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An Antidote to Corporate Media
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grywlfbg
2009 Dec 26, 2:35pm
Does Wells Fargo’s move ( => http://online.wsj.com/article/SB125728972492326499.html) make the Alt-A, Option ARM problem less destructive? What if other banks follow through with the same policies?
It will certainly lower the height of the chart in the OP. Other banks may follow suit. The question however is how much of this debt was securitized. That debt is nearly impossible to restructure because each mortgage is partially owned by several investors. Getting them all to agree on new terms is a nightmare.
Â¥
2009 Dec 26, 2:45pm
in 2000, in many areas, the median home price was about 2.5 times annual salary
In 2000, interest rates were pushing 8%, the FHA limit was, LOL:
http://www.fha-home-loans.com/access_income_limits_fha_loan.htm
income taxes were 10-15% higher, 5% down was the absolute minimum, and the gummint wasn't handing out $8000 to buy a house!
B.A.C.A.H.
2009 Dec 26, 3:08pm
The chart shows some info. that we can deduce opinions about for supply of used homes. That's all. Doesn't include information about buyer demographics or future access to credit. We could have flat or declining prices even if there were zero resets coming.
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I've been hearing this repeated everywhere, even here.
how can anyone believe that crap when everything is propped up artificially, unemployment is still horrible, consumer sentiment is crap, and we are only here in this chart????