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Scrooge McDuck
8753 Posts |
 Posted - 09/07/2008 : 6:25:16 PM
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never in a million years did i think i would see fannie and freddie on the implode list. i know their books are more cooked then my dinner, but i always just figured the lie would just go on and on forever.
wow
so, will the spread improve tomorrow or what? MBSs have to be better then treasuries now, wouldnt you think? |
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ebaron
198 Posts |
Posted - 09/07/2008 : 6:30:01 PM
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| last year when the subprime and alt-a market were imploding, when my rep called (usually to deliver news of another program gone), I asked him what the good news was today. He jokingly replied "well, Fannie and Freddie are still around." We both had a great laugh. Very foretelling though. |
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GSE_
493 Posts |
Posted - 09/07/2008 : 6:30:19 PM
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| Teasury markey up 13 ticks already, dow up 200+ in pre-market activity. Rates will be much higher this week. |
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MisterVA
6570 Posts |
Posted - 09/07/2008 : 6:31:43 PM
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| Wonder what happens with AU? |
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Scrooge McDuck
8753 Posts |
Posted - 09/07/2008 : 6:45:11 PM
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i have a feeling that any positive movement in the market will be short lived. fannie and freddie being consumed, is nothing more then a sign of how bad everything is.
in the forming of a bottom for the market as a whole, how signoficant is this? i am hearing that indymac is doing work outs, mods and shorts with the greatest of ease lately. i wonder if this will be the case for all fannie freddie loans now. to date, the hardest shorts sales are on properties w A paper loans. |
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homebroker@sbcgl
3435 Posts |
Posted - 09/07/2008 : 8:45:46 PM
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The USA is imploding, news of Wamu changing CEO, Fannie, Freddie, the unemplyment rate and foreclosures at 9%, wow it is really getting worse and worse and worse!
quote:
Originally posted by Scrooge McDuck
i have a feeling that any positive movement in the market will be short lived. fannie and freddie being consumed, is nothing more then a sign of how bad everything is.
in the forming of a bottom for the market as a whole, how signoficant is this? i am hearing that indymac is doing work outs, mods and shorts with the greatest of ease lately. i wonder if this will be the case for all fannie freddie loans now. to date, the hardest shorts sales are on properties w A paper loans.
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darkstar
18092 Posts |
Posted - 09/08/2008 : 03:51:16 AM
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>>>>The USA is imploding, news of Wamu changing CEO, Fannie, Freddie, the unemplyment rate and foreclosures at 9%, wow it is really getting worse and worse and worse!
Sorry to hear that, still doing great in this part of the country...It is what it is, work with it or whine...Taking them over is a positive move... |
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shoe
148 Posts |
Posted - 09/08/2008 : 05:28:53 AM
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| Well, you're not all wrong. Only difference now that Sam is the chef , and yes, the lies will continue. |
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velecico
3935 Posts |
Posted - 09/08/2008 : 06:15:49 AM
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It will really get ugly if the US defaults on a debt payment to China or Russia |
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Scrooge McDuck
8753 Posts |
Posted - 09/08/2008 : 06:23:39 AM
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quote:
Originally posted by velecico
It will really get ugly if the US defaults on a debt payment to China or Russia
IF
that i will put in the "never in a billion years" catagory. |
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david_32767
282 Posts |
Posted - 09/08/2008 : 06:27:48 AM
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quote:
Originally posted by Scrooge McDuck
never in a million years did i think i would see fannie and freddie on the implode list.
That's the whole point.
Who here thinks the worst is over?
Who honestly thinks things will eventually return to 'normal'? |
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Scrooge McDuck
8753 Posts |
Posted - 09/08/2008 : 06:34:05 AM
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quote:
Originally posted by david_32767
Who honestly thinks things will eventually return to 'normal'?
as long as you dont consider 2002 to 2005 "normal" then things should be fine for you. |
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CoolMtgGuy
3661 Posts |
Posted - 09/08/2008 : 06:38:40 AM
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You will be in th eonly part of the country where "still doing great" is for real. Sorta like the "mental recession" that the rest of the country is experiencing. This administration has been asleep at the wheel and this is the result.
quote:
Originally posted by darkstar
>>>>The USA is imploding, news of Wamu changing CEO, Fannie, Freddie, the unemplyment rate and foreclosures at 9%, wow it is really getting worse and worse and worse!
