Video by: markmti
Video Description:
Visit my new blog...
http://mrmortgage.ml-implode.com
Mr Mortgage talks about Home Equity Lines of Credit and the big banks exposure. These loans are toxic...almost a total write down. Can lenders foreclosure if you do not pay? Will they offer you a great deal on a loan buyout? Are you in jeapordy of losing your access to the credit on the line? Banks may try to freeze it! This is a must-watch.

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Tags: alt banks bear bubble bust crisis estate foreclosure home housing lehman mortgage mr real recession stearns subprime  mr mortgage big banks home equity exposure revealed See more videos uploaded by markmti

Comments for this video on YouTube

Mr Mortgage: an ... ( 7 months ago by FrankenBeenz)

Mr Mortgage: an internet legend in the making. More sermons as they come to you, please.

We never did a ... ( 7 months ago by idahotandj)

We never did a heloc either but that doesn't mean were not going to get screwed just like the everyone else because of all of these foreclosures. The banksters greed in all of this was a virus that infected millions, and now the rest of us have been exposed. What legitiment equity we have built is now sucked away.

Finally the truth ... ( 7 months ago by jumpyrun1)

Finally the truth comes out!

just remember ... ( 7 months ago by markmti)

just remember everyone, the investment banks in their blood-thirst for yield started all this...the fathers of the bubble are Lehman ans Bear.

In California, ... ( 7 months ago by PotSmokinFoo)

In California, these HELOCs are recourse loans. It's an albatross even if you "walk away." Good luck paying off your HELOC with no home equity growth and a job that leaves you broke just before payday. BTW...Fitch blows. They're just trying to cover their asses so people will forget their role in this build up. Nice job with the ratings, dudes. You figured out MBIA in early April. Nobody saw THAT coming.

"In California, ... ( 7 months ago by louminatti)

"In California, these HELOCs are recourse loans." Yep! No walking away from it. For some weird reason people don't consider this little sticking point.

Obviously, given ... ( 7 months ago by amanderik)

Obviously, given the amount of outstanding HELOCs there must be quite a few "retards" out there. I wouldn't blame Mr. Mortgage as the messenger here, although I agree it is foolish to use these as an ATM. But it is what it is.

telling you your a ... ( 7 months ago by wcoeqpk862)

telling you your a boss. im sure your short LEH with me (also short MER) and i should most likely be short every financial i can find but im not. keep these vids coming, gave you a 5 like you asked for (and deserved for that matter). rock on with your bad self

Just out of ... ( 7 months ago by green1gecko)

Just out of curiosity... where in the world did you find that higher yielding account? (Your financial maneuvering is crazy without it.)

back when I yanked ... ( 7 months ago by markmti)

back when I yanked my heloc Wachovia was paying 5.5 for one year. Now, it is more difficult but the negative maybe worth negative every month to keep that money in your pocket if you really need it.

Hey Markmti. ... ( 7 months ago by Benaiahh)

Hey Markmti. Instead of showing us the link in your video, or telling us the address, just put it in your video description over there -------------------->>

And Greenspan. We ... ( 7 months ago by PotSmokinFoo)

And Greenspan. We can debate whether holding rates that low that long contributed X or Y, but Greenspan's advice to consumers to take ARMs was nothing more than a risk transfer away from his banker buddies to the homeowner.

Property will "hit ... ( 7 months ago by openuniverse2003)

Property will "hit bottom in 3 years" in America? Look at prices to stabilize by 2009, certain parts of the country are NOT seeing "a bubble bursting". California, Florida have been hit, etc., but a lot of flyover states have seen less than 10% drops.

Array ( 7 months ago by 111harley111)

Great stuff. Please do a video on short sells. Thank you!

*** Mr. Mortgages ... ( 7 months ago by largo2001)

*** Mr. Mortgages for President ***

Mark.. Oh how we ... ( 7 months ago by mrbadde1)

Mark.. Oh how we missed ya!

My favorite ... ( 7 months ago by john67elco)

My favorite mortgage guy 100%.

The banks don't ... ( 7 months ago by robertf97)

The banks don't need to sell or write down HELOCS they just wait for you to pay them at full value. If you don't you get to declare bankruptcy, you don't get to buy it back for "$.30" on the dollar.

Thank you. ( 6 months ago by vladimir4055)

Thank you.

I own my home for ... ( 6 months ago by moneymagnetelizabeth)

I own my home for retirement, and if you do not do equity then the banks bleed you through property taxes. Your community is borrowing from the banks - and the banks are involved with the insurance industry and making policies that are not affordable and do not cover minimal. If you want coverage then they try to sell you an umbrella. WHERE IS CONGRESS - SHUT THESE BLOOD SUCKUNG THIEVES DOWN!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I don't necessarily ... ( 5 months ago by indianrepublican)

I don't necessarily advocate drawing down one's HELOC like you state. However you do make some excellent points in this video and others you've posted. God Bless.

Am I screwed? I'm a ... ( 5 months ago by KARStarla)

Am I screwed? I'm a Veteran and was given a 5.25% VA loan and I'm at the 5 year period where it can adjust. The house we bought was $155,000 our balance is $122,000 and it was appraised at $204,000 we have excellent credit (never paid nothing late, no debt etc) but got turned down only because my house was not "comparable" to houses in my neighborhood... whats that about? I got turned down from my own mortgage company who is financing me already. Is there another reason?

Oh I forgot to ask, ... ( 5 months ago by KARStarla)

Oh I forgot to ask, if I'm paying 5.25% on my original mortgage of $150,000 and now my balance is $122,000 when my VA adjustable loan goes up, whats it go up to? I was under the impression it might go up 1% point a year and so (in my thinking) I thought I might need to pay 6% on my current balance of $122,000 which is doable for me, am I wrong? Is there something I dont understand about these loans? Whats my worst case here? Scared, can you help?

Currently in the US ... ( 1 month ago by NoticeOfDefault)

Currently in the US forecloses are at a high. So much the Banks are overwhelmed and they are now bowing willing to renegotiate loans to curb foreclosure. They are not even considering your FICO because they already know the financial issues most Americans are experiencing. Keep your home get the facts act before your insolvent.