Coronovirus Mortgage and Real Estate Crisis of 2020- NOT !

C

Chasegame two

Guest
From Marketwatch article today-

“The housing market will not go unscathed, as consumer confidence and a strong labor market are essential in the decision to purchase a home,” Fleming wrote. “Yet, this time, housing is a casualty of a public health crisis turned economic, not the cause of an economic crisis.”
 
C

Chasegame two

Guest
.......same Marketwatch article correctly states (imo) that the housing market was severely overbuilt back in the 2000's and during the sub-prime crisis. Today, generally speaking, it's the opposite-not enough supply and lots of demand. (Of course there are area specific exceptions, i.e. Manhattan)
 
C

Chasegame two

Guest
I cant reply in the opposing thread so I'll just bloviate here : ).
There is no way the Trump Administration will allow homes to be foreclosed upon due to the Coronovirus. Same for investor/lenders that see mortgage defaults spike. As much as I'd like to see the banks get hosed this time, it won't happen. There will, no doubt, be some fear and angst in both cases, but ultimately there will be government rescue funding. Like it or not.

The media (and some here) are practically predicting a zombie apocalypse using 'comparisons' to the financial crisis (sub prime) back in 2008. Essentially using statistics to say 'if that was then, this will soon be now'. The posting/linking here of the numerous 'doom and gloom' articles available on the internet is frankly....... lazy, and fear mongering in my opinion.
 

lmg9512

LoanSafe Member
I hope you're right. So far the loan servicers aren't giving too many options. My fear is that people will just stop paying and then find themselves in bigger trouble come July. We are Freddie backed and our loan servicer isn't following any of their Covid help guidelines. You go to Freddie's website and they have a list of things meant to help you. But you call the mortgage company and the only thing being offered is skip 3 months then pay all 3 months in July. That is no help at all.


I cant reply in the opposing thread so I'll just bloviate here : ).
There is no way the Trump Administration will allow homes to be foreclosed upon due to the Coronovirus. Same for investor/lenders that see mortgage defaults spike. As much as I'd like to see the banks get hosed this time, it won't happen. There will, no doubt, be some fear and angst in both cases, but ultimately there will be government rescue funding. Like it or not.

The media (and some here) are practically predicting a zombie apocalypse using 'comparisons' to the financial crisis (sub prime) back in 2008. Essentially using statistics to say 'if that was then, this will soon be now'. The posting/linking here of the numerous 'doom and gloom' articles available on the internet is frankly....... lazy, and fear mongering in my opinion.
 
C

Chasegame two

Guest
I hope you're right. So far the loan servicers aren't giving too many options. My fear is that people will just stop paying and then find themselves in bigger trouble come July. We are Freddie backed and our loan servicer isn't following any of their Covid help guidelines. You go to Freddie's website and they have a list of things meant to help you. But you call the mortgage company and the only thing being offered is skip 3 months then pay all 3 months in July. That is no help at all.
Agree. Seems like the banksters are pleading ignorance or feigning 'help' at this point. I read this morning that Wells Fargo basically said 'we ain't playing' because of some government imposed loan cap they received, due to their nefarious behavior of late.

I'm no pollyanna here- and am trying not to be redundant-but the facts and circumstances are just different this time. (I'm a business guy and investor since 1981).

Speaking of facts- the Official IMHE Model on Coronovirus, used and promoted by the CDC, just yesterday cut their numbers by about 50% as new data is obtained. Great news and many, including me believe more reductions are forthcoming.
 

NewbieFed

LoanSafe Member
Oy vey. With all due respect, I hope this type of 'lawyer speak' doesn't influence decisions that Mom and Pop may make on paying their mortgages.

It may be stimulating for lawyers to debate 'force majeure' or whatever majeure, with each other, but I doubt Mom and Pop will appreciate lawyers doing it in court on Mom and Pops dime.
Force Majeure is a wonderful concept, but are there any REAL LIFE case law examples that set a precedent that we can follow while us shrimps take the beating while the whales battle? Who knows? If we are mandated by law to stay home and we have a job that cannot be done from home, is it our fault for that? Why can't our government force these investors to work with those that do not have Gubment backed mortgages? I don't want to default. I want to pay for this house before I croak. The way I see it, I would take a 40 or 50 year mortgage at this point so I can afford to pay it without having to kill myself or others by venturing out needlessly. IMHO I submit this. Take care all.
 

Moe Bedard

Call 619-379-8999
Staff member
Loan Safe Mortgage
Be encouraged naysayers.......
Be encouraged or are you just simply spreading false hope in order to save your ego because you feel the need to prove me wrong and are lying to people do so?
 
