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saiine.
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March 5, 2011 at 3:47 PM #674681March 5, 2011 at 7:01 PM #673543
sdrealtor
ParticipantTo get back on point I think the case I rpesented albeit an extreme example shows why the federal government should be in the mortgage market. I wouldnt expect a small community bank or even a large one to have to underwrite low down loans. However, should a federal government that is collecting 6 figures tax payments now and for the next 30 years from an individual like that not owe them the ability to get a 30 yr fixed rate mortgage at market rates with a minimal down payment? I think they do. Even if the borrower were to default the government would more than recover any losses through PMI and future tax collections.
March 5, 2011 at 7:01 PM #673601ParticipantTo get back on point I think the case I rpesented albeit an extreme example shows why the federal government should be in the mortgage market. I wouldnt expect a small community bank or even a large one to have to underwrite low down loans. However, should a federal government that is collecting 6 figures tax payments now and for the next 30 years from an individual like that not owe them the ability to get a 30 yr fixed rate mortgage at market rates with a minimal down payment? I think they do. Even if the borrower were to default the government would more than recover any losses through PMI and future tax collections.
March 5, 2011 at 7:01 PM #674212ParticipantTo get back on point I think the case I rpesented albeit an extreme example shows why the federal government should be in the mortgage market. I wouldnt expect a small community bank or even a large one to have to underwrite low down loans. However, should a federal government that is collecting 6 figures tax payments now and for the next 30 years from an individual like that not owe them the ability to get a 30 yr fixed rate mortgage at market rates with a minimal down payment? I think they do. Even if the borrower were to default the government would more than recover any losses through PMI and future tax collections.
March 5, 2011 at 7:01 PM #674349ParticipantTo get back on point I think the case I rpesented albeit an extreme example shows why the federal government should be in the mortgage market. I wouldnt expect a small community bank or even a large one to have to underwrite low down loans. However, should a federal government that is collecting 6 figures tax payments now and for the next 30 years from an individual like that not owe them the ability to get a 30 yr fixed rate mortgage at market rates with a minimal down payment? I think they do. Even if the borrower were to default the government would more than recover any losses through PMI and future tax collections.
March 5, 2011 at 7:01 PM #674696ParticipantTo get back on point I think the case I rpesented albeit an extreme example shows why the federal government should be in the mortgage market. I wouldnt expect a small community bank or even a large one to have to underwrite low down loans. However, should a federal government that is collecting 6 figures tax payments now and for the next 30 years from an individual like that not owe them the ability to get a 30 yr fixed rate mortgage at market rates with a minimal down payment? I think they do. Even if the borrower were to default the government would more than recover any losses through PMI and future tax collections.
March 5, 2011 at 8:03 PM #673553bearishgurl
Participant[quote=sdrealtor]A highly specialized physician who has sacrificed spending 4 yrs in college, 4 years in med school, a year in residency and then a few more in fellowship comes out with much educational debt but a mid 6 figure income. These people often have young families and have lived with sacrifices far beyond what you have made. Their time has come and there should be mortgage loans for them.[/quote]
sdr, I’m still somewhat “troubled” by your lofty “professional `Ivy League’ physician” example here. Are you stating here that “We the People,” (as davelj would say) should assist this person in obtaining a low-downpayment government-backed mortgage loan because he or she has “much educational debt” and therefore cannot save a proper downpayment to buy a home? Can you tell us, if you know, if your “physician” example may have or could have received his or her $100K ++ in “student loan” assistance from “Sallie Mae” funded by “We the People?” With a “mid 6 figure income,” what’s stopping him or her from retiring this debt, forthwith?? And, I don’t want to hear the excuse that he/she “has a young family.” A 14-year old flunking out of 9th grade can “have a young family.”
All the taxpaying minions and “worker bees” (as you call them) in the country who didn’t borrow copious amounts from “We the People” in order to obtain a lofty “degree” and thus don’t have one are currently going thru the “wringer” for a mortgage loan qualification so folks like your newly-minted “physician” friend can be considered for a low-downpayment homebuyer program, lol . . . what a joke!
IMHO, there’s something fundamentally wrong with that constellation. Why should “We the People” CARE whether your indebted physician friend gets his “deserved dream property” with little down, or not?? Indebted students with eventual “professional” high incomes who cannot, or, more likely, REFUSE to retire their student loans give future student-loan borrowers a bad name.
