The Day the Subprime Died
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Someone sent this to me from the Mortgage Grapevine:
The Day the Subprime Died
by Cedonullandvoid
A long, long time ago…
I can still remember
How that yield spread made me smile.
And I knew if I had my chance
Those borrowers I could finance
And I could pay my bills for a while.
But February made me shiver
With every good faith I’d deliver.
Bad news on my e-mail;
I just lost one more sale.
I can’t remember if I cried
When I saw the Fremont slide
But something touched me deep inside
The day the Subprime died.
So bye-bye, B\C money supply.
Sent my package to four lenders
But they all asked me why.
And good old boys were on a high
Singin’, “This’ll be the day the loans die,
This’ll be the day the loans die.”
Did you write some B\C loans,
Did you blow bucks on the iPhone?,
Did that nut Cramer tell you so?
Do you believe in rate control,
Can FHA save your borrower’s soul,
Why is underwriting today so damn slow?
Well, I know you’ll have to cut those fees
And you’re wondering who has moved your cheese.
Bernanke’s on the news.
You can’t afford the MBA dues.
I was a semi-rich middle-aged bronkin’ buck
With a master plan and a lot of pluck,
But I knew I was out of luck
The day the Subprime died.
So bye-bye, B\C money supply.
Sent my package to four lenders
But they all asked me why.
And good old boys were on a high
Singin’, “This’ll be the day the loans die.”
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
ECONOMIC REPORT
'Prolonged' recession, higher joblessness seen likely
NABE survey indicates most economists now believe U.S. recession's started
By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
Comment by Maggie on 21 August 2007:
LOVE IT! Someone should really sing this and post it on UTube! LOL!!
Comment by Ralph on 23 August 2007:
I just found another one of these subprime songs which is making the rounds of the Internet.
——————————————————-
Yesterday
by Jesse F.
yesterdaycamesuddenly@hotmail.com
Yesterday,
Bankruptcy seemed so far away,
Now it looks as though it’s here to stay,
Oh, I believe in yesterday.
Suddenly,
I’m half the L/O that I used to be,
Unemployment’s hanging over me,
Oh, sub-prime ended suddenly.
Why they had to close I don’t know, they wouldn’t say.
I said,
My loans won’t fund, now I long for yesterday.
Yesterday,
Loans were such an easy game to play,
Now I need a place that underwrites my way,
Oh, I believe in yesterday.
Why they
Had to close I don’t know, they wouldn’t say.
I said,
Something’s wrong, now I long for more Alt-A.
Yesterday,
Qualifying was an easy game to play,
Now those programs have all gone away,
Oh, I believe in yesterday.
Mm-mm-mm-mm-mm-mm-mm.
Pingback by Yesterday, Bankruptcy seemed so far away… — The Real Estate Bloggers on 23 August 2007:
[...] This was sent to me by a reader named Ralph, another funny adaptation on the present real estate situation. Goes right along with The Day The Subprime Died. [...]
Comment by Kevin M. Cheek on 25 August 2007:
I wrote The Day the Subprime Died a few weeks ago and it has been forwarded all over the innertubes. I just wanted to say thanks for crediting the Mortgage Grapevine as the source. Yours is the first blog I have seen that credited it properly.
Comment by Amy B on 27 August 2007:
OMG!!! This is the funniest thing I have ever seen!