mister d's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/277302/comments http://seekingalpha.com/article/126082-what-could-have-averted-the-housing-bubble?source=feed#comment-427711 427711 Mon, 16 Mar 2009 11:50:28 -0400 http://seekingalpha.com/article/124840-souring-fha-loans?source=feed#comment-419292 419292 www.fiercefinance.com/...]]> Mon, 09 Mar 2009 12:28:01 -0400 www.fiercefinance.com/...]]> http://seekingalpha.com/article/121765-obama-s-foreclosure-plan-a-closer-look?source=feed#comment-400257 400257
The one thing no one wants to admit or even recognize, especially rick santelli, is the basic principles of asset backed lending. The borrower agreed to pay x dollars per month for typically 30 years. In most states people are not defaultng on contracts as many are stating they are simply excercising an option within the contract to return the asset in leau of payment. Who is responsible for making the wiser of the two decisions, the borrower or the lender, is the real question.

Taking into consideration all the factors that surround a mortgage loan it would appear to be common sense to me. The lenders bear the burden of responsibility for making wise lending decisions as they are the ones who bear the greater of the consequences as demonstrated by todays current market.


]]> Mon, 23 Feb 2009 14:01:12 -0500
The one thing no one wants to admit or even recognize, especially rick santelli, is the basic principles of asset backed lending. The borrower agreed to pay x dollars per month for typically 30 years. In most states people are not defaultng on contracts as many are stating they are simply excercising an option within the contract to return the asset in leau of payment. Who is responsible for making the wiser of the two decisions, the borrower or the lender, is the real question.

Taking into consideration all the factors that surround a mortgage loan it would appear to be common sense to me. The lenders bear the burden of responsibility for making wise lending decisions as they are the ones who bear the greater of the consequences as demonstrated by todays current market.


]]> http://seekingalpha.com/article/121765-obama-s-foreclosure-plan-a-closer-look?source=feed#comment-400256 400256
The one thing no one wants to admit or even recognize, especially rick santelli, is the basic principles of asset backed lending. The borrower agreed to pay x dollars per month for typically 30 years. In most states people are not defaultng on contracts as many are stating they are simply excercising an option within the contract to return the asset in leau of payment. Who is responsible for making the wiser of the two decisions, the borrower or the lender, is the real question.

Taking into consideration all the factors that surround a mortgage loan it would appear to be common sense to me. The lenders bear the burden of responsibility for making wise lending decisions as they are the ones who bear the greater of the consequences as demonstrated by todays current market.


]]> Mon, 23 Feb 2009 14:01:12 -0500
The one thing no one wants to admit or even recognize, especially rick santelli, is the basic principles of asset backed lending. The borrower agreed to pay x dollars per month for typically 30 years. In most states people are not defaultng on contracts as many are stating they are simply excercising an option within the contract to return the asset in leau of payment. Who is responsible for making the wiser of the two decisions, the borrower or the lender, is the real question.

Taking into consideration all the factors that surround a mortgage loan it would appear to be common sense to me. The lenders bear the burden of responsibility for making wise lending decisions as they are the ones who bear the greater of the consequences as demonstrated by todays current market.


]]> http://seekingalpha.com/article/120411-vegas-home-prices-continue-to-fall-no-turnaround-yet?source=feed#comment-387662 387662
As a real estate appraiser in Las Vegas I can tell exactly what the problem is. Values are continuing to plummet in Las Vegas due to the fact that lenders will not lend on Nevada. Period. The brokerage business has almost completely been wiped out due to current market conditions and the major receivers of TARP funds have no desire to try and catch a falling knive. Major lenders have an additional dilema that they can neither face or fess up to. Almost every sale in Vegas is a short sale or foreclosure and refinancing is almost impposible due to Loan to value problems created by declining home values. These short sale and foreclosure sales are not your typical short sale. A typical short sale prior to a few years ago was when a seller may be a little short to cover total selling costs. These short sales and foreclosures show losses so significant that the banks cannot afford to recognize them on their books. When I say significant I mean massive losses. They are typically blaiming end investors who apparently cannot come to resolution between first and second position holders. That is simple second needs to go away. You had less skin in the game for that position and you got what you paid for. Until lenders start to recognize losses, with financing in place via alternative mortage options. in Vegas values will continue to fall. On the brighter side I personally feel that vegas has undershoot quite drastically. There are investors with cash all over town looking at property and running into the same problems. I know of numerous situations where the only thing holding the deal up is the financing in place problems. Banks and loan servicers need to shit or get off the pot, they are destroying a vibrant valuable community. Not to mention creating an almost unattainable position for themselves as the values they are destroying are in fact more and more often becoming their property. Makes me wonder why?

