McCain’s new proposal to fix housing market

[DaCounselor]

I think you are going to see principle write-downs regardless of who takes office.

[Eugene]

[quote=asianautica]
Hmm, are you also aware that during his 8 years, Republicans controlled congress?[/quote]

During his first two years, Democrats had 59% in the House and 56% in the Senate. Republicans had a slim majority after 1995, but they never had more than 55% in either chamber.

[Eugene]

[quote=asianautica]
Hmm, are you also aware that during his 8 years, Republicans controlled congress?[/quote]

During his first two years, Democrats had 59% in the House and 56% in the Senate. Republicans had a slim majority after 1995, but they never had more than 55% in either chamber.

[Eugene]

[quote=asianautica]
Hmm, are you also aware that during his 8 years, Republicans controlled congress?[/quote]

During his first two years, Democrats had 59% in the House and 56% in the Senate. Republicans had a slim majority after 1995, but they never had more than 55% in either chamber.

[Eugene]

[quote=asianautica]
Hmm, are you also aware that during his 8 years, Republicans controlled congress?[/quote]

During his first two years, Democrats had 59% in the House and 56% in the Senate. Republicans had a slim majority after 1995, but they never had more than 55% in either chamber.

[Eugene]

[quote=asianautica]
Hmm, are you also aware that during his 8 years, Republicans controlled congress?[/quote]

During his first two years, Democrats had 59% in the House and 56% in the Senate. Republicans had a slim majority after 1995, but they never had more than 55% in either chamber.

[meadandale]

[quote=yellow8yellowm]If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.
[/quote]

Well…..I don’t necessarilly agree with this. Not that I need help to stay in my house, mind you. But this POV is a little generic.

I didn’t have any money to put down. After making $30k/year for a decade, I went back to school and got another degree. Shortly thereafter, my salary curve went much higher. I could afford a mortgage now but I didn’t have cash for a downpayment. It was hard enough to come up with $10k for closing costs. Remember, 20% of a $350k house is $70k. How many of you have $70k or more in liquid cash? I’d guess not that many.

However, I’ve put money into my house:

1) New roof ($6k)
2) Interior remodeling ($5k)
3) Paint ($5k)
4) New lawn ($1200)

It would be tought to walk away because I now have ‘skin in the game’ in that I’ve spent money on the place above and beyond regular maintenance.

I’ve paid CASH for all of it. I’ve pulled NO money out of my house. However, what pisses me off is watching the market come down around me as all the people who overbought or took more equity out of their house than they should have driven property values into the ground. I did everything right (other than the DP) and I’d get screwed if I tried to sell now–and I bought in 2003, long before the top of the market.

[meadandale]

[quote=yellow8yellowm]If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.
[/quote]

Well…..I don’t necessarilly agree with this. Not that I need help to stay in my house, mind you. But this POV is a little generic.

I didn’t have any money to put down. After making $30k/year for a decade, I went back to school and got another degree. Shortly thereafter, my salary curve went much higher. I could afford a mortgage now but I didn’t have cash for a downpayment. It was hard enough to come up with $10k for closing costs. Remember, 20% of a $350k house is $70k. How many of you have $70k or more in liquid cash? I’d guess not that many.

However, I’ve put money into my house:

1) New roof ($6k)
2) Interior remodeling ($5k)
3) Paint ($5k)
4) New lawn ($1200)

It would be tought to walk away because I now have ‘skin in the game’ in that I’ve spent money on the place above and beyond regular maintenance.

I’ve paid CASH for all of it. I’ve pulled NO money out of my house. However, what pisses me off is watching the market come down around me as all the people who overbought or took more equity out of their house than they should have driven property values into the ground. I did everything right (other than the DP) and I’d get screwed if I tried to sell now–and I bought in 2003, long before the top of the market.

[meadandale]

[quote=yellow8yellowm]If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.
[/quote]

Well…..I don’t necessarilly agree with this. Not that I need help to stay in my house, mind you. But this POV is a little generic.

I didn’t have any money to put down. After making $30k/year for a decade, I went back to school and got another degree. Shortly thereafter, my salary curve went much higher. I could afford a mortgage now but I didn’t have cash for a downpayment. It was hard enough to come up with $10k for closing costs. Remember, 20% of a $350k house is $70k. How many of you have $70k or more in liquid cash? I’d guess not that many.

However, I’ve put money into my house:

1) New roof ($6k)
2) Interior remodeling ($5k)
3) Paint ($5k)
4) New lawn ($1200)

It would be tought to walk away because I now have ‘skin in the game’ in that I’ve spent money on the place above and beyond regular maintenance.

