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Mortages
So, congress passed a bill that will allow some people to refinance thier homes at a lower and fixed rate. On tv this morning, one "expert" figured that this bill will only help about 10% to 20% of the estimated 3 million home owners in trouble.
I'm wondering why these people don't return to the place they financed thier home and demand a decent refinance. Most banks are more than wiling to do this as it's much better than the alternative. 
Actually what I think should be done? I think the feds should look into what mortage lenders purposly financed homes that they knew the people couldn't afford and just make the lender give those people their homes.--- 
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| July 31, 2008, 08:29 |
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User no longer registered.
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Re: Mortages
Things are getting serious over here at the moment too, you hear banks are writing off debts etc, like to know who's, as they never want to help people who seem to desperately need help. Most people are in trouble now through no fault of their own and no-one wants to help them. They can't re-mortgage or sell as no one is lending or buying.
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| July 31, 2008, 08:49 |
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Re: Mortages
I know one of the problems is that lenders in general tend to figure everything on a persons gross income. Never mind they already can barely get by without the added responsibility of a mortage, engagement ring or new car,etc----
What the banks and other lenders have done is to use the same techniques they use for credit cards.--That's "it's only another $20 per month. They never say that if you're 10 seconds late with a payment that they'll raise the interest another 20%
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| July 31, 2008, 08:58 |
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prettyplze1
54 / female
Licking pussyville Essex, England, UK
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Re: Mortages
When things get like this they should all relax their interest on payments and make things easier for people this would make things so much better.
People will get into trouble and it isn't there fault it will be because of the credit crunch, it will effect everyone, some more then others. With high cost of living, everyone needs a little help and reducing interest payments on things would help greatly.
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| July 31, 2008, 09:18 |
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Re: Mortages
Couldn't agree more, interest can be so crippling on payments.
Lenders need to do more to get the housing market moving, they have said that house prices over here will rise by 25% within the next 5 years.
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| July 31, 2008, 09:23 |
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Re: Mortages
I've seen house prices here rise much more than they should have. The reason is realtors that over price homes 50% in come cases. Just think, a realtor doesn't do much. Just show the house and present offers to the seller. Something a person can do on thier own. The buyer still has to hire an attorney and pay for the deed/ title search to make sure the property is as advertized.
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| July 31, 2008, 13:21 |
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User no longer registered.
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Re: Mortages
Most would agree that the mortgage crisis is the fault of the masses on both sides of the argument. But, I would disagree with that in large part.
It began with deceptive lending practices when the primary mortgage market dried up. Those who could, already had mortgages. Financial institutions got greedy. So, like Ameriquest, who was fined $325 Million for it, and like kind mortgage companies and banks created fancy mortgage products and used deceptive practices to entice the secondary market. Like all scandals, it caught up to them. Now, all the world is paying for that greed.
The fix could have been converting all of them to fixed rate mortgages at reasonable rates...that were already within range of the average homeowners capability of paying. But, greed was blinding.
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| July 31, 2008, 13:48 |
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Re: Mortages
Yep, I believe hobs has nailed it...this is exactly what I have understood to be the real cause of the mortgage meltdown.
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| July 31, 2008, 13:54 |
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User no longer registered.
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Re: Re: Mortages
QUOTE (Hobscotch @ July 31, 2008, 13:48)Most would agree that the mortgage crisis is the fault of the masses on both sides of the argument. But, I would disagree with that in large part.
It began with deceptive lending practices when the primary mortgage market dried up. Those who could, already had mortgages. Financial institutions got greedy. So, like Ameriquest, who was fined $325 Million for it, and like kind mortgage companies and banks created fancy mortgage products and used deceptive practices to entice the secondary market. Like all scandals, it caught up to them. Now, all the world is paying for that greed.
The fix could have been converting all of them to fixed rate mortgages at reasonable rates...that were already within range of the average homeowners capability of paying. But, greed was blinding.
[/quote
Well said.
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| July 31, 2008, 17:27 |
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Jis4jugs
43 / couple
Eastern, South Dakota, US
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Re: Mortages
i dont know.. at the end of the day arent you responsible for what you buy and how much you buy it for? live within your means and you wont be in trouble.
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| July 31, 2008, 21:32 |
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User no longer registered.
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Re: Re: Mortages
QUOTE (Jis4jugs @ July 31, 2008, 21:32)i dont know.. at the end of the day arent you responsible for what you buy and how much you buy it for? live within your means and you wont be in trouble.
True, but many lenders both for mortgages aand other---have gotten to where they make it sound as though a person can afford it no matter what is fact. It was all a big con by banks,etc
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| July 31, 2008, 21:34 |
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Jis4jugs
43 / couple
Eastern, South Dakota, US
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Re: Re: Re: Mortages
QUOTE (JCSOS @ July 31, 2008, 21:34) QUOTE (Jis4jugs @ July 31, 2008, 21:32)i dont know.. at the end of the day arent you responsible for what you buy and how much you buy it for? live within your means and you wont be in trouble.
