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May 17, 2008 at 8:36 AM in reply to: FDIC Chairman On the Great Credit Squeeze: How it Happened, How to Prevent Another; #206526May 17, 2008 at 8:36 AM in reply to: FDIC Chairman On the Great Credit Squeeze: How it Happened, How to Prevent Another; #206553
HLS
ParticipantCAR, you got it.
On the surface it sounds GREAT to everyone who might be helped stay in their house.
(The house that they bought that they cannot afford and have no real equity in anyway)But there are more things not to like for those that won’t benefit from it.
IF it is allowed to work, it will artificially keep prices high. Anyone who it doesn’t directly help should be outraged.
She repeats that it’s not a bailout. What she wants to say is that it is not a bailout of homeowners..OK, sorta.
But she doesn’t admit that it IS a bailout of LENDERS.There is no pain for those who were irresponsible.
Irresponsible buyers AND irresponsible lenders. This allows them to carry on their merry way “until the market improves” Let them suffer the consequences of their actions.There is NO REASON for houses to increase in value at this time. The improvement is the falling prices for those waiting to buy.
For ANYONE to suggest that things will be better in 5 years is irresponsible and wishful thinking. It’s certianly not a guarantee.
It just passes the problem off to a diff group of folks and a different administration, who will be just as cluless what to do when they need to deal with it.
OK… what genius has the next idea that isn’t going to work either ??
ParticipantI never liked the Bank…
Have you tried right across the street from the Bank on the corner ? casual, but decent…. I think they have a bar..and you can sit outside on a nice day or evening.North from Old Town past Rancho Calif Rd (It becomes Jefferson) is ROSA’s decent food & Tortilla factory (near McD’s)
Further north is Guadalajara, but I have never eaten there, but it’s been there for years.I prefer Mexican food at casual places,, The larger ones tend to be chains with overpriced food….People seem to love El Torito & Acapulco which I avoid.
There are some great taco shops around and some serve beer, but harder to find a full bar.
Fallbrook has about a dozen choices for Mex food, but most are casual, some better than others.
ParticipantI never liked the Bank…
Have you tried right across the street from the Bank on the corner ? casual, but decent…. I think they have a bar..and you can sit outside on a nice day or evening.North from Old Town past Rancho Calif Rd (It becomes Jefferson) is ROSA’s decent food & Tortilla factory (near McD’s)
Further north is Guadalajara, but I have never eaten there, but it’s been there for years.I prefer Mexican food at casual places,, The larger ones tend to be chains with overpriced food….People seem to love El Torito & Acapulco which I avoid.
There are some great taco shops around and some serve beer, but harder to find a full bar.
Fallbrook has about a dozen choices for Mex food, but most are casual, some better than others.
ParticipantI never liked the Bank…
Have you tried right across the street from the Bank on the corner ? casual, but decent…. I think they have a bar..and you can sit outside on a nice day or evening.North from Old Town past Rancho Calif Rd (It becomes Jefferson) is ROSA’s decent food & Tortilla factory (near McD’s)
Further north is Guadalajara, but I have never eaten there, but it’s been there for years.I prefer Mexican food at casual places,, The larger ones tend to be chains with overpriced food….People seem to love El Torito & Acapulco which I avoid.
There are some great taco shops around and some serve beer, but harder to find a full bar.
Fallbrook has about a dozen choices for Mex food, but most are casual, some better than others.
ParticipantI never liked the Bank…
Have you tried right across the street from the Bank on the corner ? casual, but decent…. I think they have a bar..and you can sit outside on a nice day or evening.North from Old Town past Rancho Calif Rd (It becomes Jefferson) is ROSA’s decent food & Tortilla factory (near McD’s)
Further north is Guadalajara, but I have never eaten there, but it’s been there for years.I prefer Mexican food at casual places,, The larger ones tend to be chains with overpriced food….People seem to love El Torito & Acapulco which I avoid.
There are some great taco shops around and some serve beer, but harder to find a full bar.
Fallbrook has about a dozen choices for Mex food, but most are casual, some better than others.
ParticipantI never liked the Bank…
Have you tried right across the street from the Bank on the corner ? casual, but decent…. I think they have a bar..and you can sit outside on a nice day or evening.North from Old Town past Rancho Calif Rd (It becomes Jefferson) is ROSA’s decent food & Tortilla factory (near McD’s)
Further north is Guadalajara, but I have never eaten there, but it’s been there for years.I prefer Mexican food at casual places,, The larger ones tend to be chains with overpriced food….People seem to love El Torito & Acapulco which I avoid.
There are some great taco shops around and some serve beer, but harder to find a full bar.
Fallbrook has about a dozen choices for Mex food, but most are casual, some better than others.
May 16, 2008 at 4:53 PM in reply to: In mortgage market, ‘walkaway’ homeowners may be urban myth #206214ParticipantAgain, it depends on your definition of a walker..
Someone who has no choice and cannot afford to pay or refi is a REALLY FB…not a walker to me.
A walker to me is someone who CAN pay, but chooses not to, after 6-7 months+ of no payments… I think that is going to increase dramatically…
Obviously, there’s no shortage of REALLY FB’s today.
As DaC says,, it’s simply a question of DEAL or NO DEAL.
