Forum Replies Created
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AuthorPosts
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renterclint
ParticipantI totally agree with you DoJC,
We need some intelligent leadership that looks at the cause rather than the symptom, but who will be the one to step up? (okay, Ron Paul, but how about some more mainstream guys)
I was watching a program the other day about the Inland Empire & towns like Riverside getting a brutal beating. They had their congressman walk the reporter through streets with half the homes foreclosed or abandoned.
I wish I could remember the congressman’s name. He actually said the troubled borrowers where like the people in Mississippi who suffered from Katrina! My sister & her young family lost their home in Biloxi (& everything else) in Katrina. I wish I could have reached into the TV at that moment.
What a amazing insult to these people! Comparing the catostrophic loss of a hurricane to irresponsible borrowers being foreclosed on… this is the kind of completely asinine rhetoric that these morons are trying pitch to the American people.
It’s just unbelievable.
renterclint
ParticipantI totally agree with you DoJC,
We need some intelligent leadership that looks at the cause rather than the symptom, but who will be the one to step up? (okay, Ron Paul, but how about some more mainstream guys)
I was watching a program the other day about the Inland Empire & towns like Riverside getting a brutal beating. They had their congressman walk the reporter through streets with half the homes foreclosed or abandoned.
I wish I could remember the congressman’s name. He actually said the troubled borrowers where like the people in Mississippi who suffered from Katrina! My sister & her young family lost their home in Biloxi (& everything else) in Katrina. I wish I could have reached into the TV at that moment.
What a amazing insult to these people! Comparing the catostrophic loss of a hurricane to irresponsible borrowers being foreclosed on… this is the kind of completely asinine rhetoric that these morons are trying pitch to the American people.
It’s just unbelievable.
renterclint
ParticipantI totally agree with you DoJC,
We need some intelligent leadership that looks at the cause rather than the symptom, but who will be the one to step up? (okay, Ron Paul, but how about some more mainstream guys)
I was watching a program the other day about the Inland Empire & towns like Riverside getting a brutal beating. They had their congressman walk the reporter through streets with half the homes foreclosed or abandoned.
I wish I could remember the congressman’s name. He actually said the troubled borrowers where like the people in Mississippi who suffered from Katrina! My sister & her young family lost their home in Biloxi (& everything else) in Katrina. I wish I could have reached into the TV at that moment.
What a amazing insult to these people! Comparing the catostrophic loss of a hurricane to irresponsible borrowers being foreclosed on… this is the kind of completely asinine rhetoric that these morons are trying pitch to the American people.
It’s just unbelievable.
renterclint
ParticipantI totally agree with you DoJC,
We need some intelligent leadership that looks at the cause rather than the symptom, but who will be the one to step up? (okay, Ron Paul, but how about some more mainstream guys)
I was watching a program the other day about the Inland Empire & towns like Riverside getting a brutal beating. They had their congressman walk the reporter through streets with half the homes foreclosed or abandoned.
I wish I could remember the congressman’s name. He actually said the troubled borrowers where like the people in Mississippi who suffered from Katrina! My sister & her young family lost their home in Biloxi (& everything else) in Katrina. I wish I could have reached into the TV at that moment.
What a amazing insult to these people! Comparing the catostrophic loss of a hurricane to irresponsible borrowers being foreclosed on… this is the kind of completely asinine rhetoric that these morons are trying pitch to the American people.
It’s just unbelievable.
renterclint
ParticipantI totally agree with you DoJC,
We need some intelligent leadership that looks at the cause rather than the symptom, but who will be the one to step up? (okay, Ron Paul, but how about some more mainstream guys)
I was watching a program the other day about the Inland Empire & towns like Riverside getting a brutal beating. They had their congressman walk the reporter through streets with half the homes foreclosed or abandoned.
I wish I could remember the congressman’s name. He actually said the troubled borrowers where like the people in Mississippi who suffered from Katrina! My sister & her young family lost their home in Biloxi (& everything else) in Katrina. I wish I could have reached into the TV at that moment.
What a amazing insult to these people! Comparing the catostrophic loss of a hurricane to irresponsible borrowers being foreclosed on… this is the kind of completely asinine rhetoric that these morons are trying pitch to the American people.
It’s just unbelievable.
renterclint
ParticipantIt seems like the discussion of whether 20% down payment should be mandatory comes up a lot.
I used to be adamantly opposed to requiring 20% down for borrowers with good credit. Mainly because it would take a lot of years to save up 20% of the median home price in SD. That basically means you have to come up with at least $100k, which seems impossible for a first time home-buyer to save up. Instead of young couples looking to buy their first starter home, we would have middle-aged folks entering the market for the first time b/c that’s how long it would take to save that kind of $$$.
