Mortgage industries are going down fast...

starscream5000

starscream5000

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Aug 23, 2006
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Not the beginning, but somewhere in the middle of the end here guys.

The largest mortgage industy, Countrywide in the US had to borrow 11 billion yesterday just to stay afloat, two other big mortgage industries closed their doors yesterday also. The one I work at is getting an influx of loans in from aquiring them due to these companies closing. It's getting ugly, real quick.

Discuss.
 
SupraMario

SupraMario

I think it was the google
Mar 30, 2005
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TOMA70E said:
w00t?

Does this mean there will be tons of foreclosures and I can go get a reposessed house for dirt cheap?
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yep, but it also means that your money will soon be worth dog shit.
 
starscream5000

starscream5000

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Aug 23, 2006
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It also means that who are you going to have to service you mortgage for you? The big dogs are going down fast due to the economy and the fact that they were hammering the nails into their own coffins when selling prime loans to people who really weren't qualified for them to start with around 3-6 years ago. Good thing the company I work for seen this coming and took the safe route with fixed rate loans to qualified borrowers.
 
tissimo

tissimo

Stock is boring :(
Apr 5, 2005
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TOMA70E said:
Eh, we own our houses already.

It'd be nice if the lender doing my car payment went belly up.
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why.. they will just sell the note to another company, and you'll have to pay it, just bacause they close doesn't mean you'll get off scott free..
 
starscream5000

starscream5000

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tissimo said:
why.. they will just sell the note to another company, and you'll have to pay it, just bacause they close doesn't mean you'll get off scott free..
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:werd:

And who knows? That company may suck serious balls at servicing your loan and really fuck up your account. We just got another 200 mortgages from a company that had them siezed by the lender due to their shitting servicing practices. We got even more from another one just this week because the company servicing them had to close their doors also.
 
LilMissMkIII

LilMissMkIII

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Aug 18, 2006
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What about the follow on effects from all of this... I don't know if you guys keep abreast of foreign financial markets, but as an fyi - the Australian stock exchange had one of its worst trading weeks ever this week... And last week, Macqaurie Bank lost billions... let me see if i can log on to our intranet from home and pull up the facts and figures...
 
R

Reaper Man

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Jun 10, 2007
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The whole "sub prime" mortgage thing reminds me a lot of what was going on during the Great Depression. It's sad to see a lot of people getting their "dream" home, or at least a house in general and then have to give it up within a year because their AMR went from 1200 --> 3k a month
 
LilMissMkIII

LilMissMkIII

That Aussie Chick
Aug 18, 2006
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Yeah but the onus is also on the consumer.... It really isn't all that difficult to read through the paperwork and know what you're getting yourself into before "signing your life away" as such...
 
I

iwannadie

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Jul 28, 2006
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A little OT but Ill never buy a new house here in AZ. They are total garbage and the asking prices are insane. The house next to me(I rent) is going up for sale, the renters put in an offer of 230k and were turned away. The house is 1 story 3bed just normal basic house and they are shooting for 250k for it! The houses are just garbage, the walls are so cheap you can press your hand on them and they flex. Tiny lot too with neighbors on all sides etc.
 
E

Enraged

A HG job took HOW long??
Mar 30, 2005
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Victoria, BC, Canada
house across the street from me just sold for $640k. my parents house is probably worth over $550k now. both houses are 30+ years old, not huge, both have about 1/2 acre.

median price in victoria is $500k... only way i can afford to buy a house is if i move to alberta. brand new house for $315k is reasonable.

the canadian dollar is so close to being even with the US, i wonder whats goin to happen if we surpass the US dollar?
 
starscream5000

starscream5000

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Reaper Man said:
The whole "sub prime" mortgage thing reminds me a lot of what was going on during the Great Depression. It's sad to see a lot of people getting their "dream" home, or at least a house in general and then have to give it up within a year because their AMR went from 1200 --> 3k a month
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It's called ARM fyi (Adjustable Rate Mortgage), but you was close enough ;).
 
J

Junior

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Jul 2, 2006
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Enraged said:
the canadian dollar is so close to being even with the US, i wonder whats goin to happen if we surpass the US dollar?
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it will be really, really, really bad for the canadian economy. think the auto manufacturers are gonna stick around if they can get labour in the US cheaper?
 
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