[bsrsharma]

Congress must prevent lending against unverified (“stated”) income or assets, prohibit “Option” (negative amortization) mortgages, ban prepayment penalties and require conservative, proven mortgage practices be followed, including but not limited to the requirement that borrowers be qualified at the highest rate a mortgage can reset to over the life of the loan and the “back end” ratio (DTI) on all mortgages not exceed 36%

This part may not even be Constitutional as it prevents legitimate commerce. What is illegal about two adults contracting, may be a poorly advised, financial relations?

[bsrsharma]

Congress must prevent lending against unverified (“stated”) income or assets, prohibit “Option” (negative amortization) mortgages, ban prepayment penalties and require conservative, proven mortgage practices be followed, including but not limited to the requirement that borrowers be qualified at the highest rate a mortgage can reset to over the life of the loan and the “back end” ratio (DTI) on all mortgages not exceed 36%

This part may not even be Constitutional as it prevents legitimate commerce. What is illegal about two adults contracting, may be a poorly advised, financial relations?

[bsrsharma]

Mexico is an obvious choice. Import young workers and export old folks. Cost of living is less, it is warmer and they can come here for holidays etc., There are many American Colonies in Baja.

[bsrsharma]

Mexico is an obvious choice. Import young workers and export old folks. Cost of living is less, it is warmer and they can come here for holidays etc., There are many American Colonies in Baja.

[bsrsharma]

Boomer effect on the real estate markets will be interesting to watch unfold

Add 401(k), IRA  withdrawal/cashouts, other asset sales and most importantly, impact on Federal budgets as SS checks are printed out of the non-existent "trust fund". The $ will melt like an icecream cone dropped on a summer sidewalk.

[bsrsharma]

Boomer effect on the real estate markets will be interesting to watch unfold

Add 401(k), IRA  withdrawal/cashouts, other asset sales and most importantly, impact on Federal budgets as SS checks are printed out of the non-existent "trust fund". The $ will melt like an icecream cone dropped on a summer sidewalk.

[bsrsharma]

First boomer applies for Social Security

The nation’s first baby boomer applied for Social Security benefits Monday, signaling the start of an expected avalanche of applications from the post World War II generation.

Kathleen Casey-Kirschling, a former teacher from New Jersey, applied for benefits over the Internet at an event attended by Social Security Commissioner Michael Astrue. Casey-Kirschling, who now lives in Maryland, was born one second after midnight on Jan. 1, 1946, making her the first baby boomer — a generation of nearly 80 million born from 1946 to 1964, Astrue said.

Casey-Kirschling will be eligible for benefits after she turns 62 next year.

An estimated 10,000 people a day will become eligible for Social Security benefits over the next two decades, Astrue said.

The Social Security trust fund, if left alone, is projected to go broke in 2041, though Astrue said he hopes Congress will address the issue, perhaps after the 2008 presidential election

http://news.yahoo.com/s/ap/20071015/ap_on_go_ot/boomer_social_security

[bsrsharma]

First boomer applies for Social Security

The nation’s first baby boomer applied for Social Security benefits Monday, signaling the start of an expected avalanche of applications from the post World War II generation.

Kathleen Casey-Kirschling, a former teacher from New Jersey, applied for benefits over the Internet at an event attended by Social Security Commissioner Michael Astrue. Casey-Kirschling, who now lives in Maryland, was born one second after midnight on Jan. 1, 1946, making her the first baby boomer — a generation of nearly 80 million born from 1946 to 1964, Astrue said.

Casey-Kirschling will be eligible for benefits after she turns 62 next year.

An estimated 10,000 people a day will become eligible for Social Security benefits over the next two decades, Astrue said.

The Social Security trust fund, if left alone, is projected to go broke in 2041, though Astrue said he hopes Congress will address the issue, perhaps after the 2008 presidential election

http://news.yahoo.com/s/ap/20071015/ap_on_go_ot/boomer_social_security

[bsrsharma]

Can some one verify if this sale was a short sale or foreclosure? Was this a 100% loan or did the sellers lose it all?

811 Hitching Post Rd, Vista, CA 92081

Zillow shows these transactions:

07/11/2007: $628,000
04/13/2006: $715,000

A loss of $87,000 + transaction costs in 15 months.

[bsrsharma]

Can some one verify if this sale was a short sale or foreclosure? Was this a 100% loan or did the sellers lose it all?

811 Hitching Post Rd, Vista, CA 92081

Zillow shows these transactions:

07/11/2007: $628,000
04/13/2006: $715,000

A loss of $87,000 + transaction costs in 15 months.

[bsrsharma]

I was an undergrad while I was trying to keep the home above water, foreclosure occurred in my senior year

Navydoc – why did you buy a home as an undergrad? Who gave you a mortgage? How did you come up with down payment etc., I think this was before 100% loans.

[bsrsharma]

I was an undergrad while I was trying to keep the home above water, foreclosure occurred in my senior year

Navydoc – why did you buy a home as an undergrad? Who gave you a mortgage? How did you come up with down payment etc., I think this was before 100% loans.

[bsrsharma]

Will the bursting R/E bubble hurt some guy in Montana

Drove through Montana/Wyoming/Idaho last summer. The amount of speculative home building to attract investors and transplants from high price areas like California is astounding. There are miles and miles of empty tract homes as far as you can see. They are even priced "Californian" { 300K – 400K for a place where typical prices would have been half that }. This is going to destroy a lot of builders/lenders/investors and speculative buyers/flippers.

[bsrsharma]

Will the bursting R/E bubble hurt some guy in Montana

Drove through Montana/Wyoming/Idaho last summer. The amount of speculative home building to attract investors and transplants from high price areas like California is astounding. There are miles and miles of empty tract homes as far as you can see. They are even priced "Californian" { 300K – 400K for a place where typical prices would have been half that }. This is going to destroy a lot of builders/lenders/investors and speculative buyers/flippers.

[bsrsharma]

low price for the area

Funny how you describe the house is a dump and then say its Jumbo price is low. $540K requires an income of at least $150K. I think it will be low price if I see $400K, which is what it deserves just for having a hole in the ground.

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