Sorry to hear that, still doing great in this part of the country...It is what it is, work with it or whine...Taking them over is a positive move...
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WorldWideWayne
2397 Posts |
Posted - 09/08/2008 : 06:43:37 AM
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Sunday was an amazing day!
Fannie and Freddie are Fed now, Brady may be out for the season, Brett wins with the Jets and my beloved Bears carve up the Colts.
Maybe I'm in the middle of a flashback from that stuff I took in the 80's... |
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CoolMtgGuy
3661 Posts |
Posted - 09/08/2008 : 06:43:52 AM
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To even talk about return to "normalcy" is ludicrous. "Normal" ... regardless of anyone's definition is gone. The Gov is now in control and taxpayers are the new "secondary market" that is necessary to have a viable housing and mortgage industry. The taxpayers have been forced to replace the lost investors! How can anyone talk about "normal" in any context?
Gov can now completely wipe out the 3rd-part mortgage origination channel ... what's left of it anyway. The exception witll be in Darkstar's area ... as that area will continue to thrive according to Darkstar. |
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velecico
3935 Posts |
Posted - 09/08/2008 : 06:44:28 AM
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quote:
Originally posted by Scrooge McDuck
quote:
Originally posted by velecico
It will really get ugly if the US defaults on a debt payment to China or Russia
IF
that i will put in the "never in a billion years" catagory.
Why ? , because we can just print more dollars ? I think it will happen , and much sooner than people think |
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WorldWideWayne
2397 Posts |
Posted - 09/08/2008 : 06:46:09 AM
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>>>The Gov is now in control and taxpayers are the new "secondary market"
>>>The taxpayers have been forced to replace the lost investors!
Very well stated... |
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david_32767
282 Posts |
Posted - 09/08/2008 : 06:49:55 AM
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quote:
Originally posted by darkstar
[brSorry to hear that, still doing great in this part of the country...It is what it is, work with it or whine...Taking them over is a positive move...
I am sick of these cheerleaders on this board.
They get out their old Stewart Smalley self motivation tapes , put thier head in the sand and refuse to look at the world in someone elses shoes.
What he means to say is HE and his small circle of friends are still doing great in his part of the country --- read the Fed Beige book: NO part of the country is doing well as a whole.. PERIOD.
Darkstar sounds like a politician TOTALLY out of touch. |
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velecico
3935 Posts |
Posted - 09/08/2008 : 06:55:03 AM
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He sell leads , what do you expect , to say its a waste of money to buy data ? of course the market is " great " every post the market is great and getting better , reminds me of the NAR economist David Lereah , I could of swore I saw him at the Olympics , he was training the cheerleading squad LOL |
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david_32767
282 Posts |
Posted - 09/08/2008 : 07:00:37 AM
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quote:
Originally posted by velecico
He sell leads , what do you expect , to say its a waste of money to buy data ? of course the market is " great " every post the market is great and getting better , reminds me of the NAR economist David Lereah , I could of swore I saw him at the Olympics , he was training the cheerleading squad LOL
Isn't he the guy from Elizabethtown Kentucky?.. talk about an area whose needle is sensative to economic movement!!!!
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ritabradley01
3158 Posts |
Posted - 09/08/2008 : 07:02:17 AM
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A little positive thinking doesn't hurt though guys. Things are tough but they aren't going to get better by worrying ourselves sick.
