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sdrealtor.
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April 14, 2009 at 11:39 AM #381356April 14, 2009 at 12:33 PM #380749
PadreBrian
ParticipantI have a co-worker that’s the same way, he had a reduced apr but he never missed a payment. The bank uses that 33% rule to figure out your new mortgage.
I would recommend anyone here that is a home “occupier”, to call their bank and get a new rate. There’s no liar loans anymore, so you still have to qualify for the new loan…pre-2003 style.
April 14, 2009 at 12:33 PM #381021PadreBrian
ParticipantI have a co-worker that’s the same way, he had a reduced apr but he never missed a payment. The bank uses that 33% rule to figure out your new mortgage.
I would recommend anyone here that is a home “occupier”, to call their bank and get a new rate. There’s no liar loans anymore, so you still have to qualify for the new loan…pre-2003 style.
April 14, 2009 at 12:33 PM #381209PadreBrian
ParticipantI have a co-worker that’s the same way, he had a reduced apr but he never missed a payment. The bank uses that 33% rule to figure out your new mortgage.
I would recommend anyone here that is a home “occupier”, to call their bank and get a new rate. There’s no liar loans anymore, so you still have to qualify for the new loan…pre-2003 style.
April 14, 2009 at 12:33 PM #381258PadreBrian
ParticipantI have a co-worker that’s the same way, he had a reduced apr but he never missed a payment. The bank uses that 33% rule to figure out your new mortgage.
I would recommend anyone here that is a home “occupier”, to call their bank and get a new rate. There’s no liar loans anymore, so you still have to qualify for the new loan…pre-2003 style.
April 14, 2009 at 12:33 PM #381386PadreBrian
ParticipantI have a co-worker that’s the same way, he had a reduced apr but he never missed a payment. The bank uses that 33% rule to figure out your new mortgage.
I would recommend anyone here that is a home “occupier”, to call their bank and get a new rate. There’s no liar loans anymore, so you still have to qualify for the new loan…pre-2003 style.
April 14, 2009 at 1:39 PM #380813denverite
ParticipantThe banks are the government, the government are the banks. This is a truly scary, but a realistic possibility/probability. Suppose that the government adopts a long-term stategy of bank bailouts as policy. This is becoming more real/likely by the day. The banks LOVE high RE prices. They make TONS of money. They are used to it. The government is used to banks making obscene profits. Why change anything?
The government may continue to give bailouts for 5-7 years, or until the banks are happy with their situation. This may continue until 1) foreign creditors decide they have had enough and/or 2) inflation catches up with the bad bets the banks made. Either way we seem to be hosed.
I hope Mr. Mortgage is correct in his assessment!
April 14, 2009 at 1:39 PM #381086denverite
ParticipantThe banks are the government, the government are the banks. This is a truly scary, but a realistic possibility/probability. Suppose that the government adopts a long-term stategy of bank bailouts as policy. This is becoming more real/likely by the day. The banks LOVE high RE prices. They make TONS of money. They are used to it. The government is used to banks making obscene profits. Why change anything?
The government may continue to give bailouts for 5-7 years, or until the banks are happy with their situation. This may continue until 1) foreign creditors decide they have had enough and/or 2) inflation catches up with the bad bets the banks made. Either way we seem to be hosed.
I hope Mr. Mortgage is correct in his assessment!
April 14, 2009 at 1:39 PM #381274denverite
ParticipantThe banks are the government, the government are the banks. This is a truly scary, but a realistic possibility/probability. Suppose that the government adopts a long-term stategy of bank bailouts as policy. This is becoming more real/likely by the day. The banks LOVE high RE prices. They make TONS of money. They are used to it. The government is used to banks making obscene profits. Why change anything?
The government may continue to give bailouts for 5-7 years, or until the banks are happy with their situation. This may continue until 1) foreign creditors decide they have had enough and/or 2) inflation catches up with the bad bets the banks made. Either way we seem to be hosed.
I hope Mr. Mortgage is correct in his assessment!
April 14, 2009 at 1:39 PM #381323denverite
ParticipantThe banks are the government, the government are the banks. This is a truly scary, but a realistic possibility/probability. Suppose that the government adopts a long-term stategy of bank bailouts as policy. This is becoming more real/likely by the day. The banks LOVE high RE prices. They make TONS of money. They are used to it. The government is used to banks making obscene profits. Why change anything?
The government may continue to give bailouts for 5-7 years, or until the banks are happy with their situation. This may continue until 1) foreign creditors decide they have had enough and/or 2) inflation catches up with the bad bets the banks made. Either way we seem to be hosed.
I hope Mr. Mortgage is correct in his assessment!
April 14, 2009 at 1:39 PM #381450denverite
ParticipantThe banks are the government, the government are the banks. This is a truly scary, but a realistic possibility/probability. Suppose that the government adopts a long-term stategy of bank bailouts as policy. This is becoming more real/likely by the day. The banks LOVE high RE prices. They make TONS of money. They are used to it. The government is used to banks making obscene profits. Why change anything?
The government may continue to give bailouts for 5-7 years, or until the banks are happy with their situation. This may continue until 1) foreign creditors decide they have had enough and/or 2) inflation catches up with the bad bets the banks made. Either way we seem to be hosed.
I hope Mr. Mortgage is correct in his assessment!
April 14, 2009 at 2:43 PM #380833blahblahblah
ParticipantIn the new system, mortgages aren’t supposed to be paid off. “Homebuyers” are supposed to die after making decades of payments with a still substantial balance remaining, leaving the property to the bank to then sell to the next sucker, er umm. “Homeowner”. This is the reason for home equity loans, no-money-down, etc… And now with government bailouts, the banks just can’t lose. Think of it like buying in England and getting a 99-year leasehold from the Queen who actually owns everything. Here we don’t have a Queen, we just have the banks who actually own everything.
April 14, 2009 at 2:43 PM #381106blahblahblah
ParticipantIn the new system, mortgages aren’t supposed to be paid off. “Homebuyers” are supposed to die after making decades of payments with a still substantial balance remaining, leaving the property to the bank to then sell to the next sucker, er umm. “Homeowner”. This is the reason for home equity loans, no-money-down, etc… And now with government bailouts, the banks just can’t lose. Think of it like buying in England and getting a 99-year leasehold from the Queen who actually owns everything. Here we don’t have a Queen, we just have the banks who actually own everything.
April 14, 2009 at 2:43 PM #381294blahblahblah
ParticipantIn the new system, mortgages aren’t supposed to be paid off. “Homebuyers” are supposed to die after making decades of payments with a still substantial balance remaining, leaving the property to the bank to then sell to the next sucker, er umm. “Homeowner”. This is the reason for home equity loans, no-money-down, etc… And now with government bailouts, the banks just can’t lose. Think of it like buying in England and getting a 99-year leasehold from the Queen who actually owns everything. Here we don’t have a Queen, we just have the banks who actually own everything.
April 14, 2009 at 2:43 PM #381343blahblahblah
ParticipantIn the new system, mortgages aren’t supposed to be paid off. “Homebuyers” are supposed to die after making decades of payments with a still substantial balance remaining, leaving the property to the bank to then sell to the next sucker, er umm. “Homeowner”. This is the reason for home equity loans, no-money-down, etc… And now with government bailouts, the banks just can’t lose. Think of it like buying in England and getting a 99-year leasehold from the Queen who actually owns everything. Here we don’t have a Queen, we just have the banks who actually own everything.
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