After seeing the bank I work for get hammered by 80/20 loan products, I am starting to come around. The banks are just taking on too much risk with no committment from the borrower. It is just too easy for people to walk away. Even piggington folks like 23109VC seriously consider walking away (see his post: “Harveston down the drain”).
It really frustrates me that I have a professional degree w/ decent pay & still can’t come close to buying a house in my own hometown. In the late 70’s, my father-in-law bought a brand new home in a shiney new Mira Mesa for $30k. He was a 2nd year enlisted man in the coast guard, and could buy a home here! The price was 3x his annual salary.
My Dad bought our Poway home in ’86 for $85k & he was a machinist for Ryan Aero making about $40k w/OT at the time. The house was barely more than 2x his annual salary.
I made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.
I like to think tightening lending standards (like 20% down), although making things really ugly in the short-term, would bring the affordability of San Diego back to reality some day.
renterclint
ParticipantIt seems like the discussion of whether 20% down payment should be mandatory comes up a lot.
I used to be adamantly opposed to requiring 20% down for borrowers with good credit. Mainly because it would take a lot of years to save up 20% of the median home price in SD. That basically means you have to come up with at least $100k, which seems impossible for a first time home-buyer to save up. Instead of young couples looking to buy their first starter home, we would have middle-aged folks entering the market for the first time b/c that’s how long it would take to save that kind of $$$.
After seeing the bank I work for get hammered by 80/20 loan products, I am starting to come around. The banks are just taking on too much risk with no committment from the borrower. It is just too easy for people to walk away. Even piggington folks like 23109VC seriously consider walking away (see his post: “Harveston down the drain”).
It really frustrates me that I have a professional degree w/ decent pay & still can’t come close to buying a house in my own hometown. In the late 70’s, my father-in-law bought a brand new home in a shiney new Mira Mesa for $30k. He was a 2nd year enlisted man in the coast guard, and could buy a home here! The price was 3x his annual salary.
My Dad bought our Poway home in ’86 for $85k & he was a machinist for Ryan Aero making about $40k w/OT at the time. The house was barely more than 2x his annual salary.
I made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.
I like to think tightening lending standards (like 20% down), although making things really ugly in the short-term, would bring the affordability of San Diego back to reality some day.
renterclint
ParticipantIt seems like the discussion of whether 20% down payment should be mandatory comes up a lot.
I used to be adamantly opposed to requiring 20% down for borrowers with good credit. Mainly because it would take a lot of years to save up 20% of the median home price in SD. That basically means you have to come up with at least $100k, which seems impossible for a first time home-buyer to save up. Instead of young couples looking to buy their first starter home, we would have middle-aged folks entering the market for the first time b/c that’s how long it would take to save that kind of $$$.
After seeing the bank I work for get hammered by 80/20 loan products, I am starting to come around. The banks are just taking on too much risk with no committment from the borrower. It is just too easy for people to walk away. Even piggington folks like 23109VC seriously consider walking away (see his post: “Harveston down the drain”).
It really frustrates me that I have a professional degree w/ decent pay & still can’t come close to buying a house in my own hometown. In the late 70’s, my father-in-law bought a brand new home in a shiney new Mira Mesa for $30k. He was a 2nd year enlisted man in the coast guard, and could buy a home here! The price was 3x his annual salary.
My Dad bought our Poway home in ’86 for $85k & he was a machinist for Ryan Aero making about $40k w/OT at the time. The house was barely more than 2x his annual salary.
I made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.
I like to think tightening lending standards (like 20% down), although making things really ugly in the short-term, would bring the affordability of San Diego back to reality some day.
renterclint
ParticipantIt seems like the discussion of whether 20% down payment should be mandatory comes up a lot.
I used to be adamantly opposed to requiring 20% down for borrowers with good credit. Mainly because it would take a lot of years to save up 20% of the median home price in SD. That basically means you have to come up with at least $100k, which seems impossible for a first time home-buyer to save up. Instead of young couples looking to buy their first starter home, we would have middle-aged folks entering the market for the first time b/c that’s how long it would take to save that kind of $$$.
After seeing the bank I work for get hammered by 80/20 loan products, I am starting to come around. The banks are just taking on too much risk with no committment from the borrower. It is just too easy for people to walk away. Even piggington folks like 23109VC seriously consider walking away (see his post: “Harveston down the drain”).
It really frustrates me that I have a professional degree w/ decent pay & still can’t come close to buying a house in my own hometown. In the late 70’s, my father-in-law bought a brand new home in a shiney new Mira Mesa for $30k. He was a 2nd year enlisted man in the coast guard, and could buy a home here! The price was 3x his annual salary.
