tag:blogger.com,1999:blog-154975772026-03-26T04:06:35.164-07:00Another FB is a mortgage 'insiders' view on the lending industry, the housing bubble, and the loose credit standards that drove it all. This site is dedicated to educating people on how to make good financial decisions and not become another F@CKED Borrower (FB)!! Many of these bwrs had NO business getting a loan...but lax underwriting standards, low rates, stated income, interest only loans, option-ARMs, neg-am's, no-doc loans, and more, made this froth/bubble possible.SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.comBlogger130125tag:blogger.com,1999:blog-15497577.post-67466030441355584312009-03-31T09:27:00.001-07:002009-03-31T09:27:43.061-07:00

So much nonsense going on in this country, where to start?!?!?I will keep it simple for now, and I just want to put this article out there for all the 'experts' and real estate geniuses of a few years back. Seems your 'level out' and 'soft landing' theories didn't pan out so well.Read this: Home Prices in 20 US Cities fell by a record 19%I have been hustling getting a new business up and

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com53tag:blogger.com,1999:blog-15497577.post-58871500343062979282009-02-18T11:42:00.000-08:002009-02-18T11:47:49.077-08:00

I want to apologize to all the readers that read this blog and decided NOT to purchase a house. Had I know we could have bought houses that we couldn't afford, at rates that we 'knew' were going to adjust higher, AND that the guvment was going to come in and 'save' us, I would have said go ahead and buy. Seriously, why be responsible anymore?Who knew that the nanny state was going to step in and

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com23tag:blogger.com,1999:blog-15497577.post-47799393266860012862009-02-13T16:09:00.000-08:002009-02-13T16:11:47.238-08:00

I don't know what to say. I am really and truly at a loss. They said they would give 'the people' 48 hours to see the final bill before they voted on it. The 1100 page bill wasn't even complete barely 12 hours before they voted to approve it. If you think this country is in a mess because a bunch of people didn't read their mortgage documents, wait until you see the fallout from our politicians

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com3tag:blogger.com,1999:blog-15497577.post-7759242874425576862009-02-04T15:23:00.001-08:002009-02-04T15:24:56.638-08:00

It's been a while since I last posted. I got it. There have been lots of things on my mind, but I have just been watching and waiting as there is a TON of information to digest. Not to mention I have been working on making a buck so I don't have to be a remora and suck off the guvment which seems to be the 'popular' way to go these days. The straw that broke the camels back has to be this

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com13tag:blogger.com,1999:blog-15497577.post-74442301166915097152008-12-09T21:49:00.001-08:002008-12-09T21:49:55.452-08:00

I don't have time for a long post, but I received this 'ad' in my e-mail inbox today, and thought it was entertaining and appropriate to share. This bailout for the 'big 3' is just ridiculous. I know it won't be pretty if they have to close some plants, layoff lots of workers, and do a complete bankruptcy restructuring. BUT I am not convinced it would be catastrophic and throw the economy into

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com11tag:blogger.com,1999:blog-15497577.post-5012918564868591652008-11-24T00:49:00.000-08:002008-11-25T16:10:23.209-08:00

I know this is a few days late, but I wanted to get a few quick thoughts out on the automaker testimony. I know it has been a while, but I have been trying to decide where to take this blog next. Even though it began as a blog that talked specifically about mortgages and real estate, I think I am going to start talking about all things business and finance related. I enjoy doing the blog, and

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com10tag:blogger.com,1999:blog-15497577.post-51083768819049650742008-10-07T17:13:00.000-07:002008-10-07T17:35:06.331-07:00

I am working on some new material, but I have been out of town for the past week for work. That said, I found this post that I wrote on December 9th, 2005. I think it is ’somewhat’ related to what is going on now…but I will let YOU be the judge of that. Here is the link to the ‘original’ time I posted this article. There are some good comments to read through as well. ORIGINAL ‘Jenga’

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com62tag:blogger.com,1999:blog-15497577.post-2689221549523800752008-07-29T23:24:00.000-07:002008-07-29T23:25:21.780-07:00

Getting a 'free' $450,000 construction job, a paid off mortgage, and $250,000 in cash and scholarship money just wasn't enough for one Extreme Home Makeover family who is getting foreclosed on 3 years after receiving their new home. How are they getting foreclosed on you ask? Well apparently getting a new home with no mortgage wasn't enough. After blowing the $250k that was raised to help them,

