# Subprime Mortgage for Retards

**URL:** <https://forums.speedlife.net/t/subprime-mortgage-for-retards/195765>\
**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:** 1\
**Showing post:** 8

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**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")

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> [@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.

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