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#869024 - 12/07/07 06:34 PM
Re: GWB & subprime plan
Sound Tactic
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Pulling people out of the ditc...
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I have sadly seen some of R-tard's posts by quotes. Ron, which bank are you arguing against? Do you realize that you are arguing against the downstream bank when everyone is talking about the upstream bank. My god, please, just stop posting. VH - just remember...some people are born stupid, others have to continually work at it to get it right.
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Providing alternative truths since the invention of time
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#869202 - 12/07/07 08:18 PM
Re: GWB & subprime plan
Hated By Some
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Power Poster
Joined: Nov 2002
Posts: 9,121
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do you really thinks banks would intentionally give out loans they knew would/could not be repaid? maybe you shouldn't have don narup on ignore. (and if you don't maybe you can read his posts more thoroughly) i'm sure that your institution wasn't engaged in this [censored], but the fact that what has happened happened means that somebody(s) was making loans that should've never been made under sound underwriting principles. And this differs from past busts how? Every credit boom ends this way, why is this one different. For reference, ask your teachers about the S&L industry, the dot.com era and the subprime credit card monoline era.
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#869254 - 12/07/07 08:48 PM
Re: GWB & subprime plan
straw
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Somewhere vanilla
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And this differs from past busts how? in the programs and lending standards that lenders used.
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#869289 - 12/07/07 09:13 PM
Re: GWB & subprime plan
Hated By Some
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under the Lone Star
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most recent stats are 0.78% foreclosure rate and 5.59% delinquency rate through the 3rd quarter, 2007. It is important to recognize this is a geographic specific problem to just 7 states.
this is a noble effort, maybe too vague and full of unknowns, but a noble effort none the less
the universe of the loans eligible is small and manageable
so we'll see how it works out
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#869472 - 12/08/07 05:11 PM
Re: GWB & subprime plan
Hated By Some
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Power Poster
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Posts: 9,121
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And this differs from past busts how? in the programs and lending standards that lenders used. In the subprime credit card bust, lending standards and programs were sound? Do you know anything about it or are you just answering for the sake of answering?
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#869683 - 12/10/07 03:25 PM
Re: GWB & subprime plan
Hated By Some
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Power Poster
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i'll take it that you don't know anything about the significance of real estate on the economy versus unsecured credit. No I do not. Pleaes explain it to me.
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#869902 - 12/10/07 07:07 PM
Re: GWB & subprime plan
Retired DQ
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President Bush yesterday unveiled a plan that would, among other things, freeze interest rates for five years on certain adjustable-rate subprime mortgages to help stem the rising tide of foreclosures. ... I'd say this plan is just as much a bailout for lenders as it is for homeowners.
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#869907 - 12/10/07 07:14 PM
Re: GWB & subprime plan
Becka Marr
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President Bush yesterday unveiled a plan that would, among other things, freeze interest rates for five years on certain adjustable-rate subprime mortgages to help stem the rising tide of foreclosures. ... I'd say this plan is just as much a bailout for lenders as it is for homeowners. there isn't a lender worth his or her salt that warehouses these loans longer than a month, so it may be more accurate to say it is a bailout of the investors and the homeowners
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#869916 - 12/10/07 07:22 PM
Re: GWB & subprime plan
Pale Rider
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Posts: 6,152
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President Bush yesterday unveiled a plan that would, among other things, freeze interest rates for five years on certain adjustable-rate subprime mortgages to help stem the rising tide of foreclosures. ... I'd say this plan is just as much a bailout for lenders as it is for homeowners. there isn't a lender worth his or her salt that warehouses these loans longer than a month, so it may be more accurate to say it is a bailout of the investors and the homeowners You're right - investors. I was just thinking that this scheme would be a tremendous relief not just to the homeowners, but also to whomever is having to foreclose on the house.