I’ve paid CASH for all of it. I’ve pulled NO money out of my house. However, what pisses me off is watching the market come down around me as all the people who overbought or took more equity out of their house than they should have driven property values into the ground. I did everything right (other than the DP) and I’d get screwed if I tried to sell now–and I bought in 2003, long before the top of the market.

[meadandale]

[quote=yellow8yellowm]If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.
[/quote]

Well…..I don’t necessarilly agree with this. Not that I need help to stay in my house, mind you. But this POV is a little generic.

I didn’t have any money to put down. After making $30k/year for a decade, I went back to school and got another degree. Shortly thereafter, my salary curve went much higher. I could afford a mortgage now but I didn’t have cash for a downpayment. It was hard enough to come up with $10k for closing costs. Remember, 20% of a $350k house is $70k. How many of you have $70k or more in liquid cash? I’d guess not that many.

However, I’ve put money into my house:

1) New roof ($6k)
2) Interior remodeling ($5k)
3) Paint ($5k)
4) New lawn ($1200)

It would be tought to walk away because I now have ‘skin in the game’ in that I’ve spent money on the place above and beyond regular maintenance.

I’ve paid CASH for all of it. I’ve pulled NO money out of my house. However, what pisses me off is watching the market come down around me as all the people who overbought or took more equity out of their house than they should have driven property values into the ground. I did everything right (other than the DP) and I’d get screwed if I tried to sell now–and I bought in 2003, long before the top of the market.

[meadandale]

[quote=yellow8yellowm]If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.
[/quote]

Well…..I don’t necessarilly agree with this. Not that I need help to stay in my house, mind you. But this POV is a little generic.

I didn’t have any money to put down. After making $30k/year for a decade, I went back to school and got another degree. Shortly thereafter, my salary curve went much higher. I could afford a mortgage now but I didn’t have cash for a downpayment. It was hard enough to come up with $10k for closing costs. Remember, 20% of a $350k house is $70k. How many of you have $70k or more in liquid cash? I’d guess not that many.

However, I’ve put money into my house:

1) New roof ($6k)
2) Interior remodeling ($5k)
3) Paint ($5k)
4) New lawn ($1200)

It would be tought to walk away because I now have ‘skin in the game’ in that I’ve spent money on the place above and beyond regular maintenance.

I’ve paid CASH for all of it. I’ve pulled NO money out of my house. However, what pisses me off is watching the market come down around me as all the people who overbought or took more equity out of their house than they should have driven property values into the ground. I did everything right (other than the DP) and I’d get screwed if I tried to sell now–and I bought in 2003, long before the top of the market.

[Ren]

[quote=CBad]I was embarrassed and filled with disgust for both of them last night. I just cannot believe this is the best we came up with and the two choices we have to chose from.[/quote]

This is the reason I find myself unable to watch the debates. Half the time I would spend cringing while they humiliate themselves and the country, and the other half getting more and more angry at the policies of both.

I spend a lot of time now looking at housing and employment in Europe. I’m not quite ready to commit to that yet, but it’s no longer out of the question.

[Ren]

[quote=CBad]I was embarrassed and filled with disgust for both of them last night. I just cannot believe this is the best we came up with and the two choices we have to chose from.[/quote]

This is the reason I find myself unable to watch the debates. Half the time I would spend cringing while they humiliate themselves and the country, and the other half getting more and more angry at the policies of both.

I spend a lot of time now looking at housing and employment in Europe. I’m not quite ready to commit to that yet, but it’s no longer out of the question.

[Ren]

[quote=CBad]I was embarrassed and filled with disgust for both of them last night. I just cannot believe this is the best we came up with and the two choices we have to chose from.[/quote]

This is the reason I find myself unable to watch the debates. Half the time I would spend cringing while they humiliate themselves and the country, and the other half getting more and more angry at the policies of both.

I spend a lot of time now looking at housing and employment in Europe. I’m not quite ready to commit to that yet, but it’s no longer out of the question.

[Ren]

[quote=CBad]I was embarrassed and filled with disgust for both of them last night. I just cannot believe this is the best we came up with and the two choices we have to chose from.[/quote]

This is the reason I find myself unable to watch the debates. Half the time I would spend cringing while they humiliate themselves and the country, and the other half getting more and more angry at the policies of both.

I spend a lot of time now looking at housing and employment in Europe. I’m not quite ready to commit to that yet, but it’s no longer out of the question.

[Author]

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