[urbanrealtor]

[quote=Rich Toscano] I just think that the prospect of much higher rates is a very good possibility given the circumstances, and I think it’s worth it to try to protect myself against that outcome.[/quote]

So like guns and bags of grain?

I am assuming that such preparation would be heavy in commodities?

Or more like foreign currency?

[urbanrealtor]

I just talked to a lender and some assumptions require new appraisals.

Ergo, I don’t really know how much that assumability is worth as a general rule.

[urbanrealtor]

[quote=Rich Toscano][quote=SK in CV][quote=Rich Toscano]But this actually doesn’t really matter. Even if rates went up but home prices didn’t go down, I’d still be able to offer a lower-than-market rate, which would presumably increase the market price for the home from what it would have been with a non-assumable loan.

[/quote]

But, on the other hand, if rates went up and prices did fall, you’re upside down and the value of that assumable loan just disappeared. (Maybe. I have no idea if upside down loans are assumable. I’m guessing that an appraisal is part of the assumption process. Though I’m also assuming that reasonable standards are included in FHA rules. What am I thinking?)[/quote]

Good point, SK, but on the other hand, having an assumable loan should increase the value of the home from what it otherwise would have been… so maybe you won’t be upside-down after all?[/quote]

Thats actually a good point.
A property with a FMV of 200k might sell for $250k if it meant lower payments and no new appraisal. Honestly, its so rare these days that I really don’t know how loan assumptions work.

[urbanrealtor]

I really really want to write a zombie movie that includes leverage spreads as a plot point.

[urbanrealtor]

[quote=Rich Toscano]
But, I think that a rising rate environment which is driven by decreasing confidence in govt debt would be just a generally bad environment for housing, both from the direct rate rise and indirectly from the negative economic effects — so I see an assumable loan as providing some protection against that potential outcome.[/quote]

Well thats really the question, isn’t it?

We don’t know what effect heavy debt in a major currency has.

We know what it looks like when Argentina or Iceland over-borrows and we know what it looks like when countries over-borrow in exogenous currency.

We don’t know what it looks like when a very big country (whose currency is the denomination for most global debt) over-borrows.

I am of the opinion that confidence is really more of a relative thing.

It functions on the being-chased-by-zombies logic.

Thats the idea that you don’t need enough bullets to kill all the zombies.

Instead, you just need to run faster than the dude next to you (maybe by putting your last bullet in his leg).

You don’t need to have a great currency (whatever that means).

You just need to have a more stable currency than Europe (who is having trouble holding its intestines in) or China (who is effectively tied to Europe, its biggest customer) or Japan (who is apparently the La Brea of economies).

Every other currency is small enough or weak enough that we win (until more zombies come along).

Bear in mind our credit got BETTER after the downgrade (eat lead..errr…leverage spread mutha fucka!!!!).

That gives us a hint of how fucked the rest of the world is with regard to debt and stability (and zombies).

We are still widely seen as the best risk for lending.

The trick is finding out what could change that.

Defaulting might do it.

[urbanrealtor]

[quote=afx114]Carina Antonino
Tripoint Mortgage Group
Phone: 619.274.0489
Fax: 619.295.7501
[email protected]

She helped us with our initial purchase in April then helped us re-finance in August. Will probably be re-financing with her again in the next couple months, she was great to work with.[/quote]

Second on Carina.
Very skilled and assertive.

edit:
Full disclosure: she rents a desk in my office and she bought my newborn this awesome t-shirt [img_assist|nid=15568|title=Loan officer attire.|desc=|link=node|align=left|width=75|height=100]

[urbanrealtor]

[quote=Diego Mamani][quote=briansd1]I long for the conservative olden days when people didn’t go out of the house unless properly dressed[/quote]

Images of “People of WalMart” came to mind after reading your post. Ugh! Yes, I miss the olden days. When I was 8 or 9 (back in the early/mid 70s) I was supposed to go to downtown with my dad. Right before we left the house, he said “You’re wearing those old jeans? You can’t go to downtown like that!”

