Comments on: The Unstoppable Second Mortgage Crisis

By: DG

DG — Sun, 07 Jun 2009 20:08:28 +0000

I find it utterly amazing that Obama thinks his plan will stop 8,000,000 foreclosures. I think he will be lucky if it stops 8,000. He has done nothing to address the serious negative equity issues facing so many borrowers and neither have the banks. People like me whose foreclosures will hurt the banks the most(costing them $250,000).

By: The Unstoppable Second Mortgage Crisis « Silver and Gold outlook

The Unstoppable Second Mortgage Crisis « Silver and Gold outlook — Fri, 05 Jun 2009 04:56:02 +0000

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By: Bill

Bill — Thu, 04 Jun 2009 05:33:27 +0000

We will be very lucky if property values stop dropping before the end of 2012. Why? The resets talked about are part of it, but even more so is the 25% of people underwater soon, along with the now 11 month inventory, but soon to be 18 month inventory. That will take a long long time to work off, probably 2013. (Unless Obama gets really serious about ending the foreclosure mess – which we know he won’t).

By: anon. in LA

anon. in LA — Wed, 03 Jun 2009 21:25:30 +0000

I just signed documents for a loan we applied for months ago. It was a nightmare. I had to supply an utterly ridiculous amount of paperwork and records. The loan broker told me I was lucky my loan is going through, because people with even better credit than me are now having problems. If this is the new mortgage market, we have a long way to go before we hit bottom; people are basically going to have pay cash for property.