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I was going to post this in prev thread. But it's kind of on the topic.
HARM, a certain mortgage company is getting in trouble due to "debt forgiveness".
This is a crucial line from the news report.
American Home also indicated that it continues to be affected by the high cost of delinquencies, especially on Alt-A mortgages, and that it's been forced to repurchase some of these loans.
@Jon,
I had an even better experience today when lunching with several of my co-workers. The topic of real estate came up, and for once I was not casually dismissed as the lone gloom-'n-doom pariah, In fact, I wasn't even the first one to bring up a bubble horror story --another guy beat me too it! Not a single REIC perma-bull in the crowd.
Word is finally getting around on the street. The psychology is finally changing. Game. Set. Match.
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Please help me out here, but I'm struggling with a new concept I can't quite seem to get my mind wrapped around. Apparently, at some point in the recent past, someone went and changed the definition of the word "refinance" and I didn't get the memo.
According to the many mortgage refi spams I get daily and all those Ditech, LendingTree & GreenLight ads on TV, "refinance" no longer means "reaffirmation of previous debt into a new loan", usually with a longer maturity and higher balance. Apparently, now it means "loan forgiveness". You see, refinancing "makes your bills go away" and "stops all those harassing phone calls from bill collectors". And it "puts cash in your pocket" for important needs like that vacation or new RV you've been promising yourself.
This can only mean one thing: debt forgiveness!
Why didn't anyone tell me about this sooner?!? And I thought you people were my friends... :-(
sad HARM
#housing