I like the borrowed phrase from Terminator there at the end — “there is no fate but what we make.” Of course you realize, that was in an apocalyptic context. Have a great day.

What difference a day makes, 24 little hours………

Are you back on your ‘happy pills’?

Correction. Chapter 11 is relegated to business bankruptcy. Chapter 7 and 13 are available for personal bankruptcy.

Right on….they should have to pay the fees. They probably skipped over that section of their loan agreements along with the adjustable rate section. Everyone wanted to be a responsible homeowner but first you need to be a responsible borrower.

Crude oil breaks another record today. The dollar is at another all time low. Gasoline is up approx 20 cents in 2 weeks and income is flat since 2001. Not to mention real estate has a long way to fall.
Every superpower rises and falls, next superpower will be China. One cannot turn on a TV or read a paper without seeing or hearing the word credit crunch and subprime woes. Real estate should have not appreciated 50% in value in the last four years unless you had gold or oil in your backyard. Every American felt asset rich and spent beyond there means. Now comes the pull back which will indeed be painful. The reason the economy appeared to be doing so well was because of real estate. Now the economy will not being doing so well because of (you guessed it) real estate. Real estate was the economy the last 5 yrs and will be the next 5 yrs. (Recession here we come). Keep your eyes on job numbers for 2008. I predict many layoffs.

I think it’s time to re-read Atlas Shrugged, put a nice picture of John D. Rockefeller on the wall for inspiration, clear the mind and get down to business.

Banks are cutting their own throats with foreclosures, by adding more inventory to an already depressed market. If they could work with borrowers as the 1st option, and maybe hold lower interest rates longer, they’d both benefit. The bigger problem, of course, is lax lending oversight, and in that regard, I look to the regulators as ‘asleep at the wheel’. Hey…haven’t we been here before?

If you think this is bad, look at how much the attorneys’ fees are for each foreclosure proceeding. These are the same lawyers who made ton of dole doing real estate transactions in the past few years. Business been hurting due to the slow down but hey, here’s another gravy train pulling into the station!

A lot of these fees are total b.s., especially the property inspection fees. Ask infamous subprime servicer Fairbanks Capital where that got them?

Oh yeah, a class action lawsuit they ended up settling. And a complete name change because the name Fairbanks was so toxic. It’s my understanding they have abandoned these practices under their new operation – Select Portfolio Services.

Add to your comments about the proliferation of no minimums checking accounts, with atm/debit cards, issued by banks with the expectation that many depositors will overdraft themselves and be charged high fees for their vulnerability.

Unfortunately, this is nothing new in the debtor industry. Creditors and regulators have been guilty of piling on the debtors for decades.

And it is not just foreclosures where it occurs. I have acted as an intermediary between debtor and creditor for years, and I learned long ago that all creditors will tack on whatever they can get away with.

I once had a foreclosure situation where the IRS turned a $0.29 delinquency into a $75 tax lien by piling on. What creditor is willing going to go after a $0.29 debt? The IRS did.

Such abuses occur all day every day. It is not just foreclosures that need better regulation. It is the entire creditor-debtor industry.

Talk about adding insult to injury!
We haven’t seen anything yet! The worst is yet to come. We’ve just
seen the tip of the iceberg on
the troubled mortgage market. Pray
for us debtors!

As my mother cautioned me as a young man…
Son, always remember that a banker in a pin stripe is nothing more than a dressed up money lender/ loan shark et al

“Endless money forms the sinews of war.”
-Cicero

I liked yesterday’s optimistic column better. Great opportunities at the end of the world.

Ahh, the wisdom of old folks. My wife’s grandmother use to say “if you want boogaloo, you get boogaloo”.

Translation: play with fire and you get burned.

As a soon to be first time home buyer with good credit and a good down payment this housing problem ain’t so bad for me. A gluttony of cheap houses and banks completing for my non-risky loan with extremely low interest rates. And to top it all off I don’t have to sell a house! Sorry for all the bad luck but it is good for some of us.

ah– but all the future is the past and serching the past is the job of you know who! So; it is all water under the bridge. The now is for Joy and thankfulness.

When does PMI kick in on the sub-prime defaults, and is that considered a windfall for any discrete level of the mortgaging industry?

Question: how does “subprime” anything make money? Sub-standard or below standard “anything” sounds like nonsense to me or is it a Ponzi scheme just waiting to be exposed?

The economy is doing great. The ones who disagree have always been doing bad economically. They do not count. They should continue to do the same thing so others can get rich from their ignorance.

Countrywide and the other large lenders may be charging those late fees but they are writting those off with the rest of their bad debts at the same time.

I agree with the others who say, you reap what you sow.

