[UCGal]

[quote=arraya]”As president of the United States, I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America, and renegotiate at the new value of those homes, at the diminished value of those homes, and let people be able to make those payments and stay in those homes. Is it expensive? Yes.”

Sounds like a true fiscal conservative..[/quote]

The Treasury already has the authority to buy the houses and have the loans renegotiated. As of Oct 1st, the bill that past in late July gave them that power.

What McCain offered up last night, and was explained in greater detail by his advisor Holtz-Eakin this morning, is that he will have the government buy the mortgages AT FULL VALUE from the bank. Then renegotiate the loans that the taxpayers now own.

In other words – it’s a terrible deal for the taxpayers, but a great deal for the banks.

For what it’s worth – I’m against the home mortgage bailouts. I feel that ALL parties involved in this lending free-for-for all should suffer the natural consequences – buyers who bought out of their price range due to some misguided sense of entitlement, banks who made loans to people who could not afford to make the payments. Consequences for all!

[UCGal]

[quote=arraya]”As president of the United States, I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America, and renegotiate at the new value of those homes, at the diminished value of those homes, and let people be able to make those payments and stay in those homes. Is it expensive? Yes.”

Sounds like a true fiscal conservative..[/quote]

The Treasury already has the authority to buy the houses and have the loans renegotiated. As of Oct 1st, the bill that past in late July gave them that power.

What McCain offered up last night, and was explained in greater detail by his advisor Holtz-Eakin this morning, is that he will have the government buy the mortgages AT FULL VALUE from the bank. Then renegotiate the loans that the taxpayers now own.

In other words – it’s a terrible deal for the taxpayers, but a great deal for the banks.

For what it’s worth – I’m against the home mortgage bailouts. I feel that ALL parties involved in this lending free-for-for all should suffer the natural consequences – buyers who bought out of their price range due to some misguided sense of entitlement, banks who made loans to people who could not afford to make the payments. Consequences for all!

[UCGal]

[quote=arraya]”As president of the United States, I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America, and renegotiate at the new value of those homes, at the diminished value of those homes, and let people be able to make those payments and stay in those homes. Is it expensive? Yes.”

Sounds like a true fiscal conservative..[/quote]

The Treasury already has the authority to buy the houses and have the loans renegotiated. As of Oct 1st, the bill that past in late July gave them that power.

What McCain offered up last night, and was explained in greater detail by his advisor Holtz-Eakin this morning, is that he will have the government buy the mortgages AT FULL VALUE from the bank. Then renegotiate the loans that the taxpayers now own.

In other words – it’s a terrible deal for the taxpayers, but a great deal for the banks.

For what it’s worth – I’m against the home mortgage bailouts. I feel that ALL parties involved in this lending free-for-for all should suffer the natural consequences – buyers who bought out of their price range due to some misguided sense of entitlement, banks who made loans to people who could not afford to make the payments. Consequences for all!

[UCGal]

I’m old enough to remember what getting a mortgage used to be like. You had to put 20% down. You had to have good credit. You had to have enough income to make the payments. Adjustable rates either didn’t exist or were extremely rare. That was 1992.

If you were doing an off-books family loan for your 20%, you had to do it in advance – banks looked suspiciously if you didn’t have your 20% down payment sitting in the bank, ready to go, months ahead of time.

I had ok credit scores (mid-low 700s) but still had to write a letter explaining why I’d had a few late payments on credit cards in college. I sweated over that letter.

Plenty of people bought houses. Maybe not in their 20’s… you had to save up. But people did it.

I don’t think we’ll go back to those standards. We should. But we won’t.

[UCGal]

I’m old enough to remember what getting a mortgage used to be like. You had to put 20% down. You had to have good credit. You had to have enough income to make the payments. Adjustable rates either didn’t exist or were extremely rare. That was 1992.

If you were doing an off-books family loan for your 20%, you had to do it in advance – banks looked suspiciously if you didn’t have your 20% down payment sitting in the bank, ready to go, months ahead of time.

I had ok credit scores (mid-low 700s) but still had to write a letter explaining why I’d had a few late payments on credit cards in college. I sweated over that letter.

Plenty of people bought houses. Maybe not in their 20’s… you had to save up. But people did it.

I don’t think we’ll go back to those standards. We should. But we won’t.

[UCGal]

I’m old enough to remember what getting a mortgage used to be like. You had to put 20% down. You had to have good credit. You had to have enough income to make the payments. Adjustable rates either didn’t exist or were extremely rare. That was 1992.

If you were doing an off-books family loan for your 20%, you had to do it in advance – banks looked suspiciously if you didn’t have your 20% down payment sitting in the bank, ready to go, months ahead of time.

I had ok credit scores (mid-low 700s) but still had to write a letter explaining why I’d had a few late payments on credit cards in college. I sweated over that letter.

Plenty of people bought houses. Maybe not in their 20’s… you had to save up. But people did it.

I don’t think we’ll go back to those standards. We should. But we won’t.

[UCGal]

I’m old enough to remember what getting a mortgage used to be like. You had to put 20% down. You had to have good credit. You had to have enough income to make the payments. Adjustable rates either didn’t exist or were extremely rare. That was 1992.

If you were doing an off-books family loan for your 20%, you had to do it in advance – banks looked suspiciously if you didn’t have your 20% down payment sitting in the bank, ready to go, months ahead of time.

I had ok credit scores (mid-low 700s) but still had to write a letter explaining why I’d had a few late payments on credit cards in college. I sweated over that letter.

