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| Re: Dismissing all frat boys as felonious chuckleheads: legitimate by Furcifer 12/05/2006, 5:07pm PST | ||||
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Zseni wrote: These days, there's nothing remarkable about the collapse of a sleazy mortgage broker. The entire industry is set to implode in a way that will make the S&L scandal of the 80s seem quaint. A trillion dollars in option ARMs are going to reset in 2007. The people who took out these loans often did 100%+ loan-to-value and "no doc," meaning they had no cash and no proof of income. Option ARMs use negative amortization, so even when they manage to scrape together their payments, borrowers are automatically going deeper in debt every month. Meanwhile, their houses have been depreciating throughout 2006. When the time comes for mandatory refinancing, many of them will simply walk away, and lenders will be left with houses worth far less than the outstanding loan values. |
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Dismissing all frat boys as felonious chuckleheads: legitimate by 12/04/2006, 11:25pm PST  How the fuck do you "cobble together" $225,000? by 12/05/2006, 10:09am PST Garage sale NT by 12/05/2006, 11:32am PST bikini car wash NT by 12/05/2006, 12:08pm PST Throwing an all campus rager NT by 12/05/2006, 9:57pm PST But, we're on Double Secret Probation! NT by 12/06/2006, 4:43am PST Re: Dismissing all frat boys as felonious chuckleheads: legitimate by 12/05/2006, 5:07pm PST Re: Dismissing all frat boys as felonious chuckleheads: legitimate by 12/05/2006, 5:27pm PST I can't wait by 12/05/2006, 6:09pm PST I'm definitely coming soon NT by 12/05/2006, 7:52pm PST Do you like movies? I know a good movie we can go see. by 12/05/2006, 7:59pm PST So will it be worse in Michigan? :( NT by 12/05/2006, 8:54pm PST and will it be hotter in Texas? NT by 12/06/2006, 1:13pm PST We went down to Texas (yeah Texas) and we had some fun. :3 NT by 12/06/2006, 9:12pm PST |