What’s good enough for minions and “worker bees” to buy and live in is ALSO good enough for heavily-indebted “professionals” to buy and live in, as well, IMHO. Or perhaps these heavily indebted “professionals” should just keep renting …. that is, until they see fit to retire “We the People’s” debt they took out, ostensibly to obtain their “high-paying” positions that the rest of us can’t “qualify for.” :=(
March 5, 2011 at 8:03 PM #673611Participant[quote=sdrealtor]A highly specialized physician who has sacrificed spending 4 yrs in college, 4 years in med school, a year in residency and then a few more in fellowship comes out with much educational debt but a mid 6 figure income. These people often have young families and have lived with sacrifices far beyond what you have made. Their time has come and there should be mortgage loans for them.[/quote]
sdr, I’m still somewhat “troubled” by your lofty “professional `Ivy League’ physician” example here. Are you stating here that “We the People,” (as davelj would say) should assist this person in obtaining a low-downpayment government-backed mortgage loan because he or she has “much educational debt” and therefore cannot save a proper downpayment to buy a home? Can you tell us, if you know, if your “physician” example may have or could have received his or her $100K ++ in “student loan” assistance from “Sallie Mae” funded by “We the People?” With a “mid 6 figure income,” what’s stopping him or her from retiring this debt, forthwith?? And, I don’t want to hear the excuse that he/she “has a young family.” A 14-year old flunking out of 9th grade can “have a young family.”
All the taxpaying minions and “worker bees” (as you call them) in the country who didn’t borrow copious amounts from “We the People” in order to obtain a lofty “degree” and thus don’t have one are currently going thru the “wringer” for a mortgage loan qualification so folks like your newly-minted “physician” friend can be considered for a low-downpayment homebuyer program, lol . . . what a joke!
IMHO, there’s something fundamentally wrong with that constellation. Why should “We the People” CARE whether your indebted physician friend gets his “deserved dream property” with little down, or not?? Indebted students with eventual “professional” high incomes who cannot, or, more likely, REFUSE to retire their student loans give future student-loan borrowers a bad name.
What’s good enough for minions and “worker bees” to buy and live in is ALSO good enough for heavily-indebted “professionals” to buy and live in, as well, IMHO. Or perhaps these heavily indebted “professionals” should just keep renting …. that is, until they see fit to retire “We the People’s” debt they took out, ostensibly to obtain their “high-paying” positions that the rest of us can’t “qualify for.” :=(
March 5, 2011 at 8:03 PM #674222Participant[quote=sdrealtor]A highly specialized physician who has sacrificed spending 4 yrs in college, 4 years in med school, a year in residency and then a few more in fellowship comes out with much educational debt but a mid 6 figure income. These people often have young families and have lived with sacrifices far beyond what you have made. Their time has come and there should be mortgage loans for them.[/quote]
sdr, I’m still somewhat “troubled” by your lofty “professional `Ivy League’ physician” example here. Are you stating here that “We the People,” (as davelj would say) should assist this person in obtaining a low-downpayment government-backed mortgage loan because he or she has “much educational debt” and therefore cannot save a proper downpayment to buy a home? Can you tell us, if you know, if your “physician” example may have or could have received his or her $100K ++ in “student loan” assistance from “Sallie Mae” funded by “We the People?” With a “mid 6 figure income,” what’s stopping him or her from retiring this debt, forthwith?? And, I don’t want to hear the excuse that he/she “has a young family.” A 14-year old flunking out of 9th grade can “have a young family.”
All the taxpaying minions and “worker bees” (as you call them) in the country who didn’t borrow copious amounts from “We the People” in order to obtain a lofty “degree” and thus don’t have one are currently going thru the “wringer” for a mortgage loan qualification so folks like your newly-minted “physician” friend can be considered for a low-downpayment homebuyer program, lol . . . what a joke!
IMHO, there’s something fundamentally wrong with that constellation. Why should “We the People” CARE whether your indebted physician friend gets his “deserved dream property” with little down, or not?? Indebted students with eventual “professional” high incomes who cannot, or, more likely, REFUSE to retire their student loans give future student-loan borrowers a bad name.