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com6tag:blogger.com,1999:blog-15497577.post-46166321687291000202008-07-16T18:43:00.000-07:002008-07-16T18:45:11.076-07:00

It is no secret that all the real estate experts were correct, we are experiencing our soft landing. This soft landing is merely weeding out the small and weak companies such as Indy Mac, and possibly 2 even smaller companies that only the most astute financial analyst has probably heard of: Fannie and Freddie. I don't have time to rehash all that has happened, but I want to ask some questions,

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com6tag:blogger.com,1999:blog-15497577.post-80437681989427553122008-07-08T00:00:00.000-07:002008-07-08T00:01:53.391-07:00

Remember when that is all you would hear from Real Estate professionals, mortgage brokers, the MEDIA, etc. Well, I guess it wasn't true. I know I haven't posted here in a while. I have been very busy, and on the road for well over half the time since my last post. I started a business with a classmate of mine from the Naval Academy. We bootstrapped the whole thing and took out zero loans. It has

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com4tag:blogger.com,1999:blog-15497577.post-55561049441052811112008-03-18T00:37:00.000-07:002008-03-18T09:07:22.100-07:00

Yes, I know, it has been way too long. But at least we are starting to see some signs that we were in a real estate bubble...right?!?!? I guess when major a major Wall Street investment firm gets bought for $2 a share, something bad happened. But more on that later... I don't even know where to start right now. So many 'experts' said so much 'crap' during those booming 5-8 years (depending on

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com6tag:blogger.com,1999:blog-15497577.post-44875798962480466052008-01-18T01:01:00.001-08:002008-01-18T01:01:43.208-08:00

Wow, what interesting times we are in right now! American's largest lender Countrywide was teetering on the brink of bankruptcy. American Express has to write off a measly 480 million that borrowers didn't/couldn't pay. Citibank and Merrill Lynch are having some pretty large write downs. I mean, what is a few Billion here and there. What I find EXTREMELY interesting is this sentence regarding the

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com6tag:blogger.com,1999:blog-15497577.post-10119769503246654232007-12-26T13:11:00.000-08:002007-12-26T13:12:09.300-08:00

I hope everybody had a Merry Christmas and is looking forward to fun New Year’s celebrations with friends and family. For those of you that have been reading this blog since 2005, you know that my feelings regarding housing and the economy were not very positive as a whole. You cannot have hundreds of billions of dollars lent out to people that have no ability or inclination to make their ‘

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com2tag:blogger.com,1999:blog-15497577.post-71707602879277796972007-12-26T13:10:00.000-08:002007-12-26T13:11:17.304-08:00

I don’t have time for a long post right now, but I will expound on this later. Today marks the day that America goes bankrupt in more things than just it’s finances. We are bankrupt in personal responsibility, integrity, risk assessment, and admitting our mistakes. But look at the bright side…I have found the ‘next BUBBLE’ that exists in pandering, blaming others, and crying to politicians

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com0tag:blogger.com,1999:blog-15497577.post-51210802913768376682007-11-07T22:52:00.000-08:002007-11-07T22:53:07.927-08:00

I have been out of town for a rather large portion of the past 6 weeks. I have traveled all over the country and to our neighbors in Canada. I will say that it sucks to go to Canada and see ".90" taped to cash registers so 'we' would know that the US Dollar was only worth 90 cents to them. I don't have time for a long post, and honestly I don't know what else I can say that I haven't already. I

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com3tag:blogger.com,1999:blog-15497577.post-21270602007693536372007-09-19T02:13:00.000-07:002007-09-19T02:14:03.412-07:00

I don't have time for a long post right now, but I wanted to get my quick thoughts on the 50 basis point rate cut. Sadly, this will only make things worse in the long run. Unless the median income reaches into the 6-figure range over the next 1-3 quarters, this 50bp rate cut isn't going to save the housing market. It will be nice for some businesses and aspects of Wall Street, but remember that

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com5tag:blogger.com,1999:blog-15497577.post-62410495312517072092007-08-31T10:44:00.000-07:002008-12-09T12:07:33.872-08:00

