Nuckin's on vacation

[Nuckin]

Hello guys and gals!!! Well I am sure you all have heard the news about the mortgage industry right now, so I am taking a week sabatical!! Time for a little rest and relaxation!! I am heading down to Gator's neck of the woods (florida) from tomorrow until thursday. See you guys and gals in a few days!!

Here's where I am heading..

<---Nuckin's Vacation--->

[mujo]

Sounds great, have fun bro!

ps..whats up with the mortgage industry? I don't watch the news much

[M's]

Nice place to go for a vacation. Or did uyiu get married and not tell any of us.

[l3eeron]

Sweeeeeeeeeeeeet

but wait a second... arent you always on vacation?!

j/k

that resort looks nice, maybe too nice. You might not come back!


Have fun and be safe, wear clean underwear

[regis]

[quote="l3eeron";p="36783"]arent you always on vacation?!
[/quote]
My thoughts exactly

Have fun bro!
See you when you get back!

reeg

[Nuckin]

@ Mujo - Yeah Mujo the Mortgage business has been very volitile lately to say the least.. This will not affect you as you just got your home. The issue is with rates on the rise and about 165 billion dollars in ARM's that willl expire the first of the year... Thus their rates will increase and chances of forclosure will become likely for some.. There has been a severe credit crisis which has led most lenders to tighten up and have what we call a "knee jerk" reaction. More stringent guidelines and higher fico scores required to get loans.

Here is an article on countrywide. They announced their bonds are right above junk 2 days ago which is a major concern.. Here si the latest on them..
<--Countrywide Article-->

If Countrywide is having trouble you can just imagine the small people..

Many lenders are going out of business due to the credit crisis. A major problem was that many lenders were taking borrowers on "Stated Income" loans whcih were originally set up for self employed borrowers who write off a great deal so it would appear their earning are less. Well, this product made its way to W-2 earners which has caused a major issue with first payment defaults, forclosures and so forth due to staing the income of these borrowers greater than they actually make.. Still with me? So basically with all this being said the major banks ( Credit Suisse, USB etc.) pulled out of backing and allowing mortgage companies to be banking loans that were backed by the big boys since the credit crunch, in turn making many have to shut their doors due to not being able to fund loans.. Luckily I still have a job though!!
(shoot me a pm if you want to hear more in depth )

@ Mlite - Not yet!!

@ Beeron -

[regis]

WOW, Nuckin...
I think you just got ANYONE who read that confused...








You need to get out more... not just to Hooters

[Nuckin]

Haha Reegy, yeah I eat breath and sleep the mortgage business as you know...

Come on 24 hours FTW!!!


Breaking NEWS!!! Fed is stepping in FIANLLY!! To help the credit crunch. Cut the discount rate. This is mearly a band aid to the wound that is open but hey we will take anything right now..


<---Rate Cut Article-->

[mujo]

@ nuckin...yeah, i'm confusled, but its ok

@ reegis you're my hero

@ mujo @ is a nifty item

[kate78]

so if I understand correctly, Nuckin, pretty soon there'll be a lot of foreclosure properties up for grabs??

I'm just asking since I think investing in property is very smart...

[Nuckin]

[quote="kate78";p="36824"]so if I understand correctly, Nuckin, pretty soon there'll be a lot of foreclosure properties up for grabs??

I'm just asking since I think investing in property is very smart...[/quote]

There is a bunch of forclosed homes already available Kate. In Vegas 40% of the real estate on the market is unoccupied..

I am not saying definitively there will be, but it is being forcasted for homes to be forclosed upon when the ARM's reset at the end of the year if rates do not come down by that time. However since Bernake (The Fed) cut the discount rate this morning this puts a band aid on the wound and hopefully he will cut the Fed Funds Rate which will help the most!!

[The Tiju]

i say we buy a ville mansion, and we can all stay at it periodically!!!!

but have fun nuckin, dont wear the green thong in public tho....

[sgt stutter]

Enjoy your vacation Nuckin. : )

[Zman]

Happy vacation Nuckin Ill miss blaming you for everything but dont worry Ill find some one else

[regis]

[quote="The Tiju";p="36861"]
i say we buy a ville mansion, and we can all stay at it periodically!!!!

but have fun nuckin, dont wear the green thong in public tho....
[/quote]
Tiju, That's called a Time-Share