Comments on: Part I - An INSIDE view (LITERALLY) of the subprime industry - New Century http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/ Mortgage insiders view on mortgages, real estate, debt, and the housing bubble. site by SoCalMtgGuy, author of - Another F@CKED Borrower Wed, 23 Jul 2008 18:35:33 +0000 http://wordpress.org/?v=2.0.5 by: community life insurance policies http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-585313 Fri, 11 Jul 2008 16:02:34 +0000 http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-585313 <strong>community life insurance policies...</strong> leaf masterly usable,diaries ... community life insurance policies…

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]]> by: Piggyback Warrants http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-489878 Thu, 11 Oct 2007 09:41:21 +0000 http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-489878 Hi, Very nice place you have here. Youve done a good job & awesome blog on Part I - An INSIDE view (LITERALLY) of the subprime industry - New Century! Hi, Very nice place you have here. Youve done a good job & awesome blog on Part I - An INSIDE view (LITERALLY) of the subprime industry - New Century!

]]> by: Colin http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-204890 Thu, 10 May 2007 07:09:59 +0000 http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-204890 The funny thing about the "mattress money" ad is that it says 100% no doc to $750k, than directly below it says up to 50% DTI. No doc means no income, assets, or employment verification. In other words, you wouldn't have a DTI ratio because you don't disclose any numbers. This photo just proves the low level of education and the poor, poor management these mortgage companies were run by. I don't think anyone stopped to double-check a thing a few years back. It was just a f@cking bonanza. Morons. The funny thing about the “mattress money” ad is that it says 100% no doc to $750k, than directly below it says up to 50% DTI.

No doc means no income, assets, or employment verification. In other words, you wouldn’t have a DTI ratio because you don’t disclose any numbers.

This photo just proves the low level of education and the poor, poor management these mortgage companies were run by.

I don’t think anyone stopped to double-check a thing a few years back. It was just a f@cking bonanza. Morons.

]]> by: Chicago housing bubble http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-192127 Thu, 03 May 2007 20:58:55 +0000 http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-192127 Can't wait for the next installment. Can’t wait for the next installment.

]]> by: nor cal MB http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-181842 Wed, 25 Apr 2007 21:25:39 +0000 http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-181842 Christopher Thornberg put it bluntly. ‘The median price is a bunch of hogwash,’ he said. ‘You can have prices looking like they’re up when they’re down, because it is incredibly subject to where slowdowns are occurring. You could show the median price going up just because there is a shift in the type of product being sold.’” Christopher Thornberg put it bluntly. ‘The median price is a bunch of hogwash,’ he said. ‘You can have prices looking like they’re up when they’re down, because it is incredibly subject to where slowdowns are occurring. You could show the median price going up just because there is a shift in the type of product being sold.’”

]]> by: Rob http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-157691 Mon, 16 Apr 2007 02:24:50 +0000 http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-157691 Love the post, great stuff, can't wait for the next update! I think your quote on this matter is genius and should be used in any subsequent news story, / reference to this debacle whenever it is referred to from here on out: "It is as if the lenders competed to lower the standards, because each standard that was lowered, meant more potential clients." Love the post, great stuff, can’t wait for the next update! I think your quote on this matter is genius and should be used in any subsequent news story, / reference to this debacle whenever it is referred to from here on out:

“It is as if the lenders competed to lower the standards, because each standard that was lowered, meant more potential clients.”

]]> by: Ownitpro http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-155749 Thu, 12 Apr 2007 00:23:21 +0000 http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-155749 Well everyone, take it from me this whole thing is nothing more than exactly what the mortgage industry, regulatory boards, investors and everyone else created for the benifit of making a fast buck. If you want to know the story behind what happened in the mortgage industry over the last 6 years or so to put us in this mess, just ask me. I was on the front lines pushing all this bad paper thru the system for that period of time and I did it for no other reason than to recieve those 20 - 75k per month pay checks. I was an Account Executive for several different subprime lenders during the last 6 years. I will not ever claim to be innocent or altruistic with regards to this implosion. I helped create it, and am living thru its destruction, and I am paying the same high price that those that I did a dis-service to are paying. I am losing my home and having to file BK because my career shriveled up and died right along with the rest of the subprime industry. What you all are not really grasping is that the housing market and a couple of million foreclosures are only the tip of the iceberg. Once a person finds himself in the position of losing his or her home due to foreclosure or short sale or whatever most in these economic times will file a BK. Once they realize they are going to file a BK the will max out thier credit cards and any other unsecured debt they can in order to be able to save some cash for thier upcoming move. Its not a matter of trying to take advantage of the system, it becomes a matter of survival and anecdotal evidence can be had by looking at peoples credit reports who have faced this problem in the past. Once they declare BK all of that debt they are now absolved of then becomes the responsibility of the creditor. They cant handle the losses. Sure they can handle some of them, but not if they pile in in HUGE numbers. We arent looking at just a real estate meltdown here folks, we are looking at a recession at the very least and I for one believe that before this all shakes we will be looking at a full on depression with the US dollar being so devalued that many 3rd world countries may actually have a stronger economy. The housing bubble was just the straw that has broken the camel's back. There was indeed a great deal of unscrupulous lending practices, fraud perpetrated by lenders, brokers LO's as well as borrowers themselves. I know, I helped it along the way by properly "structuring" the loans in order to get them financed. THe scariest part of this whole episode is that this is not the scariest part of the episode. This while mortgage industry meltdown is kinda like the preface in a book. It may give you a clue as to what is coming, but really hasnt even eluded to the real story plot. be prepared and strap in, its gonna be a bumpy ride and thats just on the drive to the cliff we are going over. Well everyone, take it from me this whole thing is nothing more than exactly what the mortgage industry, regulatory boards, investors and everyone else created for the benifit of making a fast buck.

