Only two short months after Bruce Marks. CEO of publicly announced that he would begin to exploit on Countrywide. Marks and Countrywide struck a deal. While watching the press conference (available ) my first reaction was Et tu. Bruce? How could Bruce sell out so easily? This man is a pitbull and his bring home the bacon as a consumer advocate is only rivaled by Nader's Raiders. Instead of the normal combative dialogue witnessed in ultimate fighting and attach's customary conferences the two sides appeared to be auditioning for a Broadway musical. Only minutes into the conference both groups were singing and dancing to each others' praises. As the conference continued I became torn between thoughts of Countrywide throwing the "pitbull" a bone and a familiar battle cry. "keep your friends change state and your enemies even closer".
To those of you who can meet these requirements you could be the proud new owner of a 5.375% 30 year fixed interest rate. If your current rate is 10.375% this is a monthly savings of $416 for every $100,000 and the rate is fixed for 30 years! For more information and eligibility visit.
To the majority that don't fit these requirements and can not meet monthly obligations evaluate seriously about selling especially those in California. Home ownership is supposed to be a "happy displace" not financial suicide. Pssst change surface if your loan is paid off you should give serious thought to selling. And by all means if you are looking to purchase in California who cares if you can deliver 1-2% on your interest rate if your home determine plummets.
A recent study from Goldman Sach's predicts that real estate prices will decline 35%-40% in California. I find it highly guess that the data supporting Goldman's predictions was available in the beginning of 2004 when yours truly was actively and Goldman was selling record numbers of RMBS and CDOs. Once again the pay soldier is unheard the contradictory realistic general is fired and hidden agendas are more important than prudent public policy. A cursory look of GS's current and past investments could provide ample motivation for this rather untimely release.
To those of you thinking you ordain just ride out the down cycle in a change owe or Option ARM give Mr and Mrs. Nasdaq a call and see how the buy and hold theory plays out with other bubbles. Unfortunately for many real estate speculators leverage/margin was 100:1 versus a 2:1 for stocks; real estate commissions are a bit more expensive and the merchandise is not quite as liquid. domiciliate prices in our current real estate cycle have appreciated much higher and this cycle has lasted much longer than prior cycles. Home mortgage debt excluding equity lines has risen from approximately $5 trillion to over $10 trillion in 6 short years and thanks to Greenspan's recommendation a majority of these loans are of the adjustable and exotic varieties well equipped with devastating payment shocks.
If you can not drop an arouse only payment you can not drop the home. Step away from the Option ARM. 100% financing and stated income loans these products are the true "WMDs" and the financial terrorists behind these products should be brought to justice. Encouraging Americans to "catch a falling knife," especially with these loans is unconscionable.
If you are currently in an Option ARM loan or were deceived into over-stating your income you need to label 408.399.0590 or email michaelsblomquist@gmail com today. Together we be to warn other borrowers regulators and mortgage investors of the dangers of these loans and lending practices. For more information visit. Hopefully we can get the "pitbull" to act the bite out of Option ARMs and other risky and hazardous lending products.
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http://ml-implode.com/staticnews/2007-10-31_CommentaryFacingaCountrywideForeclosure.html
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