What’s good enough for minions and “worker bees” to buy and live in is ALSO good enough for heavily-indebted “professionals” to buy and live in, as well, IMHO. Or perhaps these heavily indebted “professionals” should just keep renting …. that is, until they see fit to retire “We the People’s” debt they took out, ostensibly to obtain their “high-paying” positions that the rest of us can’t “qualify for.” :=(
March 5, 2011 at 8:03 PM #674359Participant[quote=sdrealtor]A highly specialized physician who has sacrificed spending 4 yrs in college, 4 years in med school, a year in residency and then a few more in fellowship comes out with much educational debt but a mid 6 figure income. These people often have young families and have lived with sacrifices far beyond what you have made. Their time has come and there should be mortgage loans for them.[/quote]
sdr, I’m still somewhat “troubled” by your lofty “professional `Ivy League’ physician” example here. Are you stating here that “We the People,” (as davelj would say) should assist this person in obtaining a low-downpayment government-backed mortgage loan because he or she has “much educational debt” and therefore cannot save a proper downpayment to buy a home? Can you tell us, if you know, if your “physician” example may have or could have received his or her $100K ++ in “student loan” assistance from “Sallie Mae” funded by “We the People?” With a “mid 6 figure income,” what’s stopping him or her from retiring this debt, forthwith?? And, I don’t want to hear the excuse that he/she “has a young family.” A 14-year old flunking out of 9th grade can “have a young family.”
All the taxpaying minions and “worker bees” (as you call them) in the country who didn’t borrow copious amounts from “We the People” in order to obtain a lofty “degree” and thus don’t have one are currently going thru the “wringer” for a mortgage loan qualification so folks like your newly-minted “physician” friend can be considered for a low-downpayment homebuyer program, lol . . . what a joke!
IMHO, there’s something fundamentally wrong with that constellation. Why should “We the People” CARE whether your indebted physician friend gets his “deserved dream property” with little down, or not?? Indebted students with eventual “professional” high incomes who cannot, or, more likely, REFUSE to retire their student loans give future student-loan borrowers a bad name.
What’s good enough for minions and “worker bees” to buy and live in is ALSO good enough for heavily-indebted “professionals” to buy and live in, as well, IMHO. Or perhaps these heavily indebted “professionals” should just keep renting …. that is, until they see fit to retire “We the People’s” debt they took out, ostensibly to obtain their “high-paying” positions that the rest of us can’t “qualify for.” :=(
March 5, 2011 at 8:03 PM #674706Participant[quote=sdrealtor]A highly specialized physician who has sacrificed spending 4 yrs in college, 4 years in med school, a year in residency and then a few more in fellowship comes out with much educational debt but a mid 6 figure income. These people often have young families and have lived with sacrifices far beyond what you have made. Their time has come and there should be mortgage loans for them.[/quote]
sdr, I’m still somewhat “troubled” by your lofty “professional `Ivy League’ physician” example here. Are you stating here that “We the People,” (as davelj would say) should assist this person in obtaining a low-downpayment government-backed mortgage loan because he or she has “much educational debt” and therefore cannot save a proper downpayment to buy a home? Can you tell us, if you know, if your “physician” example may have or could have received his or her $100K ++ in “student loan” assistance from “Sallie Mae” funded by “We the People?” With a “mid 6 figure income,” what’s stopping him or her from retiring this debt, forthwith?? And, I don’t want to hear the excuse that he/she “has a young family.” A 14-year old flunking out of 9th grade can “have a young family.”
All the taxpaying minions and “worker bees” (as you call them) in the country who didn’t borrow copious amounts from “We the People” in order to obtain a lofty “degree” and thus don’t have one are currently going thru the “wringer” for a mortgage loan qualification so folks like your newly-minted “physician” friend can be considered for a low-downpayment homebuyer program, lol . . . what a joke!
IMHO, there’s something fundamentally wrong with that constellation. Why should “We the People” CARE whether your indebted physician friend gets his “deserved dream property” with little down, or not?? Indebted students with eventual “professional” high incomes who cannot, or, more likely, REFUSE to retire their student loans give future student-loan borrowers a bad name.
What’s good enough for minions and “worker bees” to buy and live in is ALSO good enough for heavily-indebted “professionals” to buy and live in, as well, IMHO. Or perhaps these heavily indebted “professionals” should just keep renting …. that is, until they see fit to retire “We the People’s” debt they took out, ostensibly to obtain their “high-paying” positions that the rest of us can’t “qualify for.” :=(
March 5, 2011 at 8:21 PM #673563ParticipantWho said anything about a deserved dream home? Even a modest home they would not qualify under your program. BTW, most of their debt is not Sallie Mae but rather much higher rate debt.
Who said anything about newly minted physicians? The debt they are servicing takes a good 10 years to repay if not longer and can be pretty high rates. Under your model, most would be 10 years into their careers before they could qualify to buy a home.
The reality is all your taxpaying minions are barely paying any taxes while these guys are writing checks to Uncle Sam in excess of $100,000 every year. Their practices create dozens of jobs for your minions adding more to the economy and generating additional tax revenue. Why should you care? Because the dedication they have put into their educations and careers will ultimately save the lives of you and your minions.
