Christmas comes early!!

J

JBZ4

Active member
 Amelia Island, Fl
A little long of a read but, Countrywide AKA Bank of America now plans to help homeowners. I am not envious, but the rates and valuations that maybe given out give me a woody. :)

QUOTE:
The options on subprime mortgages also include keeping the initial rate for five or 10 years, having the borrowers pay interest only and reducing the interest rate to as low as 3.5%, Diehl said.

For pay-option loans, many of which now amount to more than the borrower's house is worth, the options include writing the principal down to 95% of the home's current appraised value and lowering the interest rate to 3.5%, he added.


http://www.latimes.com/business/la-fi-countrywide6-2008oct06,0,1850068.story
 
If this keeps up any longer I will need to think about my retirement from a new perspective - "Would you like fries with that?"

:cry:
 
We will have a lot of our friends joining us. Unfortuantley folks that were looking to retire in a year are now thinking they will need to work another 2-3 years to hopefully make up lost ground.
 
Nothing like hitting the panic button, Jim Cramer puts out a sell call. :thumbsdown:



http://www.clusterstock.com/2008/10/cramer-panic-now-and-sell-everything
 
jokuhl said:
We will have a lot of our friends joining us. Unfortuantley folks that were looking to retire in a year are now thinking they will need to work another 2-3 years to hopefully make up lost ground.
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I now know I will not be retiring when I wanted to.
 
Unbelievable.

Panic swept through the world’s financial markets yesterday, wiping $2,500 billion from share values, amid concern that regulators and politicians were struggling to get a grip on the worsening crisis of confidence.

Share values plunged as some investors sold at any price and retreated to the safety of gold and government bonds. The FTSE 100 posted its biggest ever points fall, down 391 at 4,589, and at 7.85 per cent its biggest percentage fall since Black Monday in October 1987, reducing the value of British blue-chip companies by £93 billion.
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jokuhl said:
So instead of retiring in 8 more years I can think about it in 12. Yippee! :headbang: :cry: :? :o
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Let me tell you I am retired and it is no picnic. Like most prudent folks of my age, I saved, and invested and paid off most everything, and now only buy in cash for most things. But I was depending on earnings from my investments to pay my monthly expenditures. Now with the devaluation of my investments and down right theft of others, I may have to join AlenL flipping burgers. :cry:

I drove by my money management firm the other day and thought I saw one of the money managers with a rope in one hand and a ladder. I may have to use the same rope the second time as I am not sure I will have enough money left to buy a new one.
surrender.gif
 
I am seriously begining to wonder if maybe we are smarter than these so called experts. Yeah lets waste more taxpayer money determining why the economy sucks. The biggest reason is consumer debt artificially stimulated the economy for the last twenty years, and yes the banks and lending institutions practiced predatory lending unfortunately. The below link also trys to lay blame for some Americans not being savy enough to invest for themselves, and to think they were pushing the idea of Americans investing their own Social Security to build a retirement fund. :thumbsdown:


http://news.yahoo.com/s/ap/20081007/ap_on_bi_ge/meltdown_retirement
 
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