Yes, it was the 70s, but dad was brought up in an earlier, more conservative time.[/quote]

I remember those days.
Except I was a fetus in Germany at the time.

[urbanrealtor]

[quote=pencilneck]We need a zombie constitutional law expert!

I believe that the 13th amendment could be interpreted as granting constitutional rights to corporations, whales, and zombies.[/quote]

Clearly, the government takes it seriously.

http://blog.fema.gov/2011/05/from-cdc-preparedness-101-zombie.html

[urbanrealtor]

Also, AFX, you risk having your beaner card revoked for that error.

I wouldn’t be able to show my face at christmas on my mexican side if I goofed that one up.

Of course they’re also jewish so the guilt trips are really bad.

Nothing like having your jewish cousin give you a guilt trip about being mexican at christmas.

Wow.
That last sentence was almost as much fun to read as it was to write.

[urbanrealtor]

[quote=afx114][quote=urbanrealtor](if you can remember to avoid La Posta at 3am on Saturday night).[/quote]

Why avoid La Posta at 3am when you can witness some of the best tranny brawls Mexican joints can offer?

I specifically go to La Posta at 3am just for that reason. That, and their beans.[/quote]
That’s la fuente.
Not la posta.
I know.
Its down the street from my office.
I had breakfast there.

[urbanrealtor]

[quote=jeeman]I am around food all the time. I just don’t stuff my face whenever there is food.

If you absolutely HAVE TO eat (never encountered this problem, as my friends typically don’t hold guns to my head), stick with meat, and stay away from the starch, sugars and carbs.

Take 2 doses of self-control and call me in the morning.[/quote]
That’s what I do.
Nothing but bacon for me.
And steak.

[urbanrealtor]

[quote=UCGal][quote=Hobie]No Italians in this group, so far:) Eating,drinking,friends is art.[/quote]
Why do you think I haven’t chimed in. Spent the weekend with my Italian husband and his Italian family – cooking, eating, drinking wine, chatting… Good times.[/quote]
Was there la posta?

[urbanrealtor]

So let’s suppose that markmax and I have a baby who because of his obvious genetic deficiencies becomes a zombie in my uterus. Forget for a moment that I dont have one. Would that fetus be abortable in Mississippi?

Would we need an activist judge?

[urbanrealtor]

So my thinking about the Redekker plan would be to sacrifice El Cajon and Temecula to the throngs of undead.

Their bony, white-supremecist, hides would distract them just long enough to get the barricades in place and get the Carl Vinson ready if we needed to evacuate.
We could use Fern/30th (lets just call it fernieth) to prepare a single escape route to the pier.

Then, as one, we could get Marion all spun out on crystal and duct tape two hatchets to her hands and run like hell while she fought the hordes as they crested Mission Village rd and ate Norv Turner (though nobody would notice that).

I figure she would buy us at least an hour.

[urbanrealtor]

[quote=Allan from Fallbrook]How about bringing back the Viking raiding party? If you have school-age kids, you can also act out the historical component for possible extra credit (buy some horned helmets and shields).

Raid your neighbor’s houses for food and booze, thus burning off some calories whilst you pillage and plunder. Your kids get the benefit of a historical re-enactment, you not only take off some unwanted pounds, but get free booze and food as well.

If you’re not keen on Vikings, you can do a Pancho Villa motif or whatever strikes your fancy.[/quote]

How about beginning with the battle of Hastings and drawing lots as to who gets to be Aethelred.

Then following that with a trivia game about the development of consultative oligarchy and angloid democracy.

You could begin with the charter of liberties in 1100 and follow through with the Magna Carta, on through up to the 14th amendment (and here where Markmax jumps in).

This could be accompanied by refreshments of nothing but Michelob Ultra, vodka shots, and salted celery.

And porn.

[Author]

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