Mr Mortgage on the Pay Option ARM Implosion

[screwmeonce]

I don't believe in a good honest company that does this ...

Check out my vid ...

[myliverwurst]

i've been checking your website for a long time now for the best news and most recent implosions, it's excellent!

[curtismapman]

It's amazing how prescient this guy is. Let's hear more.

[ninyae]

Neither a lender nor a borrower be.

[Ambiepants08]

Time for a new video. Looking forward to it. I keep checking but nothing yet, have looked at your site though. Any new goodies in the works for us? Cheers.

[rotinek]

That's Enron accounting. Forward booking revenue that doesn't exist & is never coming. This is mind-blowing..

Thanks for all your hard work Mr Mortgage! Many thousands of people truly appreciate your work. Keep up the great work!! We need you

[Cherokee15676]

Hey Mr Mortgage, love your work. I'm in the UK and I would like to know why neg equity is an issue for 'home owners' here if they are not planning on taking any home equity loans out? Could it be that they may have trouble taking out a new mortgage at a reasonable rate when their fixed rate deal comes to an end? And if so, is this because the banks view them as a liability because there homes are falling in value?

[cruisemates]

Unbelievable!!!!

I have a sister in Los Angeles who is a NegAm victim from WaMu. Anyway - Guess what her name is, (I am not lying): CINA (short for Marcina). I didn't know the first thing s about these loans until she told me she has one.

[pingish]

This guy called Lehman right on the nose! You rule!

[adrock5151]

I can't believe only 6,000 people hear this info and over 300 million didn't.

No wonder they have their head in the sand!

[Benzini9]

Mark where are you buddy? I need your data for the last few months! Ha Take care!

[harley1932]

June update?

[Ambiepants08]

Mr. M - I would just like to ask what your opinion is of seller-funded down payment assistance programs (such as Nehemiah or AmeriDream) and how you feel the outcome will be if/when the House & Economic Recovery Act of 2008 is signed. (It is estimated that up to 40% of FHA loans are used in conjunction with DPA's which keep prices artificially inflated.) What are your thoughts? Thanks.

[jingleole]

Very nice info; once again, Mr Mortgage, you did it again!

[gladIwasoutofthegame]

Outstanding and accurate. This loan will prove to be a the second body slam to the housing meltdown. I was a loan officer for World, trained brokers on this loan and sold it myself retail. Values where climbing and this loan was a way to jump on the wagon. I got out of the business in 2004, and feel badly that I participated at all. I am glad that I left when did. Shame on all of us (most mortgage professionals)!

[UnityEnergy]

Just goes to show, it was a premeditated land grab. Just like it was illegal to not sell your gold to the bank some decades ago.

Gold and Land is where the real value of material wealth is. In the end, the banks own all the land, the International Bankers own all the wealth, land and gold.

And the food is owned by the big companies like MONSANTO which does not produce seed. It's like a game of monopoly winding up, but the regular people lose it all. Wake UP & small the fertiliser of their game.

[harley1932]

Mark, Please explain something to me. I don't understand the advantage of "phantom income" for the banks. Wouldn't they have to pay real taxes on income they really did not have.

Or was it like Enron, where their profits were exaggerated making their stock go way up?

[FXNorm]

Hwy Mark, you must have gotten a chuckle out of this.

Wachovia reported a 9 BILLION loss today, which was far worse then wall street expected.

The stock was up 27% today lolol...can you say stock price m-a-n-i-p-u-l-a-t-i-o-n. Market Makers have an agenda for the stock and couldn't care less about earnings. They obvoiusly were forced to purchase large amounts at the lows and now they need to raise prices sharply to suck in the public to unload all of thier junk. Works every time.

[Benzini9]

What horrible loan programs, how did we as Americans fall for this crap! Mark when are we getting June's figures?! I'm following you like a hawk to find the best time to buy..you know.. the bottom! Post the data buddy! GC in Fl

[prezmonk]

I'll tell ya why regulators weren't all over this shit, they were hogtied by the criminals and had gagballs shoved in their pieholes.

[yknaught]

As always, very well done, however , what about personal responsibility? Don't the "clients" of these mortgage bear as much responsibility as those who provided them? I appreciate the argument of "upside down" equity but isn't a car loan an example of negative equity.(car's value drops the second it's driven of the lot, worst investment on the planet) but yet purchasers stand by their agreements. Granted dollar amounts involved are likely substantial different but what about the principle.

[truthsabre7]

Mr M, with all due respect time is going to run out. The US govt is too corrupt. To expect the people that created this problem are going to fix it is a bit of a stretch.

[haole80]

why is this video no longer available and why is my balls stuck to my leg

[Ambiepants08]

WOW about the CINA info and having to do away with the phantom income. I learned something new today. Thanks, Mr. M. Gosh this would have made a great Halloween video simply for the scare factor.

[crocop60]

I've been trying to understand this loan for a month and now i finally do...thanks

[virginlampoil]

Am I correct as follows?

1) A set tangible assets (the homes) have been outrageously inflated in price.

2) Now that the true price is being realized, the US must replace the lost value with new money and this will inflate other assets.

3) If it does not replace this money directly into Fanny Mae and Freddy Mac, there will tremendous bank failures as a secondary consequence.

[bbeurl2]

I always thaught these kind of loans are very risky and can have very bad consequences in long term. Excellent video keep up the good work.

[justjacqueline2004]

This is truly horrifying,in that $1.6Trillion are only one third of Alt-A.A great country and people are being brought to their knees by greedy and incompetent bankers,who are getting away scot free.About time an example was made of this herd of Ivy Leaguers and jail time was their payy off.But of course that is only for the "little people".

[mrzack888]

Maria Bartiromo is even sexier with those photoshoped eyes popping out.

[eric89074]

Mr. Mortgage, my brother has one of these loans through indymac and it has reset from $1500 a month to $3400. He got them to drop it to $3000 but they don't want to budge any more. He and his wife can afford it but they don't want to pay that much on a home that is at best a $1000 a month (imho) home. Do you think get green credit would be able to help much?

[e8spam]

LMFAO the picture! hahaha

[MoralObserver]

Gas prices are part to blame. All comes down to what they can afford.

[pejvan]

Thanks a lot Mr Mortgage. At least a handful people are telling the truth and fighting for it.

[bbuxbaum100]

Always right on. After seeing your comments on Downey Savings on MI Implode, and their rates you posted from 7/10/08 - they discontinued that product by Monday 7/14/08. Thanks for the insight!

[EllieBellyNet]

I think my in-laws are in this situation too.

[cassandraemond]

Green Credit Solutions Rocks!!!

[Kittenkattan]

Do you think that this can be avoided?

Or are you saying that we are seeing the possible Great Depression of the 21st century though the "toxic Mortgages"?

Please let me know.

Peace.

K.K.

[morethan20]

kitten I think we both know whats going to happen with this mess, only a matter of time

[Kittenkattan]

You are right MT20. I just want to know that I am not crazy. It is nice to hear it from someone else sometimes.

Peace.

K.K.

[Khayl66]

Real eye opener. Thanks Mr Mortgage.

What on earth have the regulators been doing with their time to allow loans like the ones you describe even exist? Unbelievable.