Reply #2: pay-option ARM recasts, yep [View All]

[notesdev]

The big wave of these starts in 1st-2nd quarter 2010, and doesn't stop until 2012.

What you can expect:

- Real estate prices to be crushed again
- More game-playing/market manipulation in a continued desperate attempt to keep interest rates low and minimize the fallout
- More of your money being thrown at (wasted on) underwater mortgages, leading the the absurd situation where the taxpayer has more financial interest in these homes/skin in the game than their actual owners do
- Endless media stories about the poor homeowners, who, in dew-eyed innocence, never thought twice about a $98 monthly payment on a $350k loan
- More 'solutions' by the thieves, crooks and liars who caused the problem in the first place; such 'solutions' will inevitably be ideal for said miscreants and have negligible positive impact on anyone else

etc. etc.

Someone send me the heads up when the adults finally arrive on Wall Street and in DC.