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FIB - Scams 101
Re: Nothing but dark linings
Posted By: Mark In Response To: Re: Nothing but dark linings (Virginia R. Sanders)
Date: Tuesday, March 20, 2007, at 9:14 p.m.(pst)
In Response To: Re: Nothing but dark linings (Virginia R. Sanders)
>> "refinancing isn't an option for many subprime borrowers facing
>> dramatically higher payments. The rates on an estimated $265 billion in
>> subprime mortgages are scheduled to be reset this year. Some of those
>> borrowers could be facing interest rates as high as 12 percent if they
>> can't refinance.
>> Do you know what subprime is? I understand this problem and have
>> watched people lose their houses because they refinanced the house to the
>> hilt. BUT what did they do with that money?
>> The difference is you must have a plan for refinancing and as I said
>> before, it is not to purchase a new BMW. The money has to be used to
>> increase wealth that is what the MILI group teaches. The concept is
>> something I knew nothing about for too long a time but it just makes good
>> fiscal sense.
>> Real estate is cyclical up to day and down tomorrow. No one can
>> predict how it will go. But the trick is to be prepared for both. Equity
>> management allows homeowners to do that.
>> It is smart to separate equity from the structure. Many consumers
>> cannot do that or do not know how. With some training it becomes their
>> anchor in hard times and can save their finacial future.
>> I know you are spewing gloom and doom and unfortunately this is the
>> case if you just refinance your house and spend all the money on some
>> depreciating item. If those subprime borrowers were smart, they would not
>> be subprime now.
>> During the 5 year boom, they could have used their equity to insure
>> prompt payment on all debts, saved some money and refinanced into a lower
>> loan at this juncture with prime credit. No body is available to educate
>> the consumer on how to do that...
This Mili concept has a lot of wishful thinking and just the fact that you resist admitting that there is risk involved sounds suspicious. I know people who have gotten into The Mili Group and wish them well. Most of the money that the Mili generates has been based on real estate. Now that real estate is collapsing, the source of funds will run out, inflation wil kick in and those with subprime loans will get hacked. The idea that Mili preaches is not new; it sounds a lot like a ponze scheme; bring in new associates and what they earn will also benefit the one who brought them. Face it, this whole concept has been bet on real estate doing good; What will happen if house values depreciate 10% or more and inflation kicks in causing rates to reset to double digit values. This looks like nothing more than a gamble sprinkled with a lot of wishful thinking and a few prayers.
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