C

Chasegame two

Guest
Be encouraged or are you just simply spreading false hope in order to save your ego because you feel the need to prove me wrong and are lying to people do so?
Simply a difference of opinion Moe. Has nothing to do with ego....a least mine. Opposing viewpoints and being able to express them, debate them, are what make America such a wonderful country.

Having said that, this is your website and you have the ability to ban/block me if that's what you choose to do.

I like letting the facts, as I interpret them, guide my decisions and opinions. This very website provided facts for me to digest during the sub-prime crisis. There were a lot of different opinions, suggestions, results, success stories and no success stories. Reading all of them allowed me to decide for myself what I thought was best for my family.

Today, April 17 2020, there are 29 states that are in the process of 're-opening'. Each is unique. Some may have set backs. This is wonderful news based upon facts, not false hope.

Perhaps you prefer we focus on the 21 states not re-opening?
 
C

Chasegame two

Guest
Looks like many fingers are pointed, once again, at the banksters for 'prioritizing' certain business applications in the feds PPP loan/grant program. I've read there are discussions and ideas now about trying to get the banks out of the equation for the next round. Basically the banks worked harder at submitting PPP loans/grants for their biggest customers, where the banks earned larger fees, and left the Mom and Pops in the dust. No surprise , but they got called out super fast this time. Plus the multitude of big companies being shamed into returning their loan money has been gratifying.

Also interesting is the unemployment 'bonus' of $600 per week the feds are providing in addition to the normal state unemployment compensation. This is for everyone/anyone that qualifies for unemployment of even $1 per week. Many are taking home more now than when they were working which is causing, and will cause problems when their employers want to re-open and bring them back to work. Rumor is the feds will reduce the $600 per week bonus to $300 per week beginning Aug 1 and going through the end of 2020.

It is refreshing to hear those in charge at the Feds, quickly recognizing the flaws and mistakes and working to fix them. The idea was to get help out there to businesses and citizens as fast as possible and fix the mistakes later.

Compare this approach of historic federal stimulus to the sub-prime crisis of 2008. It's night and day and wouldn't most of us on this forum have killed for a fraction of the interest and compassion and consideration that's being provided now ?

Also more good news today on the drug treatment front, with yet another drug showing promising results in trials. Plus even more outstanding news is coming from two or three drug companies that are suggesting they may have a vaccine, yes, a vaccine ready as early as the Fall. Unprecedented if they deliver. One is already in production of over a million doses-its that confident. Plan is to give the vaccine first to medical workers and first responders-true heroes.

I'm no pollyanna, but I sure feel better about this worldwide, full court press as compared to the sub-prime crisis of 2008.
 
I

isisisLover

Guest
Chasegame two.. its too late. the damages are done. Plus its all talk. One way or another, history appears to be repeating. As of today, so far, DowJone and S&P's charts look like short recover before the big dive in 1930s. But again, some industries are taken advantage of the situation, but not sure for how long. Its funny how I keep reading about Good News for vaccine, but death number keeps on coming. The oil industry said they cant stop pumping oil because its hard to start up the jigs again. Putting people out of work, paying them, and feeding them at the same time is a problem. I agree with Dr. Fauci, that getting the economy back isn't like turning a switch. Plus things aren't going to be the same. There will be new norms. Even if for some mysterious reason COVID19 some how disappeared from Earth, asking people to come back to work is not easy. Ask the welfare system. They'll blame on something to not work, like COVID19 even if there is a vac for it. They'll saying the vac takes too long, and they don't want suffer or even a chance of dying.

Stop banks from foreclosing is another problem. Telling people to stay at home is a problem. How is the going to make a living? You pay them to do nothing. Now that's a big problem. Either hyper inflation or the well dries up. The real economic impact has yet to surface.
 
I

isisisLover

Guest
On the news..

"Americans are hoarding cash" <--- Where can they spend their money, in this lock-down?
"Protest for Reopening" <--- Who wants to go back to work? Who is desperate for money? Oh wait, the business owners. Same old concept... The rich stealing from the poor and the vulnerable. Can't wait to see them open their business just to see no one.
 

kraftykrab

LoanSafe Member
On the news..

