|
|
We appreciate your help
in keeping this site going.
|
|
01-07-2011, 09:44 AM
|
|
Senior Member
|
|
Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
|
|
Quote:
Originally Posted by BlueStreak
Then why bother with the recent changes?
|
We like new faces in new places, even if they are a bit hairy.
|
01-07-2011, 09:39 AM
|
|
Area Man
|
|
Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
|
|
And by the way, thanks for the admission.
__________________
"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
|
01-07-2011, 09:45 AM
|
|
Senior Member
|
|
Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
|
|
Quote:
Originally Posted by BlueStreak
And by the way, thanks for the admission.
|
You're welcome. I like to throw dinosaur bones to you every once in a while.
|
01-07-2011, 10:34 AM
|
|
Area Man
|
|
Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
|
|
Quote:
Originally Posted by whell
You're welcome. I like to throw dinosaur bones to you every once in a while.
|
Thanks! Me like dinosaur bone! (Beats chest.)
Dave
__________________
"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
|
01-07-2011, 10:00 AM
|
|
Reformed Know-Nothing
|
|
Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,916
|
|
Under we get our heads out of our collective keisters and realize that supply-side economics coupled with lax regulation of the banking/securities industries caused the pickle we're in, we'll not turn the corner on this mess.
__________________
As long as the roots are not severed, all will be well in the garden.
|
01-07-2011, 10:20 AM
|
|
Senior Member
|
|
Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
|
|
Quote:
Originally Posted by finnbow
Under we get our heads out of our collective keisters and realize that supply-side economics coupled with lax regulation of the banking/securities industries caused the pickle we're in, we'll not turn the corner on this mess.
|
Lax regulation is being generous. Purposeful manipulation of the market would be more accurate. Then, here comes the arrogant know-nothing part: assuming that you can direct a mortgage industry to suspend logic when underwriting mortgages - potentially assuming that tax payers would foot the bill if something went wrong - while forgetting that real estate is an investment that can rise and fall just like any other investment.
...but their intentions were good, so we'll forgive them...
|
01-07-2011, 10:49 AM
|
|
Reformed Know-Nothing
|
|
Join Date: Oct 2009
Location: MoCo, MD
Posts: 25,916
|
|
Quote:
Originally Posted by whell
Lax regulation is being generous. Purposeful manipulation of the market would be more accurate. Then, here comes the arrogant know-nothing part: assuming that you can direct a mortgage industry to suspend logic when underwriting mortgages - potentially assuming that tax payers would foot the bill if something went wrong - while forgetting that real estate is an investment that can rise and fall just like any other investment.
...but their intentions were good, so we'll forgive them...
|
While the brilliant idea of the securitization of mortgages certainly opened the door to expanded home ownership, it also opened the door to hucksterism and more elaborate forms of fraud/malfeasance. Yet another example of the unintended consequences of legislation outweighing the benefits methinks.
If banks simply had to hold their own mortgages, none of this would have occurred (but rates would inevitably been higher IMHO). When will we ever learn that there's no such thing as a free lunch? If something appears to be a win-win-win situation, there's gotta be an unidentified loser somewhere (and it happens to be the taxpayer in this instance).
__________________
As long as the roots are not severed, all will be well in the garden.
|
01-07-2011, 11:17 AM
|
|
Resident octogenarian
|
|
Join Date: May 2009
Location: Maryland
Posts: 20,860
|
|
Quote:
Originally Posted by finnbow
If banks simply had to hold their own mortgages, none of this would have occurred (but rates would inevitably been higher IMHO). When will we ever learn that there's no such thing as a free lunch? If something appears to be a win-win-win situation, there's gotta be an unidentified loser somewhere (and it happens to be the taxpayer in this instance).
|
That is the way it operates in Canada and I don't think the interest rates I paid were any higher than here. The mortgage is typically a 5/25 meaning the total term is 25 years but interest rates are negotiated every 5 years. That simply means you don't need a crystal ball to figure where rates will be over a term of 25 years.
Mortgage interest is not deductible but there is no capital gains tax on sale of your home either.
__________________
Great minds discuss ideas; Average minds discuss events; Small minds discuss people.
Eleanor Roosevelt
|
01-07-2011, 10:17 AM
|
|
Resident octogenarian
|
|
Join Date: May 2009
Location: Maryland
Posts: 20,860
|
|
__________________
Great minds discuss ideas; Average minds discuss events; Small minds discuss people.
Eleanor Roosevelt
|
01-07-2011, 01:23 PM
|
Senior Member
|
|
Join Date: May 2009
Posts: 10,348
|
|
I'll never understand how the mortgage brokers were ever allowed to write loans for 125% of the appraised value of a home with payments which wouldn't even cover the interest.
If that wasn't an invitation to commit fraud, I don't know what is.
And that's before Wall Street started playing their games.
We don't have a bunch of people who need to go to jail, we have a bunch of people who need to be put on their knees and shot in the back of the head.
Chas
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT -5. The time now is 01:53 AM.
|