Foreclosures = Financial Apartheid?

#26
#26
I don't agree with a bail out of the foreclosed, but why should the banks get bailed out either? It's hard to make a case for one without the other. If you are going to preach economic responsibility, you have to do so with an even hand.
 
#27
#27
cibai said:
I don't agree with a bail out of the foreclosed, but why should the banks get bailed out either? It's hard to make a case for one without the other. If you are going to preach economic responsibility, you have to do so with an even hand.
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I don't want the banks to be bailed out either. I want all the stupid and greedy folks to take it in the shorts equally.
 
#28
#28
the banks aren't being bailed out unless you mean by the fed lowering interest rates. the stupid people are being punished. seems fair to me.
 
#30
#30
droski said:
the banks aren't being bailed out unless you mean by the fed lowering interest rates. the stupid people are being punished. seems fair to me.
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Unfortunately we are all being punished because of both people living beyond their means, and irresponsible lending practices. In the end though who do you think will come out best? My guess is not the average joe.
 
#31
#31
cibai said:
Unfortunately we are all being punished because of both people living beyond their means, and irresponsible lending practices. In the end though who do you think will come out best? My guess is not the average joe.
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how are we being punished for either?
 
#32
#32
i think this is a short term issue. conforming 30 year loans are at 5 7/8%. hardly horrible. this is almost at a 30 year low. the real people getting screwed are the people with nonconforming loans (generally considered the rich i suppose). the 30 year for jumbos is 7 1/8%.

I expect within a year or two that this gap will be much smaller.
 
#33
#33
I refinanced last Friday at 5.625%.

This seems like it would be a great time to be a buyer.
 
#34
#34
droski said:
i think this is a short term issue. conforming 30 year loans are at 5 7/8%. hardly horrible. this is almost at a 30 year low. the real people getting screwed are the people with nonconforming loans (generally considered the rich i suppose). the 30 year for jumbos is 7 1/8%.

I expect within a year or two that this gap will be much smaller.
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They should call those Jumbo loans "I want to keep up with the Jones' loans"

It makes me want to buy all these idiots a copy of "The Millionaire Next Door."
 
#36
#36
HotlantaVol said:
They should call those Jumbo loans "I want to keep up with the Jones' loans"

It makes me want to buy all these idiots a copy of "The Millionaire Next Door."
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well currently a jumbo loan is over 417K. try getting a home for less than 417k in many metro areas.
 
#38
#38
droski said:
well currently a jumbo loan is over 417K. try getting a home for less than 417k in many metro areas.
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I do not believe that would be a problem in Dallas, KC, St. Louis, Memphis, Nashville, Charlotte, Pittsburg, Cleveland, Cincinatti, Louisville, etc.
 
#39
#39
droski said:
well currently a jumbo loan is over 417K. try getting a home for less than 417k in many metro areas.
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Move away from the West coast, then. :p There are plenty of homes in Metro Atlanta for well under $400K, including those with good access for commuters.

Also, whatever happened to this novel concept of saving up 20% for a down payment? $400K house - $80K down payment = $320K loan, avoiding the need for a jumbo loan.
 
#41
#41
HotlantaVol said:
Move away from the West coast, then. :p There are plenty of homes in Metro Atlanta for well under $400K, including those with good access for commuters.

Also, whatever happened to this novel concept of saving up 20% for a down payment? $400K house - $80K down payment = $320K loan, avoiding the need for a jumbo loan.
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a 3 bedroom home in west LA with a small yard runs around 750K. 20% down means $150K. I'll be 40 before i can save $150K. and why is LA so expensive. . .because it's worth it. :)
 
#42
#42
therealUT said:
I do not believe that would be a problem in Dallas, KC, St. Louis, Memphis, Nashville, Charlotte, Pittsburg, Cleveland, Cincinatti, Louisville, etc.
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my salary would be half of what i currently make in any of those cities. that and I'd want to kill myself.
 
#45
#45
droski said:
my salary would be half of what i currently make in any of those cities. that and I'd want to kill myself.
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Yes, your nominal salary would be quite a lot less than it is in LA. However, your real salary would be quite a bit more. I can definitely understand why you would want to kill yourself...I just cannot imagine how you would fill all those hours that you were not sitting in traffic???
 
#47
#47
therealUT said:
Yes, your nominal salary would be quite a lot less than it is in LA. However, your real salary would be quite a bit more. I can definitely understand why you would want to kill yourself...I just cannot imagine how you would fill all those hours that you were not sitting in traffic???
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damn it!!!!! i'm not going to move!!!!
 
#48
#48
droski said:
a 3 bedroom home in west LA with a small yard runs around 750K. 20% down means $150K. I'll be 40 before i can save $150K. and why is LA so expensive. . .because it's worth it. :)
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Yeah, I'm sure watching USC in person is exhilarating.
 
#49
#49
It's worth $100,000 just to dry clean your lungs.
LA-smog-2.jpg
 
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