Wednesday, November 28, 2007

Making Fun of Countrywide's Mozillo

Yout Tube on HousingPanic
Posted by David at 10:38 AM

11 comments:

  1. AnonymousNovember 28, 2007 2:23 PM

    This just in:

    Sales of existing homes fell for an eighth straight month in October even as more properties came on the U.S. housing market, driving the supply of homes up for sale to the highest level in 22 years, the National Association of Realtors reported Wednesday

    The median sales price fell 5.1% in the past year to $207,800. That's the largest year-over-year price decline ever recorded.

    http://www.marketwatch.com/news/story/supply-homes-market-22-year-high/story.aspx?guid=%7B6774FAFE-FDF6-4C70-B1D0-55A7709ED89E%7D

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  2. AnonymousNovember 28, 2007 2:26 PM

    "I don't anticipate any further major sales declines," Yun said. However, the NAR didn't anticipate the sales declines of the past two years, and it's been predicting a bottom nearly every month since early 2006.

    LMAOROTFL!

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  3. AnonymousNovember 28, 2007 3:23 PM

    AWESOME!

    Game-set-match!

    If the media must quote that idiot the least they can do is point out that he has been nothing but wrong to date.

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  4. AnonymousNovember 28, 2007 4:20 PM

    But the most amazing fact of all is that inventory is at 10.8 months and many more foreclosures are in the pipeline...ruhroh!

    Lance, it takes a loooonnggg time to twittle down that kind of excess inventory and it doesn't involve NAR propaganda or brow-beating and insulting of the retarded renters/"bubbleheads", but rather good ole fashioned price cutting..ouch baby!

    Oh, have people noticed the most recent "Flip that House" shows? They are really showing the down side of flipping in this market...these crazy, greedy flippers are slashing prices and some only make $1700 profit if they sell at all. HA HA HA!!!!

    "People are smart"

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  5. AnonymousNovember 28, 2007 7:32 PM

    Mr. Saldana- dont buy a homeso fast. Just wait nine months or even one more year. Homes are going to drop at least 15% or more in the next six months alone just in Sunny California. 80% of all home loans are ARM interest only loans in California. There will be 600,000 home loans to reset:adjust in 2008 in California. Half of those homes will be forclosed.And banks are asking for 10% down to buy a home now,that is with a person who has good credit-700 FICO score. China, Japan,India,Spain and Brazil are all going to cash out there US Treasury Bonds T-BILLS. That is in the Trillons of dollars.That will force the FED to rise rates. And on top of that all a gallon of gas will cost $4.00 next year. So just wait!!!

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  6. AnonymousNovember 28, 2007 10:31 PM

    "Homes are going to drop at least 15% or more in the next six months alone just in Sunny California. 80% of all home loans are ARM interest only loans in California. There will be 600,000 home loans to reset:adjust in 2008 in California. Half of those homes will be forclosed."

    I am not a housing pumper. I want to see all the filth who contributed to this run up - lemming buyers and scum agents alinke - suffer hugely. But, didn't the governator just put in a bailout plan to save the Golden State it's property taxes? What happens if Congress does the same thing? Thoughts?

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  7. AnonymousNovember 28, 2007 11:26 PM

    Waiting for/ Uncle Lance to tell us what a great man Mozillo is. How he singlehandedly made home ownership possible for Americans as he trudged ten miles through the snow barefoot to his CountryWide headquarters. Come on Lance, spin us one of your yarns. Please,,,,,

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  8. AnonymousNovember 29, 2007 7:57 AM

    "If I were looking to buy, I would accelerate the process. Pressures are going to come to bear to start driving prices higher again very very soon. And of course, if interest rates go anywhere, it will be up."-lance March 1 2007

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  9. John FontainNovember 29, 2007 10:31 AM

    David Lereah's new book:

    http://bp0.blogger.com/_GMFF5jY6gGs/R03-bY6895I/AAAAAAAACPY/rghCMtOEbxE/s400/localRE.jpg

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  10. AnonymousNovember 29, 2007 10:48 AM

    Oh, have people noticed the most recent "Flip that House" shows? They are really showing the down side of flipping in this market...these crazy, greedy flippers are slashing prices and some only make $1700 profit if they sell at all. HA HA HA!!!!

    I haven't seen the show since they had that Montelongo couple in Texas. I will have to watch out for the new season.

    ReplyDelete
  11. AnonymousNovember 29, 2007 7:01 PM

    From anonymous
    But, didn't the governator just put in a bailout plan to save the Golden State it's property taxes? What happens if Congress does the same thing? Thoughts?

    November 28, 2007 7:31 PM

    Sorry for the late post, but here it is.
    For the Governator's plan to bail out California...
    http://tinyurl.com/29o4ux
    'Victory' declared, credit is claimed
    But lenders say governor's deal to get help for at-risk homeowners 'nothing new'

    By J.N. SBRANTI
    jnsbranti@modbee.com

    last updated: November 23, 2007 11:03:20 AM

    Gov. Schwarzenegger proclaimed "a very, very big victory for the people of California" this week in getting lenders to help homeowners avoid foreclosure, but the deal he announced apparently isn't new at all.

    The governor took credit Tuesday for negotiating an agreement with mortgage lenders Countrywide Financial, GMAC Financial Services, Litton Loan Servicing and HomEq Servicing to help keep subprime borrowers in their homes.

    Those four lenders, however, told The Bee on Wednesday that their lending policies haven't changed and the governor didn't get them to agree to anything new.

    "The governor's principles already are in alignment with what we already do," said Larry B. Litton Jr., who heads Litton Loan Servicing. "Nothing's substantially changed."

    But that's not what Schwarzenegger and his staff are telling the public.
    *****************
    Smoke and mirrors my friend, smoke and mirrors, but what would you expect from politicians?

    Here is another tasty tidbit to nibble on-
    http://tinyurl.com/yud3j3

    Refinancing programs omit many borrowers
    Mass., other states limit their focus

    By Binyamin Appelbaum
    Globe Staff / November 21, 2007
    Eight states including Massachusetts have pledged almost $900 million this year to help borrowers replace unaffordable mortgages, but the states collectively have refinanced fewer than 100 people, a Globe survey found.

    In Massachusetts, where the Patrick administration introduced a $250 million program in July as a "big piece" of its efforts to limit foreclosures, not a single loan has been refinanced.

    In Maryland, the first state to create a refinancing program, officials have found it so ineffective that they are considering shutting it down. The program has made just nine loans in about a year.

    ***************

    If any such bailout is set up by congress, most likely the Federal plan will be as effective as the states' plans (as in not very effective at all.)

    (I am glad I found out about tiny url or the web addresses to the above stories might have been chopped up.)

    Though the stories come from The Housing Bubble blog, I would not have found that site if it were not for this blog.

    Thank you David for providing this forum to allow us learn such useful information about real estate in Washington DC and the nation.

    ReplyDelete

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