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GH
ParticipantPerhaps a really big point is being missed somewhere along the way. Have the occupants being making their mortgage payments or not? I agree the banks may well have royally screwed up the paperwork in the bubble frenzies, but leave this to a judge to decide. In the mean time, the courts should assume control of disputed properties and kick the FB’s out given they have ample opportunity to demonstrate they have indeed made payments as agreed, or the bank does not have the right to reposes the home as it is a wrong address etc.
FB’s who cause issues should also be notified that their loan apps will be subjected to criminal investigation if it turns out they lied substantially on their application. Particularly stated income loans.
ParticipantPerhaps a really big point is being missed somewhere along the way. Have the occupants being making their mortgage payments or not? I agree the banks may well have royally screwed up the paperwork in the bubble frenzies, but leave this to a judge to decide. In the mean time, the courts should assume control of disputed properties and kick the FB’s out given they have ample opportunity to demonstrate they have indeed made payments as agreed, or the bank does not have the right to reposes the home as it is a wrong address etc.
FB’s who cause issues should also be notified that their loan apps will be subjected to criminal investigation if it turns out they lied substantially on their application. Particularly stated income loans.
ParticipantPerhaps a really big point is being missed somewhere along the way. Have the occupants being making their mortgage payments or not? I agree the banks may well have royally screwed up the paperwork in the bubble frenzies, but leave this to a judge to decide. In the mean time, the courts should assume control of disputed properties and kick the FB’s out given they have ample opportunity to demonstrate they have indeed made payments as agreed, or the bank does not have the right to reposes the home as it is a wrong address etc.
FB’s who cause issues should also be notified that their loan apps will be subjected to criminal investigation if it turns out they lied substantially on their application. Particularly stated income loans.
ParticipantPerhaps a really big point is being missed somewhere along the way. Have the occupants being making their mortgage payments or not? I agree the banks may well have royally screwed up the paperwork in the bubble frenzies, but leave this to a judge to decide. In the mean time, the courts should assume control of disputed properties and kick the FB’s out given they have ample opportunity to demonstrate they have indeed made payments as agreed, or the bank does not have the right to reposes the home as it is a wrong address etc.
FB’s who cause issues should also be notified that their loan apps will be subjected to criminal investigation if it turns out they lied substantially on their application. Particularly stated income loans.
ParticipantPerhaps a really big point is being missed somewhere along the way. Have the occupants being making their mortgage payments or not? I agree the banks may well have royally screwed up the paperwork in the bubble frenzies, but leave this to a judge to decide. In the mean time, the courts should assume control of disputed properties and kick the FB’s out given they have ample opportunity to demonstrate they have indeed made payments as agreed, or the bank does not have the right to reposes the home as it is a wrong address etc.
FB’s who cause issues should also be notified that their loan apps will be subjected to criminal investigation if it turns out they lied substantially on their application. Particularly stated income loans.
ParticipantIt seems to me that there is a magnitude more money than there needs to be. There is a concept of money on the sidelines which never really comes into play then there is the money which is actually in play, then there is money which through credit default swaps and derivatives etc, which mirrors other money but is more along the lines of imaginary money (until a crash), when it suddenly becomes very real and very serious.
My thinking is that debt is the bull in the china shop. Most Americans agree that default is better than inflation, which means the derivatives and credit swaps come into play as millions of individuals and businesses fail and their debts are made whole in a bizarre world where debt and money are created and destroyed with little relationship to it’s underlying value.
For the banks this is great as they loaned nothing and get paid with real dollars and thus will end up owning more than 100% of everything. For the people this is very bad as we have seen the middle class in America strip mined for the last 30 years since Regan started us down the path of deregulation.
ParticipantIt seems to me that there is a magnitude more money than there needs to be. There is a concept of money on the sidelines which never really comes into play then there is the money which is actually in play, then there is money which through credit default swaps and derivatives etc, which mirrors other money but is more along the lines of imaginary money (until a crash), when it suddenly becomes very real and very serious.
My thinking is that debt is the bull in the china shop. Most Americans agree that default is better than inflation, which means the derivatives and credit swaps come into play as millions of individuals and businesses fail and their debts are made whole in a bizarre world where debt and money are created and destroyed with little relationship to it’s underlying value.
For the banks this is great as they loaned nothing and get paid with real dollars and thus will end up owning more than 100% of everything. For the people this is very bad as we have seen the middle class in America strip mined for the last 30 years since Regan started us down the path of deregulation.
ParticipantIt seems to me that there is a magnitude more money than there needs to be. There is a concept of money on the sidelines which never really comes into play then there is the money which is actually in play, then there is money which through credit default swaps and derivatives etc, which mirrors other money but is more along the lines of imaginary money (until a crash), when it suddenly becomes very real and very serious.