I have always wonderd what real estate would be worth without financing. Anoyone else experiencing difficulties with signed contracts getting closed?]]> Fri, 13 Feb 2009 15:30:43 -0500
As a real estate appraiser in Las Vegas I can tell exactly what the problem is. Values are continuing to plummet in Las Vegas due to the fact that lenders will not lend on Nevada. Period. The brokerage business has almost completely been wiped out due to current market conditions and the major receivers of TARP funds have no desire to try and catch a falling knive. Major lenders have an additional dilema that they can neither face or fess up to. Almost every sale in Vegas is a short sale or foreclosure and refinancing is almost impposible due to Loan to value problems created by declining home values. These short sale and foreclosure sales are not your typical short sale. A typical short sale prior to a few years ago was when a seller may be a little short to cover total selling costs. These short sales and foreclosures show losses so significant that the banks cannot afford to recognize them on their books. When I say significant I mean massive losses. They are typically blaiming end investors who apparently cannot come to resolution between first and second position holders. That is simple second needs to go away. You had less skin in the game for that position and you got what you paid for. Until lenders start to recognize losses, with financing in place via alternative mortage options. in Vegas values will continue to fall. On the brighter side I personally feel that vegas has undershoot quite drastically. There are investors with cash all over town looking at property and running into the same problems. I know of numerous situations where the only thing holding the deal up is the financing in place problems. Banks and loan servicers need to shit or get off the pot, they are destroying a vibrant valuable community. Not to mention creating an almost unattainable position for themselves as the values they are destroying are in fact more and more often becoming their property. Makes me wonder why?

I have always wonderd what real estate would be worth without financing. Anoyone else experiencing difficulties with signed contracts getting closed?]]> http://seekingalpha.com/article/107387-manhattan-mansions-fall-from-the-sky-barron-s?source=feed#comment-312918 312918 Sun, 23 Nov 2008 11:55:34 -0500 http://seekingalpha.com/article/102306-slump-s-over-vegas-employment-and-housing-looking-up?source=feed#comment-292878 292878 Tue, 28 Oct 2008 18:27:29 -0400 http://seekingalpha.com/article/102306-slump-s-over-vegas-employment-and-housing-looking-up?source=feed#comment-292877 292877 Tue, 28 Oct 2008 18:26:31 -0400 http://seekingalpha.com/article/101858-bernanke-s-fall-from-grace?source=feed#comment-290459 290459 Sat, 25 Oct 2008 19:44:35 -0400 http://seekingalpha.com/article/100097-bank-safety-the-hidden-america-that-s-not-in-crisis?source=feed#comment-283753 283753 Thu, 16 Oct 2008 12:13:23 -0400 http://seekingalpha.com/article/100097-bank-safety-the-hidden-america-that-s-not-in-crisis?source=feed#comment-283728 283728 Thu, 16 Oct 2008 11:56:02 -0400 http://seekingalpha.com/article/100097-bank-safety-the-hidden-america-that-s-not-in-crisis?source=feed#comment-283694 283694
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]]> http://seekingalpha.com/article/68355-freddie-mac-ceo-home-price-drops-only-1-3-done?source=feed#comment-279862 279862 Sat, 11 Oct 2008 12:53:00 -0400