Mr. Spec You Later

3 Comments

    • Jingle Mail: How Do You Value Home Equity? [view article]
      Grouper,
      What state do you live in? You are substantially out of touch.
      1st mortgage less than renting. Not in California.
      Not for several years. Even with the dropping prices we have today, your rental dollar still buys more living space than purchasing.

      As Jimmy said, if the loans are the original purchase loans, they are non-recourse. Foreclosure in California is also non-judicial.

      Be careful not to apply what your states laws are or perceived to be to everyone in the country. You risk making yourself look like an arrogant fool.       Apr 23 04:01 PM
    • Jingle Mail: How Do You Value Home Equity? [view article]
      This article is forgetting about the large number of people who are Prime ARM borrowers.
      Those who have prime loans fixed for 5 years. We can't refi because of all the losers who bought more house than they could afford, and the lenders who gave it to them.
      Yeah, thank you, you Effed me along the way.

      I can afford the house, even though it is a negative income, but it would be stupid to sit in a negative income that is about to go more negative in another year. Especially when we are looking at 5 to 10 years before the market value returns to ground zero.

      So the bottom line is this. Mr. Greedy Banker made a bunch of bad loans that is now having an extremely negative affect on people like me.
      Eff me? No, Eff you, here is your house. ENJOY!       Apr 23 02:05 PM
    • Turning a Costly Blind Eye to Mortgage Speculators [view article]
      I love how the economy goes South and the word speculator becomes a four letter word.

      So when the speculator makes money on a property and you gain equity from the rising comps he is a hero, but as soon as the market tanks the same speculator is the bad guy.

      I am not asking for any government bail out, I don't want that.
      What I want is the banks who purchased my loans second hand for pennies on the dollar to come to the table and negotiate the principle balance so that it makes financial sense to stay in the property.
      We are all losing money on the deal, but if we keep playing "every man for himself" we will all lose even more.
      Cooperation is the answer, not stubbornness and finger pointing.
      Apr 18 05:15 PM
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