http://biz.yahoo.com/ap/080101/economy.html

It's been a while since I've read any comments on this subject. Just thought I would bring it up for the new year!

Came across this today and it made me think of him!

...Wheres he at???

I'm sure he will be around shortly!

T Bend your phone is ringing!!

You brought it up. Not me.

The FORECLOSURE rates are bad, in most states.

The "experts" predict it will continue to get worse, through 08.

The WORST states are Michigan, Ohio, Florida, California, Nevada.

Wyoming and North and South Dakota are among the strongest real

estate markets. You CANT have many foreclosures in North Dakota

cause NO ONE wants to live there?

I have been to North Dakota, and you can get rural decent homes

for about 15 to 20K...

Buy a wheat farm and go broke sell it to Russia!!

The fact about home foreclosures is that only about 6% percent of all foreclosures in 2007 were due to the now branded term "sub-prime scandal". The only scandal committed were people that knowingly entered into a deal with a lending institution and then decided not to pay. Such as people that agreed to 80-20 loans, people that borrowed 107% of the home's true worth, and also people that had bad credit and chose to borrow on an adjustable APR as well as the now infamous 228 loan. These people made terrible business decisions and now want the federal government to bail them out so that they may keep on making terrible business decisions -read our tax money spent for the bail out.


It's terrible if a person loses their home to a tornado, fire, or some other uncontrollable circumstance. It is not terrible if a dim person, a person with a I want what I want now attitude, or a person that wants more than the know they can afford to lose their home. Hell, the apartment people need to make money too. Here's a news flash for all the leftists out there: some one wins and some one loses on virtually every deal that gets cut. You don't have to be the smartest guy in the world, but you have to be smarter that the guy you're dealing with.

On top of that, I can now directly benefit from Countrywide's jam. They're offering 5.5% CD's for as little as three months with a minimum of $10,000. That doesn't sound like that bad of a deal to me.

I may be wrong on this as I am not at all involved in real estate. Back in the 80's when the savings and loans were failing and things were so bad the economy fell to a point that people who had recently bought their homes were finding out they were worth less 3 or 4 years after buying them and many were walking away.
I think thats when that fee you pay when you finance a home came about and for that reason. You real estate guys can correct my story but thats my memory. I paid 35 percent of the cost of my home when I bought this house and didn't have to pay that fee.

I read in the DMN that in the Dallas area the only reason why we are flat to slightly above flat for values is that the higher end homes are skewing the numbers. The million dollar plus homes are making the overall numbers appear to be ok when in fact the homes that are less than a million are down pretty significantly in all home price categories. It may not be as good in Texas as everyone seems to think it is. No one is banking on a turnaround. Of course just like with stocks sometimes severe negative sentiment indicates a bottom.

Nope. They need your money for liquidity. That's why they are offering a premium to current market rates.

I got a new rod and reel for Christmas

nope? What's nope? I didn't ask a question.




so that must mean that my statement of



[...] must be right on the money.

Of course that's why they need cash. A three month CD at 5.5% is a damned good deal.

LOL. You are correct. It's a heck of a deal right now. Sorry to confuse you. They are like any other lender or bank right now. Liquidity is an issue with all of the foreclosures out there and the costs of the write downs for bad loans. It's really amazing at how many billions of dollars are being written off to bad loans. So far it has cause 162 lenders to go BK and counting. Some speculate that it may cause some huge problems for even the big banks out there.

Here's what they are actually advertising on their website.

You might get better talking in person. Still pretty good.

Earn 5.50% APY. 6 Month CD $10,000 Min Balance. Member FDIC.
Earn 5.30% APY for $10,000 Balance with SavingsLinkSM.

Carr, what do you think will happen in the European markets from now until this deal plays out? More fed cuts here? More European Bank freeing up of cash?

I just bought a house 6 weeks ago. It's probably already worth less. It was a new build, so maybe not. One thing though, you only lose if you sell. I would imagine that this deal will play out and a lot of people will make a hell of a lot of money and the cycle will start all over again.

Yes mortgage insurance was created to insure the amount financed that is over 80% of the homes value or sales price depending on what you are doing. Either refinancing or purchasing. If you put 20% down if your purchasing or if the amount financed is 80% or less than the homes appraised value then you can get out of MI.

The interesting thing is that the mortgage insurance companies are taking a beating as well. They are tightening their guidelines as well. They are tiering MI rates based on credit scores. Used to as long as you got a regular approval then the MI rate was the same no matter if your credit score was a 620 or 820. Not now. They are penalizing you heavily if your credit scores are below 600. You don't take a hit on MI if your credit scores are above 680 I believe.

3 Month = 5.50%. $10,000 minimum

https://bank.countrywide.com/cwbrates.aspx?tab=cd