[CA renter]

What I like about it:

-the govt takes first-lien position, protecting
taxpayers’ interests

-the FBs are still expected to pay off their loan(s)

What I don’t like about it:

-Ms. Bair makes the common mistake of confusing
housing affordability with gimmicky mortgages.
True housing affordability comes in the form of
**lower prices**, not more gimmicky loans that
postpone the actual payment of principal & interest.

-What happens in five years when wages are stagnant or
lower and housing prices are stagnant or lower — leaving us right back where we are today? Do we
get another “5 year plan”? Does it ever end?

-What about the incoming buyers? Are they expected to
take on funky mortgages because the govt insists on
keeping an artificial floor under housing prices?

-Who is making sure we don’t see any more of these loan
“products” that caused the problem in the first place?
I’m still hearing commercials for funky loans and the
pace seems to be picking up again — heard of the new
“combo loan” from Countrywide where you wrap all your
debt into a mortgage — effectively what people were
doing all along, but is now being directly encouraged
by the lender…

I still think the best method is to let housing prices fall to such an extent that people can buy based on their documented income (and no more than 30% DTI, max!), using traditional, 15-yr or 30-yr fully amortized loans.

With all the crying about the “affordable housing crisis” over the past few years, one has to wonder why they are now fighting like mad to keep housing at artificially high and unaffordable levels.

[CA renter]

Congratulations, Rich!!

BTW, your site is not about gloating over other people’s misfortunes, even if a few of us don’t mind watching flippers flop. 🙂

[CA renter]

Congratulations, Rich!!

BTW, your site is not about gloating over other people’s misfortunes, even if a few of us don’t mind watching flippers flop. 🙂

[CA renter]

Congratulations, Rich!!

BTW, your site is not about gloating over other people’s misfortunes, even if a few of us don’t mind watching flippers flop. 🙂

[CA renter]

Congratulations, Rich!!

BTW, your site is not about gloating over other people’s misfortunes, even if a few of us don’t mind watching flippers flop. 🙂

[CA renter]

Congratulations, Rich!!

BTW, your site is not about gloating over other people’s misfortunes, even if a few of us don’t mind watching flippers flop. 🙂

[CA renter]

If your mom is retired and has no reason to stay where she is, why not move to WA? She could rent there if prices are still over-valued. Would she be willing to rent? Where is your sister going to live? Could your mom live with her there? It might be nice for the kids to have her as a neutralizing force in the divorce hell. I think grandparents can really help kids through the transition and later, as they grow up in the “divorce environment.”

Very sorry to hear about your sister and her family. Hope everything gets resolved in a way that everyone can be somewhat satisfied. Best of luck to your family!!!

[CA renter]

If your mom is retired and has no reason to stay where she is, why not move to WA? She could rent there if prices are still over-valued. Would she be willing to rent? Where is your sister going to live? Could your mom live with her there? It might be nice for the kids to have her as a neutralizing force in the divorce hell. I think grandparents can really help kids through the transition and later, as they grow up in the “divorce environment.”

Very sorry to hear about your sister and her family. Hope everything gets resolved in a way that everyone can be somewhat satisfied. Best of luck to your family!!!

[CA renter]

If your mom is retired and has no reason to stay where she is, why not move to WA? She could rent there if prices are still over-valued. Would she be willing to rent? Where is your sister going to live? Could your mom live with her there? It might be nice for the kids to have her as a neutralizing force in the divorce hell. I think grandparents can really help kids through the transition and later, as they grow up in the “divorce environment.”

Very sorry to hear about your sister and her family. Hope everything gets resolved in a way that everyone can be somewhat satisfied. Best of luck to your family!!!

[CA renter]

If your mom is retired and has no reason to stay where she is, why not move to WA? She could rent there if prices are still over-valued. Would she be willing to rent? Where is your sister going to live? Could your mom live with her there? It might be nice for the kids to have her as a neutralizing force in the divorce hell. I think grandparents can really help kids through the transition and later, as they grow up in the “divorce environment.”

Very sorry to hear about your sister and her family. Hope everything gets resolved in a way that everyone can be somewhat satisfied. Best of luck to your family!!!

[CA renter]

If your mom is retired and has no reason to stay where she is, why not move to WA? She could rent there if prices are still over-valued. Would she be willing to rent? Where is your sister going to live? Could your mom live with her there? It might be nice for the kids to have her as a neutralizing force in the divorce hell. I think grandparents can really help kids through the transition and later, as they grow up in the “divorce environment.”

Very sorry to hear about your sister and her family. Hope everything gets resolved in a way that everyone can be somewhat satisfied. Best of luck to your family!!!

[CA renter]

HLS,

You’re obviously top-notch, and it’s a pleasure to have people with ethics representing the MB’s perspective. Thank you!

Regarding being offended…some people (most of us!) get offended if someone else suggests that they might be paid too much. Many MBs seem to think they ought to be paid more than attorneys and CPAs, and I challenged that thinking a bit in my post.

As you know, MBs were making TONS of money by ripping-off naive borrowers — much more money than most CPAs and attorneys make. Some MBs would try to justify that, and that’s what I was getting at.

Thanks for your input! Take care! 🙂

[CA renter]

HLS,

You’re obviously top-notch, and it’s a pleasure to have people with ethics representing the MB’s perspective. Thank you!

Regarding being offended…some people (most of us!) get offended if someone else suggests that they might be paid too much. Many MBs seem to think they ought to be paid more than attorneys and CPAs, and I challenged that thinking a bit in my post.

As you know, MBs were making TONS of money by ripping-off naive borrowers — much more money than most CPAs and attorneys make. Some MBs would try to justify that, and that’s what I was getting at.

Thanks for your input! Take care! 🙂

[CA renter]

HLS,

You’re obviously top-notch, and it’s a pleasure to have people with ethics representing the MB’s perspective. Thank you!

Regarding being offended…some people (most of us!) get offended if someone else suggests that they might be paid too much. Many MBs seem to think they ought to be paid more than attorneys and CPAs, and I challenged that thinking a bit in my post.

As you know, MBs were making TONS of money by ripping-off naive borrowers — much more money than most CPAs and attorneys make. Some MBs would try to justify that, and that’s what I was getting at.

Thanks for your input! Take care! 🙂

[CA renter]

HLS,

You’re obviously top-notch, and it’s a pleasure to have people with ethics representing the MB’s perspective. Thank you!

Regarding being offended…some people (most of us!) get offended if someone else suggests that they might be paid too much. Many MBs seem to think they ought to be paid more than attorneys and CPAs, and I challenged that thinking a bit in my post.

As you know, MBs were making TONS of money by ripping-off naive borrowers — much more money than most CPAs and attorneys make. Some MBs would try to justify that, and that’s what I was getting at.

Thanks for your input! Take care! 🙂

[Author]

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