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Thread: Mortgage Resets: why there is so much more pain ahead

  1. #1
    All League
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    Mortgage Resets: why there is so much more pain ahead

    Found this graph of past and predicted mortgage resets - remember this is for the USA - who knows what carnage will be inflicted globally by the entire credit crisis in terms of mortgage resets, considering the low, low interests rates we've had globally in the last 7 years or so and the exotic debt instruments that have been building since then.

    According to this (conservative) prediction, it will be 2012 at least before the mortgage reset situation stabilizes and hence around that time before the mortgage default situation moderates. Note the fact that the next wave of mortgage resets will be in so-called 'healthy' mortgages, not the 'risky' sub-prime mortgages that got the ball rolling in the first place.

    [IMG]http://bigpicture.typepad.com/comments/images/2007/10/22/various_resets_and_defaults.png[/IMG]

  2. #2
    Jets Insider VIP
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    Almost anyone can now get a rate modification on their mortgage for about 5% by submitting a hardship letter to any credible institution who does refinances. They work directly with the banks who are doing anything they can so they don't inherit more homes that are upside down.

  3. #3
    Banned
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    [QUOTE=sackdance99;2856810]Almost anyone can now get a rate modification on their mortgage for about 5% by submitting a hardship letter to any credible institution who does refinances. They work directly with the banks who are doing anything they can so they don't inherit more homes that are upside down.[/QUOTE]

    I blame the fags, how about you?

  4. #4
    Practice Squad
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    [QUOTE=Tyler Durden;2856824]I blame the fags, how about you?[/QUOTE]

    No. This is Sarah Palin's fault.

  5. #5
    Waterboy
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    question.

    Can I get a mortgage modification if I am on time with payments (responsible borrower? Or do I get the shaft? In which case I blame the fags- Barney Frank in particular.

  6. #6
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    So what's the deal with credit card debt? They gonna bail out people or the banks?

    Either way it's amazing. Sometimes I sit back and wonder why I try to be financially responsible. Seriously!

  7. #7
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    Big cities next at the hog trough?

    [QUOTE]The Detroit City Council passed a resolution today calling for a $10-billion bailout for the city of Detroit.

    Council President Pro Tem JoAnn Watson sponsored the resolution to use the money for public service employment, to fund mass transit plans and to place a moratorium on home foreclosures for two years.

    The resolution specifically requests the council meet with Mayor Ken Cockrel Jr., Gov. Jennifer Granholm, the state’s congressional delegation, U.S. House Speaker [b]Nancy Pelosi[/b] and officials from President George W. Bush’s office and [b]President-Elect Barack Obama’s transition team.[/b][/QUOTE]:steamin:

    [url=http://www.freep.com/article/20081112/NEWS01/81112065/1199/PRINT]source[/url]

  8. #8
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    [QUOTE=Tyler Durden;2856824]I blame the fags, how about you?[/QUOTE]

    eh, I guess you could actually.....

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