True, but many lenders both for mortgages aand other---have gotten to where they make it sound as though a person can afford it no matter what is fact. It was all a big con by banks,etc
the way i see it bankers are no different than car sales men.. both peddling a product to make money. one just happens to be selling money. look out for your own ass. lol
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| July 31, 2008, 21:36 |
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User no longer registered.
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Re: Re: Re: Re: Mortages
QUOTE (Jis4jugs @ July 31, 2008, 21:36) QUOTE (JCSOS @ July 31, 2008, 21:34) QUOTE (Jis4jugs @ July 31, 2008, 21:32)i dont know.. at the end of the day arent you responsible for what you buy and how much you buy it for? live within your means and you wont be in trouble.
True, but many lenders both for mortgages aand other---have gotten to where they make it sound as though a person can afford it no matter what is fact. It was all a big con by banks,etc
the way i see it bankers are no different than car sales men.. both peddling a product to make money. one just happens to be selling money. look out for your own ass. lol
 I won't buy a real house now. Between state and local governments using "eminant domain" for no real reason and frankly, I don't care to be $150,000 or more in debt again.
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| July 31, 2008, 21:40 |
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User no longer registered.
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Re: Re: Mortages
QUOTE (Jis4jugs @ July 31, 2008, 21:32)i dont know.. at the end of the day arent you responsible for what you buy and how much you buy it for? live within your means and you wont be in trouble.
That is true for most things but the other stuff we can't live without makes our cost of living harder. We pay extra to heat our homes, to put food on the table to put petrol in the car to get to work, to buy clothes for ourselves and the family, it all puts pressure on the purse strings to pay the other stuff like mortages etc. So it starts to get harder and harder for some people to stay within their means. So sadly it isn't always their fault when they get in trouble. Cost of living is going up in every way, but wages seem to be staying the same
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| August 1, 2008, 08:44 |
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User no longer registered.
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Re: Mortages
I have to agree with HBG. Plus,the allure of owning your own home is so strong in most people that they figure thier budgets too close. [been thru that most of my life] Especially those with children.
 I know too well about wages staying the same. TRuck rates here never started to go above $1 per mile until fuel prices went up. This is the same rate as in the 1960's if not before. Even now, there's brokers that think they'll get freight hauled for under $1 per mile.
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| August 1, 2008, 08:53 |
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User no longer registered.
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Re: Re: Mortages
QUOTE (JCSOS @ August 1, 2008, 08:53)I have to agree with HBG. Plus,the allure of owning your own home is so strong in most people that they figure thier budgets too close. [been thru that most of my life] Especially those with children.
I know too well about wages staying the same. TRuck rates here never started to go above $1 per mile until fuel prices went up. This is the same rate as in the 1960's if not before. Even now, there's brokers that think they'll get freight hauled for under $1 per mile.
Hauliers over here go on strike and try to get the fuel price down as it is causing them major problems with their business. Something needs to be done about the fuel prices before it gets way out of control
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| August 1, 2008, 08:57 |
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Re: Mortages
The drivers here would do that, but seems you cann't get two drivers to agree on the time of day much less a strike. Most drivers here are company drivers and would more than likely be fired if they purposely delayed a shipment.
A truck strike wouldn't help the fuel prices. It needs to be taken care of by being as conservative as possible, finding new sources and most impoprtantly [in my opinion] make the cost of trading oil [and other necessary commodities] so high that no one is so ambitious to trade them. The current cost for speculators on oil isn't even 33%. 
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| August 1, 2008, 09:02 |
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Re: Re: Mortages
QUOTE (JCSOS @ August 1, 2008, 09:02)The drivers here would do that, but seems you cann't get two drivers to agree on the time of day much less a strike. Most drivers here are company drivers and would more than likely be fired if they purposely delayed a shipment.
A truck strike wouldn't help the fuel prices. It needs to be taken care of by being as conservative as possible, finding new sources and most impoprtantly [in my opinion] make the cost of trading oil [and other necessary commodities] so high that no one is so ambitious to trade them. The current cost for speculators on oil isn't even 33%.
There was a haulier drive slow through London recently and a threat of action and it did stop a 2p rise on fuel.
It's the Tanker drivers who strike, so no fuel gets to the pumps, which causes major havoc for everyone, but it does make the government take notice
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| August 1, 2008, 09:06 |
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User no longer registered.
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Re: Mortages
Yes, there the truckers can organize and do that. Not here as I said.
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| August 1, 2008, 09:10 |
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User no longer registered.
