David Saks: TRAPPED

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

TRAPPED

                                         trap                             

The trap has sprung.

When the Fed lowered the lending rate it might have signed a death sentence for the economy. For cash-strapped homeowners, they're worst nightmare could happen. They're going to refinance their mortgages at bargain rates again, thanks to the Fed's beneficence, and think that they can cut their payments in half. Low documentation and low downpayment scams are going to resurface their ugly heads for new borrowers. Those who take the bait are in for a nasty surprise. While many Americans have started to worry about falling home prices, borrowers who jumped into so-called option and hybrid ARM loans have another, more urgent problem: payments have and are about to skyrocket, and it's predicted the reset will last through as late as 2011, and onward !

Most of the pain will be borne by ordinary people, not the lenders, brokers, or financiers who created the problem.

The Fed discount, and new borrowing frenzy, could be the coup de grace to America's economy.

 




David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 4 commentsDavid Saks • March 30 2008 12:01PM

Comments

David, interesting perspective, you obvioulsy don't feel that the worst is behind us.  Have you notice different behavior from the lenders you work closely with?  I think they have already tightened up, hopefully the predatory guys are out of the picture.
Posted by Marc Baysek, Iron Horse Properties (Iron Horse Properties, LLC) over 11 years ago

Thank you, Marc.

Posted by David Saks ((retired)) about 11 years ago

very interesting view point , i allso hope that the predatory are gone or not in business , things are tight her in Cookeville , but not as bad as sept 11, thanks Patt Judd

Posted by Patt M. Judd, Realtor - Your Cookeville Connection (First Realty Company) about 11 years ago

Hello Ms.Mayor Patt,  I'm honored that you would take a moment to comment on my blog. Sadly, we live in a day and age when our country is immersed in economic catastrophe. I don't believe the government attention to the crisis will prove to be enough to ward off massive default over the next few years. Subsequently, more lenders and banks will fail. The banks have less money to loan because of the lifeless market for mortgage backed securities, especially high risk pools of mortgages. Property taxes should be lowered or frozen and property values examined in such manner to create stabilization which will create a cycle of correction for housing. I hope the assessor in Memphis will take this position. Loan documentation must be thorough to insure confidence, and legislation such as HR-3915 must be in place to monitor it's integrity. No one has been able to accurately predict how it will turn out. But I'm predicting recovery is seven years or so, 2015. About the same amount of time it takes one to recover from bankruptcy, but in this case, on a national scale. Hopefully, many new reforms will be in place creating new levels of confidence for all of us. Thank you so much for your comment, Patt, and I sincerely hope for the greatest days ahead for you.

Posted by David Saks ((retired)) about 11 years ago

This blog does not allow anonymous comments