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TranceAddict Forums > Local Scene Info / Discussion / EDM Event Listings > USA > USA - West Coast / Las Vegas > the sky is falling
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ninetyninej
Supreme tranceaddict



Registered: Mar 2003
Location: Sacramento, California
the sky is falling

http://www.mortgageimplode.com/


Dead(33 lenders as of 3/5/07):
OwnIt Mortgage
Fremont Invenstment & Loan
C.P. Mortgage
ResMae Mortgage
MLN
Plus More!


Closed Branches/On Life Support:
Ameriquest/Argent/AMC Mortgage
Aegis Mortgage
Long Beach Mortgage
Peoples Choice Home Loan
New Century
GMAC
Option One
Plus More!

Very interesting reading for everyone, especially if you are in the mortgage business.

Welcome to the year of the short sale/foreclosure.

I feel really bad for all the families exploited by brokers with neg-ams and short term arms yeilding max rebates, giving the borrowers payments they can't afford and leaving them with no equity.

Only the strong will survive.


___________________

Old Post Mar-07-2007 06:59  United States
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CHEMISTRY-LA/OC
Senior tranceaddict



Registered: Feb 2007
Location: Los Angeles

no fucking way! What's next? $3 dollar Viagras.

Old Post Mar-07-2007 07:00  United States
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gehzumteufel
In your ass



Registered: Nov 2005
Location: so cal
Re: the sky is falling

quote:
Originally posted by ninetyninej
http://www.mortgageimplode.com/


Dead(33 lenders as of 3/5/07):
OwnIt Mortgage
Fremont Invenstment & Loan
C.P. Mortgage
ResMae Mortgage
MLN
Plus More!


Closed Branches/On Life Support:
Ameriquest/Argent/AMC Mortgage
Aegis Mortgage
Long Beach Mortgage
Peoples Choice Home Loan
New Century
GMAC
Option One
Plus More!

Very interesting reading for everyone, especially if you are in the mortgage business.

Welcome to the year of the short sale/foreclosure.

I feel really bad for all the families exploited by brokers with neg-ams and short term arms yeilding max rebates, giving the borrowers payments they can't afford and leaving them with no equity.

Only the strong will survive.

jason this is funny thing....i dont work in the business anymore but i have been calling this happening for at least a year now. i got laid off from wells 1st week in nov but i have been saying this is going to happen for a while. MANY MANY people got an option arm and paid the negam payment but had no clue. its sad but they were stupid not to understand the way the loan works.

Old Post Mar-07-2007 07:26  Russia
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Junior Chavez
(System Recordings / OC)



Registered: Jul 2005
Location: Orange, CA, USA

yup, sloppy underwriting.... record year for loss of homes to be seen.

inflation.

over extended derivative market.



what you will witness in the next 36-48 months is a bottom far worse than the great depression.

sad, but true.


___________________
www.soundcloud.com/juniorchavez || http://www.beatport.com/artist/junior-chavez/264819

"There are no barriers, only choices."

Old Post Mar-07-2007 07:46  Mexico
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ninetyninej
Supreme tranceaddict



Registered: Mar 2003
Location: Sacramento, California
Re: Re: the sky is falling

quote:
Originally posted by gehzumteufel
jason this is funny thing....i dont work in the business anymore but i have been calling this happening for at least a year now. i got laid off from wells 1st week in nov but i have been saying this is going to happen for a while. MANY MANY people got an option arm and paid the negam payment but had no clue. its sad but they were stupid not to understand the way the loan works.


yeah man i remember predicting this too about a year or so ago and everyone i worked with was either like 'fuck it, i'm going to make as much money as possible' or said 'theres no way home prices will fall, at least not in california!'

its a shame :/


___________________

Old Post Mar-07-2007 08:27  United States
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gehzumteufel
In your ass



Registered: Nov 2005
Location: so cal
Re: Re: Re: the sky is falling

quote:
Originally posted by ninetyninej
yeah man i remember predicting this too about a year or so ago and everyone i worked with was either like 'fuck it, i'm going to make as much money as possible' or said 'theres no way home prices will fall, at least not in california!'

its a shame :/

yep. oh well what can you do? its a vicious cycle that shows up every 4-5 years.

Old Post Mar-07-2007 08:29  Russia
Click Here to See the Profile for gehzumteufel Click here to Send gehzumteufel a Private Message Add gehzumteufel to your buddy list Report this Post Reply w/Quote Edit/Delete Message

TranceAddict Forums > Local Scene Info / Discussion / EDM Event Listings > USA > USA - West Coast / Las Vegas > the sky is falling
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