- This topic has 95 replies, 13 voices, and was last updated 15 years, 5 months ago by
moneymaker.
-
AuthorPosts
-
June 21, 2009 at 1:45 PM #418997June 22, 2009 at 2:45 PM #419578
patb
Participant[quote=UCGal]Ok…
Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?[/quote]
Because Bob doesn’t have 100 or 300 or 600K sitting there.
69 Year old Bob has money sitting there. 35 year old or 45 year old
Bob is just the caretaker for 69 year old bob.Why aren’t companies in trouble allowed to use the pension funds to
pay salaries for all staff? After all, it’s just sitting there, and isn’t
it important the firmIf Bob uses that money now to settle his underwater house,
he won’t have a pension.Bankers are supposed to be smart with money.
Shouldn’t the bank managers who got big bonuses for this mortgage
pay those back first?(I do not understand republicans who weep for billionaires and rage
at poor people)June 22, 2009 at 2:45 PM #419349Participant[quote=UCGal]Ok…
Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?[/quote]
Because Bob doesn’t have 100 or 300 or 600K sitting there.
69 Year old Bob has money sitting there. 35 year old or 45 year old
Bob is just the caretaker for 69 year old bob.Why aren’t companies in trouble allowed to use the pension funds to
pay salaries for all staff? After all, it’s just sitting there, and isn’t
it important the firmIf Bob uses that money now to settle his underwater house,
he won’t have a pension.Bankers are supposed to be smart with money.
Shouldn’t the bank managers who got big bonuses for this mortgage
pay those back first?(I do not understand republicans who weep for billionaires and rage
at poor people)June 22, 2009 at 2:45 PM #419417Participant[quote=UCGal]Ok…
Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?[/quote]
Because Bob doesn’t have 100 or 300 or 600K sitting there.
69 Year old Bob has money sitting there. 35 year old or 45 year old
Bob is just the caretaker for 69 year old bob.Why aren’t companies in trouble allowed to use the pension funds to
pay salaries for all staff? After all, it’s just sitting there, and isn’t
it important the firmIf Bob uses that money now to settle his underwater house,
he won’t have a pension.Bankers are supposed to be smart with money.
Shouldn’t the bank managers who got big bonuses for this mortgage
pay those back first?(I do not understand republicans who weep for billionaires and rage
at poor people)June 22, 2009 at 2:45 PM #419081Participant[quote=UCGal]Ok…
Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?[/quote]
Because Bob doesn’t have 100 or 300 or 600K sitting there.
69 Year old Bob has money sitting there. 35 year old or 45 year old
Bob is just the caretaker for 69 year old bob.Why aren’t companies in trouble allowed to use the pension funds to
pay salaries for all staff? After all, it’s just sitting there, and isn’t
it important the firmIf Bob uses that money now to settle his underwater house,
he won’t have a pension.Bankers are supposed to be smart with money.
Shouldn’t the bank managers who got big bonuses for this mortgage
pay those back first?(I do not understand republicans who weep for billionaires and rage
at poor people)June 22, 2009 at 2:45 PM #418852Participant[quote=UCGal]Ok…
Hypothetical example: “Bob” has $500k in 401k. He has a mortgage for $400k. His house is now worth $350k. He’s looking for a loan mod. Why should the bank reduce his payments or principal when he’s got a significant chunk of money sitting there?[/quote]
Because Bob doesn’t have 100 or 300 or 600K sitting there.
69 Year old Bob has money sitting there. 35 year old or 45 year old
Bob is just the caretaker for 69 year old bob.Why aren’t companies in trouble allowed to use the pension funds to
pay salaries for all staff? After all, it’s just sitting there, and isn’t
it important the firmIf Bob uses that money now to settle his underwater house,
he won’t have a pension.Bankers are supposed to be smart with money.
Shouldn’t the bank managers who got big bonuses for this mortgage
pay those back first?(I do not understand republicans who weep for billionaires and rage
at poor people)June 22, 2009 at 3:08 PM #419106GoUSC
ParticipantCan we just stop with the putting a certain political party in one bucket and the other in another. I consider myself conservative but certainly don’t subscribe to the “Rich GOOD Poor Bad” philosophy. I do however subscribe to the _FACT_ that corporations and owners of the corporations create jobs that employee those who make less money.