Plenty of people bought houses. Maybe not in their 20’s… you had to save up. But people did it.

I don’t think we’ll go back to those standards. We should. But we won’t.

[UCGal]

I’m old enough to remember what getting a mortgage used to be like. You had to put 20% down. You had to have good credit. You had to have enough income to make the payments. Adjustable rates either didn’t exist or were extremely rare. That was 1992.

If you were doing an off-books family loan for your 20%, you had to do it in advance – banks looked suspiciously if you didn’t have your 20% down payment sitting in the bank, ready to go, months ahead of time.

I had ok credit scores (mid-low 700s) but still had to write a letter explaining why I’d had a few late payments on credit cards in college. I sweated over that letter.

Plenty of people bought houses. Maybe not in their 20’s… you had to save up. But people did it.

I don’t think we’ll go back to those standards. We should. But we won’t.

[UCGal]

California is community property, community debt.
Assuming the condo was purchased while they were married, it doesn’t matter who the breadwinner was. Same with the downpayment – it co-mingled as soon as it was put into the jointly owned property.

I also take offense at the idea that the wife wasn’t working. Being a full-time SAHP is the hardest job. She may not have been being paid, but she was working.

Friends who were in a similar situation came to a deal – the agreed that she kept the house – negative equity and all – but was responsible for payments going forward. He got an equivilent debt from credit cards. They split the debt.

All of this is separate from child support – that has nothing to do with the condo or who keeps it. Non-custodial parent pays child support – period.

[UCGal]

California is community property, community debt.
Assuming the condo was purchased while they were married, it doesn’t matter who the breadwinner was. Same with the downpayment – it co-mingled as soon as it was put into the jointly owned property.

I also take offense at the idea that the wife wasn’t working. Being a full-time SAHP is the hardest job. She may not have been being paid, but she was working.

Friends who were in a similar situation came to a deal – the agreed that she kept the house – negative equity and all – but was responsible for payments going forward. He got an equivilent debt from credit cards. They split the debt.

All of this is separate from child support – that has nothing to do with the condo or who keeps it. Non-custodial parent pays child support – period.

[UCGal]

California is community property, community debt.
Assuming the condo was purchased while they were married, it doesn’t matter who the breadwinner was. Same with the downpayment – it co-mingled as soon as it was put into the jointly owned property.

I also take offense at the idea that the wife wasn’t working. Being a full-time SAHP is the hardest job. She may not have been being paid, but she was working.

Friends who were in a similar situation came to a deal – the agreed that she kept the house – negative equity and all – but was responsible for payments going forward. He got an equivilent debt from credit cards. They split the debt.

All of this is separate from child support – that has nothing to do with the condo or who keeps it. Non-custodial parent pays child support – period.

[UCGal]

California is community property, community debt.
Assuming the condo was purchased while they were married, it doesn’t matter who the breadwinner was. Same with the downpayment – it co-mingled as soon as it was put into the jointly owned property.

I also take offense at the idea that the wife wasn’t working. Being a full-time SAHP is the hardest job. She may not have been being paid, but she was working.

Friends who were in a similar situation came to a deal – the agreed that she kept the house – negative equity and all – but was responsible for payments going forward. He got an equivilent debt from credit cards. They split the debt.

All of this is separate from child support – that has nothing to do with the condo or who keeps it. Non-custodial parent pays child support – period.

[UCGal]

California is community property, community debt.
Assuming the condo was purchased while they were married, it doesn’t matter who the breadwinner was. Same with the downpayment – it co-mingled as soon as it was put into the jointly owned property.

I also take offense at the idea that the wife wasn’t working. Being a full-time SAHP is the hardest job. She may not have been being paid, but she was working.

Friends who were in a similar situation came to a deal – the agreed that she kept the house – negative equity and all – but was responsible for payments going forward. He got an equivilent debt from credit cards. They split the debt.

All of this is separate from child support – that has nothing to do with the condo or who keeps it. Non-custodial parent pays child support – period.

[UCGal]

Interesting topic.

My husband grew up in Philly – in a 1300 sf 3br row house… one of 6 kids… And that was typical for their Italian neighborhood.

We bought the house I grew up in from my dad. It’s just over 2000 sf, 4br. We have 2 kids and still have a spare room to use for guests. (Which gets used a lot!) We’re a family of 4. But growing up I was in a family of 5. It never felt cramped… I had friends with bigger families in smaller houses.

Prior to buying this house, we rented a 1500 sf 4 br house AND had my inlaws living with us… but only had 1 kid at the time… I will admit that it was more cramped – but that has more to do with 4 adults, one in a wheelchair needing care, puts stress in a situation. It had less to do with space.

[UCGal]

Interesting topic.

My husband grew up in Philly – in a 1300 sf 3br row house… one of 6 kids… And that was typical for their Italian neighborhood.

We bought the house I grew up in from my dad. It’s just over 2000 sf, 4br. We have 2 kids and still have a spare room to use for guests. (Which gets used a lot!) We’re a family of 4. But growing up I was in a family of 5. It never felt cramped… I had friends with bigger families in smaller houses.

Prior to buying this house, we rented a 1500 sf 4 br house AND had my inlaws living with us… but only had 1 kid at the time… I will admit that it was more cramped – but that has more to do with 4 adults, one in a wheelchair needing care, puts stress in a situation. It had less to do with space.

[Author]

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