I am so MAD you don't even know!!!!!!! I don't even know where to start. I will just make some bullet points and talk about them. I just want to get this post up quickly as I need to go make some money....not for myself, but for our new 'populist' society that is more focused on pandering to the group, than protecting the individual.As you probably know, President Bush spoke this morning on the '

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com11tag:blogger.com,1999:blog-15497577.post-31835177272066327842007-08-22T22:08:00.000-07:002007-08-22T22:12:34.661-07:00

I told you it was only a matter of time until the politicians started talking BAILOUT for people that bit off more than they could chew. They can't have it both ways (or can they). They can't have 70% 'home ownership' (more like home mortgageship) on one hand, and then use taxpayer money to say that nobody loses a house on the other. The thing is, 70% of the population probably shouldn't be

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com12tag:blogger.com,1999:blog-15497577.post-621861845130539852007-08-09T23:05:00.001-07:002007-08-09T23:05:58.040-07:00

First off, thanks to those people that keep commenting and e-mailing me their support even in periods of less than frequent postings. I know it seems like a lot is happening, and it is, but now that everybody (including people hand-writing fortune cookies in China...which just happen to be holding a couple hundred billion of our mortgage debt) now knows that there were some 'risk assessment'

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com3tag:blogger.com,1999:blog-15497577.post-15443217537336164622007-08-07T10:17:00.000-07:002007-08-07T10:18:21.212-07:00

Well, well, well…I hate to say “I told you so”, but imagine my surprise (or lack thereof) one morning last week when I saw the following headlines on the Drudgereport. COUNTRYWIDE: Rise in mortgage defaults among most creditworthy borrowers… California defaults hit 10-year high… Wisconsin foreclosures up 23%… MOODY’S: Housing difficulties cause for concern but no systemic threat… The one

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com2tag:blogger.com,1999:blog-15497577.post-47182669969655918602007-06-29T14:24:00.000-07:002007-06-29T14:25:02.175-07:00

I know I haven't posted much lately...hasn't been much to say. Sure, I could analyze the way things are falling out, but a million other people are doing that. I gave my input as to what I thought was going to happen, and for the most part, things are progressing as I said it would. That said, I have been busy lately starting a new company. When I have been working, I have a little

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com3tag:blogger.com,1999:blog-15497577.post-48460780930409787852007-05-14T21:51:00.000-07:002007-05-14T21:52:25.651-07:00

Yes, I know....it has been quite a while since the last post.I apologize. I have been out of town quite a bit, and I have been working on starting a new company.That said, this thing is going to take YEARS to pan out. I could write commentary everyday about what is going on, but I have other things occupying my time. Unfortunately, this blog doesn't 'pay the bills' for me. I enjoy doing it,

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com3tag:blogger.com,1999:blog-15497577.post-33733052763848969432007-03-27T12:06:00.000-07:002007-03-27T12:07:12.288-07:00

I know many of you are waiting for the next dose of subprime mortgage madness...don't worry...it is coming. I have been out of town quite a bit lately, and I am going to be gone a bit more. Don't worry though, you aren't going to miss anything as this mess is going to take years to pan out. This post should hold you over for a little while until I can get the next big post up. That said, I

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com3tag:blogger.com,1999:blog-15497577.post-30766677485634219752007-03-11T22:38:00.000-07:002007-03-11T22:43:34.182-07:00

Over the next week or so, I am going to show you...literally, why the subprime mortgage industry is imploding. I have known this was coming for a good 2+ years now. Those that have read this blog, and read my posts on Ben's blog, know that I have been saying these things for a long time. NOW, I am going to show you rate sheets and loan programs from various lenders. Some have already gone under,

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com8tag:blogger.com,1999:blog-15497577.post-7027292095375312232007-03-08T12:57:00.000-08:002007-03-08T12:58:04.207-08:00

I know, I know....it has been too long since my last post. I have been busy with other business interests yet still keeping an eye on the industry and what is going on. NOTHING that is happening should come as a surprise, especially to regular readers of this blog. I pretty much called how this was going to play out. Lets refresh and see where we are today. We have had rising inventories for

SoCalMtgGuyhttp://www.blogger.com/profile/17467248138790712902noreply@blogger.com4