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To avoid criticism do nothing, say nothing, be nothing. ~Elbert Hubbard
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#869927 - 12/10/07 07:36 PM
Re: GWB & subprime plan
Becka Marr
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To the extent it actually helps to stem a tide of foreclosures, it will be a bailout for all property owners - investors, themselves.
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#869964 - 12/10/07 08:23 PM
Re: GWB & subprime plan
Jokerman
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Cheeseheadland
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Explain to me why the government must step in with this plan...if the investors are so concerned about "stemming the tide of foreclosures", why doesn't the investor simply go to their borderline customers and present them with a restructuring plan, or slow down the rate of increases.
If you see someone is going to have a helluva time swallowing a 2% increase, and another 1% six months later, why not soften the increases to half a percent and string them out a little longer. I would imagine it would easier for the customer to afford, and if they are modest enough increases over a longer period of time, less chance of losing the loan to a refi sooner than later. Plus less chance for the investor haveing to sit on a bunch of nonperforming loans/foreclosures and having to accept short sales. What am I missing here?
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#869980 - 12/10/07 08:37 PM
Re: GWB & subprime plan
#Just Jay
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Explain to me why the government must step in with this plan...if the investors are so concerned about "stemming the tide of foreclosures", why doesn't the investor simply go to their borderline customers and present them with a restructuring plan, or slow down the rate of increases.
the govt. played no role other than to bring the parties together bbs. This plan is the investors plan, and they were willing to freeze those loans that have a chance of repayment. It really is very modest in the numbers of homeowners it will help.
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#869996 - 12/10/07 08:52 PM
Re: GWB & subprime plan
#Just Jay
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Explain to me why the government must step in with this plan...if the investors are so concerned about "stemming the tide of foreclosures", why doesn't the investor simply go to their borderline customers and present them with a restructuring plan, or slow down the rate of increases. I'm not defending the plan. I don't know enough about it. I said last week: In general, to the extent the program is really, actually voluntary, I don't have a problem with it. If the Feds are just working to coordinate and publicize the terms of forebearance that would make sense, anyway (after all, what are the lenders going to sell this ORE for, in this market?), then I think they can play a constructive role.
But, I remain skeptical that these are all terms that the lenders/investors truly think they will benefit from, and question whether the whole thing won't just prolong the problem. If you see someone is going to have a helluva time swallowing a 2% increase, and another 1% six months later, why not soften the increases to half a percent and string them out a little longer. I would imagine it would easier for the customer to afford, and if they are modest enough increases over a longer period of time, less chance of losing the loan to a refi sooner than later. Plus less chance for the investor haveing to sit on a bunch of nonperforming loans/foreclosures and having to accept short sales. What am I missing here? I have no idea - I assume those are the same objective that the investors are trying to achieve through the rate freeze workout.
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#870002 - 12/10/07 08:55 PM
Re: GWB & subprime plan
Pale Rider
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Cheeseheadland
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The individual investors could not opt to freeze or modify these loans on their own with their own customers?
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#870051 - 12/10/07 09:30 PM
Re: GWB & subprime plan
#Just Jay
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no, recall the customers and their advocates wanted 30 year freezes, it took the bully pulpit to get them to do this much
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#873476 - 12/14/07 06:40 PM
Re: GWB & subprime plan
Becka Marr
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you are a real trouble maker there Ms. Becka!!!!!!!
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#873484 - 12/14/07 06:47 PM
Re: GWB & subprime plan
Becka Marr
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But not enough trouble for you to delete the post, I see. LOL, my button is worn out!! that was a humorous cartoon!
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#873485 - 12/14/07 06:47 PM
Re: GWB & subprime plan
Becka Marr
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Cheeseheadland
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Give it a few moments to register.
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#873491 - 12/14/07 06:54 PM
Re: GWB & subprime plan
#Just Jay
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Give it a few moments to register. care to elaborate bbs?
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#873494 - 12/14/07 06:55 PM
Re: GWB & subprime plan
Pale Rider
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Cheeseheadland
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Does it need elaboration?
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