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Banks aren't holding tons of paper as in the last bust, the paper has been
sold into the secondary debt market via the GSM's. Further, since banks
don't hold the paper and make money on origination and servicing, they have
no incentive to do anything but push appraisers to furnish the valuation
required to make the loan. Foxes are truly watching the hen house and the
holders of GSM's are going to be the ones to take the pipe. Of course with
implicit government guarantees the taxpayer is once again not out of the
loop.
Earl
----- Original Message -----
From: "Dorothy K. Carter" <dorothy.carter@xxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, November 09, 2001 8:17 AM
Subject: Re: [RT] Debt
> Add to that the appraisers who figured out how to inflate the appraisal so
> the homeowner did not have to pay points.. so when the value of the home
> goes below the mortgage... the yuppies walk away and the bank owns
> them..... thats when you sit back and wait for the bank auctions........
> they will come............... save your $$$$ homes will be avail for
40%
> of today's value by yr 2005-2006
> ----- Original Message -----
> From: "Ira Tunik" <irat@xxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Friday, November 09, 2001 9:57 AM
> Subject: Re: [RT] Debt
>
>
> > The real-estate cycle is about every ten years. There was a bust in the
> 60s, the
> > 70s and the 80s. Now maybe in the 2002s. The thing is that prices never
> go down
> > to were they were in the last cycle. Inflation takes care of that along
> with
> > 125% home loans. Are there any S&Ls left to go broke or does the Fed
> ultimately
> > hold all the paper once again? Oh! I almost forgot about all those
> mortgage
> > backed securities that the brokerage firms foisted upon the public once
> again.
> >
> > Dorothy Carter wrote:
> >
> > > cycles have to play out... you can't trick them to speed up... it's
like
> > > asking a tulip to push through snow in order to bloom....... These
> larger
> > > cycles were in play before Bush became Pres. and prior to 911.......
> with
> > > large layoffs.. banks end up owning a lot of realestate.... in a few
> yrs..
> > > auctions at banks will be good fire sales...... have experienced this
> cycle
> > > before in Alaska back in early 80s.......... Now the post office bail
> out
> > > will be as costly as the airline bailout.... DEBT DEBT DEBT.. one
> small
> > > check from Uncle Sam won't last 1 month in the hands of those who need
> it.
> > > ----- Original Message -----
> > > From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > Sent: Friday, November 09, 2001 6:33 AM
> > > Subject: Re: [RT] Debt
> > >
> > > > I read within the past few days that only 20% of the tax rebates
were
> > > spent,
> > > > the rest went into savings and debt paydown. I suppose that if the
> next
> > > > package goes to those who have to spend it there will be spending
but
> > > > otherwise, from the standpoint of economic stimulus, looks like
> another
> > > > waste of the surplus.
> > > >
> > > > Earl
> > > >
> > > > ----- Original Message -----
> > > > From: "Dorothy K. Carter" <dorothy.carter@xxxxxxxx>
> > > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > > Sent: Thursday, November 08, 2001 4:17 PM
> > > > Subject: Re: [RT] Debt
> > > >
> > > >
> > > > > corp name...... and the corp calendar to float more debt
> continues...
> > > then
> > > > > there is the consumer....... DEBT... DEBT .... DEBT......It not
> just
> > > the
> > > >
> > > >
> > > >
> > > > To unsubscribe from this group, send an email to:
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> > > >
> > > >
> > > >
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> > >
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> >
> >
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> >
> >
> >
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>
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