Mortgage market targeted by hedge funds

Mortgage market targeted by hedge funds

There are the skinners, and following them are the carcass users. Even bankruptcy has its profiteers!

But there are always the largest group thar looses!

They loose to 'writedowns' and 'percentage takers' called strip miners. Also known as Our Political Leaders and Our Business Leaders!

Very much needed is the Drum Party of Citizens First!

An example:

A Florida luxury home building corporation has just announced Bankruptcy.

Recently a man named ICON attempted to purchase the Corporation, failed, but still became the CEO.

Icon had offered $60+ per share to Purchase the corporation and the last stock offer was under 1 dollar.

Icon just negoiated a $50 million dollar loan to restructure the corporation under bankruptcy!

Who is gainning and how many loosers?

These are the Leaders! The Courts, the Bankers, and the very wealthy, are all doing very well, while the stripminning continues to make the majority, loosers!

The next mortgage crisis on the horizon...
:eek:
The Next Mortgage Crisis? Alt-A Borrowers See Red
Aug. 8, 2008 : Good Credit Is Not Enough for Many Alt-A Holders

]
The subprime mortgage mess has dealt a blow to families across the nation, but now a new mortgage disaster is percolating that’s striking those with good credit and good jobs — people who took out mortgages known as “Alternative A” loans. “Either I walk away or I try and make this work," said Linda Minnifield, a northern California resident who is now struggling with her Alternative A loan. Also known as “Alt A” loans, these mortgages are offered to people who fall in the middle of the spectrum of home-loan borrowers. On one end, there are subprime borrowers who have poor credit and qualify only for loans with high interest rates. On the other end, there are prime borrowers with good credit and steady income who qualify for loans with the lowest rates.

Like prime borrowers, Alt-A loans go to people with good credit. But in many cases they’ve received loans where they didn’t have to document income or assets – in other words, to show the bank that they definitely have the income to afford their payments. To compensate, banks can charge Alt-A borrowers higher interest rates than prime borrowers. But, thanks to their good credit, the borrowers still pay lower rates than their subprime counterparts. These days, however, Alt-A borrowers are defaulting faster and faster. The number of Alt-A loans in which payments are 60 days late has quadrupled from a year ago to nearly 13 percent, according to the mortgage research company LoanPerformance, a unit of First American CoreLogic.

Many homeowners in trouble have option-ARMs — adjustable-rate mortgages where the home borrower can choose usually one of four types of payments to make each month. That amount could range from the actual principle and interest due or it could be a minimum payment, often significantly less than even the interest owed. The difference between what is actually due and what the borrower pays is added to the total amount until the loan climbs to a level when the bank will no longer allow the homeowner to choose how much to pay.

More [url:
http://abcnews.go.com/Business/Economy/story?id=5541259&page=1[/url]

See also:

Economy Creates 'Upper-Class Homeless'
Aug. 8, 2008 - Poor Economy Contributing to Upper-Class Homelessness

]
Craig Miller left Florida this year with $3,000, a borrowed RV and a dream of helping people find meaning in their lives. His savings may have struck some as a considerable sum. But for a family of four on their way to California, it wasn’t even close to adequate. The family, once intent on selling the RV for the owner, now lives in it. They rise early and drive to the beach for breakfast before Miller drops off his wife at her new job and heads to the library where the kids can play and read while he tries to rebuild his business. After he picks up his wife, they head out again, sometimes back to the beach for dinner before ending at the Santa Barbara, Calif., parking lot where they sleep for the night.

“You think you have everything," Miller said, “but you can lose income tomorrow." Miller once had a four-bedroom home, complete with pool and spa, when he lived in Orlando and worked as a life coach and ran his business. He’s now part of what appears to growing number of Americans who have been forced out of their comfortable lives and into their vehicles by the continuing foreclosure crisis and slumping economy. They’re the upper-class homeless, the middle-class homeless or the new homeless, depending on whom you talk to.

Michael Stoops, executive director of the National Coalition for the Homeless, said this group of people is different from what is considered the typical image of homelessness. They are generally middle-aged, have good educations, own their own vehicles and once lived comfortable and self-sufficient lives. Sometimes they still have jobs, cell phones, laptops — just no place to crawl into bed.

“This is a way for people to cling on to a part of the life they once had," Stoops said. “And having a vehicle makes life easier." Stoops can’t say for sure how many of the upper-class homeless are living in their vehicles across the country. But his group’s April 2008 survey of state and local homeless coalitions found that 61 percent of respondents reported an increase in homelessness since the foreclosure crisis began last year.

[url=http://abcnews.go.com/Business/Economy/story?id=5534559&page=1:
Two Foreclosures in Two Months[/url]

Lifestyle problems.

waltky;95811:
The next mortgage crisis on the horizon...
:eek:
The Next Mortgage Crisis? Alt-A Borrowers See Red
Aug. 8, 2008 : Good Credit Is Not Enough for Many Alt-A Holders


See also:

Economy Creates 'Upper-Class Homeless'
Aug. 8, 2008 - Poor Economy Contributing to Upper-Class Homelessness

“You think you have everything," Miller said, “but you can lose income tomorrow." Miller once had a four-bedroom home, complete with pool and spa, when he lived in Orlando and worked as a life coach and ran his business.
And thats america in the dead dollar economy.

-LIFE COACH-and hardly a productive worker in sight But not to worry he is trying to get his business back on track!

mortgages foreclosures are running at about 8.500 a day and rising.property values are falling so its not only the subprime borrowers that are in trouble or weant to walk away.

So forget about the office he better be a car -to -car salesman there is no money in being a “Fuller brush man” or peddling vacuam cleaners door to door.
LIFESTYLE OF the lifecoach was spend on credit ?
now with inflation
He cant afford the petrol for a sunday drive and so
starbucks can not find enough customers .
As, the foreign credit supply is now in short supply and the credit card was alreadymaxed out .
so ,where will the lifestyle come from now, life coach ?
Who would want to supply credit to america when credit rates at the fed are negative,cheaper than the rate of inflation.
bonds a major form of investment in debts in
mortgages for houses as
the main store of accumalated value in the US are ALL ratshit.
So its a dead parrot dollar that no sane foreigner wants.