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klarek -It's probably a better idea to not advise people to take advantage of some of the lowest home prices in years and the benefits available to them from the federal & state governments. It's better for the housing market to be flooded with foreclosures and for home values to continue depreciating. If programs such as CalHFA and the other state sponsored down payment assistance programs, why have they been around for so many years? Why do so many states & counties have similar programs?What is your reasoning for being on this site?Is it to offer consumers bad advice and indulge in yourself?Thanks for your time!Dave
In July of 2007 the status of the Goldman Sacs position in the mortgage market was described by Gary Cohn, the COO. They lost about $322 M on residential mortgages and made about $373M on their shorts.
As long as we include the full cast of players in this downfall I'm a little more comfortable with generic labeling. And the only thing I know about cockroaches is that they are indestructible.
The CAST: Let's see,• There was (OH, I mean is) Goldman Sacs who not only thirsted for mortgage-backed securities, but hedged the bet with shorts.• And those like WAMU and some others who are no longer in existence. These were selling the mortgages because there was a market for them in NY.• And whose personal portfolio included some of these instruments? The recreational users who didn't inhale?• And the institutional investors who weren't talking with their lenders or real estate professionals; they were relying on their investment advisors. Oops, came back to Wall Street. Why weren't these investors buying the big short?
The winner in this game is the institution that is still standing and making fists full's of green every day. I'm certain that NAR is not making $51M a day nor wielding the power that that kind of income demands.
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