This would be a good time to diversify, if you haven't already. It's probably the secret to Darkstar's success. |
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CoolMtgGuy
3661 Posts |
Posted - 09/08/2008 : 07:04:56 AM
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You are absolutel right but it is ver lame to call anyone who does not agree a loser. Only true losers do that.
quote:
Originally posted by ritabradley01
A little positive thinking doesn't hurt though guys. Things are tough but they aren't going to get better by worrying ourselves sick.
This would be a good time to diversify, if you haven't already. It's probably the secret to Darkstar's success.
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david_32767
282 Posts |
Posted - 09/08/2008 : 07:09:48 AM
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quote:
Originally posted by ritabradley01
A little positive thinking doesn't hurt though guys. Things are tough but they aren't going to get better by worrying ourselves sick.
This would be a good time to diversify, if you haven't already. It's probably the secret to Darkstar's success.
Ok, I get THE POSITIVE THINKING. I really do. And your right, a negative attitude breeds the same.
My point is that all the positive attitude. although good, didn't help the people stuck in New Orleans to survive Katrina. THAT'S my point.
This is a financial hurricane. You cannot survive on positive attitude alone.
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homebroker@sbcgl
3435 Posts |
Posted - 09/08/2008 : 07:11:16 AM
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Out of all due respect, every loan originator has been affected at this point. Take a normal 20 borrowers applications, because of the strickter guidelines tell me you have not yet run into one loan that would have been funded last year that you could no longer originate. We have all run into that, each turn down is a one less loan we would have had in the past leading to a lower percetage of closings. Some may work harder to make up for this, either way their is an effect to everyone in this market.
I actualy list REO properties, the the market is great for REO's and getting better, but my wife originates loans and fundings are down, and she originate FHA. The fall out rate on REO is terrible about 60% of escrow fall out, but we re-sell them right away. The lenders choose the buyers, typically the buyer with the highest offer, but not always the strongest buyer.
Bottom line, every loan originator has been affected at this point, even someone that worked with only A+ clients, even the programs have changed for them, investors require larger down payments they may not be willing to fork out.
quote:
Originally posted by darkstar
>>>>The USA is imploding, news of Wamu changing CEO, Fannie, Freddie, the unemplyment rate and foreclosures at 9%, wow it is really getting worse and worse and worse!
Sorry to hear that, still doing great in this part of the country...It is what it is, work with it or whine...Taking them over is a positive move...
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shoe
148 Posts |
Posted - 09/08/2008 : 07:14:32 AM
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| We all better get used to "the new normal" because this is starting to look a lot like the beginning of it. |
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darkstar
18092 Posts |
Posted - 09/08/2008 : 07:14:45 AM
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>>>Out of all due respect, every loan originator has been affected at this point. Take a normal 20 borrowers applications, because of the strickter guidelines tell me you have not yet run into one loan that would have been funded last year that you could no longer originate. We have all run into that, each turn down is a one less loan we would have had in the past leading to a lower percetage of closings. Some may work harder to make up for this, either way their is an effect to everyone in this market.
Of course, we are all effected the same, just means you have to work harder, it's far from Mission Impossible or rocket science still... |
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Drigotas
601 Posts |
Posted - 09/08/2008 : 07:24:23 AM
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quote:
Originally posted by Scrooge McDuck
never in a million years did i think i would see fannie and freddie on the implode list. i know their books are more cooked then my dinner, but i always just figured the lie would just go on and on forever.
wow
so, will the spread improve tomorrow or what? MBSs have to be better then treasuries now, wouldnt you think?
Their inclusion does certainly require more attention than Concorde Acceptance or NovaStar. It has me at somewhat of a loss for words. |
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ritabradley01
3158 Posts |
Posted - 09/08/2008 : 07:26:11 AM
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quote:
Originally posted by david_32767
quote:
Originally posted by ritabradley01
A little positive thinking doesn't hurt though guys. Things are tough but they aren't going to get better by worrying ourselves sick.
This would be a good time to diversify, if you haven't already. It's probably the secret to Darkstar's success.
Ok, I get THE POSITIVE THINKING. I really do. And your right, a negative attitude breeds the same.
