It is bullish in the way that closing the unit brings certainty and defines the risk even if meant losses. This will be the second shoe to drop as more of them starting to guide 3rd qtr earnings lower. Then the market will be able to find its bottom but not until then.
AfterHours... More Mortgage Mortality
Started by
SemiBizz
, Aug 20 2007 03:43 PM
26 replies to this topic
#12
redfoliage2
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Posted 20 August 2007 - 04:23 PM
Don't worry about CapitalOne, since it makes tons of money with its credit card services. 
#13
mike123
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Posted 20 August 2007 - 04:28 PM
Don't worry about CapitalOne, since it makes tons of money with its credit card services.
People will stop paying credit card first before forclosure.
#14
SandStorm
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Posted 20 August 2007 - 04:35 PM
Don't worry about CapitalOne, since it makes tons of money with its credit card services.
People will stop paying credit card first before forclosure.
Good point. This means we are back to the fundemental and much more troubling question of deleveraging of America. Don't kid yourself this is just a nicer way of saying deflation.
#15
pdx5
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I want return OF my money more than return ON my money
Posted 20 August 2007 - 04:46 PM
But...not quite as shocking anymore, huh?
It's more like: this is expected at this point.
Exactly!!! Everyone I know is expecting a bankraptcy or more bad news from mortgage / real estate / home building companies. Why would it take the market down? We know things are bad. It is not bearish any more.
Denleo
It is now certain more bankruptcies are in the cards. No suspense there.
What no one knows is how many and how long. That is the big suspense.
Which is why the market will be nervous as a cat on a hot tin roof until
the dust settles.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule
#16
mike123
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Posted 20 August 2007 - 05:18 PM
The wholesale mortgage market is done. Everyone knows it.
If you want a mortgage go to the bank, put down 20%, like the old days. Banks will finance your home if you should get a loan, they will keep the loan too like the old days. This is not a bad thing. It is as it should be.
Do you think the local banks will survive this shakeout? All local banks and credit unions are in trouble too.
#17
OEXCHAOS
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Mark S. Young
Posted 20 August 2007 - 06:16 PM
How's that? Most of the banks that I have spoken with seem to have pretty stringent lending standards, even on stated income, and the like.
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#18
securelstmile
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Posted 20 August 2007 - 06:38 PM
How's that? Most of the banks that I have spoken with seem to have pretty stringent lending standards, even on stated income, and the like.
The banks are fine. You can still get a mortgage at your local bank no problem. Unless you shouldn't have one.
I think the fear perception has peaked with people thinking you can't get a mortgage and banks will fail. This is why I think the stock market has bottomed.
The harder I work, the luckier I get.
#19
n83
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Posted 20 August 2007 - 06:44 PM
Qs 13+M ahrs volume ! wow
#20
mike123
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Posted 20 August 2007 - 06:48 PM
How's that? Most of the banks that I have spoken with seem to have pretty stringent lending standards, even on stated income, and the like.
Home Equity loans. Last in line to get money back. Many people borrowed HEL to buy second and third homes. They will lose all.
