http://www.cbsnews.com/stories/2008/...n4666112.shtml

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(This post was made using recycled electrons).

wrote in message
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On Mon, 15 Dec 2008 15:09:22 -0500, "Eisboch" wrote:

http://www.cbsnews.com/stories/2008/...n4666112.shtml


The 3d hit will be those people who simply realize it is cheaper to
walk away from whatever equity they have now and buy another house at
the bottom.
The only thing that would stop this would be to go back to the "7 year
blacklist" for people who default on a loan but that would decrease
liquidity too.

That's one thing I never understood. How on earth do you qualify for a loan
if you just defaulted on one? All this hub-ub about checking your credit
score, and pre-qualifying for a mortgage seems futile. Sub-prime mortgages
are one thing (no income, or verification, etc), but actually defaulting on
a mortgage, and qualifying for another?? That's beyond my limited
comprehension.

--Mike

wrote in message
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On Tue, 16 Dec 2008 20:17:42 -0800, "Mike" wrote:


wrote in message
. ..
On Mon, 15 Dec 2008 15:09:22 -0500, "Eisboch" wrote:

http://www.cbsnews.com/stories/2008/...n4666112.shtml


The 3d hit will be those people who simply realize it is cheaper to
walk away from whatever equity they have now and buy another house at
the bottom.
The only thing that would stop this would be to go back to the "7 year
blacklist" for people who default on a loan but that would decrease
liquidity too.

That's one thing I never understood. How on earth do you qualify for a
loan
if you just defaulted on one? All this hub-ub about checking your credit
score, and pre-qualifying for a mortgage seems futile. Sub-prime mortgages
are one thing (no income, or verification, etc), but actually defaulting
on
a mortgage, and qualifying for another?? That's beyond my limited
comprehension.

--Mike


That was the insanity that brought us here tho.
The rule went from a 7 year blacklist (the maximum under the fair
credit reporting act) to "as soon as your bankruptcy is discharged".
They called them NINJA loans (No Income, No Job Applicant)

Always been easy to get a loan after bankruptsy. If you had a job. You can
not get out of paying the loan.