Housing Bailout???

[includemeout]

How do you folks view this situation...

Some are in trouble...govt. is thinking about jumping in to help those that are in trouble...but why...and for who...but is it the right thing for the entire economy?

Looks like another political football...at least it will be kicked around like a football...

What do you think?

Well Roy, I think the govt. never helped anyone except their co hearts. Do you really think the banking/ lending institutions will not be far better of in the long run??? ( particularly the CEO's with their obscene salary's and benefits)

Just remember for every foreclosure many people will suffer a loss of their job,
from the lowest payed burger flipper to the " over qualified" PHD thus exacerbating the whole economic future of the American populous

And what about the the folks that did act with prudence ( like a year plus of savings for the rainy day and only buying what they could pay for??)

Are they gona get any help when all is exhausted?? I highly doubt that outcome Yet the unwise, illegal, and welfare bums will at the expense of the good old middle class (a dieing group) will be given free housing, food, medical,grants, etc. while the prudent displaced folks take in the a** as usual

What do you really think???? America is waiting...............................

 

[Annu Kumar]

Well Roy, I think the govt. never helped anyone except their co hearts. Do you really think the banking/ lending institutions will not be far better of in the long run??? ( particularly the CEO's with their obscene salary's and benefits)

Just remember for every foreclosure many people will suffer a loss of their job,
from the lowest payed burger flipper to the " over qualified" PHD thus exacerbating the whole economic future of the American populous

And what about the the folks that did act with prudence ( like a year plus of savings for the rainy day and only buying what they could pay for??)

Are they gona get any help when all is exhausted?? I highly doubt that outcome Yet the unwise, illegal, and welfare bums will at the expense of the good old middle class (a dieing group) will be given free housing, food, medical,grants, etc. while the prudent displaced folks take in the a** as usual

What do you really think???? America is waiting...............................

This the latest news: Bush Mortgage Plan will Freeze Certain Subprime Interest Rates for 5 years:rock: And all of you guys were against Bush in your earlier posts. This Is beneficial To homeowners and Families.

 

[includemeout]

This the latest news: Bush Mortgage Plan will Freeze Certain Subprime Interest Rates for 5 years:rock: And all of you guys were against Bush in your earlier posts. This Is beneficial To homeowners and Families.

Only at the expense of the Prudent That a**hole is only trying to divert attention from the real disaster at hand and ought to be shot (IMHO),
and his Nazi Banker palls along with him.

 

[Black1]

This the latest news: Bush Mortgage Plan will Freeze Certain Subprime Interest Rates for 5 years:rock: And all of you guys were against Bush in your earlier posts. This Is beneficial To homeowners and Families.

Then what happens after 5 years??? ........... I do hate band-aids.... Especially ones that do nothing but make a wound FESTER.

 

[includemeout]

Then what happens after 5 years??? ........... I do hate band-aids.... Especially ones that do nothing but make a wound FESTER.

Annu and all the others will get it in the ass also:rock: :rock:

 

[Annu Kumar]

Then what happens after 5 years??? ........... I do hate band-aids.... Especially ones that do nothing but make a wound FESTER.

The Next 5 years: SAVE UP!!!!!! THEIR HELPING YOU OUT FOR GOD SAKE.

 

[mosrt10]

You know guys I believe in accountability as well. However I was one of those people who apparantly didn't read the fine print. I have had adjustable rate mortgages before. They might adjust maybe a 1/2 % at most. Well when I signed my mortgage papers on my house they adjusted from 6 % to 11 %. OUCH. I just got done refinancing this week with a fixed at 6.5. So I see both sides of the fence. Of course I would like to catch the broker that sold me that bill of horse manure. But thast another conversation.

 

[iraqivet01]

In 5 years, most if not all will redo their loan to a fixed. On some loans, you can't refinance for at least 3 years.

 

[Annu Kumar]

In 5 years, most if not all will redo their loan to a fixed. On some loans, you can't refinance for at least 3 years.

I will never pay my home off why because of the huge taxadvantages. I get to write of 50 to 60k In interest a year off. Put the money somewhere it is safe. If you get Sued and your home is paid off than what??

 

[sleeper]

In 5 years, most if not all will redo their loan to a fixed. On some loans, you can't refinance for at least 3 years.

You can refi you just might have to pay a prepayment penalty. Alot of ARMS have a 3-5yr prepayment penalty. The main problem with doing a refinance is the amount of equity. To get the best rate without Mortgage Insurance is to have a 80% loan to value or better.

 

[Annu Kumar]

You can refi you just might have to pay a prepayment penalty. Alot of ARMS have a 3-5yr prepayment penalty. The main problem with doing a refinance is the amount of equity. To get the best rate without Mortgage Insurance is to have a 80% loan to value or better.

Hey sleeper 3 years ago they used to say In California they could do 100% LTV. Whatever happened to those companies huh?? It used to be 90 % Ltv and now down to 80???

 

[Prof]

I will never pay my home off why because of the huge taxadvantages. I get to write of 50 to 60k In interest a year off. Put the money somewhere it is safe. If you get Sued and your home is paid off than what??

Is that what they are teaching you at Berkley? If so you need to transfer.

 

[iraqivet01]

that where the problem is. Most of these YO-YO put zero down, and did like a 110% or more finance. It going to take 3 -5 years for them to get to where they have any equity.

 

[sleeper]

The 100% loan programs are one the main reasons for all the foreclosures.

 

[HOT RAM]

I really can't say much about this as I don't know enough about it yet.

I am not in favor of bailing out people that can't work a simple budget and try to live beyond their means or maybe just impress others by buying what that can't afford.

But ,I am not against helping honest , hard-working people that could lose their homes.

I have had my home paid for now for well over ten years and have no plans to sell it.I personally don't care if the value goes down as that means that my taxes also go down.IF I sell , it will be years from now ,and I will make a HUGE profit (bought for 22k ! )

 

[Prof]

The 100% loan programs are one the main reasons for all the foreclosures.

I had not read that, but it stands to reason.

Two lost concepts...minimum of 20% down, house payment should not exceed 1/3 or disposable income or less.

 

[sleeper]

Hey sleeper 3 years ago they used to say In California they could do 100% LTV. Whatever happened to those companies huh?? It used to be 90 % Ltv and now down to 80???

Those loan programs are over. The lenders are going broke. Its always been 80% LTV to avoid an extra cost called Mortgage Insurance. Some loan programs with higher LTV's had built in MI. You just paid MI through your higher rate.

 

[Annu Kumar]

I had not read that, but it stands to reason.

Two lost concepts...minimum of 20% down, house payment should not exceed 1/3 or disposable income or less.

Hey Prof your na old Cat. Remember the savings and loan Fraud in the eighties. Budget Defecits in the early 90's. Than A major recession. Do you think its worse this time Or It was Inevitable. I want your Opinion Since your So liberal toward this.

 

[Annu Kumar]

I had not read that, but it stands to reason.

Two lost concepts...minimum of 20% down, house payment should not exceed 1/3 or disposable income or less.

Lets have A deBATE!!!!

 

[Kevan]

Lets have A deBATE!!!!

Dude, there's nothing to debate.
What Prof stated is CORRECT.
Fact.
Done.

And what you said about "never pay off my home", is a load of crap. Put down the bong and check this out:

- On a 30 year loan, if you make ONE extra mortgage payment per YEAR (write "TOWARDS PRINCIPAL ONLY" on the check), you will pay off your home in just over SEVENTEEN years!!!


That, my friend, is how you do it.