To answer your point though…why should the bank help Bob if he actually has the money in hand. In fact why should Bob even consider keeping his house if the only way he can is by divesting his 401k.
If you can no longer afford your house…then you can no longer afford it. A certain percentage of people should be renters…and might always be renters. That is just the way it goes.
The fact is 99% of the people out there getting loan mods should not be getting them. Fact many go right back into default months down the road. Fact it prevents the adjustment is prices that NEEDS to happen for the housing market to move forward. FACT it just is creating a nation of people living in debt prison for the next 30 years of their lives.
June 22, 2009 at 3:08 PM #419442ParticipantCan we just stop with the putting a certain political party in one bucket and the other in another. I consider myself conservative but certainly don’t subscribe to the “Rich GOOD Poor Bad” philosophy. I do however subscribe to the _FACT_ that corporations and owners of the corporations create jobs that employee those who make less money.
To answer your point though…why should the bank help Bob if he actually has the money in hand. In fact why should Bob even consider keeping his house if the only way he can is by divesting his 401k.
If you can no longer afford your house…then you can no longer afford it. A certain percentage of people should be renters…and might always be renters. That is just the way it goes.
The fact is 99% of the people out there getting loan mods should not be getting them. Fact many go right back into default months down the road. Fact it prevents the adjustment is prices that NEEDS to happen for the housing market to move forward. FACT it just is creating a nation of people living in debt prison for the next 30 years of their lives.
June 22, 2009 at 3:08 PM #419374ParticipantCan we just stop with the putting a certain political party in one bucket and the other in another. I consider myself conservative but certainly don’t subscribe to the “Rich GOOD Poor Bad” philosophy. I do however subscribe to the _FACT_ that corporations and owners of the corporations create jobs that employee those who make less money.
To answer your point though…why should the bank help Bob if he actually has the money in hand. In fact why should Bob even consider keeping his house if the only way he can is by divesting his 401k.
If you can no longer afford your house…then you can no longer afford it. A certain percentage of people should be renters…and might always be renters. That is just the way it goes.
The fact is 99% of the people out there getting loan mods should not be getting them. Fact many go right back into default months down the road. Fact it prevents the adjustment is prices that NEEDS to happen for the housing market to move forward. FACT it just is creating a nation of people living in debt prison for the next 30 years of their lives.
June 22, 2009 at 3:08 PM #418876ParticipantCan we just stop with the putting a certain political party in one bucket and the other in another. I consider myself conservative but certainly don’t subscribe to the “Rich GOOD Poor Bad” philosophy. I do however subscribe to the _FACT_ that corporations and owners of the corporations create jobs that employee those who make less money.
To answer your point though…why should the bank help Bob if he actually has the money in hand. In fact why should Bob even consider keeping his house if the only way he can is by divesting his 401k.
If you can no longer afford your house…then you can no longer afford it. A certain percentage of people should be renters…and might always be renters. That is just the way it goes.
The fact is 99% of the people out there getting loan mods should not be getting them. Fact many go right back into default months down the road. Fact it prevents the adjustment is prices that NEEDS to happen for the housing market to move forward. FACT it just is creating a nation of people living in debt prison for the next 30 years of their lives.
June 22, 2009 at 3:08 PM #419603ParticipantCan we just stop with the putting a certain political party in one bucket and the other in another. I consider myself conservative but certainly don’t subscribe to the “Rich GOOD Poor Bad” philosophy. I do however subscribe to the _FACT_ that corporations and owners of the corporations create jobs that employee those who make less money.
To answer your point though…why should the bank help Bob if he actually has the money in hand. In fact why should Bob even consider keeping his house if the only way he can is by divesting his 401k.
If you can no longer afford your house…then you can no longer afford it. A certain percentage of people should be renters…and might always be renters. That is just the way it goes.
The fact is 99% of the people out there getting loan mods should not be getting them. Fact many go right back into default months down the road. Fact it prevents the adjustment is prices that NEEDS to happen for the housing market to move forward. FACT it just is creating a nation of people living in debt prison for the next 30 years of their lives.
