GSE limits slated to drop (PLUS bonus question for mortgage experts)

[CA renter]

[quote=sdrealtor]CAR
There are always posers in good times and bad. Are there more now than any other time? just dont dont see more.

The hedge fund gal is living in a house with her sencond husband in a house owed free and clear on Balboa Island in Newport Beach. She could have ZERO money and it wouldnt matter. you are grabbing at straws hoping upon hope.[/quote]

Forgot to answer your question here.

Yes, I think there are more poseurs now than there were 10 years ago. We’ve just lived through the largest credit bubble in history, where almost anyone was able to get access to hundreds of thousands of dollars, without having to show whether or not they were capable of paying it back. Lots of money was unleashed, and many, many people took advantage of the loose credit conditions to make themselves look “rich” (so many people actually believed that having access to all that credit made them rich).

Yes, I belive *many* people fell prey to the credit bubble, and we are nowhere near done purging the excesses that were a direct result of the entirely unsustainable credit bubble.

[scaredyclassic]

when i was younger and dumber, and had just started working, I counted up my credit card credit line, and it was just under $200,000. My salary was just about 1/6 of that. I counted the 200k as sort of an asset. I also contemplated borrowing it all, using it to aggressively attempt to build a business and defaulting if I failed. it seemed like a no-lose proposition. I didn’t do that because I was concerned about bankruptcy, potential fraud allegations; it just wasn’t for me, but I am very very conservative. But it was certainly out there for usage and it definitely crossed my mind to use it in a risky way to try to get going in life.

[scaredyclassic]

when i was younger and dumber, and had just started working, I counted up my credit card credit line, and it was just under $200,000. My salary was just about 1/6 of that. I counted the 200k as sort of an asset. I also contemplated borrowing it all, using it to aggressively attempt to build a business and defaulting if I failed. it seemed like a no-lose proposition. I didn’t do that because I was concerned about bankruptcy, potential fraud allegations; it just wasn’t for me, but I am very very conservative. But it was certainly out there for usage and it definitely crossed my mind to use it in a risky way to try to get going in life.

[scaredyclassic]

when i was younger and dumber, and had just started working, I counted up my credit card credit line, and it was just under $200,000. My salary was just about 1/6 of that. I counted the 200k as sort of an asset. I also contemplated borrowing it all, using it to aggressively attempt to build a business and defaulting if I failed. it seemed like a no-lose proposition. I didn’t do that because I was concerned about bankruptcy, potential fraud allegations; it just wasn’t for me, but I am very very conservative. But it was certainly out there for usage and it definitely crossed my mind to use it in a risky way to try to get going in life.

[scaredyclassic]

when i was younger and dumber, and had just started working, I counted up my credit card credit line, and it was just under $200,000. My salary was just about 1/6 of that. I counted the 200k as sort of an asset. I also contemplated borrowing it all, using it to aggressively attempt to build a business and defaulting if I failed. it seemed like a no-lose proposition. I didn’t do that because I was concerned about bankruptcy, potential fraud allegations; it just wasn’t for me, but I am very very conservative. But it was certainly out there for usage and it definitely crossed my mind to use it in a risky way to try to get going in life.

[scaredyclassic]

when i was younger and dumber, and had just started working, I counted up my credit card credit line, and it was just under $200,000. My salary was just about 1/6 of that. I counted the 200k as sort of an asset. I also contemplated borrowing it all, using it to aggressively attempt to build a business and defaulting if I failed. it seemed like a no-lose proposition. I didn’t do that because I was concerned about bankruptcy, potential fraud allegations; it just wasn’t for me, but I am very very conservative. But it was certainly out there for usage and it definitely crossed my mind to use it in a risky way to try to get going in life.

[UCGal]

[quote=walterwhite]when i was younger and dumber, and had just started working, I counted up my credit card credit line, and it was just under $200,000. My salary was just about 1/6 of that. I counted the 200k as sort of an asset. I also contemplated borrowing it all, using it to aggressively attempt to build a business and defaulting if I failed. it seemed like a no-lose proposition. I didn’t do that because I was concerned about bankruptcy, potential fraud allegations; it just wasn’t for me, but I am very very conservative. But it was certainly out there for usage and it definitely crossed my mind to use it in a risky way to try to get going in life.[/quote]
I know people who’ve done just this – maxed out their credit cards on a business gamble. Only one succeeded… the rest ended up with crappy credit for years.

I was given several credit cards in college. I had very limited income (like $10k/year) but they gave me more than $10k in credit. I traveled. I had a good time. I figured if they were dumb enough to give me credit, I was going to have fun. I regret that debt – took me close to a decade to retire all that debt.

But it wasn’t an asset. It was potential debt. Which I stupidly converted to actual debt.

[UCGal]

[quote=walterwhite]when i was younger and dumber, and had just started working, I counted up my credit card credit line, and it was just under $200,000. My salary was just about 1/6 of that. I counted the 200k as sort of an asset. I also contemplated borrowing it all, using it to aggressively attempt to build a business and defaulting if I failed. it seemed like a no-lose proposition. I didn’t do that because I was concerned about bankruptcy, potential fraud allegations; it just wasn’t for me, but I am very very conservative. But it was certainly out there for usage and it definitely crossed my mind to use it in a risky way to try to get going in life.[/quote]
I know people who’ve done just this – maxed out their credit cards on a business gamble. Only one succeeded… the rest ended up with crappy credit for years.

