# Subprime Mortgage for Retards **URL:** \ **Category:** PittSpeed Off Topic\ **Created:** [February 27, 2008, 6:39am UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765 "2008-02-27T06:39:23Z")\ **Posts on this page:** 15\ **Page:** 1
**Author:** ![dyingwish](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/dyingwish/32/6041_2.png) [@dyingwish](https://forums.speedlife.net/u/dyingwish)\ **Post date:** [February 27, 2008, 6:39am UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/1 "2008-02-27T06:39:23Z")
[http://docs.google.com/TeamPresent?docid=ddp4zq7n\_0cdjsr4fn&skipauth=true&pli=1](http://docs.google.com/TeamPresent?docid=ddp4zq7n_0cdjsr4fn&skipauth=true&pli=1) ---
**Author:** ![ShalerPunk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/shalerpunk/32/5976_2.png) [@ShalerPunk](https://forums.speedlife.net/u/ShalerPunk)\ **Post date:** [February 27, 2008, 6:48am UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/2 "2008-02-27T06:48:50Z")
haha. magnificent. i sincerely hope the current shit will convince an America that has always been relatively affluent to be a little more realistic concerning credit and savings. Sadly, that’ll never happen, but I can hope. Now excuse me while I make my $434 payment on my $14000 car because I rolled $8000 negative equity into it. :doh: ---
**Author:** ![JackdUp](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jackdup/32/6015_2.png) [@JackdUp](https://forums.speedlife.net/u/JackdUp)\ **Post date:** [February 27, 2008, 10:07am UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/3 "2008-02-27T10:07:35Z")
Nice find!!! And, Americans last year had a savings rate of -1%, IIRC. Here’s the chart that supports that statement: ![http://bigpicture.typepad.com/photos/uncategorized/personal_savings_rate_2.jpg](http://bigpicture.typepad.com/photos/uncategorized/personal_savings_rate_2.jpg) And, I was wondering why, in the height of the interest rates a few years ago, I asked the lender if I was going to have my mortgage sold to someone else. He laughed (not chuckled, but laughed out loud) at me and said “No, this is what we consider to be a ‘Prime Loan’ and they definitely will not sell it”. Now with the collapse of the lending market and everyone running scared for solid investments like gold and whatnot, I really understand why he was laughing at me for even suggesting that course of action. I would be that guy who got in at towards the top of the interest rates. See that bump in 2006 up to near 7%? Yeah. ![http://www.urbandigs.com/mortgage-rates-graph-chart-nyc.jpg](http://www.urbandigs.com/mortgage-rates-graph-chart-nyc.jpg) I got it stuck to me because rates were climbing near the top of where they ended up topping out and I couldn’t strong arm them to give me a better rate without paying an ungodly amounts of points. :doh: I can’t wait for rates to drop even more to refinance. Anyone else looking to do that too if it continues dropping? ---
**Author:** ![dyingwish](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/dyingwish/32/6041_2.png) [@dyingwish](https://forums.speedlife.net/u/dyingwish)\ **Post date:** [February 27, 2008, 10:53am UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/4 "2008-02-27T10:53:56Z")
> [@What body type of girls do you like?](https://forums.speedlife.net/t/what-body-type-of-girls-do-you-like/35100/57): > > I can’t wait for rates to drop even more to refinance. Anyone else looking to do that too if it continues dropping? I’m at a fixed 5.0% now on my mortagage and I will definately be refinancing if it plummets any further ---
**Author:** ![kilmer420](https://avatars.discourse-cdn.com/v4/letter/k/d6d6ee/32.png) [@kilmer420](https://forums.speedlife.net/u/kilmer420)\ **Post date:** [February 28, 2008, 11:54am UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/5 "2008-02-28T11:54:16Z")
Hilarious!!! ---