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Re: Re: Re: Mortages
QUOTE (hotbubblegum @ August 1, 2008, 08:44) QUOTE (Jis4jugs @ July 31, 2008, 21:32)i dont know.. at the end of the day arent you responsible for what you buy and how much you buy it for? live within your means and you wont be in trouble.
That is true for most things but the other stuff we can't live without makes our cost of living harder. We pay extra to heat our homes, to put food on the table to put petrol in the car to get to work, to buy clothes for ourselves and the family, it all puts pressure on the purse strings to pay the other stuff like mortages etc. So it starts to get harder and harder for some people to stay within their means. So sadly it isn't always their fault when they get in trouble. Cost of living is going up in every way, but wages seem to be staying the same
Yep, our "means" have changed drastically over a short period of time, it's a struggle to live within ones means when the economy sucks ass, when inflation has us on the edge of recession....it took a helluva lot more than just folks living beyond their means to bring on the great depression, here we are all living within our means and bam, we just watch our worlds crumbling...everything we need is spiraling out of range...last year I spent 5 to 10 bucks every shopping trip just for food to donate to the local food pantry, it pains me that I just can't seem to do that anymore....
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| August 1, 2008, 12:57 |
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User no longer registered.
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Re: Re: Re: Re: Mortages
QUOTE (Chazzy @ August 1, 2008, 12:57) QUOTE (hotbubblegum @ August 1, 2008, 08:44) QUOTE (Jis4jugs @ July 31, 2008, 21:32)i dont know.. at the end of the day arent you responsible for what you buy and how much you buy it for? live within your means and you wont be in trouble.
That is true for most things but the other stuff we can't live without makes our cost of living harder. We pay extra to heat our homes, to put food on the table to put petrol in the car to get to work, to buy clothes for ourselves and the family, it all puts pressure on the purse strings to pay the other stuff like mortages etc. So it starts to get harder and harder for some people to stay within their means. So sadly it isn't always their fault when they get in trouble. Cost of living is going up in every way, but wages seem to be staying the same
Yep, our "means" have changed drastically over a short period of time, it's a struggle to live within ones means when the economy sucks ass, when inflation has us on the edge of recession....it took a helluva lot more than just folks living beyond their means to bring on the great depression, here we are all living within our means and bam, we just watch our worlds crumbling...everything we need is spiraling out of range...last year I spent 5 to 10 bucks every shopping trip just for food to donate to the local food pantry, it pains me that I just can't seem to do that anymore....
It is quite scary how much things are costing and how hard it is to cover the cost of everyday stuff. Just when you think you are doing ok again, you hear it's all going up again!!! 
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| August 1, 2008, 17:13 |
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User no longer registered.
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Re: Mortages
That is why I give it alot of prior thought... always asking myself, "Do I necessarily need this or do I impulsively want this?", prior to purchasing anything. 90 percent of the time, I tell myself... "No Need".
xox
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| August 1, 2008, 17:18 |
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Re: Re: Mortages
QUOTE (ticaD @ August 1, 2008, 17:18)That is why I give it alot of prior thought... always asking myself, "Do I necessarily need this or do I impulsively want this?", prior to purchasing anything. 90 percent of the time, I tell myself... "No Need".
xox
---------and then ya buy it anyway? 
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| August 1, 2008, 17:19 |
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User no longer registered.
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Re: Mortages
Nope, I walk out of the store! Ha ha on the store owner!
xox
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| August 1, 2008, 17:24 |
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User no longer registered.
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Re: Re: Mortages
QUOTE (ticaD @ August 1, 2008, 17:24)Nope, I walk out of the store! Ha ha on the store owner!
xox
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| August 1, 2008, 17:28 |
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User no longer registered.
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Re: Mortages
Right now, I am not buying anything unnecessary, no impulse buys at all, I would feel awful about buying anything not needed when I've had to cut the charity donations to the local food pantry. (Hopefully, soon...I can get back to donating again, just need to stabilize the budget a bit)
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| August 1, 2008, 17:56 |
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Jis4jugs
43 / couple
Eastern, South Dakota, US
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Re: Mortages
guess i grew up where at times we literally didnt have a house for long periods of time etc. I do own a home, cars, bikes, boats, toys, two kids, stay at home woman, two disabled parents etc etc, etc, and yeah things are tightening up but I just dont see enough to wine about yet. I still firmly believe at the end of the day we are the only ones to be responsible for our own situation. I know from experience the majority of us can cut out half our spending and still be doing ok in the world. i mean seriously, we're playing on a computer on the internet there cant be that much "suffering" going on.
him
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| August 1, 2008, 23:49 |
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User no longer registered.
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Re: Mortages
Hey, part of this house's income comes from the internet and my comupter, it's how we stay in touch with family, it's how we found our jobs...not whining, stating the facts, the price of everything is inflated, yes...we did indeed have a "mortgage meltdown" no whiners made that up...it happened, and I do firmly beleive it happened just the way hobs described in his posts.
