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patb
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May 12, 2008 at 2:38 PM in reply to: Nine houses lost, investor reflects on ‘stumbles’: California man speculated with ‘neg-am’ loans, now says it was mistake #202788ParticipantThis guy is losing his house, his car and most likely his job
as well as his $800K nest egg.He is young enough to recover, but just barely.
He is 37, his bankruptcy won’t be off the record until he is 45.
So he will have a hard time buying a new hosue before then
and it will take a few years tobuild equity in his retirement etc.He was foolish
May 12, 2008 at 2:38 PM in reply to: Nine houses lost, investor reflects on ‘stumbles’: California man speculated with ‘neg-am’ loans, now says it was mistake #202837ParticipantThis guy is losing his house, his car and most likely his job
as well as his $800K nest egg.He is young enough to recover, but just barely.
He is 37, his bankruptcy won’t be off the record until he is 45.
So he will have a hard time buying a new hosue before then
and it will take a few years tobuild equity in his retirement etc.He was foolish
May 12, 2008 at 2:38 PM in reply to: Nine houses lost, investor reflects on ‘stumbles’: California man speculated with ‘neg-am’ loans, now says it was mistake #202859ParticipantThis guy is losing his house, his car and most likely his job
as well as his $800K nest egg.He is young enough to recover, but just barely.
He is 37, his bankruptcy won’t be off the record until he is 45.
So he will have a hard time buying a new hosue before then
and it will take a few years tobuild equity in his retirement etc.He was foolish
May 12, 2008 at 2:38 PM in reply to: Nine houses lost, investor reflects on ‘stumbles’: California man speculated with ‘neg-am’ loans, now says it was mistake #202885ParticipantThis guy is losing his house, his car and most likely his job
as well as his $800K nest egg.He is young enough to recover, but just barely.
He is 37, his bankruptcy won’t be off the record until he is 45.
So he will have a hard time buying a new hosue before then
and it will take a few years tobuild equity in his retirement etc.He was foolish
May 12, 2008 at 2:38 PM in reply to: Nine houses lost, investor reflects on ‘stumbles’: California man speculated with ‘neg-am’ loans, now says it was mistake #202919ParticipantThis guy is losing his house, his car and most likely his job
as well as his $800K nest egg.He is young enough to recover, but just barely.
He is 37, his bankruptcy won’t be off the record until he is 45.
So he will have a hard time buying a new hosue before then
and it will take a few years tobuild equity in his retirement etc.He was foolish
Participant“I figured that at 25 basis points per raise, it will take them 8 meetings to raise rates from 2% now to 4% and they have 6 meetings a year. This will give me one year and 4 months. Also I think they can’t start raising rates until after the election. So I am safe for at least two years.”
Don’t be a tool.
While the Fed Open Market Committee sets Fed Funds rates, who sets Prime?
Your BANK!!!!!
They can raise Prime overnight by as much as they want.
LIBOR is an index between banks, that changes when the big banks
change rates.Participant“I figured that at 25 basis points per raise, it will take them 8 meetings to raise rates from 2% now to 4% and they have 6 meetings a year. This will give me one year and 4 months. Also I think they can’t start raising rates until after the election. So I am safe for at least two years.”
Don’t be a tool.
While the Fed Open Market Committee sets Fed Funds rates, who sets Prime?
Your BANK!!!!!
They can raise Prime overnight by as much as they want.
LIBOR is an index between banks, that changes when the big banks
change rates.Participant“I figured that at 25 basis points per raise, it will take them 8 meetings to raise rates from 2% now to 4% and they have 6 meetings a year. This will give me one year and 4 months. Also I think they can’t start raising rates until after the election. So I am safe for at least two years.”
Don’t be a tool.
While the Fed Open Market Committee sets Fed Funds rates, who sets Prime?
Your BANK!!!!!
They can raise Prime overnight by as much as they want.
LIBOR is an index between banks, that changes when the big banks
change rates.Participant“I figured that at 25 basis points per raise, it will take them 8 meetings to raise rates from 2% now to 4% and they have 6 meetings a year. This will give me one year and 4 months. Also I think they can’t start raising rates until after the election. So I am safe for at least two years.”
Don’t be a tool.
While the Fed Open Market Committee sets Fed Funds rates, who sets Prime?
Your BANK!!!!!
They can raise Prime overnight by as much as they want.
LIBOR is an index between banks, that changes when the big banks
change rates. -
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