Maybe thats a pipedream.. that rents would be that low. Just seems like a lot of units 1000 and maybe a lot of those units will end up being part of the rental market? it depends a lot on how bad our economy is in a couple of years.

It will be highly doubtful any of my co-workers can currently come close to affording any of those units. There is a few however its only because there current residences have appreciated so much in the last several years.

Thats about what Boeing Wages support… seriously I have been working for Boeing for 6 years and my take home is 1,300. dollars every 2 weeks, Impressive-Not Hardly.

I figure 400.+100. utilities cost is in the ballpark of Boeings wage guidlines. Thats just about 20% of my wages just renting half a Apartment.

Nice to hear they’re planning for an eventual oversupply to offset current living costs.

- Dallas-based Harvest Partners is planning to unveil plans for a shopping-theater complex roughly twice the size of University Village, along with a high-rise residential development that could bring thousands more residents to Renton. Construction could begin as early as the spring.

- The project is to include a retail-restaurant complex and a movie megaplex totaling about 800,000 square feet — essentially the region’s first major new shopping center in years — and 900 to 1,000 units of housing, probably some combination of condominiums and apartments.

Wow. It is a nice site there on Lake Washington. The property is on the very south end of the lake next to the Boeing 737 production plant:

Yes, my feeling is that this mess has the potential to be so big and there could be such fallout for the financial markets and politically, that there is going to be a substantial amount of closed door strategizing on how to keep Fannie and Freddie from taking down the markets.

To think that this Franklin Raines character had a cabinet position in the White House and could have been Treasury Sec. just blew my mind.

there is a reason why they haven’t been delisted.

There’s a blogger in Germany who’s done a bit of posting on thehousingbubbleblog about these MBS’s beginning to be “returned to sender”. Somebody said the secondary buyers have a year in which to return them if they decide they don’t want them afterall.

They’ve just started to trickle back.

There’s a post about another bunch that are being returned on this site:

interestrateroundup.blogspot.com

So we appear to be in the beginning stages of “thanks but no thanks” when it comes to offing responsibilty for bad loans from original lenders to Greater Fools.

I’m presuming that once enough people refuse to buy this junk, lending rules will have to tighten.

Note, they’re talking about delisting Apple because they missed one quarter.

Somebody correct these “facts” if/where wrong.

Also, the Treasury Dept’s. top official, on domestic finance matters (Randall Quarles) handed in his resignation 2 days ago.

He’s been the “point person” in pushing the Administration’s efforts to reform Fannie Mae and Freddie Mac for the past 5 years”. (AP, Friday Aug. 11′06).

Good timing on unloading that job eh? Five years is a long time to get absolutely NOTHING done.

Now, how do you accomplish that?

No, really?

If your stated goal was to have $9B go missing, how would you do it?

Either FD Raines is the DUMBEST SOB on the face of the earth – I’m talking about a -4 sigma IQ – or he is as corrupt of a man as you will find.

After you lose $9B, do you just get to take a Mulligan and say “Whoops, my bad?”

If he loses $9B, just who is in charge of watching him? WTF have they been doing all this time?

I know two things:

This isn’t the only grenade rolling around on the floor.

This grenade will be measured in mega-tons.

Sometimes “perp walk” is too good for these guys. Perhaps the French had it right in 1789, when they introduced their Executive Downsizing Plan. (tongue-in-cheek, of course!)

So let me get this straight s-crow, is the following scenario below actually playing out?

For starters ma n’ pa computer programmer buy a 500K house in Ballard using a neg-am/i-o sold to them by a dodgy local fly-by night lender, that lender immediately sells it off to some middle-man, for a period of time. The mid-man take their cut and then sells that loan upstream to Fannie Mae/Freddie Mac before it becomes totally toxic and reaches critical mass. At which point FM/FM bundle that loan into a mortgage backed security and sell it to pension funds, foriegn banks,etcetera…

What happens when those loans go into their inevitable default? Who owns the property at that point and is left hold the bag? What happens?

There’s got to be some regulation in their somwhere… maybe I’m missing something…