My Dad bought our Poway home in ’86 for $85k & he was a machinist for Ryan Aero making about $40k w/OT at the time. The house was barely more than 2x his annual salary.
I made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.
I like to think tightening lending standards (like 20% down), although making things really ugly in the short-term, would bring the affordability of San Diego back to reality some day.
renterclint
ParticipantIt seems like the discussion of whether 20% down payment should be mandatory comes up a lot.
I used to be adamantly opposed to requiring 20% down for borrowers with good credit. Mainly because it would take a lot of years to save up 20% of the median home price in SD. That basically means you have to come up with at least $100k, which seems impossible for a first time home-buyer to save up. Instead of young couples looking to buy their first starter home, we would have middle-aged folks entering the market for the first time b/c that’s how long it would take to save that kind of $$$.
After seeing the bank I work for get hammered by 80/20 loan products, I am starting to come around. The banks are just taking on too much risk with no committment from the borrower. It is just too easy for people to walk away. Even piggington folks like 23109VC seriously consider walking away (see his post: “Harveston down the drain”).
It really frustrates me that I have a professional degree w/ decent pay & still can’t come close to buying a house in my own hometown. In the late 70’s, my father-in-law bought a brand new home in a shiney new Mira Mesa for $30k. He was a 2nd year enlisted man in the coast guard, and could buy a home here! The price was 3x his annual salary.
My Dad bought our Poway home in ’86 for $85k & he was a machinist for Ryan Aero making about $40k w/OT at the time. The house was barely more than 2x his annual salary.
I made over $80k when I lived in SD last year, and the middle of the road home in my hood was about $750k. Almost 10x my yearly wage! That just pisses me off.
I like to think tightening lending standards (like 20% down), although making things really ugly in the short-term, would bring the affordability of San Diego back to reality some day.
renterclint
Participantluchabee,
What are talking about? “BO”… “millionaire tech president w/ a nice ESOP or Hollywood starlet…”
I AM a middle-class professional trying to support a family, and the fiscal policies of the current administration have not done a great deal to ensure my economic survival. I’ve got healthcare premiums that could choke a hog. I have gotten zero direct benefit from the tax-cuts to the “rich”. And the current admistration enabled the housing bubble with a complete lack of banking oversight.
I’m actually okay with some help paying my healthcare premiums. Let’s roll-back the irresponsible tax cuts of the Bush administration (I believe even McCain himself said they were irresponsible) back to the tax rates of the properous Clinton era. We can end an extremely expensive war, and let’s see who ends up smaller gov’t spending.
renterclint
Participantluchabee,
What are talking about? “BO”… “millionaire tech president w/ a nice ESOP or Hollywood starlet…”
I AM a middle-class professional trying to support a family, and the fiscal policies of the current administration have not done a great deal to ensure my economic survival. I’ve got healthcare premiums that could choke a hog. I have gotten zero direct benefit from the tax-cuts to the “rich”. And the current admistration enabled the housing bubble with a complete lack of banking oversight.
I’m actually okay with some help paying my healthcare premiums. Let’s roll-back the irresponsible tax cuts of the Bush administration (I believe even McCain himself said they were irresponsible) back to the tax rates of the properous Clinton era. We can end an extremely expensive war, and let’s see who ends up smaller gov’t spending.
renterclint
Participantluchabee,
What are talking about? “BO”… “millionaire tech president w/ a nice ESOP or Hollywood starlet…”
I AM a middle-class professional trying to support a family, and the fiscal policies of the current administration have not done a great deal to ensure my economic survival. I’ve got healthcare premiums that could choke a hog. I have gotten zero direct benefit from the tax-cuts to the “rich”. And the current admistration enabled the housing bubble with a complete lack of banking oversight.
I’m actually okay with some help paying my healthcare premiums. Let’s roll-back the irresponsible tax cuts of the Bush administration (I believe even McCain himself said they were irresponsible) back to the tax rates of the properous Clinton era. We can end an extremely expensive war, and let’s see who ends up smaller gov’t spending.
renterclint
Participantluchabee,
What are talking about? “BO”… “millionaire tech president w/ a nice ESOP or Hollywood starlet…”
I AM a middle-class professional trying to support a family, and the fiscal policies of the current administration have not done a great deal to ensure my economic survival. I’ve got healthcare premiums that could choke a hog. I have gotten zero direct benefit from the tax-cuts to the “rich”. And the current admistration enabled the housing bubble with a complete lack of banking oversight.
I’m actually okay with some help paying my healthcare premiums. Let’s roll-back the irresponsible tax cuts of the Bush administration (I believe even McCain himself said they were irresponsible) back to the tax rates of the properous Clinton era. We can end an extremely expensive war, and let’s see who ends up smaller gov’t spending.
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