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    Re: Give up the whining and go back to

    Posted by Shoshana/AZ (shoshana) on March 27, 2007, 4:47 am, in reply to "Give up the whining and go back to "
    207.200.116.198

    That ARM probably won't last even 2 years at that interest rate! It will probably be recast before then.
    Shoshana

    --Previous Message--
    : Social work, if this is what moves you.
    : I point out the terms of EVERY loan I
    : close. If people are too stupid or too
    : desperate to understand the terms of
    : THEIR loan, it's not on me.
    : Responsibility is the key here. Don't
    : blame the stupidity or desperation of
    : others on the subprime market.
    :
    : Hell, I closed a Chase subprime @ a
    : 10.325 rate today with 3 ½ points.
    : Who's the idiot here? IMO. It's all
    : about me doing MY job. I said three
    : times (pointing out the verbiage in
    : the Note) that this is an ARM
    : amortized over 40 years and due and
    : payable in thirty years; adjustable in
    : two years with a ceiling of.....C'mon,
    : do your job and quit b###hing. People
    : ARE responsible for their own
    : actions...Or they should be...in a
    : perfect world. Why do you think the
    : government gives borrowers three days
    : to review the entire package? If they
    : choose not to, this is not my problem.
    :
    :
    : --Previous Message--
    : I was in a particular city today
    : (one of my service areas), and it
    : was astonishing to see so VERY
    : many "For Sale" signs. On
    : one street
    : alone I counted approximately twelve
    : homes!
    :
    : I was in that area about ten days
    : ago.
    : Although there were the usual
    : "For Sale"
    : signs sprinkled about, it was nothing
    : like I saw today.
    :
    : On just about every block, there were
    : three or more signs. What makes this
    : particularly interesting, is that
    : many of
    : these properties were also marked
    : "just
    : reduced" or "priced for
    : quick sale".
    :
    : I know this area very well and
    : remember
    : a few years ago, when it was a
    : seller's
    : delight! During that time, many of
    : these
    : homes, (in my opinion) though very
    : nice,
    : were price Much too high.
    :
    : Now it seems as though these home
    : can't
    : even be given away!
    :
    : Though I do not have proof (without
    : actually researching the county
    : recorder's office), I suspect many of
    : these homeowners are victims of the
    : Sub-prime lending and/or
    : "creative
    : financing" fallout.
    :
    : I wonder how many of these Sub-Prime
    : Lenders and Mortgage Brokers are
    : having
    : to face the same situation? Probably
    : zero
    : (if that much).
    :
    : [And yes, I know that many of these
    : lenders etc. . .are
    : "closing-shop", but
    : I am very sure, that THEIR
    : residential
    : properties (for which they are
    : actually
    : living) are not facing foreclosure.]
    :
    : It is really a disheartening time for
    : many.
    :
    :
    : Pam
    :
    :
    :
    :
    :
    :
    :
    :
    :

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