Posted by ZeeCA on 1/27/08 8:13pm
Msg #232699

anyone watching/watched 60 min tonight? all about

suprime and focusing on the#1 area
Stockton CA

the next city over..............

Reply by ZeeCA on 1/27/08 8:21pm
Msg #232704

SB: suBprime n/m

Reply by Mamie on 1/27/08 8:58pm
Msg #232710

Re: SB: suBprime

i watched this with baited breath. I live in Stockton. At least I understand better why I get so little closings. The property value in some areas is cut in half, in other areas it went down very little. Did a refi on a $1,100,000 and they stated they lost no value in their home. My son bought a home 2 months ago for $200,000 that 6 months before went on the market for over $300,000. Oh well, maybe it will pick up. I only had 2 all month.

Reply by SueW/Tn on 1/28/08 8:05am
Msg #232765

I thought this was an excellent program

and the borrowers who were NOT going to make more payments because they were now upside down says it all.

Reply by Dorothy_MI on 1/28/08 8:17am
Msg #232771

Replay on Yahoo News

if you missed the program last night. Geeze and I thought it was bad in Michigan!

Reply by Philip Johnson on 1/28/08 10:10am
Msg #232804

What the program showed was a breakdown in contract law

The couple you mentioned stated they knew full well what they were doing when they bought and the market was heading up. I believe she stated something like: who would pay $300,000.00 for an 1150 square foot house? They did. Now that things have turned against them, they'll walk away and leave someone else to clean up their mess. In my eyes they were speculators and they should suffer every penalty that can be heaped upon them by their lender.

The more worrisome part of this is how cavalier folks are now in treating their contractual obligations. These folks who are defaulting should have to face the music and either uphold their agreements and or pay the penalty for their actions. Saying that they did not understand what they were signing should not be good enough, unless it can be proven that they truly were incapable of understanding the contract. Which I think is way under 1% of the total.

Reply by LatteLady/NV on 1/28/08 10:00am
Msg #232802

They showed my sister in laws subdivision. Even the shot of her backyard. She got out just in the nick of time. I feel so sorry for that situation.

Reply by Michyt_CA on 1/28/08 10:19pm
Msg #232912

WOW. I just watched the video. It is scary what is going to happen. Our housing affecting world markets and retirement accounts is the worst.