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(Bloomberg)   Home mortgage delinquencies soared to the most ever in April. This is not a repeat from 2008   (bloomberg.com) divider line
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479 clicks; posted to Business » on 21 May 2020 at 11:06 AM (4 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



20 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
4 days ago  
That trickling down that will definitely save the economy should happen any time now.....

ANY TIME NOW....

Hello? Trickle down? Any farking time now.

/ this thing is gonna make 2008 look like a vacation
 
4 days ago  
But i was told that the stimulus check would be enough to pay our bills?  Was i lied to?
 
4 days ago  

raerae1980: But i was told that the stimulus check would be enough to pay our bills?  Was i lied to?


Get back to work, Heretic!

/ I often wonder if people would still encourage "BLOOD FOR THE BLOOD GOD" if they had a close older relative who was in the danger zone.

// Listen, Billy, Nanna HAS to die so we can go get our hair cut and so that Donald Trump won't look like he's responsible for the worst loss of American lives since the Second World War....
 
4 days ago  
Turns out driving up the price of housing with borrowed money, to the point you have no savings and are living paycheck to paycheck wasn't a good strategy.
 
4 days ago  
I read in another thread that if you took a forbearance, all of that immediately comes due in what I presume is the June bill cycle.  If you can't pay, the bank can call in the loan and start proceedings.  Sounds like July should be fun.
 
4 days ago  
I'm looking forward to buying a foreclosure next summer.  Maybe.  That process moves rather slow, it might take 2 years to really hit peak foreclosures.
 
4 days ago  

emersonbiggins: I read in another thread that if you took a forbearance, all of that immediately comes due in what I presume is the June bill cycle.  If you can't pay, the bank can call in the loan and start proceedings.  Sounds like July should be fun.


It depends on your bank.  Most of the major banks will add the missed payments, and interest, to the back of your loan.  In the end, this makes them more money anyway.   And of course, it figures, that people who couldn't qualify through a major bank and needed a subprime loan, or just went through a mortgage broker who found some small hinky bank with a seemingly more attractive rate, these are the loans that will be demanding a balloon payment and if missed, will be quicker to pull the trigger on a default.

Hopefully, they will work with people, maybe let you just come by and slip the payment under the door.

Fark user imageView Full Size
 
4 days ago  
and remember when people who couldn't make their mortgage payments were called losers... and it lead to a groundswell... which lead to a movement... bankrolled and astroturfed by the Koch bros... promoted by Fox News....

Good times.

CNBC's Rick Santelli's Chicago Tea Party
Youtube zp-Jw-5Kx8k
 
4 days ago  
Goldman-Sachs seen salivating over another opportunity to commit fraud sell some highly rated mortgage backed securities to some unsuspecting retirees lucky bastards.
 
4 days ago  

emersonbiggins: I read in another thread that if you took a forbearance, all of that immediately comes due in what I presume is the June bill cycle.  If you can't pay, the bank can call in the loan and start proceedings.  Sounds like July should be fun.


Yup, the banks went to the govt and said "OH NOES! We need a bailout because no one can pay their loans!"
The govt dutifully gave them a bunch of trillions of money then the banks told the people "pay up! Now or in 90 days! Or else!"
I mean, the govt could have just gave those trillions/billions to the people that owed money right? But could you imagine... How many Socialisms would that be? Far too many. Banks require freedom bailouts, but people can't receive Socialism handouts. Founding fathers would roll in their graves, if their slaves were there to flip them over, of course.
 
4 days ago  

emersonbiggins: If you can't pay, the bank can call in the loan and start proceedings


Foreclosures are expensive for banks to do. If they have any reason to believe someone is good for their money but temporarily impacted by a disaster event they are going to want to work with their customer instead of foreclosing.

hammettman: just went through a mortgage broker who found some small hinky bank with a seemingly more attractive rate, these are the loans that will be demanding a balloon payment and if missed,


One good thing is that any loan estimates are required to disclose both prepayment penalty and balloon payment Yes/No up front(right below monthly P&I on my refi estimate from last week).

