I’ve signed a “deal with the devil”. I do not have an option to pay a fee and refinance. My home is worth less than half of what I originally borrowed…I have no one else to blame, but myself.

]]> By: joedirect http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/comment-page-1/#comment-32551 joedirect Mon, 09 Feb 2009 13:51:58 +0000 http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/#comment-32551 I think we as brokers, originators, loan officers whatever you call yourselves all got duped by the creators of sub-prime products who never did their homework. They sent their wholesale reps around armed with large expense accounts who trained the newbies on how to peddle this garbage. In my view those who created the programs and peddled them stole our industry out from under us. World savings (to name just the obvious) trained loan officers to become unlicensed 'Financial Planners' who sold a new 'financial instrument' designed to help borrowers take charge of their finances. (You can find the training video's all over Google etc.) I say, the broker community should have risen up and filed a class action suit against them all. Hmmm, maybe it's not too late. :) I think we as brokers, originators, loan officers whatever you call yourselves all got duped by the creators of sub-prime products who never did their homework. They sent their wholesale reps around armed with large expense accounts who trained the newbies on how to peddle this garbage. In my view those who created the programs and peddled them stole our industry out from under us. World savings (to name just the obvious) trained loan officers to become unlicensed ‘Financial Planners’ who sold a new ‘financial instrument’ designed to help borrowers take charge of their finances. (You can find the training video’s all over Google etc.) I say, the broker community should have risen up and filed a class action suit against them all. Hmmm, maybe it’s not too late. :)

]]> By: Paisano1 http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/comment-page-1/#comment-25421 Paisano1 Fri, 03 Oct 2008 20:06:35 +0000 http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/#comment-25421 This bailout will go down in history as the last act of Congress in a Free America - they will not be coming back into session - stock up on the essentials: beans, rice, gold, ammo. http://tinyurl.com/4zygyh Hello Fascism! This bailout will go down in history as the last act of Congress in a Free America – they will not be coming back into session – stock up on the essentials: beans, rice, gold, ammo.

http://tinyurl.com/4zygyh

Hello Fascism!

]]> By: David http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/comment-page-1/#comment-25037 David Fri, 26 Sep 2008 08:40:20 +0000 http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/#comment-25037 Hello, I am not knowledgeable about refinancing. I am currently in the exact arm loan, in the above article, from Wachovia. One thing that was not mentioned is that many of these loans have a $200.00 option to go to a fixed loan with no other costs. How do I know when I should do this? I don't even really understand the math behind the index and my rate. I also have a large non-conforming amount. Wachovia is advertising values based on the $417,000 conforming, but was that recently changed to a much higher value? Shouldn't they be advertising based on that value? Thanks, David Hello,

I am not knowledgeable about refinancing. I am currently in the exact arm loan, in the above article, from Wachovia. One thing that was not mentioned is that many of these loans have a $200.00 option to go to a fixed loan with no other costs.
How do I know when I should do this? I don’t even really understand the math behind the index and my rate. I also have a large non-conforming amount.
Wachovia is advertising values based on the $417,000 conforming, but was that
recently changed to a much higher value? Shouldn’t they be advertising based on that value?

Thanks,
David

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