June 22, 2009 at 3:37 PM #418891patientrenter
Participant[quote=patb]…..
Because Bob doesn’t have 100 or 300 or 600K sitting there.69 Year old Bob has money sitting there. 35 year old or 45 year old
Bob is just the caretaker for 69 year old bob.Why aren’t companies in trouble allowed to use the pension funds to
pay salaries for all staff? After all, it’s just sitting there, and isn’t
it important the firmIf Bob uses that money now to settle his underwater house,
he won’t have a pension.Bankers are supposed to be smart with money.
Shouldn’t the bank managers who got big bonuses for this mortgage
pay those back first?(I do not understand republicans who weep for billionaires and rage
at poor people)[/quote]Let’s see. I can afford either a nice retirement OR an overpriced home. Oh, I deserve both.
I agree that making sure you save enough when you are 40 to retire when you are 70 is a higher priority than buying an overpriced home. But the people getting loan mods without giving up their retirement money don’t have to give up anything. After all, they were the victims of predatory lenders. It’s good to be a victim in the USA today.
June 22, 2009 at 3:37 PM #419457Participant[quote=patb]…..
Because Bob doesn’t have 100 or 300 or 600K sitting there.69 Year old Bob has money sitting there. 35 year old or 45 year old
Bob is just the caretaker for 69 year old bob.Why aren’t companies in trouble allowed to use the pension funds to
pay salaries for all staff? After all, it’s just sitting there, and isn’t
it important the firmIf Bob uses that money now to settle his underwater house,
he won’t have a pension.Bankers are supposed to be smart with money.
Shouldn’t the bank managers who got big bonuses for this mortgage
pay those back first?(I do not understand republicans who weep for billionaires and rage
at poor people)[/quote]Let’s see. I can afford either a nice retirement OR an overpriced home. Oh, I deserve both.
I agree that making sure you save enough when you are 40 to retire when you are 70 is a higher priority than buying an overpriced home. But the people getting loan mods without giving up their retirement money don’t have to give up anything. After all, they were the victims of predatory lenders. It’s good to be a victim in the USA today.
June 22, 2009 at 3:37 PM #419388Participant[quote=patb]…..
Because Bob doesn’t have 100 or 300 or 600K sitting there.69 Year old Bob has money sitting there. 35 year old or 45 year old
Bob is just the caretaker for 69 year old bob.Why aren’t companies in trouble allowed to use the pension funds to
pay salaries for all staff? After all, it’s just sitting there, and isn’t
it important the firmIf Bob uses that money now to settle his underwater house,
he won’t have a pension.Bankers are supposed to be smart with money.
Shouldn’t the bank managers who got big bonuses for this mortgage
pay those back first?(I do not understand republicans who weep for billionaires and rage
at poor people)[/quote]Let’s see. I can afford either a nice retirement OR an overpriced home. Oh, I deserve both.
I agree that making sure you save enough when you are 40 to retire when you are 70 is a higher priority than buying an overpriced home. But the people getting loan mods without giving up their retirement money don’t have to give up anything. After all, they were the victims of predatory lenders. It’s good to be a victim in the USA today.
June 22, 2009 at 3:37 PM #419618Participant[quote=patb]…..
Because Bob doesn’t have 100 or 300 or 600K sitting there.69 Year old Bob has money sitting there. 35 year old or 45 year old
Bob is just the caretaker for 69 year old bob.Why aren’t companies in trouble allowed to use the pension funds to
pay salaries for all staff? After all, it’s just sitting there, and isn’t
it important the firmIf Bob uses that money now to settle his underwater house,
he won’t have a pension.Bankers are supposed to be smart with money.
Shouldn’t the bank managers who got big bonuses for this mortgage
pay those back first?(I do not understand republicans who weep for billionaires and rage
at poor people)[/quote]Let’s see. I can afford either a nice retirement OR an overpriced home. Oh, I deserve both.
I agree that making sure you save enough when you are 40 to retire when you are 70 is a higher priority than buying an overpriced home. But the people getting loan mods without giving up their retirement money don’t have to give up anything. After all, they were the victims of predatory lenders. It’s good to be a victim in the USA today.
-
AuthorPosts
- You must be logged in to reply to this topic.