My thinking is that debt is the bull in the china shop. Most Americans agree that default is better than inflation, which means the derivatives and credit swaps come into play as millions of individuals and businesses fail and their debts are made whole in a bizarre world where debt and money are created and destroyed with little relationship to it’s underlying value.
For the banks this is great as they loaned nothing and get paid with real dollars and thus will end up owning more than 100% of everything. For the people this is very bad as we have seen the middle class in America strip mined for the last 30 years since Regan started us down the path of deregulation.
ParticipantIt seems to me that there is a magnitude more money than there needs to be. There is a concept of money on the sidelines which never really comes into play then there is the money which is actually in play, then there is money which through credit default swaps and derivatives etc, which mirrors other money but is more along the lines of imaginary money (until a crash), when it suddenly becomes very real and very serious.
My thinking is that debt is the bull in the china shop. Most Americans agree that default is better than inflation, which means the derivatives and credit swaps come into play as millions of individuals and businesses fail and their debts are made whole in a bizarre world where debt and money are created and destroyed with little relationship to it’s underlying value.
For the banks this is great as they loaned nothing and get paid with real dollars and thus will end up owning more than 100% of everything. For the people this is very bad as we have seen the middle class in America strip mined for the last 30 years since Regan started us down the path of deregulation.
ParticipantIt seems to me that there is a magnitude more money than there needs to be. There is a concept of money on the sidelines which never really comes into play then there is the money which is actually in play, then there is money which through credit default swaps and derivatives etc, which mirrors other money but is more along the lines of imaginary money (until a crash), when it suddenly becomes very real and very serious.
My thinking is that debt is the bull in the china shop. Most Americans agree that default is better than inflation, which means the derivatives and credit swaps come into play as millions of individuals and businesses fail and their debts are made whole in a bizarre world where debt and money are created and destroyed with little relationship to it’s underlying value.
For the banks this is great as they loaned nothing and get paid with real dollars and thus will end up owning more than 100% of everything. For the people this is very bad as we have seen the middle class in America strip mined for the last 30 years since Regan started us down the path of deregulation.
ParticipantJust keep in mind that housing prices and interest rates have no relationship
Nonsense! Prices are falling today because at ANY interest rate very few can afford, and there are millions of foreclosures out there dropping prices. Credit scores are all but trashed these days, incomes are off and frankly no matter the spin prices ARE falling. If interest rates were raised to say 15% prices would fall massively as far fewer of the dwindling supply of credit qualified applicants could qualify for $500K at 15% than could qualify at 5%.
Assuming 10% down, your monthly payment incl tax will be ~3,000 /MO at 5% and ~6,200 /MO at 15%, so obviously many can afford the $3,000 payment but very few could afford the $6,200 payment.
This is simple math and not subject to opinion!
ParticipantJust keep in mind that housing prices and interest rates have no relationship
Nonsense! Prices are falling today because at ANY interest rate very few can afford, and there are millions of foreclosures out there dropping prices. Credit scores are all but trashed these days, incomes are off and frankly no matter the spin prices ARE falling. If interest rates were raised to say 15% prices would fall massively as far fewer of the dwindling supply of credit qualified applicants could qualify for $500K at 15% than could qualify at 5%.
Assuming 10% down, your monthly payment incl tax will be ~3,000 /MO at 5% and ~6,200 /MO at 15%, so obviously many can afford the $3,000 payment but very few could afford the $6,200 payment.
This is simple math and not subject to opinion!
ParticipantJust keep in mind that housing prices and interest rates have no relationship
Nonsense! Prices are falling today because at ANY interest rate very few can afford, and there are millions of foreclosures out there dropping prices. Credit scores are all but trashed these days, incomes are off and frankly no matter the spin prices ARE falling. If interest rates were raised to say 15% prices would fall massively as far fewer of the dwindling supply of credit qualified applicants could qualify for $500K at 15% than could qualify at 5%.
Assuming 10% down, your monthly payment incl tax will be ~3,000 /MO at 5% and ~6,200 /MO at 15%, so obviously many can afford the $3,000 payment but very few could afford the $6,200 payment.
This is simple math and not subject to opinion!
ParticipantJust keep in mind that housing prices and interest rates have no relationship
Nonsense! Prices are falling today because at ANY interest rate very few can afford, and there are millions of foreclosures out there dropping prices. Credit scores are all but trashed these days, incomes are off and frankly no matter the spin prices ARE falling. If interest rates were raised to say 15% prices would fall massively as far fewer of the dwindling supply of credit qualified applicants could qualify for $500K at 15% than could qualify at 5%.
Assuming 10% down, your monthly payment incl tax will be ~3,000 /MO at 5% and ~6,200 /MO at 15%, so obviously many can afford the $3,000 payment but very few could afford the $6,200 payment.
This is simple math and not subject to opinion!
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