foreclosure article...

Discussion in 'Credit Talk' started by marci, Nov 24, 2002.

  1. marci

    marci Well-Known Member

  2. annie

    annie Well-Known Member

    That was a good article, Marci. It is so funny (Ironic) how things go in cycles.
     
  3. charlieslex

    charlieslex Well-Known Member

    Good article, marci. I have been telling a friend that this was going to happen. I just sent him the article signed "Miss Cleo". Lenders have been lowering their standards to make their upfront cash with people that have marginal credit, at best. If they have just a little bump in the road they lose it all. Austin is a prime example. It was extremely high tech and homes 2 years ago were sold the same day that they were put on the market and even sold more than the asking price. Now, I know of a few people that have to come up with $20-40k to sell their homes. I know that there are other places that are probably even worse off. Charlie
     
  4. jrjr35

    jrjr35 Well-Known Member

    Great article
     
  5. lbrown59

    lbrown59 Well-Known Member

    There is another way this could happen in the future.
     
  6. charlieslex

    charlieslex Well-Known Member

    Enlighten us, LB59! Charlie
     
  7. lbrown59

    lbrown59 Well-Known Member

    Re: foreclosure article...

    charlieslex | 1580 posts since Nov 2001 63.173.188.201 | 11.24.2002 @ 21:07



    Enlighten us, LB59! Charlie
    quote:
    --------------------------------------------------------------------------------
    Originally posted by lbrown59
    There is another way this could happen in the future.
    --------------------------------------------------------------------------------
    =======================
    I may have stated it wrong it may be happening now.






    LB 59
     
  8. humblemarc

    humblemarc Well-Known Member

    LB,
    i liked you better when you were a woman! LOL
    No seriously, what do you mean?
    What's the other way?
    Please explain in detail.
     
  9. lbrown59

    lbrown59 Well-Known Member

    1*I liked you better when you were a woman! LOL
    2*What's the other way?
    3*Please explain in detail.
    humblemarc
    ==============================
    1*What were you before the change? Another LOL
    2*The banks are putting to much money into homes.
    3*I would love to,but Sorry I can't squeeze 29 years experence of owning a housing Co. into a post on on the board.Not enough time or space to do it.

    LB 59


     
  10. humblemarc

    humblemarc Well-Known Member

    Believe it or not. my signature would have the exact same lines---just not as long as 18 years.
    so just give me the cliffnotes version. I'm pretty sure i can figure out the rest.
     
  11. lbrown59

    lbrown59 Well-Known Member

    Are you saying you have owned and operated a housing company for 18 years?
     
  12. humblemarc

    humblemarc Well-Known Member

    I've done/do all of these, just NOT as long as 18 years.
     
  13. lbrown59

    lbrown59 Well-Known Member

    A--Say a bank loans 80% to ten people on ten $300,000 homes and 4 of them default.
    B--Now suppose the bank had loaned 80% to these same ten people on ten $100,000 homes. This being the case the defaults in this case would probably drop well below the 4 as in A above.
    *************************************
    Some years back home values were deprecating at up to 5% a year.
    In such a situation who's better off with defaulted loans the bank with $300,000 in a home or the one with $100,000?


    LB 59
     

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