why that was nice

[WhoSayWho? 5,000+ posts]

I like the hat.

 

[HitManSE 10+ year member]

Read up on the finacial history on our country around the turn of the century. We do not want the rates to rise and fall like that....Too many things are tied to the interest rates...I'm telling you. Bush's plan here is to make a smooth landing. Which is what should happen.

True, and thats not a bad idea. The problem is/was that the loans got out of hand. The banks shouldnt have got THAT far, hell countrywide nearly went belly up when too many defaulted. Even they had to take out a multi-billion dollar loan to stay afloat. Unfortunately what Bush is doing now is the best play, to postpone things for 5 years and hope for a smooth landing as you worded it.

It just shouldnt have come to this, but the bottom line is its still going to be an issue 5yrs from now. As if our inflating currency isnt bad enough. Before you get riled about about the inflation issue, I know what you're going to point out. An inflated dollar is better for sales, etc. No argument there. The issue is with those who have $ in the bank and that $100k is only able to buy $85k worth of supplies (just an example), not everyone is investment savy & IMO those people are SOL.

Gives us time to prepare for the next bandaid.
That is how the US economy works. We move from bandaid to bandaid. It is supposed to work that way. We don't want dramatic shifts in the economy upwards or downwards.

Thats like living paycheck to paycheck. Its ghey, but you're right.

 

[IamDeMan 5,000+ posts]

we have already established i am 100% serious and really upset about this.

nd I am really serious about wanting to see you cry, especailly with your new cap!

 

[Trey803 5,000+ posts]

who wants a mustache ride?

 

[DBfan187 5,000+ posts]

I'm here for the circle jerk?

 

[tommyk90 5,000+ posts]

ARM or fixed rate, people SHOULD be smart enough to realize that they cannot afford a $500,000 house while making $30,000 a year.

Simple (extremely simple) math should show this to people

30 year loan on a $500,000 house means a cost of ~$17,000 a year on a mortgage, not including any interest or other costs. There goes more than half your income right there. Then you have utilities, insurance, cars and car insurance, then trying to feed yourself and your family.

Lots of people in the U.S. need to learn to live within their means. I'm sure these people that got screwed with these ARMS probably have 2 new cars in their driveway as well.

Though I agree with the general consensus that both sides are at fault. Greed is the dominant factor here. People want big houses to show off and banks want to line their pockets.

 

[HitManSE 10+ year member]

Though I agree with the general consensus that both sides are at fault. Greed is the dominant factor here. People want big houses to show off and banks want to line their pockets.

Greed isnt always a bad thing, its when stupidity and greed are combined that things get out of hand. As Flip mentioned, an ARM loan is just a tool and it should only be used by those that know how to use it. Otherwise the consequences will be that equal to putting a firearm in a childs hands. Nothing good will come out of it.

 

[SteveSkal]

I feel bad for my good friend who is still living back on long Island, he got married, had his first kid and is having to live in his parent basement because the price of houses are just out of reach! You can't even touch a "starter home" there for less than $400k and taxes are ridiculous at roughly $7,000 or $8,000 a year. Now, here he is, still living in mom's basement, his wife is pregnant again so he HAS to find a house now. Luckily for him the prices are coming down a little but he may be forced into moving off the Island as a last resort.

Again, all because of those greedy bastards!

 

[azimuth 5,000+ posts]

I feel bad for my good friend who is still living back on long Island, he got married, had his first kid and is having to live in his parent basement because the price of houses are just out of reach! You can't even touch a "starter home" there for less than $400k and taxes are ridiculous at roughly $7,000 or $8,000 a year. Now, here he is, still living in mom's basement, his wife is pregnant again so he HAS to find a house now. Luckily for him the prices are coming down a little but he may be forced into moving off the Island as a last resort.Again, all because of those greedy bastards!

the market determines the price more than greed ever will.

 

[tommyk90 5,000+ posts]

Greed isnt always a bad thing, its when stupidity and greed are combined that things get out of hand. As Flip mentioned, an ARM loan is just a tool and it should only be used by those that know how to use it. Otherwise the consequences will be that equal to putting a firearm in a childs hands. Nothing good will come out of it.

True.

The tools are there for those who know how to use them.

 

[jimmclrk1 10+ year member]

Maybe you shouldn't get a home you can't afford?

 

[Rmsanger 10+ year member]

Do you know have inverse floaters tied to LIBOR are?
Not all of them where so simple as prime + 2% like you think. If they where all set up that way, then I would be more okay with it.

//content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

you're one funny guy flip, sometimes I feel like I'm the only person that gets it... Nice reference to the Orange County bankruptcy

 

[snova031]

Maybe you shouldn't get a home you can't afford?

That's all fine and dandy, but it requires one thing that MANY Americans lack...logic.

I remember reading a heart-felt story in the local newspaper, that had me laughing at these two idiots. The story was about a family that was losing their house, due to foreclosure. They blamed the bank for giving them a loan they could not afford.

How can you honestly sit there, with a household income of $40,000, and think you can afford a $600k house? Idiots.