Efrain Rojas

8 Comments

    • How to Default on Your Mortgage and Stay in Your House [view article]
      The originators of these loans did not factor "personal" responsibility. For them it was a calculated and amoral decision to lend. It was a decision they lost. Too bad.... soooo sad. If you are a blue collar worker in America, why the hell should you care about faceless institutions? We all know they are rapacious entities without any national allegiance. May 16 06:04 PM
    • The Thornburg Meltdown: Resolution Trust Corp. Redux? [view article]
      Financial institutions have gamed federal legislation to suit their shell game financing schemes, now they want federal intervention? Hell NO. I am an honest taxpayer and I am not going to pay for irresponsible business practices. The market will sort out this problem in the long run. Housing prices will settle back down to affordable levels and the richest 1% will give back ill gotten gains. Mar 06 12:06 PM
    • Skeletons in the Closet: Credit Default Swaps and Housing [view article]
      The collpase of subprime mortgage debt is the canary in the coal mine. A great deal more than 13% of subprime debt will eventually default. These defaults erode equity for everyone else and thus erode the incentive to live up to the commitments of a mortgage. As sure as the sun shines, just about every mortgage originated in the last two years is or will be under water-especially in California. Sep 04 06:24 PM
    • The Transportation Fuel of the Future [view article]
      I agree that there probably is not enough ethanol capacity in the US to significantly curb oil consumption, however South America has the undeveloped capacity to greatly enhance the worlds supply of ethanol at a cost significantly below current petroleum costs. If they displace their own petroleum consumption with ethanol and don't export a single drop, it would have the net effect of increasing the amount of petroleum available to the rest of the world. Brazil is obviously the ethanol powerhouse and hopefully they can set a precedent the rest of Latin America will follow.

      If we relax the import tariffs on foreign ethanol, it would be a world changing event. If we have to import foreign energy resources, I'd rather those imports come from Latin America rather than the middle east or a newly emboldened Russia.       Aug 22 01:43 PM
    • Subprime Mess, Credit Excess - This Ain’t My American Dream! [view article]
      You know, carefully crafted legislation could have prevented this credit debacle. First of all, there should be no such thing as stated income loans.If you can't properly document your income, that suggests you are not paying your taxes and thus should not be entitled to the same benefits as the rest of society. Aug 22 11:09 AM
    • Missing From All the Credit Crisis Coverage: A Realistic Assessment of Where Home Prices Are Headed [view article]
      Even in a tight market like Los Angeles where rents have zoomed up in the last five years, rental income does not even come close to covering the cost of a mortgage. The so called experts in the media and business do such a deplorable job of anticipating obvious train wrecks coming down the tracks such as this credit crunch that it is ill advised for anyone to defer to their opinion. Anecdotal observation, based on the people I know and encounter everyday, suggests that the worst is still to come. When illegal immigrants without even a valid Social Security number can borrow $300,000 for a dumpy house in a bad neighborhood, common sense tells me that a crappy house is not worth $300,000.You would in fact have to pay me to live there.

      Even if you could live rent free, most average income earners would find it impossible to amass $300,000 over ten years. Is it realistic to expect average earners to amortize such a large nut over 30 years? That is just not realistic.       Aug 21 11:47 AM
    • U.S. Foreclosures Surge [view article]
      If we get out of this mess in 9-12 months it will be a miracle. As more subprime properties get dumped back on the market it will diminish the value of all properties. Even the most credit worthy borrowers will be under water on their homes if they have purchased them within the last 3 or 4 years. In California, the difference between the outstanding balance on the mortgage and the current market value of a home could be a difference of several hundred thousand dollars. It would actually be more beneficial for many people to just walk away from their mortgages than continue to be eaten alive for the next 30 years, We could be in for a replay of the Japanese real estate bubble hangover. Aug 21 11:33 AM
    • The Existing Home Sales Report Beats Expectations [view article]
      If only luxury homes are selling, then obviously the median will be distorted. To conclude that things are not so bad because the median selling price is higher is totally retarded. Aug 15 01:44 PM
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