Posted by PJM/MI on 3/5/07 7:30am
Msg #178278

Going belly up

With all of the subprimers going belly up, what in the world is going to happen to those desperate folks who so badly need to re-fi? The desperate folks don't have sterling credit scores. I see more & more foreclosures comin' down the pike. (I now have FOUR foreclosed homes in my neighborhood).
This is like a snowball.. the lenders shut down first, then the appraisers, then the title companies, then us.
This is getting to be mighty scary!

Reply by Joan_OH on 3/5/07 8:10am
Msg #178281

You bet it's going to get ugly. What about all the 2/28's we've done in the past with 3 yr prepayments - LO says that's ok, we're going to refinance you in 2 years and we'll waive the prepay if you go with us. Well guess what? LO is long gone, lender sold the file a LONG time ago and people are going to lose their houses.

Speaking of forclosures on your street; I had a guy a couple of weeks ago that refinanced to get rid of his PMI. His appraisel took a $27K hit since last year because he had 2 foreclosures on his street.

Yes, it's going to get ugly - especially here in Ohio where it is already ugly. Our new Predatory Lending Legislation effective 1-1-07 has run a lot of lenders out of the state and we have too many foreclosures now.

Joan

Reply by Lee/AR on 3/5/07 8:21am
Msg #178282

It is part of the cycle. What goes up must come down. The peak was approx. '-01-'02. We're at or very near the bottom--which will probably last a couple of years. I think this round will result in a decrease of 'inventive' financing. A lot of people are going to get hurt, including us as volume decreases. Time to tighten your belt.

Reply by Charm_AL on 3/5/07 8:35am
Msg #178283

I also heard...

at the builder's show this past weekend, where several banks and Mortgager's and Country wide were displaying their wares...that there will be no more CW full spectrums soon, The agent said they were merging with CW. Anybody else hear anything?

Reply by Poppy on 3/5/07 10:14am
Msg #178288

Re: I also heard...

I read somewhere that Countrywide and BofA were talking about a merger... Countrywide would become a part of BofA...

Reply by Gary_CA on 3/5/07 2:37pm
Msg #178335

No more Full Spectrums???? n/m

Reply by Gary_CA on 3/5/07 2:39pm
Msg #178336

as I was saying... (@#$%$ enter key anyway)

No more Full Spectrums... oh no!!

Whatever shall we do with our free time.

I'd like to get my hands around the neck of the dude that devised that package.