My point is that all the positive attitude. although good, didn't help the people stuck in New Orleans to survive Katrina. THAT'S my point.
This is a financial hurricane. You cannot survive on positive attitude alone.
I know. If you read my post again, you'll notice I mentioned having a positive attitude AND diversifying.
A positive attitude makes the mind more clear, to think of solutions. |
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david_32767
282 Posts |
Posted - 09/08/2008 : 07:38:26 AM
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quote:
Originally posted by ritabradley01
quote:
Originally posted by david_32767
quote:
Originally posted by ritabradley01
A little positive thinking doesn't hurt though guys. Things are tough but they aren't going to get better by worrying ourselves sick.
This would be a good time to diversify, if you haven't already. It's probably the secret to Darkstar's success.
Ok, I get THE POSITIVE THINKING. I really do. And your right, a negative attitude breeds the same.
My point is that all the positive attitude. although good, didn't help the people stuck in New Orleans to survive Katrina. THAT'S my point.
This is a financial hurricane. You cannot survive on positive attitude alone.
I know. If you read my post again, you'll notice I mentioned having a positive attitude AND diversifying.
A positive attitude makes the mind more clear, to think of solutions.
I read it, Ignored it. Had me stumped actually. Diversify as in WHAT? Easier said then done. Do you mean become a greeter at WalMart. Economy isn't all that condusive to just diversify like its no big deal, no brainer and a layup.
Actually reminds me when they close a factory and they have these government sponsored retraining programs in far flung fields way out of some of these workers skill sets like welding and they tell these 50 and 60 year olds hey no problem plenty of welding jobs in your little town when you are done.
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ritabradley01
3158 Posts |
Posted - 09/08/2008 : 07:56:09 AM
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quote:
Originally posted by david_32767
quote:
Originally posted by ritabradley01
quote:
Originally posted by david_32767
quote:
Originally posted by ritabradley01
A little positive thinking doesn't hurt though guys. Things are tough but they aren't going to get better by worrying ourselves sick.
This would be a good time to diversify, if you haven't already. It's probably the secret to Darkstar's success.
Ok, I get THE POSITIVE THINKING. I really do. And your right, a negative attitude breeds the same.
My point is that all the positive attitude. although good, didn't help the people stuck in New Orleans to survive Katrina. THAT'S my point.
This is a financial hurricane. You cannot survive on positive attitude alone.
I know. If you read my post again, you'll notice I mentioned having a positive attitude AND diversifying.
A positive attitude makes the mind more clear, to think of solutions.
I read it, Ignored it. Had me stumped actually. Diversify as in WHAT? Easier said then done. Do you mean become a greeter at WalMart. Economy isn't all that condusive to just diversify like its no big deal, no brainer and a layup.
Actually reminds me when they close a factory and they have these government sponsored retraining programs in far flung fields way out of some of these workers skill sets like welding and they tell these 50 and 60 year olds hey no problem plenty of welding jobs in your little town when you are done.
Yes diversifying takes thought and action. Sorry I can't offer you any easy money. |
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Scrooge McDuck
8753 Posts |
Posted - 09/08/2008 : 08:00:55 AM
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why does everyone focus on Darkstar and his positive additude? its hardly worth commenting on if you dont agree with it.
and anyone who takes issue with Rita's notion that diversifying wont work has even bigger problems. look at her footer, she has the right idea.
if you need more then that, i suggest you look at your bottom line, figure out to make due with less, and get back to work. |
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Tsnyder
8256 Posts |
Posted - 09/08/2008 : 08:23:15 AM
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Criticizing D-Star misses the point. I've been called
a cheerleader on this forum, too. No big deal. Guilty
as charged... lol
My question for those who criticize is... so what? We all
know that the market isn't what it was... so what? What are
you going to do about it? What are you going to do to survive
in a down market?
We aren't sticking our heads in the sand... we aren't pretending
there aren't problems to be solved. We just don't let those
problems consume our thoughts.
