MOST IMPORTANT POST EVER

NEW -> Contingent Buyer Assistance Program
I was in a meeting most of today. I heard rumor at this meeting that new home sales for LA, Orange and Riverside counties totaled 116 for the last 30 days. This is the lowest 30 day total ever recorded.
 
<p>For all three counties?</p>

<p>How many years of supply does that equate too? I can't imagine the headline. There is a 10 year supply of houses on the market.</p>

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This from Mr. Paulson. . . .





<a href="http://www.marketwatch.com/news/story/treasurys-paulson-calls-expansion-mortgage/story.aspx?guid=%7B5661F892%2DBB3D%2D4CCA%2D843A%2D930045BBFEE9%7D&siteid=yhoof">www.marketwatch.com/news/story/treasurys-paulson-calls-expansion-mortgage/story.aspx</a>





<strong>Paulson calls for expansion of mortgage products</strong>





"Speaking before a meeting with mortgage-servicing companies, Paulson said the Bush administration is working to keep as many homeowners in their homes as possible.


<strong> He said that the administration is identifying borrowers who may face expensive mortgage resets and that "we need an expansion of mortgage-financing products.</strong>"




Alright, let's bring back the no-doc, teaser rate, ARM, negative amort loans so people can refinance their loan. ..





I give up. . . I don't even know what to do with this comment.
 
But the true question remains....will these FB's actually go through the motion of refinancing IF there is a bailout ....or just walk away because they see the hole they are already in financially.
 
<p>If you read the first few pages of these posts. . . . </p>

<p>Wow, we have all learned a lot since Aug. 1st.</p>

<p>And Lending M, this was the most inportant post ever, for real.</p>
 
What I did not realize when this thread started was how much the commercial paper market was also harmed by the residential loan problem. We are in a recession right now, and it is largely due to the inability of business to obtain financing.
 
<p>Am I reading Tanta's post on Freddie and Fannie this morning correctly? Conforming loans are about to get more expensive, virtual limits on 2nds with conforming, etc. Unless you've got pristine credit and the down payment.</p>
 
Conforming rates are going UP! That's right UP. Even thought the bond market was on fire in the last 2 weeks, depressing the yield to almost 4.2%. WHY? Risk premiums continue to increase.
 
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