**Author:** ![beat90tsi](https://avatars.discourse-cdn.com/v4/letter/b/43a26b/32.png) [@beat90tsi](https://forums.speedlife.net/u/beat90tsi)\ **Post date:** [February 28, 2008, 2:02pm UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/6 "2008-02-28T14:02:56Z")
> [@What body type of girls do you like?](https://forums.speedlife.net/t/what-body-type-of-girls-do-you-like/35100/57): > > I can’t wait for rates to drop even more to refinance. Anyone else looking to do that too if it continues dropping? Yes, but appraisals aren’t coming in as high as before. My dad works for a bank and has been seeing them coming in lower. Some people went from 80% LTV a few years ago, to negative equity today, no change in the principal on the loan, just a lower appraisal. I don’t know if I would mess with 5.0%, that’s pretty good. If you factor in your costs, you’d have to see a pretty insane rate to come out ahead on that one. Who knows, maybe we’ll get there in the next year or so. That savings rate chart was pretty enlightening. The main difference between then and now, is that we don’t ration anything, and consumer goods are readily available despite the incredulous war spending. With a trade deficit, a government budget deficit, and a falling dollar…I’m surprised we can still buy goods with our money. I guess we should enjoy it in case it doesn’t last. ---
**Author:** ![YoungTegger](https://avatars.discourse-cdn.com/v4/letter/y/ecccb3/32.png) [@YoungTegger](https://forums.speedlife.net/u/YoungTegger)\ **Post date:** [February 28, 2008, 2:50pm UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/7 "2008-02-28T14:50:49Z")
So true, well I might be in the market for a new job. If you search “First Franklin Loan Services” (currently owned by Merrill Lynch) you will see that today we are dropping 400-500 employees. Our delinquency is out the wazoo and its not wonder that a strong financial backer like Merrill Lynch is throwing in the towel. ---
**Author:** ![JackdUp](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jackdup/32/6015_2.png) [@JackdUp](https://forums.speedlife.net/u/JackdUp)\ **Post date:** [February 28, 2008, 7:05pm UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/8 "2008-02-28T19:05:37Z")
> [@newman's secret: so pink](https://forums.speedlife.net/t/newmans-secret-so-pink/34920/122): > > Yes, but appraisals aren’t coming in as high as before. My dad works for a bank and has been seeing them coming in lower. Some people went from 80% LTV a few years ago, to negative equity today, no change in the principal on the loan, just a lower appraisal. In Pittsburgh? I find that really hard to believe here! > [@newman's secret: so pink](https://forums.speedlife.net/t/newmans-secret-so-pink/34920/122): > > I don’t know if I would mess with 5.0%, that’s pretty good. If you factor in your costs, you’d have to see a pretty insane rate to come out ahead on that one. Who knows, maybe we’ll get there in the next year or so. I agree, 5.0 is pretty good unless you can go no points on 4.5 with no closing costs or thereabouts, correct? Unless you’re willing to go 30 to 15 years. Then you could theoretically clean up big time. > [@newman's secret: so pink](https://forums.speedlife.net/t/newmans-secret-so-pink/34920/122): > > That savings rate chart was pretty enlightening. The main difference between then and now, is that we don’t ration anything, and consumer goods are readily available despite the incredulous war spending. I’ll ditto that sentiment. > [@newman's secret: so pink](https://forums.speedlife.net/t/newmans-secret-so-pink/34920/122): > > With a trade deficit, a government budget deficit, and a falling dollar…I’m surprised we can still buy goods with our money. I guess we should enjoy it in case it doesn’t last. Foreign equity balance, even if it’s ADRs with foreign equity/currency exposure at this point. And, YoungTegger, don’t feel bad, the big blue bull (aka MER) took a giant writedown on subprime. You’re gonna feel some pain, but it will get better. ---
**Author:** ![04liquidS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/04liquids/32/6002_2.png) [@04liquidS](https://forums.speedlife.net/u/04liquidS)\ **Post date:** [February 28, 2008, 7:06pm UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/9 "2008-02-28T19:06:39Z")
> [@What body type of girls do you like?](https://forums.speedlife.net/t/what-body-type-of-girls-do-you-like/35100/57): > > I can’t wait for rates to drop even more to refinance. Anyone else looking to do that too if it continues dropping? We will likely refinance in a year or so if the rate will be much lower. We had major issues with our broker when we we’re supposed to close, so we got a much higher rate than we had expected. ---