They dont refuse to retire the debt, it is just so MASSIVE that it takes years to do so. The debt is bigger than most peoples mortgages and these guys knock it out in 10 years or less rather than the 30 years for a mortgage. I’m not saying they shouldnt be fully underwritten but rather they should have the leeway not to put 20% down as you would require in every case. They are good credit risks, certainly much better than a worker be who is one or two missed payments away from poverty.
I dont expect someone like you to understand or like this but I’m sorry to tell you they are different than you and your worker bees. Perhaps you are correct, they should all just become alignment techs at Sears as you have often proposed. That would make the world a better place.
March 5, 2011 at 8:21 PM #673621ParticipantWho said anything about a deserved dream home? Even a modest home they would not qualify under your program. BTW, most of their debt is not Sallie Mae but rather much higher rate debt.
Who said anything about newly minted physicians? The debt they are servicing takes a good 10 years to repay if not longer and can be pretty high rates. Under your model, most would be 10 years into their careers before they could qualify to buy a home.
The reality is all your taxpaying minions are barely paying any taxes while these guys are writing checks to Uncle Sam in excess of $100,000 every year. Their practices create dozens of jobs for your minions adding more to the economy and generating additional tax revenue. Why should you care? Because the dedication they have put into their educations and careers will ultimately save the lives of you and your minions.
They dont refuse to retire the debt, it is just so MASSIVE that it takes years to do so. The debt is bigger than most peoples mortgages and these guys knock it out in 10 years or less rather than the 30 years for a mortgage. I’m not saying they shouldnt be fully underwritten but rather they should have the leeway not to put 20% down as you would require in every case. They are good credit risks, certainly much better than a worker be who is one or two missed payments away from poverty.
I dont expect someone like you to understand or like this but I’m sorry to tell you they are different than you and your worker bees. Perhaps you are correct, they should all just become alignment techs at Sears as you have often proposed. That would make the world a better place.
March 5, 2011 at 8:21 PM #674232ParticipantWho said anything about a deserved dream home? Even a modest home they would not qualify under your program. BTW, most of their debt is not Sallie Mae but rather much higher rate debt.
Who said anything about newly minted physicians? The debt they are servicing takes a good 10 years to repay if not longer and can be pretty high rates. Under your model, most would be 10 years into their careers before they could qualify to buy a home.
The reality is all your taxpaying minions are barely paying any taxes while these guys are writing checks to Uncle Sam in excess of $100,000 every year. Their practices create dozens of jobs for your minions adding more to the economy and generating additional tax revenue. Why should you care? Because the dedication they have put into their educations and careers will ultimately save the lives of you and your minions.
They dont refuse to retire the debt, it is just so MASSIVE that it takes years to do so. The debt is bigger than most peoples mortgages and these guys knock it out in 10 years or less rather than the 30 years for a mortgage. I’m not saying they shouldnt be fully underwritten but rather they should have the leeway not to put 20% down as you would require in every case. They are good credit risks, certainly much better than a worker be who is one or two missed payments away from poverty.
I dont expect someone like you to understand or like this but I’m sorry to tell you they are different than you and your worker bees. Perhaps you are correct, they should all just become alignment techs at Sears as you have often proposed. That would make the world a better place.
March 5, 2011 at 8:21 PM #674369ParticipantWho said anything about a deserved dream home? Even a modest home they would not qualify under your program. BTW, most of their debt is not Sallie Mae but rather much higher rate debt.
Who said anything about newly minted physicians? The debt they are servicing takes a good 10 years to repay if not longer and can be pretty high rates. Under your model, most would be 10 years into their careers before they could qualify to buy a home.
The reality is all your taxpaying minions are barely paying any taxes while these guys are writing checks to Uncle Sam in excess of $100,000 every year. Their practices create dozens of jobs for your minions adding more to the economy and generating additional tax revenue. Why should you care? Because the dedication they have put into their educations and careers will ultimately save the lives of you and your minions.
They dont refuse to retire the debt, it is just so MASSIVE that it takes years to do so. The debt is bigger than most peoples mortgages and these guys knock it out in 10 years or less rather than the 30 years for a mortgage. I’m not saying they shouldnt be fully underwritten but rather they should have the leeway not to put 20% down as you would require in every case. They are good credit risks, certainly much better than a worker be who is one or two missed payments away from poverty.
I dont expect someone like you to understand or like this but I’m sorry to tell you they are different than you and your worker bees. Perhaps you are correct, they should all just become alignment techs at Sears as you have often proposed. That would make the world a better place.
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