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bubba99
Participant“I guess if people really wanted a revolution they should just stop paying their bills all at once. ”
Yes, but with the new “Bankruptcy Laws” the credit card borrower will still have to pay the debt even if it takes the rest of his/her life. Where the homeowner can walk away from a purchase money mortgage with no residual payments. The banks saw this coming long ago when they paid congress millions to remove basic bankruptcy protection for the average consumer.
Participant“I guess if people really wanted a revolution they should just stop paying their bills all at once. ”
Yes, but with the new “Bankruptcy Laws” the credit card borrower will still have to pay the debt even if it takes the rest of his/her life. Where the homeowner can walk away from a purchase money mortgage with no residual payments. The banks saw this coming long ago when they paid congress millions to remove basic bankruptcy protection for the average consumer.
August 17, 2007 at 7:44 AM in reply to: The Funeral – “It’s all over,” he said, and drove away. #76918Participant“Countrywide said it planned to fund more mortgages through Countrywide Bank and have the bank invest in certain loans that Fannie Mae and Freddie Mac won’t buy, such as “jumbo” mortgages, which in California are defined as those over $417,000.”
Can you believe the hubris of these a$$hles. They plan to loot the FDIC insured bank to continue business as usual. How much junk to you think they are going to strap Conutrywide Bank with?
August 17, 2007 at 7:44 AM in reply to: The Funeral – “It’s all over,” he said, and drove away. #77040Participant“Countrywide said it planned to fund more mortgages through Countrywide Bank and have the bank invest in certain loans that Fannie Mae and Freddie Mac won’t buy, such as “jumbo” mortgages, which in California are defined as those over $417,000.”
Can you believe the hubris of these a$$hles. They plan to loot the FDIC insured bank to continue business as usual. How much junk to you think they are going to strap Conutrywide Bank with?
August 17, 2007 at 7:44 AM in reply to: The Funeral – “It’s all over,” he said, and drove away. #77066Participant“Countrywide said it planned to fund more mortgages through Countrywide Bank and have the bank invest in certain loans that Fannie Mae and Freddie Mac won’t buy, such as “jumbo” mortgages, which in California are defined as those over $417,000.”
Can you believe the hubris of these a$$hles. They plan to loot the FDIC insured bank to continue business as usual. How much junk to you think they are going to strap Conutrywide Bank with?
August 10, 2007 at 8:40 AM in reply to: Why is overall credit market tanking on mortgage defaults #72710ParticipantIm with you, but the reserve increases are a only few basis ponts, and the POS CDO’s were supposed to be insured. Is the insurance less than required, or lost in their leveraging or bankrupt?
August 10, 2007 at 8:40 AM in reply to: Why is overall credit market tanking on mortgage defaults #72830ParticipantIm with you, but the reserve increases are a only few basis ponts, and the POS CDO’s were supposed to be insured. Is the insurance less than required, or lost in their leveraging or bankrupt?
August 10, 2007 at 8:40 AM in reply to: Why is overall credit market tanking on mortgage defaults #72835ParticipantIm with you, but the reserve increases are a only few basis ponts, and the POS CDO’s were supposed to be insured. Is the insurance less than required, or lost in their leveraging or bankrupt?
ParticipantOne place to park dollars but tie them to foreign currencies are the foreign exchage traded funds like FXE, FXA etc. These funds trade at exactly the exchange rate times 100.
FXE is in euros and is currently trading at $136.89 and the exchange rate is 136.9/100 euros. Been in and out a couple of times, liquidity does not seem to be a problem. The fund holds euro denominated bonds and makes money on the interest. The stock price is tied directly to the exchange rate.
ParticipantOne place to park dollars but tie them to foreign currencies are the foreign exchage traded funds like FXE, FXA etc. These funds trade at exactly the exchange rate times 100.
FXE is in euros and is currently trading at $136.89 and the exchange rate is 136.9/100 euros. Been in and out a couple of times, liquidity does not seem to be a problem. The fund holds euro denominated bonds and makes money on the interest. The stock price is tied directly to the exchange rate.
ParticipantOne place to park dollars but tie them to foreign currencies are the foreign exchage traded funds like FXE, FXA etc. These funds trade at exactly the exchange rate times 100.
FXE is in euros and is currently trading at $136.89 and the exchange rate is 136.9/100 euros. Been in and out a couple of times, liquidity does not seem to be a problem. The fund holds euro denominated bonds and makes money on the interest. The stock price is tied directly to the exchange rate.
ParticipantI agree that it will look better, but not that good.
Say our renter is able to save $100k as a down payment.
Then our $400k mortgage becomes $300k at 8% which is $25k in payments/year.
Our $790k mortgage becomes $690 at 4% which is $28.75 in payments per/year.
Without considering tax impacts, this is a savings of only $3750/year or 13% Not an earth shattering amount for a price reduction of almost 50%.
Double the down payment, you get a 32% payment reduction, which does begin to look better, but not as good as many would expect.
ParticipantI agree that it will look better, but not that good.
Say our renter is able to save $100k as a down payment.
Then our $400k mortgage becomes $300k at 8% which is $25k in payments/year.
Our $790k mortgage becomes $690 at 4% which is $28.75 in payments per/year.
Without considering tax impacts, this is a savings of only $3750/year or 13% Not an earth shattering amount for a price reduction of almost 50%.
Double the down payment, you get a 32% payment reduction, which does begin to look better, but not as good as many would expect.
ParticipantI agree that it will look better, but not that good.
Say our renter is able to save $100k as a down payment.
Then our $400k mortgage becomes $300k at 8% which is $25k in payments/year.
Our $790k mortgage becomes $690 at 4% which is $28.75 in payments per/year.
Without considering tax impacts, this is a savings of only $3750/year or 13% Not an earth shattering amount for a price reduction of almost 50%.
Double the down payment, you get a 32% payment reduction, which does begin to look better, but not as good as many would expect.
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