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From the internets (youtube), I present you Mr. Mortgage

hesotriflinhesotriflin
edited April 2008 in Housing Bubble
Watched a couple of his videos, and Mr. Mortgage gives a pretty good insider's look at the mortgage business during the bubble.

http://www.youtube.com/user/markmti

Comments

  • SeattleMooseSeattleMoose
    Good info...but not too surprising.

    Wells Fargo...."it all those OTHER banks....but not us."

    So the CEOs and esteemed "captains of industry" steered their ships (and all of us...implicitly) onto the rocks expecting to retain their rank/big bonuses, and knowing full well that they would be granted a "new ship" by the FED/Govt in the form of crony bailouts.

    In my book if you are the captain when the ship goes onto the rocks....you are held accountable.

    Lesson so far in this whole thing is "crime pays".
  • rose-colored-coolaidrose-colored-coolaid
    SeattleMoose wrote:
    Lesson so far in this whole thing is "crime pays extremely well".

    Fixed that for you.
  • brettrobrettro
    i'm a big hedgie fan.
  • aldrethaldreth
    1. HELOC's have pretty much gone the way of the DoDo Bird as have stated income loans.

    2. Banks haven't written down any prime mortgages, they haven't even written off 30% of subprime yet.

    3. 98% of housing auctions have failed. They have received no bids despite being sold at fire sale prices (about 16% of what is left to be paid on the loan.)

    4. 70% of all transactions now coming through are Notices of Default, the foreclosure wave hasn't even begun to hit us yet.

    5. .... BOOM....
  • MatthewMatthew
    I'm writing in Genesis for prez and Hedgie for VP in 2008!
  • MatthewMatthew
    By the way, if anyone is interested in more of these vids you can check them out at

    http://www.tickerforum.org/cgi-ticker/a ... sentations

    There are some really good vids by both Mr. Mortgage aka Hedgie and KD aka Genesis.
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