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Thread: Obama to Unveil $1.5 Billion in Housing Assistance in Vegas

  1. #31
    Professor

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    Re: Obama to Unveil $1.5 Billion in Housing Assistance in Vegas

    A large amount of the forclosures are now on prime loans. Q4 had one of the highest deliquency rates of loans on record so far.

    "Calculated Risk: MBA Q4 National Delinquency Survey Conference Call

    Calculated Risk: MBA: 14.05 Percent of Mortgage Loans in Foreclosure or Delinquent in Q4

    "The combined percentage of loans in foreclosure or at least one payment past due was 15.02 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey.

    ...

    We are likely seeing the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures that started with the subprime defaults in early 2007, continued with the meltdown of the California and Florida housing markets due to overbuilding and the weak loan underwriting that supported that overbuilding, and culminated with a recession that saw 8.5 million people lose their jobs,” said Jay Brinkmann, MBA’s chief economist."

  2. #32
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    Re: Obama to Unveil $1.5 Billion in Housing Assistance in Vegas

    Quote Originally Posted by drz-400 View Post
    A large amount of the forclosures are now on prime loans. Q4 had one of the highest deliquency rates of loans on record so far.

    "Calculated Risk: MBA Q4 National Delinquency Survey Conference Call

    Calculated Risk: MBA: 14.05 Percent of Mortgage Loans in Foreclosure or Delinquent in Q4

    "The combined percentage of loans in foreclosure or at least one payment past due was 15.02 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey.

    ...

    We are likely seeing the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures that started with the subprime defaults in early 2007, continued with the meltdown of the California and Florida housing markets due to overbuilding and the weak loan underwriting that supported that overbuilding, and culminated with a recession that saw 8.5 million people lose their jobs,” said Jay Brinkmann, MBA’s chief economist."
    Now we are starting to see the real effects of job losses....

    A lot of the defaults up to now were people who really could not afford a home......
    I did not see any mention of Interest only loans & ballon payments...
    Many people screwed themselves by signing on to these debt instruments.....
    Idon't feel bad for them at all....

  3. #33
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    Re: Obama to Unveil $1.5 Billion in Housing Assistance in Vegas

    low qual, no qual, adjustables, balloons, interest only's, negative amortizations...

    U.S. foreclosures top 300,000 again - ContraCostaTimes.com

    foreclosures top 300,000 for 11th straight month

    more REO's predicted in 2010 than 09

    obama's Home Affordable Modification Program isn't working!

    empirically

    bottom line

    results, americans expect results

    fix it, president obama, NOW

    or bye, bye

  4. #34
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    Re: Obama to Unveil $1.5 Billion in Housing Assistance in Vegas

    Quote Originally Posted by American View Post
    Link


    As some of us have stated here comes the stimulus money to save the Democrats.
    Vegas is crashing because people don't have the money to spend on that fun house city right now. The market is determining this, not the recession. Vegas carved out a niche as being a playful place for adults to come and booze it up. It shouldn't be everyone else's problem that they chose this route in the economy.

    Bailing them out is not going to change the fact that people aren't going there right now. My parents were in Vegas two months ago and they said it was dead.

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