[patientrenter]

[quote=HLS]….
Lying about income and allowing 100% financing had NOTHING to do with the housing bubble, it was not getting loan disclosures early enough that was the problem……[/quote]

You know, HLS, that doing something like requiring a minimum down payment of 20% on owner occupied homes, and 30% otherwise, is not being considered as a fix for our financial problems precisely because it would… fix them.

Everything is being done to keep home prices high. Measures to clamp down on foolish lending are implemented only if they leave enough wiggle room for home prices to stay high. So proposals like tinkering with disclosures for consumer protection are now very popular, because everyone knows they will be ineffective. Changing loan applications will have zero impact. The fact that during the bubble everyone was lying on loan applications, and no one was checking, and no one was even reading the loan agreements they were signing, is now conveniently ignored.

We need to get rid of down payments of less than some reasonable number, like 20%, for once and for all. Otherwise the madness and economic damage will continue for many more years, and we’re just wasting our time and letting ourselves be distracted by reforms that don’t actually get the necessary result.

[patientrenter]

[quote=HLS]….
Lying about income and allowing 100% financing had NOTHING to do with the housing bubble, it was not getting loan disclosures early enough that was the problem……[/quote]

You know, HLS, that doing something like requiring a minimum down payment of 20% on owner occupied homes, and 30% otherwise, is not being considered as a fix for our financial problems precisely because it would… fix them.

Everything is being done to keep home prices high. Measures to clamp down on foolish lending are implemented only if they leave enough wiggle room for home prices to stay high. So proposals like tinkering with disclosures for consumer protection are now very popular, because everyone knows they will be ineffective. Changing loan applications will have zero impact. The fact that during the bubble everyone was lying on loan applications, and no one was checking, and no one was even reading the loan agreements they were signing, is now conveniently ignored.

We need to get rid of down payments of less than some reasonable number, like 20%, for once and for all. Otherwise the madness and economic damage will continue for many more years, and we’re just wasting our time and letting ourselves be distracted by reforms that don’t actually get the necessary result.

[patientrenter]

[quote=HLS]….
Lying about income and allowing 100% financing had NOTHING to do with the housing bubble, it was not getting loan disclosures early enough that was the problem……[/quote]

You know, HLS, that doing something like requiring a minimum down payment of 20% on owner occupied homes, and 30% otherwise, is not being considered as a fix for our financial problems precisely because it would… fix them.

Everything is being done to keep home prices high. Measures to clamp down on foolish lending are implemented only if they leave enough wiggle room for home prices to stay high. So proposals like tinkering with disclosures for consumer protection are now very popular, because everyone knows they will be ineffective. Changing loan applications will have zero impact. The fact that during the bubble everyone was lying on loan applications, and no one was checking, and no one was even reading the loan agreements they were signing, is now conveniently ignored.

We need to get rid of down payments of less than some reasonable number, like 20%, for once and for all. Otherwise the madness and economic damage will continue for many more years, and we’re just wasting our time and letting ourselves be distracted by reforms that don’t actually get the necessary result.

[patientrenter]

[quote=HLS]….
Lying about income and allowing 100% financing had NOTHING to do with the housing bubble, it was not getting loan disclosures early enough that was the problem……[/quote]

You know, HLS, that doing something like requiring a minimum down payment of 20% on owner occupied homes, and 30% otherwise, is not being considered as a fix for our financial problems precisely because it would… fix them.

Everything is being done to keep home prices high. Measures to clamp down on foolish lending are implemented only if they leave enough wiggle room for home prices to stay high. So proposals like tinkering with disclosures for consumer protection are now very popular, because everyone knows they will be ineffective. Changing loan applications will have zero impact. The fact that during the bubble everyone was lying on loan applications, and no one was checking, and no one was even reading the loan agreements they were signing, is now conveniently ignored.

We need to get rid of down payments of less than some reasonable number, like 20%, for once and for all. Otherwise the madness and economic damage will continue for many more years, and we’re just wasting our time and letting ourselves be distracted by reforms that don’t actually get the necessary result.

[patientrenter]

[quote=Diego Mamani]…. the house is a bargain today compared to 2002….[/quote]

I never knew that San Diego was founded as late as 2002 🙂 I wonder, if it had been founded earlier, say 1996, how current SD home prices would compare to those 1996 prices, adjusted for inflation. Might offer a less optimistic view of where SD prices will go over the next few years. As Rich has pointed out, it’s now all determined by the govt, so the future of SD home prices is to be found inside Chris Dodd’s and Barney Frank’s brains, and nowhere else.

[patientrenter]

[quote=Diego Mamani]…. the house is a bargain today compared to 2002….[/quote]

I never knew that San Diego was founded as late as 2002 🙂 I wonder, if it had been founded earlier, say 1996, how current SD home prices would compare to those 1996 prices, adjusted for inflation. Might offer a less optimistic view of where SD prices will go over the next few years. As Rich has pointed out, it’s now all determined by the govt, so the future of SD home prices is to be found inside Chris Dodd’s and Barney Frank’s brains, and nowhere else.

[patientrenter]

[quote=Diego Mamani]…. the house is a bargain today compared to 2002….[/quote]

I never knew that San Diego was founded as late as 2002 🙂 I wonder, if it had been founded earlier, say 1996, how current SD home prices would compare to those 1996 prices, adjusted for inflation. Might offer a less optimistic view of where SD prices will go over the next few years. As Rich has pointed out, it’s now all determined by the govt, so the future of SD home prices is to be found inside Chris Dodd’s and Barney Frank’s brains, and nowhere else.

[patientrenter]

[quote=Diego Mamani]…. the house is a bargain today compared to 2002….[/quote]

I never knew that San Diego was founded as late as 2002 🙂 I wonder, if it had been founded earlier, say 1996, how current SD home prices would compare to those 1996 prices, adjusted for inflation. Might offer a less optimistic view of where SD prices will go over the next few years. As Rich has pointed out, it’s now all determined by the govt, so the future of SD home prices is to be found inside Chris Dodd’s and Barney Frank’s brains, and nowhere else.

[patientrenter]

[quote=Diego Mamani]…. the house is a bargain today compared to 2002….[/quote]

I never knew that San Diego was founded as late as 2002 🙂 I wonder, if it had been founded earlier, say 1996, how current SD home prices would compare to those 1996 prices, adjusted for inflation. Might offer a less optimistic view of where SD prices will go over the next few years. As Rich has pointed out, it’s now all determined by the govt, so the future of SD home prices is to be found inside Chris Dodd’s and Barney Frank’s brains, and nowhere else.

[patientrenter]

Aren’t the servicers checking for hanky-panky on forced sales? If not, why aren’t they? What’s their financial incentive on a forced sale?

[patientrenter]

Aren’t the servicers checking for hanky-panky on forced sales? If not, why aren’t they? What’s their financial incentive on a forced sale?

[patientrenter]

Aren’t the servicers checking for hanky-panky on forced sales? If not, why aren’t they? What’s their financial incentive on a forced sale?

[patientrenter]

Aren’t the servicers checking for hanky-panky on forced sales? If not, why aren’t they? What’s their financial incentive on a forced sale?

[patientrenter]

Aren’t the servicers checking for hanky-panky on forced sales? If not, why aren’t they? What’s their financial incentive on a forced sale?

[patientrenter]

[quote=pemeliza]….
The only bubble buyers who are taking significant loses in CA are those who paid cash or put a large down.[/quote]

I think those of us who believe in saving, paying lots of cash etc, are seeing activity occurring in the open and on a vast scale that we only suspected was occurring. What will that do to our future behavior?

[Author]

Posts