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Old 12-14-2008, 08:44 PM
 
3,853 posts, read 11,850,014 times
Reputation: 2521

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A Second Mortgage Disaster On The Horizon?, New Wave Of Mortgage Rate Adjustments Could Force More Homeowners To Default - CBS News

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Old 12-14-2008, 09:02 PM
 
Location: State of Superior
8,632 posts, read 14,232,600 times
Reputation: 2777
That was a very interesting report , 60 min. tonight. I think they should have devoted the entire hour to the subject. I don't understand people out there , its like all the reporting and discussion , is about the other person , or some where else , in a far off land. They just don't get it !
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Old 12-14-2008, 09:13 PM
 
Location: Houston, Texas
10,425 posts, read 45,473,834 times
Reputation: 10419
I been saying this for a year now and I am far from any financial genius. What we are about to experience is going to make the 1928 Great Depression look like just a blip on the map. We are in for a total and complete economic collapse. What is a total and complete economic collapse? No one knows, we never had one. But we will.
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Old 12-14-2008, 09:16 PM
 
268 posts, read 740,847 times
Reputation: 185
Real estate prices are still to high compared to the income needed to buy a decent place. I noticed that banks won't bargain the price yet. Uncle Sugar will buy up those places for more than they are really worth...and the tax payer will get stuck with the bill(corporate welfare for the rich). It pays to have friends in Congress.
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Old 12-14-2008, 09:25 PM
 
Location: Southern California
15,085 posts, read 18,062,200 times
Reputation: 10305
Wow.

"It's not going to take 6 months...12 months...it's going to take 3, 4, 5 years..."
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Old 12-14-2008, 09:31 PM
 
Location: State of Superior
8,632 posts, read 14,232,600 times
Reputation: 2777
Quote:
Originally Posted by MIKEETC View Post
Wow.

"It's not going to take 6 months...12 months...it's going to take 3, 4, 5 years..."
That was quite a statement. My ears perked up !
I think the masses out there will began to see some light , when , they have a hard time at the grocery store,..not before.
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Old 12-14-2008, 10:18 PM
 
Location: Keller, TX
5,670 posts, read 5,368,119 times
Reputation: 4083
He thinks 70% of Alt-A and Option ARMs will default?
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Old 12-14-2008, 10:45 PM
 
3,722 posts, read 4,713,825 times
Reputation: 4751
Selling hyper-inflated condos at real estate orgies. Indeed!

I notice the acupuncture lady takes no responsibility for her real estate investments.
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Old 12-14-2008, 11:45 PM
 
Location: Slaughter Creek, Travis County
1,194 posts, read 3,585,427 times
Reputation: 963
Scary. A 70% default rate on Alt-A and Option ARMs will truly be an ugly event. Plus, it will amount in close to $2.6 trillion - the only safe place for any money these days is a bank account.

I am so fortunate that I when I purchased my home, I avoided those instruments. I don't know how many people told me that I was dumb for not going with an ARM - I hope those same folks are not going to default.

I guess that as a taxpayer I'll be paying for this also.
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Old 12-15-2008, 12:22 AM
 
3,853 posts, read 11,850,014 times
Reputation: 2521
Quote:
Originally Posted by car957 View Post
Scary. A 70% default rate on Alt-A and Option ARMs will truly be an ugly event. Plus, it will amount in close to $2.6 trillion - the only safe place for any money these days is a bank account.

I am so fortunate that I when I purchased my home, I avoided those instruments. I don't know how many people told me that I was dumb for not going with an ARM - I hope those same folks are not going to default.

I guess that as a taxpayer I'll be paying for this also.
Best place to put money? Yea in the bank account saving up to buy cheap cheap cheap real estate.
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