I am a mortgage originator. Fortunately my area has not experienced the real estate bloodbath that has occurred in states like CA, FL, NV, TX, CO, and other states with large inventory and the practice of lending on ALT A, subprime, and hybrid ARM products. My area was only slammed by hurricane KATRINA. Just as in any business there are good and ethical vs. bad and unethical representatives in that field. In my humble opinion only some blame must go to the companies and investors that created these products but the majority must go to the borrowers who also were capitalizing on the real estate boom of the past 7 years. Everything in life has a cycle and the expansion in real estate has ended for a while…it will recover one day and people will profit again. In fact people are profiting now by purchasing real estate at low prices. I am sick of the comments that put down people or companies that capitalize. Many of these borrowers lost on their gamble…people who had insurance in New Orleans after Katrina are back in their houses. People who gambled without insurance lost…should the federal government bail them out??????

Adding to my definition of “subprime” means “less than prime,” if Citigroup’s ultimate bankrollers are Saudi princes or some other group with more than enough money, then is it common sense to just let people stay in the subprime houses, and pay the subprime mortgage, rather than tossing them out? A realtor I know stated winter, cold weather, and no heat is horrible on an empty house unsold on the market.

For those touting the “low dollar” is a GREAT opportunity for the US Economy, I have but one comment. The peso is low relatively too! 90% of the economy is exports! Wow, we can only aspire! Hope to have a seat next to Bing during the Armageddon show! Who’s bring the popcorn… George?

I thought it was only the poor countries that devalued their currencies? Now that we are doing it, it is something grand to be proud of. Let the heads role on Wall Street for the subprime speculation.

I say Amen to the housing market meltdown. Maybe now we won’t have to see those annoying condo advertisements in New York saying “Luxuary Condos for sale” meanwhile you have a balcony view of a cemetary. Really romantic. How many millions of dollars are homes with a view of the sea worth in Europe? Trillions? Real Estate agents get real

Let me tell you this housing meltdown is a blessing for most of the hard working people of America. I could not stand those pump and dump real estate agents anymore. It had gotten to the point in New York City that if you asked a real estate agent how much the trash can on the corner was worth? their reply was ” a million dollars and don’t worry about the financing we will help you” You are real smart folks

George – At least a cemetary is quiet and green.

Bing – My experience has been that the best way to avoid bank fees and interest is to stick to the plan and pay your first mortgage off in 15 years rather than continually refinancing so you can buy that new Escalade. If you don’t owe them anything, they can’t charge you anything.

With regards to the banks, the real robbers are the people in the suits who sit behind the desks in those banks. They cause more harm to society than any poor down and out bank robber does.

Armageddon is not the end of life but a new beginning with a new master who is not filled with greed and lust. Armageddon is the continuation of the restoration of truth, justice and mercy.

Armageddon does represent the destruction of the greedy and power hungry individulas, their companies, their corporations, and their so called charitiable foundations, and yes even you who are greedy, lustful, and power hungry.

Armageddon represents the beginning of true liberty and freedom where the individual chooses and is able to make choices such charity where they are not force nor compelled to be a socialist charitiable person per the so called “Right to be Taxed”.

Armageddon is so much more than the destruction of the world, it is the destruction of the wicked who exercise unrighteous control over the souls of men who want to live free and choose freely to be good or evil themselves without being compelled by forces (city hall) that you can not reason with.

Armageddon is the breaking forth of light efflugent rays of life, love and joy.

RL Boutwell
Rowe, Ma

PS The only reason America, The USA, the United Socialist of America has a real problem is the greed and power lust of its leaders and its people.
So in defense of Armageddon Goodbye to all of you.

Wow!!! What an optimistic group. 95% always pay for the sins of 5%. This is exactly the case with what is going on here. 5% of the bankers and 5% of the borrowers were out of their minds and took risks they never should have. Now we all pay the price. Now there will be a plethora of new regulation, government intervention and things will become even more difficult for the deserving and hard working. instead of enforcing the rules already in place and getting the scumbag element out – politicians will make names for themselves and build political empires in the name of consumer protection. Reality the same 5% scumbag element will still exist and still do the wrong thing.

Instead of complaining and waiting for the end of the world as we know it, Why don’t we get off our duffs and effect some change. Create a 3rd party, do something. Do we confuse greed and ambition? Power and wealth? Isn’t it noble to have ambition for justice, compassion and equal opportunity? Isn’t it possible to possess wealth of quality of life, family, love? It’s all perspective. Let’s stop talking and start doing.

Let me get this straight. A Big Wall street jackass in a suit gets elected to become a CEO of a big finance bank, over inflates the market and and the profits, makes millions and now gets to keep all the money? I want to be the next jackass, where do I send my resume?

The American Public carries massive debt, stocks are weak, jobs are weak,taxes are up, gasoline is high, heating oil is high and your kid wants that new toy which costs thousand dollars. I sense a song coming on..Happy Hoildays… Now stop reading this and get out there and spend. We make up 75% of this economy by spending,,hey lets stop spening so the CEO’s only get a trillion dollars when they leave the company.
Funny, how the avg person always falls into a trap as the big guy walks away with millions, we will NEVER learn.

Let’s talk ethics and responsibility. If you could be that “jackass” in suit you would. So, Keith Lauerhass from Strongsville, Ohio don’t blame it on anybody. Look at George from New Yourk, NY, at least he is honest.