If you want to know the story behind what happened in the mortgage industry over the last 6 years or so to put us in this mess, just ask me. I was on the front lines pushing all this bad paper thru the system for that period of time and I did it for no other reason than to recieve those 20 - 75k per month pay checks. I was an Account Executive for several different subprime lenders during the last 6 years.

I will not ever claim to be innocent or altruistic with regards to this implosion. I helped create it, and am living thru its destruction, and I am paying the same high price that those that I did a dis-service to are paying. I am losing my home and having to file BK because my career shriveled up and died right along with the rest of the subprime industry.

What you all are not really grasping is that the housing market and a couple of million foreclosures are only the tip of the iceberg.

Once a person finds himself in the position of losing his or her home due to foreclosure or short sale or whatever most in these economic times will file a BK. Once they realize they are going to file a BK the will max out thier credit cards and any other unsecured debt they can in order to be able to save some cash for thier upcoming move. Its not a matter of trying to take advantage of the system, it becomes a matter of survival and anecdotal evidence can be had by looking at peoples credit reports who have faced this problem in the past.

Once they declare BK all of that debt they are now absolved of then becomes the responsibility of the creditor. They cant handle the losses. Sure they can handle some of them, but not if they pile in in HUGE numbers.

We arent looking at just a real estate meltdown here folks, we are looking at a recession at the very least and I for one believe that before this all shakes we will be looking at a full on depression with the US dollar being so devalued that many 3rd world countries may actually have a stronger economy.

The housing bubble was just the straw that has broken the camel’s back. There was indeed a great deal of unscrupulous lending practices, fraud perpetrated by lenders, brokers LO’s as well as borrowers themselves. I know, I helped it along the way by properly “structuring” the loans in order to get them financed.

THe scariest part of this whole episode is that this is not the scariest part of the episode. This while mortgage industry meltdown is kinda like the preface in a book. It may give you a clue as to what is coming, but really hasnt even eluded to the real story plot.

be prepared and strap in, its gonna be a bumpy ride and thats just on the drive to the cliff we are going over.

]]> by: Teri http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-152385 Wed, 04 Apr 2007 07:51:28 +0000 http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-152385 I use to be an underwriter before there was FICO. I left the biz in 1994. Back in the 20th century, ratios were 28/36. I would have never have signed off on an ARM with ratios at 50-55%! This just proves to me that people are really just living paycheck to paycheck in SOCAL. I use to be an underwriter before there was FICO. I left the biz in 1994. Back in the 20th century, ratios were 28/36. I would have never have signed off on an ARM with ratios at 50-55%! This just proves to me that people are really just living paycheck to paycheck in SOCAL.

]]> by: dan http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-150743 Sat, 31 Mar 2007 08:25:29 +0000 http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/#comment-150743 Forget FB's. We're actually already at a point where I see a NEW problem looming over the horizon and just waiting to unravel for people with significant cash savings, like myself. From the comments I read here, many in my same situation seem to feel secure about possessing that advantage. But I'm not too sure about it lately. You see, I believe the run-up in home prices is also a reflection of the significant weakening of the dollars value. That's why I fear home prices will NEVER return to even near what pre-bubble prices where before, simply because the dollar is probably worth half its value from just 8 years ago. Home prices may indeed drop some but more so will the purchasing power of US currency. We as a country have built our whole economy up into one great, big, ugly, over-priced McMansion ...that nobody seems to want to buy these days. China and others are considering dropping our currency as the reserve money of choice. The national deficit is mind-boggling. Does anyone else think this dollar meltdown is a possibility and if so; how will it affect loans & home buyers?. I'm spooked enough to want to move to euro CD's. Anyone have experience with them?. Forget FB’s. We’re actually already at a point where I see a NEW problem looming over the horizon and just waiting to unravel for people with significant cash savings, like myself. From the comments I read here, many in my same situation seem to feel secure about possessing that advantage. But I’m not too sure about it lately.

You see, I believe the run-up in home prices is also a reflection of the significant weakening of the dollars value. That’s why I fear home prices will NEVER return to even near what pre-bubble prices where before, simply because the dollar is probably worth half its value from just 8 years ago.
Home prices may indeed drop some but more so will the purchasing power of US currency. We as a country have built our whole economy up into one great, big, ugly, over-priced McMansion …that nobody seems to want to buy these days. China and others are considering dropping our currency as the reserve money of choice. The national deficit is mind-boggling.

Does anyone else think this dollar meltdown is a possibility and if so; how will it affect loans & home buyers?.

I’m spooked enough to want to move to euro CD’s. Anyone have experience with them?.

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