Comments on: It Ain’t Over Till It’s Over http://www.biggerpockets.com/renewsblog/2008/12/19/it-aint-over-till-its-over/ Learn, Network, Invest Mon, 23 Nov 2009 20:08:59 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Ditech Home Loans http://www.biggerpockets.com/renewsblog/2008/12/19/it-aint-over-till-its-over/comment-page-1/#comment-62770 Ditech Home Loans Mon, 22 Dec 2008 19:27:22 +0000 http://www.biggerpockets.com/renewsblog/?p=2970#comment-62770 One way to reduce the number of defaults on alt-a and option arm loans is for the servicing lenders to offer a modification of the note to lower the margin before the loans reset or recast. One way to reduce the number of defaults on alt-a and option arm loans is for the servicing lenders to offer a modification of the note to lower the margin before the loans reset or recast.

]]> By: svfox http://www.biggerpockets.com/renewsblog/2008/12/19/it-aint-over-till-its-over/comment-page-1/#comment-62747 svfox Mon, 22 Dec 2008 06:55:57 +0000 http://www.biggerpockets.com/renewsblog/?p=2970#comment-62747 I am not going to go fishing for houses. I think we are to in debt as a country and this will cause huge inflation. I think we may be near a huge depression. I wouldn't consider buying a house until 2012. I see how much money the fed is printing. It is going to be scary. China might sell the bonds and we will sink into a great depression very easily. I am not going to go fishing for houses. I think we are to in debt as a country and this will cause huge inflation. I think we may be near a huge depression. I wouldn’t consider buying a house until 2012. I see how much money the fed is printing. It is going to be scary. China might sell the bonds and we will sink into a great depression very easily.

]]> By: Chris Shouse http://www.biggerpockets.com/renewsblog/2008/12/19/it-aint-over-till-its-over/comment-page-1/#comment-62692 Chris Shouse Sat, 20 Dec 2008 15:33:27 +0000 http://www.biggerpockets.com/renewsblog/?p=2970#comment-62692 I saw the interview and agree that they (the private sector) probably have their finger on the pulse of what is going on much better than our politicans do. After all this is the same body of people who allowed the S and L to happen. As an agent here in Las Vegas, I hope to have the best year I have ever had in 2009. <abbr><em>Chris Shouse’s last blog post: <a href="http://comehometolasvegas.com/2008/12/las-vegas-jobs/" rel="nofollow">Las Vegas Jobs</a></em></abbr> I saw the interview and agree that they (the private sector) probably have their finger on the pulse of what is going on much better than our politicans do. After all this is the same body of people who allowed the S and L to happen. As an agent here in Las Vegas, I hope to have the best year I have ever had in 2009.

Chris Shouse’s last blog post: Las Vegas Jobs

]]> By: Prof. Samuel D. Bornstein http://www.biggerpockets.com/renewsblog/2008/12/19/it-aint-over-till-its-over/comment-page-1/#comment-62677 Prof. Samuel D. Bornstein Sat, 20 Dec 2008 01:39:04 +0000 http://www.biggerpockets.com/renewsblog/?p=2970#comment-62677 I would like to bring a very important bit of information to your attention that relates to this economic crisis that was overlooked until now. On Sunday, 12/14/08, CBS 60 Minutes aired a segment "The Mortgage Meltdown". Scott Pelley's piece on the 2nd Wave of Foreclosures overlooked a critical fact. The segment missed the fact that this next wave of Foreclosures in 2009 Will Take Self-Employed and Smaller Businesses who have these TOXIC mortgages. In fact, ALT-A, Option ARMS, Interest-Only, the TOXIC Mortgages that are considered the "Troubled" assets in TARP were specifically marketed to the self-employed who fell prey to them. The upcoming defaults on these risky "Toxic Mortgages" will result in an increase in foreclosures. But worse, once these small businesses fail, the resulting loss of jobs will cause millions to add to the ranks of the unemployed. Note that self-employed business owners (16.2 million according to the SBA) employ between 1-10 employees. An NASE survey at www.nase.org , was the first to provide compelling evidence of small business involvement in the upcoming toxic mortgage crisis. The survey was created by Prof. Samuel D. Bornstein and Jung I. Song, CPA of BornsteinSong Consultants in Oakhurst,NJ,and was conducted by the National Association for the Self-Employed (NASE) which issued a Press Release on November 21, 2008. According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012. These small business owners will be at-risk of payment shock and default as their monthly mortgage payments skyrocket. Small business owners were especially targeted for these Alt-A loans which required little or no documentation of income which appealed to many small business owners who previously were unable to qualify. The resulting defaults will be the cause of the upcoming second tsunami wave of foreclosures that will dwarf the subprime crisis and will take many homeowners and small business owners. See the NASE website www.nase.org under NASE NEWS for the Toxic Mortgage Survey. Thank you, Samuel D. Bornstein Professor of Accounting & Taxation Kean University, School of Business, Union, NJ I would like to bring a very important bit of information to your attention that relates to this economic crisis that was overlooked until now.

On Sunday, 12/14/08, CBS 60 Minutes aired a segment “The Mortgage Meltdown”.

Scott Pelley’s piece on the 2nd Wave of Foreclosures overlooked a critical fact.

The segment missed the fact that this next wave of Foreclosures in 2009 Will Take Self-Employed and Smaller Businesses who have these TOXIC mortgages. In fact, ALT-A, Option ARMS, Interest-Only, the TOXIC Mortgages that are considered the “Troubled” assets in TARP were specifically marketed to the self-employed who fell prey to them.

The upcoming defaults on these risky “Toxic Mortgages” will result in an increase in foreclosures. But worse, once these small businesses fail, the resulting loss of jobs will cause millions to add to the ranks of the unemployed. Note that self-employed business owners (16.2 million according to the SBA) employ between 1-10 employees.

An NASE survey at http://www.nase.org , was the first to provide compelling evidence of small business involvement in the upcoming toxic mortgage crisis. The survey was created by Prof. Samuel D. Bornstein and Jung I. Song, CPA of BornsteinSong Consultants in Oakhurst,NJ,and was conducted by the National Association for the Self-Employed (NASE) which issued a Press Release on November 21, 2008.

According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012.

These small business owners will be at-risk of payment shock and default as their monthly mortgage payments skyrocket. Small business owners were especially targeted for these Alt-A loans which required little or no documentation of income which appealed to many small business owners who previously were unable to qualify.

The resulting defaults will be the cause of the upcoming second tsunami wave of foreclosures that will dwarf the subprime crisis and will take many homeowners and small business owners.

See the NASE website http://www.nase.org under NASE NEWS for the Toxic Mortgage Survey.

Thank you,

Samuel D. Bornstein
Professor of Accounting & Taxation
Kean University, School of Business, Union, NJ

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