Galt's Gulch

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  • Posted by johnpe1 10 years, 7 months ago
    smells like the housing bubble all over again ... this quote nails it: "...[this FMIC will] ensure that all eligible borrowers, including traditionally underserved consumers, have equitable access to mortgage loan credit."
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    • Posted by plusaf 10 years, 7 months ago
      From my Home Page...

      "In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-TN.) proposed that borrowers be required to make a 5% down payment in order to qualify for a loan.

      His proposal was rejected 57-42 on a straight party-line vote because, as Senator Chris Dodd (D-CT) explained, "Passage of such a requirement would restrict home ownership to only those who can afford it."

      [Actual Dodd Quote: "...that it would have disadvantaged home buyers who had good credit and solid incomes but lacked the cash to make required down payments.", per Read more at Snopes.com]

      Gee, isn't that pretty much the same thing????


      >>>> Yep, my Distant Early Warning Radar saw THAT one coming before it cleared the horizon!
      Such morons in our alleged 'government.'


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      • Posted by johnpe1 10 years, 7 months ago
        after my divorce, I spent 4 years in an apartment and had both my car and my jeep broken into there, which pissed me off severely. finally found a bargain house and put $20k down on a $74k house where I could park them inside. spent more than half of my life saving up for that.
        when my Dad heard that I was buying a house, he asked how much. I said $74k. he replied, "You have saved up that much?" I told him that I was getting a loan. a Depression kid, he didn't like anything but "paid for".
        man, has our culture changed! -- j
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        • Posted by plusaf 10 years, 7 months ago
          johnpe... I never had it that bad, but you have my sympathy and compassion. My mom drilled "never be in debt" into my head probably since I was a fetus.
          With some help from her, I paid off the mortgage(s) on my first (26k price) house. Many years later, my xwife and I paid off the mortgage on our second home (also about 74k buying price.)

          New wife and I own 'my third house' and we carry a home equity line of credit on it, and our total indebtedness is about $60k, while our 'burn rate,' analogous to gross income if we were employed, is not quite twice that, so the interest payments are manageable and I'm making payments on the HELOC equal to twice the 'standard monthly payment,' too.

          The whole 'live on your credit cards' thing is, I think, one of the major cultural shifts in a BAD direction in the US, but it started scores of years ago. Immediate gratification trumped savings.

          My mom was a real bitch in a lot of ways, but I still thank her for inoculating me with a strong allergy to debt!

          All the best to you!
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          • Posted by johnpe1 10 years, 7 months ago
            and the best to you & yours! wife and I are in our 60s and all is paid off. took some crazy maneuvering, but we made it. retired and paid off, with some years left, is wonderful. -- j
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            • Posted by plusaf 10 years, 7 months ago
              I'm turning 69 this fall; my wife's a cougar and is 6 years ahead of me.. :)

              My xwife's parents grew up in the Great Depression and lost most of their savings in bad investments. Her idea of a 'safe investment' became one of stuffing cash into a mattress. And together we squandered a lot of our own nest eggs with lousy-but-safe investments.

              That changed with my second marriage! It turned out to be one of the criteria I started looking for in a wife... conservative financially, but not so extreme... oh, yeah... and some skill and luck helped... lots of searching and research before making my next choice... :)

              Live long and prosper!
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  • Posted by squareone 10 years, 7 months ago
    What else is new? State governments and the Feds are taking over everything else, so they might as well take over the Mortgage Market.. Remember April 15. Remember the Alamo. Remember Pearl Harbor - and 9/11.
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  • Posted by wiggys 10 years, 7 months ago
    in a couple of years the government will take over the building of houses market and then eliminate the banks completely. an all of the houses will be built to the same quality standards as the YUGO.
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  • Posted by NealS 10 years, 7 months ago
    Maybe we should all eat the same food, drive the same cars, live in similar homes. Last time I was on a tour in Russia, they asked us not to look to the left. they did not want us looking at those huge stacked boxes that ran for miles and miles where people actually lived. I presume all those people were equal.
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  • Posted by illucio 10 years, 7 months ago
    Historically Government in the US addopted the Laissez Faire that dawned with the French Revolution and was practiced by the British, the Argentines, the US, the Chileans, the Jordan´s (despite their monarchy), the Swiss, and many other nations that ended up taking the same motto (Germany, Japan, Puerto Rico, etc). Moreover, every time these nations faltered and took on a different approach (cases of Argentina, Chile, and some others) revolution came into practice. That the best example in the American continent should now be threatened not only with a Fordlike economy but, moreso, with a socialist approach will prove more problems than solutions.

    Sometime the Federal Government has to step in, I agree. But in the case of the states this is a mistake, if crisis should extend I believe each State in particular should deal with it´s own set of projects and solutions independantly, like a true Federal Nation should work. The USA is an assembly of strong states, not a comunion of weak links. Should some states seek Federal Intervention is a choice each state should have a right to exercise and demand, but it should never be an imposition. Congress is mistaken for this nations history shows otherwise.

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    • Posted by plusaf 10 years, 7 months ago
      Illuci... key point: "Sometime [sic] the Federal Government has to step in..."

      Ok, when, and why?

      As an old business saying used to go, "Lack of preparation on your part does not constitute an Emergency on My part..."

      When repercussions are socialized, responsibility and forethought evaporate.
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