Please, really, I am sincerely happy things are going so well for you, that's good and I am happy for you, but I can also still show concern for those caught in this mortgage meltdown and others who income depends on the housing economy.
I'm am happy for all of you who are unaffected, and concerned for those who are ...
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| August 1, 2008, 23:54 |
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User no longer registered.
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Re: Re: Mortages
QUOTE (Chazzy @ August 1, 2008, 23:54)Hey, part of this house's income comes from the internet and my comupter, it's how we stay in touch with family, it's how we found our jobs...not whining, stating the facts, the price of everything is inflated, yes...we did indeed have a "mortgage meltdown" no whiners made that up...it happened, and I do firmly beleive it happened just the way hobs described in his posts.
Please, really, I am sincerely happy things are going so well for you, that's good and I am happy for you, but I can also still show concern for those caught in this mortgage meltdown and others who income depends on the housing economy.
I'm am happy for all of you who are unaffected, and concerned for those who are ...
Good points. I really don't think that people being online, even the majority of the day is adding anything significant to the housing problem. In fact, it can save money as there's much you can buy online as opposed to driving to a store. Especially those who feel they have to drive thier 10 mph suv/pickup truck 50 miles when there's a store within 5 miles that has the same or similar products. All trying to "save money" 'cause the store 50 miles away has lower prices.
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| August 2, 2008, 08:46 |
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User no longer registered.
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Re: Mortages
My computer and Internet more than pays for itself, I do market research from home (get products, try them out, go online and evaluate them, and also evaluate websites for pay too.)
We've saved tons in online comparison shopping before actually going out to purchase anything.
We keep our long distance down to practically nothing through voips and emails.
Have they passed that mortgage bailout bill yet? I'm sure we will recover from all this, the housing industry will recover...but the current rate of inflation is way, way up... higher than it has ever been in over 8 years, ...I think we, at this moment have plenty to "whine" about...
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| August 2, 2008, 08:54 |
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User no longer registered.
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Re: Mortages
this entire thing really pisses me off. It's alleged that the banks and other lenders did nothing illeagal. However, there's a lot to be said for the complete lack of moral and ethical standards in this.
The loanees, are responsible for signing something they probably shouldn't have. I'm also aware that banks also like to "through in" enough stra money for a new boat, car or whatever.
It all comes back to the lack of ethics.
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| October 19, 2008, 18:51 |
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User no longer registered.
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Re: Mortages
I agree we are responsible for what we get ourselves into, that being said. Those of us who get the old W-2 at the end of each year are not the ones to look towards for relief. You have so many extremely wealthy people that are barely feeling the squeeze. I sat in a room the other day with some of the most powerful men in the country, none of them thought about how much it cost to put gas in their car that morning, I did.
How can a man's compensation be worthy of 8 million a year before his bonus? There are salary caps on professional athletes, shouldn't there be salary caps on these corporate executives? I cannot fathom ANYONE being worth 8 million a year...
As for someone that will spend a million dollars for a cardboard box of a home on the California coast...atmosphere is wonderful but if you can't afford it, then why buy it? 
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| October 19, 2008, 20:45 |
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KINKYINTHEFALLS
56 / male
wild and wonderful, West Virginia, US
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Re: Mortages
I personally think that if they made the laws the same as in Canada, you'd see a huge change!!
Here if a company needs to cut costs the CEO is the first to go. You start cutting costs at the highest paid person in the company. If this was done you wouldn't see all these people making a mint while everyone else suffers.
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| October 20, 2008, 19:09 |
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User no longer registered.
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Re: Re: Mortages
QUOTE (KINKYINTHEFALLS @ October 20, 2008, 19:09)I personally think that if they made the laws the same as in Canada, you'd see a huge change!!
Here if a company needs to cut costs the CEO is the first to go. You start cutting costs at the highest paid person in the company. If this was done you wouldn't see all these people making a mint while everyone else suffers.
Amen to that!!!
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| October 20, 2008, 22:42 |
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User no longer registered.
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Re: Re: Re: Mortages
QUOTE (Julianna @ October 20, 2008, 22:42) QUOTE (KINKYINTHEFALLS @ October 20, 2008, 19:09)I personally think that if they made the laws the same as in Canada, you'd see a huge change!!
Here if a company needs to cut costs the CEO is the first to go. You start cutting costs at the highest paid person in the company. If this was done you wouldn't see all these people making a mint while everyone else suffers.
Amen to that!!!
Same feelings here. The CEOs here get paid millions per year for cost cutting and it starts on the regular payroll. 
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| October 21, 2008, 00:17 |
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ashkats
64 / couple
crystal falls, Michigan, US
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Re: Mortages
all i can say in this is beware the USDA Rural Housing service...they are the worst thugs i ever had to do business with
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| October 21, 2008, 14:03 |
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