Once the govt starts bailing out the IRresponsible, the riots will start from the responsible until they get bailed out too…it’s either that or the responsible will quickly become IRresponsible to save $100K-$200K of net worth.
Plenty of people with 700-800 credit scores would toss their score in the ring to save $100K +++…
Credit scores can be rebuilt alot faster than saving 6 figures++ of after tax cash for vast majority of people.
May 16, 2008 at 4:53 PM in reply to: In mortgage market, ‘walkaway’ homeowners may be urban myth #206264ParticipantAgain, it depends on your definition of a walker..
Someone who has no choice and cannot afford to pay or refi is a REALLY FB…not a walker to me.
A walker to me is someone who CAN pay, but chooses not to, after 6-7 months+ of no payments… I think that is going to increase dramatically…
Obviously, there’s no shortage of REALLY FB’s today.
As DaC says,, it’s simply a question of DEAL or NO DEAL.
Once the govt starts bailing out the IRresponsible, the riots will start from the responsible until they get bailed out too…it’s either that or the responsible will quickly become IRresponsible to save $100K-$200K of net worth.
Plenty of people with 700-800 credit scores would toss their score in the ring to save $100K +++…
Credit scores can be rebuilt alot faster than saving 6 figures++ of after tax cash for vast majority of people.
May 16, 2008 at 4:53 PM in reply to: In mortgage market, ‘walkaway’ homeowners may be urban myth #206293ParticipantAgain, it depends on your definition of a walker..
Someone who has no choice and cannot afford to pay or refi is a REALLY FB…not a walker to me.
A walker to me is someone who CAN pay, but chooses not to, after 6-7 months+ of no payments… I think that is going to increase dramatically…
Obviously, there’s no shortage of REALLY FB’s today.
As DaC says,, it’s simply a question of DEAL or NO DEAL.
Once the govt starts bailing out the IRresponsible, the riots will start from the responsible until they get bailed out too…it’s either that or the responsible will quickly become IRresponsible to save $100K-$200K of net worth.
Plenty of people with 700-800 credit scores would toss their score in the ring to save $100K +++…
Credit scores can be rebuilt alot faster than saving 6 figures++ of after tax cash for vast majority of people.
May 16, 2008 at 4:53 PM in reply to: In mortgage market, ‘walkaway’ homeowners may be urban myth #206320ParticipantAgain, it depends on your definition of a walker..
Someone who has no choice and cannot afford to pay or refi is a REALLY FB…not a walker to me.
A walker to me is someone who CAN pay, but chooses not to, after 6-7 months+ of no payments… I think that is going to increase dramatically…
Obviously, there’s no shortage of REALLY FB’s today.
As DaC says,, it’s simply a question of DEAL or NO DEAL.
Once the govt starts bailing out the IRresponsible, the riots will start from the responsible until they get bailed out too…it’s either that or the responsible will quickly become IRresponsible to save $100K-$200K of net worth.
Plenty of people with 700-800 credit scores would toss their score in the ring to save $100K +++…
Credit scores can be rebuilt alot faster than saving 6 figures++ of after tax cash for vast majority of people.
May 16, 2008 at 4:53 PM in reply to: In mortgage market, ‘walkaway’ homeowners may be urban myth #206348ParticipantAgain, it depends on your definition of a walker..
Someone who has no choice and cannot afford to pay or refi is a REALLY FB…not a walker to me.
A walker to me is someone who CAN pay, but chooses not to, after 6-7 months+ of no payments… I think that is going to increase dramatically…
Obviously, there’s no shortage of REALLY FB’s today.
As DaC says,, it’s simply a question of DEAL or NO DEAL.
Once the govt starts bailing out the IRresponsible, the riots will start from the responsible until they get bailed out too…it’s either that or the responsible will quickly become IRresponsible to save $100K-$200K of net worth.
Plenty of people with 700-800 credit scores would toss their score in the ring to save $100K +++…
Credit scores can be rebuilt alot faster than saving 6 figures++ of after tax cash for vast majority of people.
ParticipantDon’t forget to deduct the commission to get the real net price……..
I can also tell you that getting financing approved for SOME condos is very difficult….
A mixed use building or some that are now part hotel/part condo may require *special* rates….
FNMA has limits for an allowed % of non owner units in any complex.
Although FNMA allows non owner, at least one lender who has consistently good rates (.25 better than others) for SFR’s will not consider a rental condo at all, even at 50% LTV.
ParticipantDon’t forget to deduct the commission to get the real net price……..
I can also tell you that getting financing approved for SOME condos is very difficult….
A mixed use building or some that are now part hotel/part condo may require *special* rates….
FNMA has limits for an allowed % of non owner units in any complex.
Although FNMA allows non owner, at least one lender who has consistently good rates (.25 better than others) for SFR’s will not consider a rental condo at all, even at 50% LTV.
ParticipantDon’t forget to deduct the commission to get the real net price……..
I can also tell you that getting financing approved for SOME condos is very difficult….
A mixed use building or some that are now part hotel/part condo may require *special* rates….
FNMA has limits for an allowed % of non owner units in any complex.
Although FNMA allows non owner, at least one lender who has consistently good rates (.25 better than others) for SFR’s will not consider a rental condo at all, even at 50% LTV.
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