Reader comments: S.L. County home sales went down in July
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Relax Don't Do It | 1:03 a.m. Aug. 26, 2008
Theres plenty of time to buy a house, particularly in Utah. When prices do bottom, which is a long way off, they are not then going to go right back up. They are going to bounce on the bottom for several years. The money situation for financing houses has fundamentally changed. It will take awhile for all the in denial sellers to accept the new reality.
41Cadillac | 7:07 a.m. Aug. 26, 2008
The buyer was told by the agent and told by the newspaper shills he must buy because prices always go up.
The agent wanted his money so he listed the price at the sellers request.
The appraiser wanted his money so he appraised at the sellers price.
The mortgage broker wanted his commission fee so he processed the loan even it the seller could not make the payments beyond to the ARM adjusted interst rate payment.
The buyer put no money down.
The bank took the loan because the CEO wanted his money and after all the Broker Ok'ed the loan so it must be a good loan.
The loan was bundled with other loans and sold to Freddie Mac or Fannie Mae. Loan sold all over the world.
Fredie Mac Stock Prices Nov '07 $61 Aug 25, 08 $3.29.
Fannie Mae Stock Prices Nov '07 $63 Aug 25, 08 $5.19.
Alan Greenspan kept money cheep for years.
Regulators looked the other way.
Now the process is reversing. In SLC it will take years of grinding down home prices. But it will happen.
Those who save their moneys will pick up a bargain.
So. Be. It.
The agent wanted his money so he listed the price at the sellers request.
The appraiser wanted his money so he appraised at the sellers price.
The mortgage broker wanted his commission fee so he processed the loan even it the seller could not make the payments beyond to the ARM adjusted interst rate payment.
The buyer put no money down.
The bank took the loan because the CEO wanted his money and after all the Broker Ok'ed the loan so it must be a good loan.
The loan was bundled with other loans and sold to Freddie Mac or Fannie Mae. Loan sold all over the world.
Fredie Mac Stock Prices Nov '07 $61 Aug 25, 08 $3.29.
Fannie Mae Stock Prices Nov '07 $63 Aug 25, 08 $5.19.
Alan Greenspan kept money cheep for years.
Regulators looked the other way.
Now the process is reversing. In SLC it will take years of grinding down home prices. But it will happen.
Those who save their moneys will pick up a bargain.
So. Be. It.
41Cadillac | 7:21 a.m. Aug. 26, 2008
Anonymous writes:
A United Arab Emirates bank said on Tuesday it expected other Gulf Arab investors to back a lawsuit it has filed against major U.S. financial institutions over a fund that collapsed in the U.S. credit crisis.
Abu Dhabi Commercial Bank ADCB.AD, which is majority owned by the Abu Dhabi government, filed a suit against Morgan Stanley, the Bank of New York Mellon Corp, and ratings agencies Moody's and S&P on Monday, accusing them of fraud, the lawsuit showed.
The lawsuit filed in U.S. district court in Manhattan said a complex deal known as the Cheyne Structured Investment Vehicle (SIV) was marketed by the defendants as highly rated and reliable, but that they had hidden the risks.
A United Arab Emirates bank said on Tuesday it expected other Gulf Arab investors to back a lawsuit it has filed against major U.S. financial institutions over a fund that collapsed in the U.S. credit crisis.
Abu Dhabi Commercial Bank ADCB.AD, which is majority owned by the Abu Dhabi government, filed a suit against Morgan Stanley, the Bank of New York Mellon Corp, and ratings agencies Moody's and S&P on Monday, accusing them of fraud, the lawsuit showed.
The lawsuit filed in U.S. district court in Manhattan said a complex deal known as the Cheyne Structured Investment Vehicle (SIV) was marketed by the defendants as highly rated and reliable, but that they had hidden the risks.
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