That CW rep is a loser. A real player would have given whipped a few loans for flip condos in Southwest Florida. They aren't making any more hurricane-prone swampland, ya know.

All this talk about loans and money begs the question, where do ISmileWavy go for some of that 2%http://forums.pelicanparts.com/suppo...leys/loki5.gif

The thing is, people wanted the stuff. Like diet food, just means you can eat more.. Prudence? What was that?

Ruh Roh, Raggy.

Linked from Calculated Risk:
Fannie, Freddie 'Insolvent' After Losses

The entire article is worth a read. It'll get worse before better.

Fast n Easy is over.

Closed 2 weeks ago on the new place.

58% LTV

Mid 7's combined FICO

I make some pretty good coin.

Figured no doc, no points, lenders lined up around the block.

Nope, while it was not the usual paperwork hassle it was not a walk in the park either.

Some lenders are bleeding in defaults. They have to tighten standards to ensure the loans can be sold, and worst case clean up an ever-worsening portfolio.

I heard anecdotal evidence banks like First Tennessee (FHN) are telling builders to take virtually any offer, even at loss. The bank will write off the loss.

It is not quite famine, but not nearly as rosy as some would ascribe.