Comments on: The Real Estate Storm: Who is it hurting and why is it here? http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/ Learn, Network, Invest Sun, 22 Nov 2009 10:53:57 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Lake Michigan Beach Builders http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/comment-page-1/#comment-54128 Lake Michigan Beach Builders Wed, 30 Jan 2008 06:01:31 +0000 http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/#comment-54128 [quote]From 2002 until early 2007, lenders issued “Foagamir” (Fog-A-Mirror) mortgage applications that had a small silver-reflective square on the applications. The lenders (or loan officers) simply asked the applicant to breathe onto the reflective square and if the surface became foggy, the application was approved (note the sarcastic tone).[/quote] LMAO!! That is SO true! [quote]From 2002 until early 2007, lenders issued “Foagamir” (Fog-A-Mirror) mortgage applications that had a small silver-reflective square on the applications. The lenders (or loan officers) simply asked the applicant to breathe onto the reflective square and if the surface became foggy, the application was approved (note the sarcastic tone).[/quote]

LMAO!! That is SO true!

]]> By: Michelle http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/comment-page-1/#comment-54068 Michelle Mon, 28 Jan 2008 20:24:57 +0000 http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/#comment-54068 I was able to save a lot of money by selling my home by owner. I was able to save a lot of money by selling my home by owner.

]]> By: Eric Conrad http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/comment-page-1/#comment-54067 Eric Conrad Mon, 28 Jan 2008 20:24:17 +0000 http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/#comment-54067 I don't believe the mortgage industry is wholly to blame. Imagine the banks who suddenly had their interest rates cut down to 1%. They had to sell a lot of loans to make their money, or their stock would have plummeted due to lack of profits. I'm not saying they aren't to blame. I'm just suggesting that the problem has a lot of blame to go around, and is much more complex than most people give credit for. I don’t believe the mortgage industry is wholly to blame. Imagine the banks who suddenly had their interest rates cut down to 1%. They had to sell a lot of loans to make their money, or their stock would have plummeted due to lack of profits. I’m not saying they aren’t to blame. I’m just suggesting that the problem has a lot of blame to go around, and is much more complex than most people give credit for.

]]> By: rick marnon, mortgage http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/comment-page-1/#comment-54036 rick marnon, mortgage Sun, 27 Jan 2008 17:51:25 +0000 http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/#comment-54036 I agree with this whole heartedly. I started in the mortgage business, and this is pretty much what it was like for banks. I tried talking people out of arms and option arms, because of the possibilities that could take place before their arm adjusted. The mortgage industry is trying to fix the problems that have been caused by what you called the "FOGAMIR". I agree with this whole heartedly. I started in the mortgage business, and this is pretty much what it was like for banks. I tried talking people out of arms and option arms, because of the possibilities that could take place before their arm adjusted. The mortgage industry is trying to fix the problems that have been caused by what you called the “FOGAMIR”.

]]> By: thewild1 http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/comment-page-1/#comment-53962 thewild1 Thu, 24 Jan 2008 20:29:11 +0000 http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/#comment-53962 Luckily I had to move from Plano (a suburb of Dallas and in Collin County) about 3 years ago, so I was able to sell my house for a good profit from when I bought it. Good thing I didn't wait any longer. Luckily I had to move from Plano (a suburb of Dallas and in Collin County) about 3 years ago, so I was able to sell my house for a good profit from when I bought it.

Good thing I didn’t wait any longer.

]]> By: Joshua Dorkin http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/comment-page-1/#comment-53960 Joshua Dorkin Thu, 24 Jan 2008 19:57:12 +0000 http://www.biggerpockets.com/renewsblog/2008/01/24/the-real-estate-storm-who-is-it-hurting-and-why-is-it-here/#comment-53960 I think this is the first post I've seen that details all of the people on the sidelines who are affected by the "storm". Thanks for sharing it, Jim. I think this is the first post I’ve seen that details all of the people on the sidelines who are affected by the “storm”. Thanks for sharing it, Jim.

]]>