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barnaby33ParticipantGood posts, both of you. Thanks. Now that I understand how dangerous these loans are, I think I’ll hold off on buying myself a faux chateau in Carmel Valley with one just a bit longer.
Josh
barnaby33ParticipantDefinitely not screwed, not even close. Real estate did not have a once in a lifetime run-up, with a permanently high plateau. This has happened before, prices came down to earth. Its certainly not fun though.
I was/am in a similar situation. When prices were cheap my job was very shaky. By the time my job was stable enough to consider buying prices had gone through the roof.
Opportunities will come again. Either through price declines outright, or inflation. I’m betting on more of the former, than the latter. One way or another housing will go back to being affordable, especially in Vegas. Its the water situation out there you need to worry about, not housing.
Josh
barnaby33ParticipantTo put it mildly, it will be a cold day in hell before I live in San Marcos. Regardless of which side of the freeway. Oh and for someone considering San Marcos, check the schools out. I know the high school is bad. I had several co-workers move because their kids got to be school aged and didn’t want them in the SM school district at all.
Josh
barnaby33ParticipantThere has to be a catch. Nobody would give an interest free 180k loan. You have no incentive to sell. Especially in an inflationary environment.
Josh
barnaby33ParticipantSo do these 30 something fake blonde women with the Lexus SUVs also have breast augmentation. I’m just asking? That would help my decision making process.
Josh
barnaby33ParticipantBugs I disagree. Based on a premise that the liquidity/credit bubble is global not local. Its tough to move overpriced assets from one class to another when they are all pretty much overpriced. Once the music stops, and yes it will take longer for the music to stop in places like La Jolla and Del Mar, the collapse will just as bad there as everyplace else. I didn’t see either Del Mar or La Jolla in the the top ten list of communities with high savings rates on Yahoo finance friday.
Josh
barnaby33ParticipantNot necessarily. If he has paid it off, it will NEVER drop 15% in value, because he would never sell it for less. You only take the hit if you actually sell.
Josh
barnaby33ParticipantPeople covering shorts perhaps?
Josh
barnaby33ParticipantI started this thread, not to bash immigrants, but to raise awareness. Ultimately there have been a variety of views expressed which I think is really cool. I would have to say though that I have fairly profound experience in the matter and I can say with a fair amount of certitude that:
- H1-B visa holders are paid less under most circumstances. SpeedingPullet if your hubby isn’t paid less, thats a sure sign he is the actual intended target of the program
- The program already allows for companies to bring in lots of people every year 65k is NOT a small number
- When people define a “market” for us to compete in what are they defining? The US is a market. Its not the ONLY one but it is the biggest, both in terms of employers and employees. A market is exactly what I am advocating, just a more US centric one.
- By allowing basically an unlimited number of “skilled” and you can use that term as loosely as you like, worker imports. You take away the motive for Americans to work hard, by taking away the opportunities for them to be rewarded by working hard. This is especially true in fields which take lots of education before any measure of success is achieved.
- I wish I had partied and chased skirts in college, I didn’t, I was busy actually studying.
The rest of my rambling is more speculative:
I constantly come back to what davelj said, “it comes down to whose ox is being gored.” In this case its America’s. There is a huge difference between outsourcing low wage, low skilled occupations and exporting the jobs or importing the workers of high value high wage jobs. That is that those high wage high skilled jobs are the engine of the middle class. Without them we are at least in the near term going to quickly revert to a two class society. The US, minus a socialist re-distribution of wealth, will start looking an awful lot like Palm Springs. The monied class that benefits from global wage arbitrage and the rest of us.Our governments responsibility is not to see that India has a thriving middle class, but that America does. If we can help India to do that, that is truly wonderful. Not by cutting our own competitive throats.
Which is why I come back to my origonal post. Keep the program, keep the doors open, but don’t open the flood gates.
Josh
September 11, 2006 at 1:03 PM in reply to: “Secret Seconds” Raise risk of MBS default, unknown to investors #34973barnaby33ParticipantWhy would the primary or any superior lien holder care about junior lien holders? As long as he knows his place in line, the loan is supposedly backed by the asset. So as long as the asset doesn’t decline in value, the lien holder is secure. If it does decline in value, thats where the primary lien holder gets into trouble.
I suppose there is an argument to be made that overall a borrower becomes more risky as he takes on more debt. The primary lien holder might like to know about other debts, in order to assess his overall risk, but he is still first in line for the asset should the borrower default.
Josh
barnaby33ParticipantPS based on that sentiment we should have no border controls. At least not controls designed to limit people coming here for work. Thats very Libertarian of you.
Josh
barnaby33ParticipantIts like listening to the cruise director on the Titanic, “Its just a teeny tiny ice berg folks, nothing to see here.”
I wonder if the Titanic actually had a cruise director?
Joshbarnaby33ParticipantI worked at Stellcom for 3 years. It was painfull to watch it go down the toilet. I loved it when we were at Water Ridge.
Josh
barnaby33ParticipantI just went to an open house by a Zip-Realty agent not half an hour ago. The agent wasn’t there. His loan officer was. I don’t suppose that merits a good rating.
Josh
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