**Author:** ![beat90tsi](https://avatars.discourse-cdn.com/v4/letter/b/43a26b/32.png) [@beat90tsi](https://forums.speedlife.net/u/beat90tsi)\ **Post date:** [February 28, 2008, 7:31pm UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/10 "2008-02-28T19:31:01Z")
> [@Roomate needed - $300/month](https://forums.speedlife.net/t/roomate-needed-300-month/35177/7): > > In Pittsburgh? I find that really hard to believe here! Yeah, our market wasn’t inflated, but the appraisers are still being more conservative so they don’t get busted on any lawsuits, plus the banks are feeling the same pressure to be risk averse. ---
**Author:** ![JackdUp](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jackdup/32/6015_2.png) [@JackdUp](https://forums.speedlife.net/u/JackdUp)\ **Post date:** [February 28, 2008, 7:33pm UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/11 "2008-02-28T19:33:10Z")
> [@iPod touch... no email wtf](https://forums.speedlife.net/t/ipod-touch-no-email-wtf/35170/12): > > We will likely refinance in a year or so if the rate will be much lower. We had major issues with our broker when we we’re supposed to close, so we got a much higher rate than we had expected. Almost sounds like you got a shell game from a shady mortgage broker. I hope that didn’t happen, I hate when I hear that happening. Either way, I hope the best for you two. Get that rate down if you can, it will only help long term. > [@Roomate needed - $300/month](https://forums.speedlife.net/t/roomate-needed-300-month/35177/8): > > Yeah, our market wasn’t inflated, but the appraisers are still being more conservative so they don’t get busted on any lawsuits, plus the banks are feeling the same pressure to be risk averse. Pittsburgh is the most stable housing market in the nation at a constant appreciation between 3-5%. You’re talking about a 20%+ (including inflation + appreciation) swing in valuation? That’s some ass covering! ---
**Author:** ![taco](https://avatars.discourse-cdn.com/v4/letter/t/ec9cab/32.png) [@taco](https://forums.speedlife.net/u/taco)\ **Post date:** [February 29, 2008, 2:41pm UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/12 "2008-02-29T14:41:52Z")
that was hilarious. It is that much better if you can imagine all the characters having the voice of strongbad ---
**Author:** ![95V8TBird](https://avatars.discourse-cdn.com/v4/letter/9/a8b319/32.png) [@95V8TBird](https://forums.speedlife.net/u/95V8TBird)\ **Post date:** [March 4, 2008, 12:34pm UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/13 "2008-03-04T12:34:04Z")
Pittsburgh is the most stable housing market in the nation at a constant appreciation between 3-5%. You’re talking about a 20%+ (including inflation + appreciation) swing in valuation? That’s some ass covering![/QUOTE] I thought Seattle was at number one, at like 6-8%… either way, we are a stable market, but I think its only a matter of time before we get hit too. I think I read somehwere that we were ranked 32nd out of the 40 largest markets for home sales, so no one is moving here. ---
**Author:** ![Sight\_N\_Sound](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/sight_n_sound/32/5950_2.png) [@Sight\_N\_Sound](https://forums.speedlife.net/u/Sight_N_Sound)\ **Post date:** [March 4, 2008, 2:23pm UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/14 "2008-03-04T14:23:39Z")
> [@newman's secret: so pink](https://forums.speedlife.net/t/newmans-secret-so-pink/34920/122): > > I don’t know if I would mess with 5.0%, that’s pretty good. If you factor in your costs, you’d have to see a pretty insane rate to come out ahead on that one. Correct ---
**Author:** ![YoungTegger](https://avatars.discourse-cdn.com/v4/letter/y/ecccb3/32.png) [@YoungTegger](https://forums.speedlife.net/u/YoungTegger)\ **Post date:** [March 5, 2008, 5:49pm UTC](https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765/15 "2008-03-05T17:49:20Z")
It’s official, my company is for sale. Merrill Lynch made it official today that Home Loan Services Inc (we service First Franklin/Nationpoint mortgages) is going to be for sale. Bye bye good benefits and AMAZING time off, shit I need a new job.