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Market jitters to subprime woes

Discussion in 'Money & Finance Forum' started by meatpile, Aug 1, 2007.

Page 3 of 10
  1. Aug 3, 2007 at 11:05 AM #21
    Freakshow

    Freakshow Fuck you guys.

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    These have become MUCH more common. Stated Income / Stated Asset...No Doc...

    http://online.wsj.com/article/SB118609866621886776.html?mod=hpp_us_whats_news
     
  2. Aug 3, 2007 at 11:35 AM #22
    meatpile

    meatpile 7-9

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    Interesting. Well - by the standards of 10 years ago when these companies didn't fail - they weren't common. The fact that so called 'Alt-a' loans are not considered high risk is, in my eyes, exemplary of the problem these lenders created by being so loose with their cash.I guess the odds of me getting another 10 year int only loan at 5.125% in another 8 years are pretty slim. LOL. Although maybe not, it wasn't really a non traditional loan, credit and document wise.
     
  3. Aug 3, 2007 at 11:48 AM #23
    Freakshow

    Freakshow Fuck you guys.

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    I'm doing a 5 Year IO right now for someone. 6.25%.
     
  4. Aug 3, 2007 at 12:16 PM #24
    VA49er

    VA49er Full Access Member

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    Would they qualify for the same loan with P&I? If not, then that's the problem.
     
  5. Aug 3, 2007 at 12:28 PM #25
    meatpile

    meatpile 7-9

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    It's certainly more risky.For me it wasn't a matter of not being able to afford the standard 15 or 30 fixed, rather a cashflow issue. I preferred to not have the cash going into the house. I felt like the 10 years was long enoght to either move or have enough cash to pay the loan off if mortgage rates shot up.Still - it's riskier than a fixed non-IO, and it felt that way when I got it. That product, IMHO, will become rare and non-competitive if these mortgage companies keep going belly up.
     
  6. Aug 3, 2007 at 12:32 PM #26
    slydevl

    slydevl Asshole for the People!

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    Can you beat 5.75? I think that is around 1 point. 5 year IO. Credit score at or above 800.
     
  7. Aug 3, 2007 at 3:50 PM #27
    Freakshow

    Freakshow Fuck you guys.

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    I can check...5 Year Arm Interest Only?
     
  8. Aug 3, 2007 at 3:50 PM #28
    Freakshow

    Freakshow Fuck you guys.

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    She's fucking loaded. Not a concern.
     
  9. Aug 3, 2007 at 5:34 PM #29
    meatpile

    meatpile 7-9

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    Dude today was ugly.
     
  10. Aug 4, 2007 at 12:07 AM #30
    token

    token I'm a lady

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