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shah269

Mortgage interest rates at an all time low...and no one can refinance.

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WOW real civil.....well good luck with that.



Remind me again, how civil was it when you told someone to "STFU" upthread?


It was in responce to a petty bit of spin.
Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

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From Bloomberg linked from Newmax

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Wall Street Aristocracy Got $1.2 Trillion in Secret Loans


http://www.moneynews.com/FinanceNews/Wall-Street-Secret-Loans/2011/08/22/id/408147

Makes sense why the Obama admin fought to keep this secrete
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

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It was in responce to a petty bit of spin.



the only spinning going on here is your attempts to convince us that you acted more intelligently than the other recent home buyers who find themselves underwater. There was nothing petty about weekender's response. In 2009, that may have been the only mortgage you could get. And until the 90s, it was the most typical as well. Only then did we see research that determined that lower down payment mortgages paid off just as reliably. (and this was likely true until home values actually dropped)

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From Bloomberg linked from Newmax

Quote

Wall Street Aristocracy Got $1.2 Trillion in Secret Loans


http://www.moneynews.com/FinanceNews/Wall-Street-Secret-Loans/2011/08/22/id/408147

Makes sense why the Obama admin fought to keep this secrete



it's certainly not a good look for an Administration promoting change and transparency.

However:
"The $1.2 trillion peak on Dec. 5, 2008"

Certainly an indisputable case of inheriting the mess. The Administration would have to consider the economic damage of releasing this information during the time, may reasonably claim this would be bad for the county. But it's harder to justify in 2011.

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The reason banks were able to pay back TARP and the reason the economy is adjusting itself out without a complete disaster is that people like yourself and people at the far end of the other side of the loans are slowly eating the negative effects of the bubble. