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  #11  
Old 01-07-2011, 10:17 AM
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  #12  
Old 01-07-2011, 10:20 AM
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Originally Posted by finnbow View Post
Under we get our heads out of our collective keisters and realize that supply-side economics coupled with lax regulation of the banking/securities industries caused the pickle we're in, we'll not turn the corner on this mess.
Lax regulation is being generous. Purposeful manipulation of the market would be more accurate. Then, here comes the arrogant know-nothing part: assuming that you can direct a mortgage industry to suspend logic when underwriting mortgages - potentially assuming that tax payers would foot the bill if something went wrong - while forgetting that real estate is an investment that can rise and fall just like any other investment.

...but their intentions were good, so we'll forgive them...
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  #13  
Old 01-07-2011, 10:34 AM
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BlueStreak BlueStreak is offline
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You're welcome. I like to throw dinosaur bones to you every once in a while.
Thanks! Me like dinosaur bone! (Beats chest.)

Dave
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  #14  
Old 01-07-2011, 10:49 AM
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finnbow finnbow is offline
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Originally Posted by whell View Post
Lax regulation is being generous. Purposeful manipulation of the market would be more accurate. Then, here comes the arrogant know-nothing part: assuming that you can direct a mortgage industry to suspend logic when underwriting mortgages - potentially assuming that tax payers would foot the bill if something went wrong - while forgetting that real estate is an investment that can rise and fall just like any other investment.

...but their intentions were good, so we'll forgive them...
While the brilliant idea of the securitization of mortgages certainly opened the door to expanded home ownership, it also opened the door to hucksterism and more elaborate forms of fraud/malfeasance. Yet another example of the unintended consequences of legislation outweighing the benefits methinks.

If banks simply had to hold their own mortgages, none of this would have occurred (but rates would inevitably been higher IMHO). When will we ever learn that there's no such thing as a free lunch? If something appears to be a win-win-win situation, there's gotta be an unidentified loser somewhere (and it happens to be the taxpayer in this instance).
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  #15  
Old 01-07-2011, 11:11 AM
djv8ga djv8ga is offline
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I don't know where any of these people get the idea that this mess would get fixed in a year or two. I think 4 or 5 years is pretty optomistic, plenty of time for crash v2 from not properly re-regulating Wall St.
Carl.
10 years for the housing market out west.
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  #16  
Old 01-07-2011, 11:17 AM
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merrylander merrylander is offline
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Originally Posted by finnbow View Post
If banks simply had to hold their own mortgages, none of this would have occurred (but rates would inevitably been higher IMHO). When will we ever learn that there's no such thing as a free lunch? If something appears to be a win-win-win situation, there's gotta be an unidentified loser somewhere (and it happens to be the taxpayer in this instance).
That is the way it operates in Canada and I don't think the interest rates I paid were any higher than here. The mortgage is typically a 5/25 meaning the total term is 25 years but interest rates are negotiated every 5 years. That simply means you don't need a crystal ball to figure where rates will be over a term of 25 years.

Mortgage interest is not deductible but there is no capital gains tax on sale of your home either.
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  #17  
Old 01-07-2011, 11:55 AM
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10 years for the housing market out west.
Depends on where, I can't tell you about the south part of Ca. and it really is 2 states merged @ the s*hithole aka: Bakersfield.
Up north here, San Francisco and Berkeley hardly tanked at all and have increased along with some of silicon valley and so the closer you are the better off you are. But the central valley where they threw the most subprime loan money around is sure a different story. Down south over the grapevine probably is the same I would imagine.
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  #18  
Old 01-07-2011, 01:23 PM
Charles Charles is offline
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I'll never understand how the mortgage brokers were ever allowed to write loans for 125% of the appraised value of a home with payments which wouldn't even cover the interest.

If that wasn't an invitation to commit fraud, I don't know what is.

And that's before Wall Street started playing their games.

We don't have a bunch of people who need to go to jail, we have a bunch of people who need to be put on their knees and shot in the back of the head.

Chas
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  #19  
Old 01-07-2011, 02:02 PM
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merrylander merrylander is offline
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Unfortunately some of the worst ones are already dead - see link in #11
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  #20  
Old 01-07-2011, 02:46 PM
noonereal noonereal is offline
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Recovery - Not yet!
did you wet yourself with excitement?
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