Sunday, December 24, 2006

Mortgage Brokers Christmas Poem?

From Brokers Outpost comes tonight's Christmas poem:

T'was the night before Christmas and all through the house, the family was moving, the M.B. was a louse.

He put them in an Option ARM with care, with visions of YSP dancing through his greasy hair.

The rate went up and the family knew, the old M.B. gave them the screw.

The foreclosure note was hung with great care and they soon knew the sheriff would be there.

The called the office and sent some mail only to find out the M.B. was in jail.

They quickly found out the office was closed, something about the way clients were hosed.

They whined and they cried and said they got screwed all because the disclosures where skewed.

They heard a fast car drive out of site with the A.E. screaming "piss on you all I've had a hell of a night".

Sounds like a stand up profession to me.


Anonymous said...

Are you sure it's as bad as you think?

In the last 25 years, the least people spent on their mortgage was about 8% of their gross income. It's now 11%. While this is certainly higher, it doesn't seem enough to break the bank for most.


Bakersfield Bubble said...

In 1997 in Bakersfield the Median HH Income to Median price was 2.50 times or so. Today that number is 8.0 times or so.

Wages are not high enough to justify prices.

Bakersfield Bubble said...

Also, "as bad as I think". Outside of out of control housing I think the economy is ok. However if you are a member of the REIC you are pretty much screwed.

Bakersfield Bubble said...

Please use a name anon (so I can keep track).

Bakersfield Bubble said...

Finally, in Bakersfield (per the Crabtree reports I have seen) average purchaser in today's market is using 49% of their income to service a mortgage - clearly this can not continue for much longer...

Bakersfield Bubble said...

Let me give you an example -

There is a home in Seven Oaks that was purcahsed 3/2006 for $995,000. This home was purchased by a flipper,er... flopper and just foreclosed on my a major lender.

Per the realtor handling this foreclosure I could make an acceptable offer at $700k.

Looks like a lot of neighbors will not like this comp?? However, I am going to pass as per him "this lender has several more high end properties coming down the pipeline"

Kookminatti said...

Not even God cares about Bakingfield. Anyone living there gets what they deserve. Let them all die, rot, dry up and blow away.

Anonymous said...

Thanks for the contribution?

smoggiebakersfield said...

Debt to income ratio @ near 50% for the proud new homedebtor is bad..very bad.

Ya got to love bakersfield with all our high paying jobs, Target is hiring now!

Housing Wizard said...

Bakersfield use to be a low price housing market and it should of stayed that way .

Can't wait to see what happens with all that new high-end market that builders were starting in Bakersfield .