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September 27, 2009 at 9:33 AM in reply to: Homeowners who ‘strategically default’ on loans a growing problem #461714September 27, 2009 at 9:33 AM in reply to: Homeowners who ‘strategically default’ on loans a growing problem #462057
patientrenter
Participant[quote=trex]If everyone were this rational, the banks would behave more responsibly as well , requiring down payments and real income….[/quote]
Getting the banks to be more responsible about home loans requires more than rational behavior by borrowers. It also requires a removal of govt and private mortgage insurance schemes. The presence of these schemes completely undermines incentives for responsible loan underwriting.
When we have responsible home loans (no FHA or PMI or other nonsense) then we will have a sensible market for homes. Will this ever happen? Probably not in my lifetime.
September 27, 2009 at 9:33 AM in reply to: Homeowners who ‘strategically default’ on loans a growing problem #462130Participant[quote=trex]If everyone were this rational, the banks would behave more responsibly as well , requiring down payments and real income….[/quote]
Getting the banks to be more responsible about home loans requires more than rational behavior by borrowers. It also requires a removal of govt and private mortgage insurance schemes. The presence of these schemes completely undermines incentives for responsible loan underwriting.
When we have responsible home loans (no FHA or PMI or other nonsense) then we will have a sensible market for homes. Will this ever happen? Probably not in my lifetime.
September 27, 2009 at 9:33 AM in reply to: Homeowners who ‘strategically default’ on loans a growing problem #462335Participant[quote=trex]If everyone were this rational, the banks would behave more responsibly as well , requiring down payments and real income….[/quote]
Getting the banks to be more responsible about home loans requires more than rational behavior by borrowers. It also requires a removal of govt and private mortgage insurance schemes. The presence of these schemes completely undermines incentives for responsible loan underwriting.
When we have responsible home loans (no FHA or PMI or other nonsense) then we will have a sensible market for homes. Will this ever happen? Probably not in my lifetime.
Participant[quote=sdrealtor]FWIW, a buyer on one of my listings just got their BOA loan funded in under 30 days and it was a 10% down FHA deal.[/quote]
Thank goodness that the next generation of taxpayers is cool with overpaying for houses.
Participant[quote=sdrealtor]FWIW, a buyer on one of my listings just got their BOA loan funded in under 30 days and it was a 10% down FHA deal.[/quote]
Thank goodness that the next generation of taxpayers is cool with overpaying for houses.
Participant[quote=sdrealtor]FWIW, a buyer on one of my listings just got their BOA loan funded in under 30 days and it was a 10% down FHA deal.[/quote]
Thank goodness that the next generation of taxpayers is cool with overpaying for houses.
Participant[quote=sdrealtor]FWIW, a buyer on one of my listings just got their BOA loan funded in under 30 days and it was a 10% down FHA deal.[/quote]
Thank goodness that the next generation of taxpayers is cool with overpaying for houses.
Participant[quote=sdrealtor]FWIW, a buyer on one of my listings just got their BOA loan funded in under 30 days and it was a 10% down FHA deal.[/quote]
Thank goodness that the next generation of taxpayers is cool with overpaying for houses.
Participant[quote=qwerty007]….The Bank of England would be the safest in the UK….[/quote]
The Bank of England is the central bank for the UK. If you can open an account there, I’d be as surprised as if you told me you could open an account with the Federal Reserve.
I’ve had an account with Everbank since before Powaysellers’s first post about them back in 2006. So far, so good. And the FDIC insures them. [I think unlimited FDIC insurance is irresponsible, but it means I don’t have to care about the quality of the banks I give money to.]
Participant[quote=qwerty007]….The Bank of England would be the safest in the UK….[/quote]
The Bank of England is the central bank for the UK. If you can open an account there, I’d be as surprised as if you told me you could open an account with the Federal Reserve.
I’ve had an account with Everbank since before Powaysellers’s first post about them back in 2006. So far, so good. And the FDIC insures them. [I think unlimited FDIC insurance is irresponsible, but it means I don’t have to care about the quality of the banks I give money to.]
Participant[quote=qwerty007]….The Bank of England would be the safest in the UK….[/quote]
The Bank of England is the central bank for the UK. If you can open an account there, I’d be as surprised as if you told me you could open an account with the Federal Reserve.
I’ve had an account with Everbank since before Powaysellers’s first post about them back in 2006. So far, so good. And the FDIC insures them. [I think unlimited FDIC insurance is irresponsible, but it means I don’t have to care about the quality of the banks I give money to.]
Participant[quote=qwerty007]….The Bank of England would be the safest in the UK….[/quote]
The Bank of England is the central bank for the UK. If you can open an account there, I’d be as surprised as if you told me you could open an account with the Federal Reserve.
I’ve had an account with Everbank since before Powaysellers’s first post about them back in 2006. So far, so good. And the FDIC insures them. [I think unlimited FDIC insurance is irresponsible, but it means I don’t have to care about the quality of the banks I give money to.]
Participant[quote=qwerty007]….The Bank of England would be the safest in the UK….[/quote]
The Bank of England is the central bank for the UK. If you can open an account there, I’d be as surprised as if you told me you could open an account with the Federal Reserve.
I’ve had an account with Everbank since before Powaysellers’s first post about them back in 2006. So far, so good. And the FDIC insures them. [I think unlimited FDIC insurance is irresponsible, but it means I don’t have to care about the quality of the banks I give money to.]
Participant[quote=threadkiller]….As soon as I can rustle up 1.6 Million I’ll buy it….[/quote]
I can’t tell if the snark was on, but I imagine it would take a while for most people, maybe even you, to find 1.6 million of their own spare dollars.
Now, if you’re happy to spend OPM, then just call it a multi-unit dwelling and get the next generation of taxpayers to pay for it, using the FHA.
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