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About This Page: This is a discussion on Politics within the LetsGoKings.com forums, at Los Angeles Kings Hockey Fan Forum. http://money.cnn.com/2007/12/05/real...ion=2007120610
So, I guess I SHOULD have bought that overpriced home with a teaser rate 2 years ago.
Instead, I did some math and realized that once the ARM re-set,
So, I guess I SHOULD have bought that overpriced home with a teaser rate 2 years ago.
Instead, I did some math and realized that once the ARM re-set, I probably couldn't afford that home. Since rates were sitting aroudn historic lows, I assumed they wouldn't go down to 0 %So, I chose to continue renting. Silly me.
Last edited by No One; December 6th, 2007 at 09:51 AM.
Totally agreed. Republican or Democrat - any politician who bows to this to save the economy should be canned on the spot. People saw this coming YEARS ago and did nothing about it. If these people get a break, they I would expect the Fed to step in and have MY agreed-to rate dropped by points as well.
Totally agreed. Republican or Democrat - any politician who bows to this to save the economy should be canned on the spot. People saw this coming YEARS ago and did nothing about it. If these people get a break, they I would expect the Fed to step in and have MY agreed-to rate dropped by points as well.
Yeah, this is just the beginning of the bail outs.
I can't wait until all the spoiled brat, baby boomers that haven't saved for retirement get older and decide that they can't live on what they get from social security.
Politicians from both parties will be lined up around the block to promise them that they won't have to "downsize" their life style and will propose new taxes on savings, capital gains, and young people's salaries to make it happen.
People that over reached in buying a home should have to go back to renting. Lenders that approved bad risks for loans should have to write the loans off and take the loss.
You, No One, as someone that has been patient and played by the rules should be allowed to come in now and scoop up a house at a bargain.
__________________ Hockey's original bad boy. The "Cowboy" Howie Young
You, No One, as someone that has been patient and played by the rules should be allowed to come in now and scoop up a house at a bargain.
Can I also get the teaser rates that are frozen for 5 years?
We were unable to get enough down when home were in the 300 range. Now, they are closer to the 650 range. We haven't saved as much as we should, and now have an out of state tuition to fund.
Politicians from both parties will be lined up around the block to promise them that they won't have to "downsize" their life style and will propose new taxes on savings, capital gains, and young people's salaries to make it happen.
Dude . . . that's going to have to happen just to make sure they get what they were promised from the beginning.
Sounds to me like a Government hand out (*cough* socialism *cough*), and I always thought Republicans were against those. How is this any different than Universal Healthcare?
Its non-binding attempt to set a standard on how servicers should classify borrowers in subprime ARMs facing resets and once classified what they should do about. Yes, some people who agreed to an adjustable rate will get a few more years at a fixed rate and that will might stave off foreclosure for a few years. But it is really delaying the inevitable, especially considering the number of loans out there not amortizing (not paying off the principle).
This is less about the homeowners and more about giving the various entities that have used subprime mortgages as a base for leveraged financial products time to unleverage. This also gives the homeowners who cant do math (which is the majority who got these types of loans) hope. And hope might prevent people walking out on their mortgages en masse which would have the effect of blowing up those entities this program was designed to save. For a homeowners underwater and toxic loan features like interest-only or negative amortization there is little reason to stay in a home they can barely afford. The later they figure that out the better it is for the banks and the worse it is for themselves.
Its really not that big of deal and considering all the issues facing the California market, a non-event as far as we are concerned. Prices are coming down nicely, especially lately. Goldman Sachs had a report out a few weeks ago talking about how they thought California would be down 30% more from its current point. It was a pretty interesting point of view considering how well they have done calling the market so far.
__________________ Nihilists! **** me. I mean, say what you like about the tenets of National Socialism, Dude, at least it's an ethos.
Sounds to me like a Government hand out (*cough* socialism *cough*), and I always thought Republicans were against those. How is this any different than Universal Healthcare?
Because it's for big business. Go figure.
Anything to stave off that recession until the changing of the guard.
__________________ "If I could lead you into the Promised Land, I would not do it, because someone else would come along and lead you out."
I'd say 1 out of evey 4 appraisals have to do with foreclosure/credit problems that we do. We are still doing ReGFi's and a bunch of new construction homes here because I live in a big retirement community. But alas it is still real slow and my bosses wife is starting a nursing program.
__________________ Show me your lightning bolt SANTEE!!
No One
Homeowner (or Bank) Bailout 