"Americans are hoarding cash" <--- Where can they spend their money, in this lock-down?
"Protest for Reopening" <--- Who wants to go back to work? Who is desperate for money? Oh wait, the business owners. Same old concept... The rich stealing from the poor and the vulnerable. Can't wait to see them open their business just to see no one.
No disrespect intended, but that's just ignorant. Every single person in America either works for a business owner or works for themselves at their own business. We all are free to choose which it will be for us, but to classify business owners as "the rich stealing from the poor" is rather narrow-minded. Without those business owners, Americans have no jobs, period. And not all business owners are the same either. One of the great things about the economy is that there are more small businesses now than ever before...at least, there were prior to corona. It's those small businesses that often are the alternative to the too-big greedy businesses, both as employee and as customer. Let's not over-generalize, please. Many businesses are suffering right now, because that small business owner sank a ton of $$$ to get their dream off the ground, and are not sitting stagnant. Many won't come back after this. The business owner is the one who assumes all the risk, as compared to the employee. Employees are not buying the raw goods, paying the lease for the business property, paying the utilities, the insurance, the equipment costs, the maintenance costs, the payroll....etc etc. So before you try to lump all businesses into one basket, remember that.

Signed, a small business owner who put up tens of thousands to get my business up and running a decade ago, and who's hoping that the business comes out of this in one piece.
 
C

Chasegame two

Guest
No disrespect intended, but that's just ignorant. Every single person in America either works for a business owner or works for themselves at their own business. We all are free to choose which it will be for us, but to classify business owners as "the rich stealing from the poor" is rather narrow-minded. Without those business owners, Americans have no jobs, period. And not all business owners are the same either. One of the great things about the economy is that there are more small businesses now than ever before...at least, there were prior to corona. It's those small businesses that often are the alternative to the too-big greedy businesses, both as employee and as customer. Let's not over-generalize, please. Many businesses are suffering right now, because that small business owner sank a ton of $$$ to get their dream off the ground, and are not sitting stagnant. Many won't come back after this. The business owner is the one who assumes all the risk, as compared to the employee. Employees are not buying the raw goods, paying the lease for the business property, paying the utilities, the insurance, the equipment costs, the maintenance costs, the payroll....etc etc. So before you try to lump all businesses into one basket, remember that.

Signed, a small business owner who put up tens of thousands to get my business up and running a decade ago, and who's hoping that the business comes out of this in one piece.
Amen
 
M

Mag0g

Guest
Time for a strategic non payment of the mortgage to make sure i get my share of the government cheese..

Then I can keep the cash on hand for cash housing deals when the market implodes back to 2001 prices .....




Lets the defaults begin!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I cant reply in the opposing thread so I'll just bloviate here : ).
There is no way the Trump Administration will allow homes to be foreclosed upon due to the Coronovirus. Same for investor/lenders that see mortgage defaults spike. As much as I'd like to see the banks get hosed this time, it won't happen. There will, no doubt, be some fear and angst in both cases, but ultimately there will be government rescue funding. Like it or not.

The media (and some here) are practically predicting a zombie apocalypse using 'comparisons' to the financial crisis (sub prime) back in 2008. Essentially using statistics to say 'if that was then, this will soon be now'. The posting/linking here of the numerous 'doom and gloom' articles available on the internet is frankly....... lazy, and fear mongering in my opinion.
 
C

Chasegame two

Guest
From Skylar Olsen today, a senior principal economist at Zillow-

"Homeowners have feared another housing crash, similar to the Great Recession, when sale prices fell 30%. But today’s housing market is stronger than it was a decade ago, with high demand, stable pricing, and low interest rates. The housing market is predicted to recover faster than the rest of the economy, and prices are expected to fall only 2% to 3%, Olsen predicts.

“Remember that was an era of excess credit [and] excess inventory, so that when we went through joblessness, a lot of it came tumbling down because of foreclosures and distressed sales. Housing is so much more resilient leading into this crisis than it was before that one,” she said.

So far, the sky isn't falling.... : )
 
C

Chasegame two

Guest
As I suspected, the Feds have stepped in to prevent foreclosures by defining for the banksters how they must treat forbearance due to Covid 19.
 
C

Chasegame two

Guest
Flight to the suburbs and away from NYC. I've read that a few other areas in the U.S. are experiencing the same scenario.

'..........the Berkshires, a second-home area in western Massachusetts two hours north of Manhattan, recorded the fastest pace of sales for the first quarter in 23 years. Prices are rising, too. Real estate agent Tom Doyle says that in some cases, New York buyers are purchasing without even visiting the property and are inspecting homes using a Facetime tour.' Fox Business
 

isisis

LoanSafe Member
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wedhidran,

Hey, I took four years of Russian in school but it's way to rusty for me to know what you're saying. Pretty sure no one else here does either. If you want to interact you'll need to translate.
 

just_me

LoanSafe Member
LOL Isisis. It's an ad for selling on the dark web. No way in heck would I click on the link. I translated it one night and flagged 'em for whoever is on admin these days. I'm set to ignoring him now.
 
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