I was given several credit cards in college. I had very limited income (like $10k/year) but they gave me more than $10k in credit. I traveled. I had a good time. I figured if they were dumb enough to give me credit, I was going to have fun. I regret that debt – took me close to a decade to retire all that debt.

But it wasn’t an asset. It was potential debt. Which I stupidly converted to actual debt.

[UCGal]

[quote=walterwhite]when i was younger and dumber, and had just started working, I counted up my credit card credit line, and it was just under $200,000. My salary was just about 1/6 of that. I counted the 200k as sort of an asset. I also contemplated borrowing it all, using it to aggressively attempt to build a business and defaulting if I failed. it seemed like a no-lose proposition. I didn’t do that because I was concerned about bankruptcy, potential fraud allegations; it just wasn’t for me, but I am very very conservative. But it was certainly out there for usage and it definitely crossed my mind to use it in a risky way to try to get going in life.[/quote]
I know people who’ve done just this – maxed out their credit cards on a business gamble. Only one succeeded… the rest ended up with crappy credit for years.

I was given several credit cards in college. I had very limited income (like $10k/year) but they gave me more than $10k in credit. I traveled. I had a good time. I figured if they were dumb enough to give me credit, I was going to have fun. I regret that debt – took me close to a decade to retire all that debt.

But it wasn’t an asset. It was potential debt. Which I stupidly converted to actual debt.

[UCGal]

[quote=walterwhite]when i was younger and dumber, and had just started working, I counted up my credit card credit line, and it was just under $200,000. My salary was just about 1/6 of that. I counted the 200k as sort of an asset. I also contemplated borrowing it all, using it to aggressively attempt to build a business and defaulting if I failed. it seemed like a no-lose proposition. I didn’t do that because I was concerned about bankruptcy, potential fraud allegations; it just wasn’t for me, but I am very very conservative. But it was certainly out there for usage and it definitely crossed my mind to use it in a risky way to try to get going in life.[/quote]
I know people who’ve done just this – maxed out their credit cards on a business gamble. Only one succeeded… the rest ended up with crappy credit for years.

I was given several credit cards in college. I had very limited income (like $10k/year) but they gave me more than $10k in credit. I traveled. I had a good time. I figured if they were dumb enough to give me credit, I was going to have fun. I regret that debt – took me close to a decade to retire all that debt.

But it wasn’t an asset. It was potential debt. Which I stupidly converted to actual debt.

[UCGal]

[quote=walterwhite]when i was younger and dumber, and had just started working, I counted up my credit card credit line, and it was just under $200,000. My salary was just about 1/6 of that. I counted the 200k as sort of an asset. I also contemplated borrowing it all, using it to aggressively attempt to build a business and defaulting if I failed. it seemed like a no-lose proposition. I didn’t do that because I was concerned about bankruptcy, potential fraud allegations; it just wasn’t for me, but I am very very conservative. But it was certainly out there for usage and it definitely crossed my mind to use it in a risky way to try to get going in life.[/quote]
I know people who’ve done just this – maxed out their credit cards on a business gamble. Only one succeeded… the rest ended up with crappy credit for years.

I was given several credit cards in college. I had very limited income (like $10k/year) but they gave me more than $10k in credit. I traveled. I had a good time. I figured if they were dumb enough to give me credit, I was going to have fun. I regret that debt – took me close to a decade to retire all that debt.

But it wasn’t an asset. It was potential debt. Which I stupidly converted to actual debt.

[an]

All these talk about 50% off peak brings back some good memories. Any guess on when we’ll see 50% off peak for the areas that haven’t seen 50% off? Not all of the areas that haven’t seen 50% peak are “ultra desirable” NCC. I love to get one of these house: http://www.sdlookup.com/MLS-110023279-6229_Canyon_Bluff_Ct_San_Diego_CA_92121 for 1/2 off peak.

[an]

All these talk about 50% off peak brings back some good memories. Any guess on when we’ll see 50% off peak for the areas that haven’t seen 50% off? Not all of the areas that haven’t seen 50% peak are “ultra desirable” NCC. I love to get one of these house: http://www.sdlookup.com/MLS-110023279-6229_Canyon_Bluff_Ct_San_Diego_CA_92121 for 1/2 off peak.

[an]

All these talk about 50% off peak brings back some good memories. Any guess on when we’ll see 50% off peak for the areas that haven’t seen 50% off? Not all of the areas that haven’t seen 50% peak are “ultra desirable” NCC. I love to get one of these house: http://www.sdlookup.com/MLS-110023279-6229_Canyon_Bluff_Ct_San_Diego_CA_92121 for 1/2 off peak.

[an]

All these talk about 50% off peak brings back some good memories. Any guess on when we’ll see 50% off peak for the areas that haven’t seen 50% off? Not all of the areas that haven’t seen 50% peak are “ultra desirable” NCC. I love to get one of these house: http://www.sdlookup.com/MLS-110023279-6229_Canyon_Bluff_Ct_San_Diego_CA_92121 for 1/2 off peak.

[Author]

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