Home › Forums › Financial Markets/Economics › Free bank living – the HELOC replacement
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Huckleberry.
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June 2, 2010 at 9:59 AM #559439June 2, 2010 at 10:01 AM #558464
Arraya
Participant[quote=Nor-LA-SD-guy]
They should just quit pretending and just mail Checks to every U.S. citizen.
It would have been much more effective and less expensive then giving the money to the banks and hoping they would lend it out.[/quote]
The total committed by the .gov is 2 x the entire mortgage market. We currently have about a 10% non-paying paying portion of mortgage holders.
Do the math
Paying for FBs is a small portion of the nut
June 2, 2010 at 10:01 AM #558565Participant[quote=Nor-LA-SD-guy]
They should just quit pretending and just mail Checks to every U.S. citizen.
It would have been much more effective and less expensive then giving the money to the banks and hoping they would lend it out.[/quote]
The total committed by the .gov is 2 x the entire mortgage market. We currently have about a 10% non-paying paying portion of mortgage holders.
Do the math
Paying for FBs is a small portion of the nut
June 2, 2010 at 10:01 AM #559058Participant[quote=Nor-LA-SD-guy]
They should just quit pretending and just mail Checks to every U.S. citizen.
It would have been much more effective and less expensive then giving the money to the banks and hoping they would lend it out.[/quote]
The total committed by the .gov is 2 x the entire mortgage market. We currently have about a 10% non-paying paying portion of mortgage holders.
Do the math
Paying for FBs is a small portion of the nut
June 2, 2010 at 10:01 AM #559160Participant[quote=Nor-LA-SD-guy]
They should just quit pretending and just mail Checks to every U.S. citizen.
It would have been much more effective and less expensive then giving the money to the banks and hoping they would lend it out.[/quote]
The total committed by the .gov is 2 x the entire mortgage market. We currently have about a 10% non-paying paying portion of mortgage holders.
Do the math
Paying for FBs is a small portion of the nut
June 2, 2010 at 10:01 AM #559444Participant[quote=Nor-LA-SD-guy]
They should just quit pretending and just mail Checks to every U.S. citizen.
It would have been much more effective and less expensive then giving the money to the banks and hoping they would lend it out.[/quote]
The total committed by the .gov is 2 x the entire mortgage market. We currently have about a 10% non-paying paying portion of mortgage holders.
Do the math
Paying for FBs is a small portion of the nut
June 2, 2010 at 10:04 AM #558469davelj
Participant[quote=werewolf34]Unfortunately we are no longer the land of the free and the brave but the land that caters to big business and special interests.
If you step back and look, it is near impossible to live a prudent lifestyle and get ahead anymore.
Want a decent house? 500k
Want a decent education for the kids? 20k a year or roll that into the house price[/quote]
There are no “decent” houses for less than $500K in San Diego? Only the private schools in San Diego offer a “decent” education? You cannot be serious. You’ve been well and truly spoiled somewhere along the line.
June 2, 2010 at 10:04 AM #558569Participant[quote=werewolf34]Unfortunately we are no longer the land of the free and the brave but the land that caters to big business and special interests.
If you step back and look, it is near impossible to live a prudent lifestyle and get ahead anymore.
Want a decent house? 500k
Want a decent education for the kids? 20k a year or roll that into the house price[/quote]
There are no “decent” houses for less than $500K in San Diego? Only the private schools in San Diego offer a “decent” education? You cannot be serious. You’ve been well and truly spoiled somewhere along the line.
June 2, 2010 at 10:04 AM #559063Participant[quote=werewolf34]Unfortunately we are no longer the land of the free and the brave but the land that caters to big business and special interests.
If you step back and look, it is near impossible to live a prudent lifestyle and get ahead anymore.
Want a decent house? 500k
Want a decent education for the kids? 20k a year or roll that into the house price[/quote]
There are no “decent” houses for less than $500K in San Diego? Only the private schools in San Diego offer a “decent” education? You cannot be serious. You’ve been well and truly spoiled somewhere along the line.
June 2, 2010 at 10:04 AM #559165Participant[quote=werewolf34]Unfortunately we are no longer the land of the free and the brave but the land that caters to big business and special interests.
If you step back and look, it is near impossible to live a prudent lifestyle and get ahead anymore.
Want a decent house? 500k
Want a decent education for the kids? 20k a year or roll that into the house price[/quote]
There are no “decent” houses for less than $500K in San Diego? Only the private schools in San Diego offer a “decent” education? You cannot be serious. You’ve been well and truly spoiled somewhere along the line.
June 2, 2010 at 10:04 AM #559449Participant[quote=werewolf34]Unfortunately we are no longer the land of the free and the brave but the land that caters to big business and special interests.
If you step back and look, it is near impossible to live a prudent lifestyle and get ahead anymore.
Want a decent house? 500k
Want a decent education for the kids? 20k a year or roll that into the house price[/quote]
There are no “decent” houses for less than $500K in San Diego? Only the private schools in San Diego offer a “decent” education? You cannot be serious. You’ve been well and truly spoiled somewhere along the line.
June 2, 2010 at 10:07 AM #558484jpinpb
Participant[quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.
In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal.
The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.
Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.
June 2, 2010 at 10:07 AM #558584Participant[quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.
In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal.
The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.
Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.
June 2, 2010 at 10:07 AM #559079Participant[quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.
In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal.
The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.
Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.
June 2, 2010 at 10:07 AM #559180Participant[quote=davelj]
Really? You wish you were in the same situation as all of these morons? I have a feeling most of them would trade places with you now that they see the mess they’ve created for themselves. Anyhow, there’s still time for you to put yourself in something resembling their shoes… why not just overpay for a place right now? What’s stopping you?[/quote]What mess have they created for themselves? They bought a McMansion w/no income verification w/zero down and/or took out HELOCs and went on a spending spree buying toys or traveling all the while living in nice houses. Then when they couldn’t flip, they stopped paying and have been living for free for over a year while still spending and going out to dinner and whatever else.
In the end, they will either get a loan mod, short sale w/no financial reprecussion, or foreclosure. They will have bad credit for a couple of years. Big deal.
The mess has been left for the taxpayers to clean up, which includes homeowners, but the renters are getting absolutely no benefit from it and to add insult to injury, paying for it.
Yeah. The only thing that’s stopping me from doing it now is you actually have to qualify to buy that McMansion.
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