Tsnyder |
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mpollis
44 Posts |
Posted - 09/08/2008 : 08:29:51 AM
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| What is the chance of the government turning Fannie & Freddie back over to the private sector? Here is my prediction. One year from today Fannie, Freddie, & FHA will be consolidated. We will have nothing to offer but the new and "improved" FHA programs. When was the last time the government downsized? It is laughable for them to say this is a temporary takeover. |
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mudshark
3831 Posts |
Posted - 09/08/2008 : 08:40:58 AM
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| This is the scary part. Outside of hard money, the rest of mortgage origination is Government backed. Not good. |
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Tsnyder
8256 Posts |
Posted - 09/08/2008 : 09:08:30 AM
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quote:
Originally posted by mudshark
This is the scary part. Outside of hard money, the rest of mortgage origination is Government backed. Not good.
Which takes us full circle to a previous post... government backed
means taxpayer backed. We're all investors now!
Tsnyder |
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darkstar
18092 Posts |
Posted - 09/08/2008 : 09:10:11 AM
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quote:
Originally posted by Tsnyder
quote:
Originally posted by mudshark
This is the scary part. Outside of hard money, the rest of mortgage origination is Government backed. Not good.
Which takes us full circle to a previous post... government backed
means taxpayer backed. We're all investors now!
Tsnyder
If that's the case, I WANT TO SELL! |
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ML
3006 Posts |
Posted - 09/08/2008 : 09:16:38 AM
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quote:
Originally posted by Tsnyder
Criticizing D-Star misses the point. I've been called
a cheerleader on this forum, too. No big deal. Guilty
as charged... lol
My question for those who criticize is... so what? We all
know that the market isn't what it was... so what? What are
you going to do about it? What are you going to do to survive
in a down market?
We aren't sticking our heads in the sand... we aren't pretending
there aren't problems to be solved. We just don't let those
problems consume our thoughts.
Tsnyder
You've been called a cheerleader due to your passion for womens panties, short skirts, bobbi socks and saddle shoes, but hey, who am I to criticize? 
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Tsnyder
8256 Posts |
Posted - 09/08/2008 : 09:29:24 AM
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quote:
Originally posted by ML
quote:
Originally posted by Tsnyder
Criticizing D-Star misses the point. I've been called
a cheerleader on this forum, too. No big deal. Guilty
as charged... lol
My question for those who criticize is... so what? We all
know that the market isn't what it was... so what? What are
you going to do about it? What are you going to do to survive
in a down market?
We aren't sticking our heads in the sand... we aren't pretending
there aren't problems to be solved. We just don't let those
problems consume our thoughts.
Tsnyder
You've been called a cheerleader due to your passion for womens panties, short skirts, bobbi socks and saddle shoes, but hey, who am I to criticize?
"Not that there's anything wrong with that."
LOL
Tsnyder |
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rdbolden17
76 Posts |
Posted - 09/08/2008 : 09:37:32 AM
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quote:
Originally posted by ebaron
last year when the subprime and alt-a market were imploding, when my rep called (usually to deliver news of another program gone), I asked him what the good news was today. He jokingly replied "well, Fannie and Freddie are still around." We both had a great laugh. Very foretelling though.
thanx for that quote "when banks compete people lie that is very funny
hmmmm well yes freddie and fannie are as cooked up as the federal reserve i honestly dont think anyone knows what going on ...it all base on guessing and false prediction ... otherwise we would keep going int his circle and honestly if fred and fan were to go away well, we would have to restart the entire system cause the world wide econmy would take a hit to great to buy back |
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Managing Prime
2801 Posts |
Posted - 09/08/2008 : 09:42:12 AM
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quote:
Originally posted by Tsnyder
My question for those who criticize is... so what? We all
know that the market isn't what it was... so what? What are
you going to do about it? What are you going to do to survive
in a down market?
Exactly. Reality is here is that it take about 20 apps to get a funded loan. Sooo...we amp up the marketing. |
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