Nick Nostril: Goldman-Sachs seen salivating over another opportunity to commit fraud sell some highly rated mortgage backed securities to some unsuspecting retirees lucky bastards.


One interesting thing on MBS stuff is that the loan servicer effectively is the least senior debt holder when it comes to mortgages. So the bank doing the servicing is by far the most impacted by these initial missed payment issues rather than the security holders.
 
4 days ago  
One of the oldest tricks that the landed gentry class have is to cause an economic shock, personal or societal, force out the "weak" hands, buy their land at pennies on the dollar and then RENT it back to them.
 
3 days ago  

EnderWiggnz: One of the oldest tricks that the landed gentry class have is to cause an economic shock, personal or societal, force out the "weak" hands, buy their land at pennies on the dollar and then RENT it back to them.


Which was used for the basis of Byzantine laws preventing who could buy and allowing for claw backs of land rights in such cases. Of course the goal for those laws was really just weakening that landed gentry with respect to the emperor rather than actually helping peasants.
 
3 days ago  

SharkaPult: emersonbiggins: I read in another thread that if you took a forbearance, all of that immediately comes due in what I presume is the June bill cycle.  If you can't pay, the bank can call in the loan and start proceedings.  Sounds like July should be fun.

Yup, the banks went to the govt and said "OH NOES! We need a bailout because no one can pay their loans!"
The govt dutifully gave them a bunch of trillions of money then the banks told the people "pay up! Now or in 90 days! Or else!"
I mean, the govt could have just gave those trillions/billions to the people that owed money right? But could you imagine... How many Socialisms would that be? Far too many. Banks require freedom bailouts, but people can't receive Socialism handouts. Founding fathers would roll in their graves, if their slaves were there to flip them over, of course.


I never understood that.  Give the money to the people who owe the payments and they pay the banks.
Makes too much sense i guess.
 
3 days ago  

iheartscotch: That trickling down that will definitely save the economy should happen any time now.....

ANY TIME NOW....

Hello? Trickle down? Any farking time now.

/ this thing is gonna make 2008 look like a vacation


No worries!!

Mr and mrs taxpayer will bail out the banksters once again.
 
3 days ago  

AcneVulgaris: Turns out driving up the price of housing with borrowed money, to the point you have no savings and are living paycheck to paycheck wasn't a good strategy.


U just described the typical murcan.

Thread over.
 
3 days ago  
Well as long as the derivative market hasn't farked it self by leveraging and releveraging MBS...

We're all farked, who am I kidding... the whole purpose of the derivative market is to overleverage.

Now we just have to see if the rest of the banking structure changed the chain to mearly a string they were supposed to between their deposit side and investment side...

Yeah I'm an optimist... why are you laughing?
 
3 days ago  

zippythechimp: SharkaPult: emersonbiggins: I read in another thread that if you took a forbearance, all of that immediately comes due in what I presume is the June bill cycle.  If you can't pay, the bank can call in the loan and start proceedings.  Sounds like July should be fun.

Yup, the banks went to the govt and said "OH NOES! We need a bailout because no one can pay their loans!"
The govt dutifully gave them a bunch of trillions of money then the banks told the people "pay up! Now or in 90 days! Or else!"
I mean, the govt could have just gave those trillions/billions to the people that owed money right? But could you imagine... How many Socialisms would that be? Far too many. Banks require freedom bailouts, but people can't receive Socialism handouts. Founding fathers would roll in their graves, if their slaves were there to flip them over, of course.

I never understood that.  Give the money to the people who owe the payments and they pay the banks.
Makes too much sense i guess.


I see there are still people who think bailouts are giveaways and not loans
 
3 days ago  

emersonbiggins: I read in another thread that if you took a forbearance, all of that immediately comes due in what I presume is the June bill cycle.  If you can't pay, the bank can call in the loan and start proceedings.  Sounds like July should be fun.


What you read is a lie and is completely untrue.

Seriously.
 
3 days ago  
 
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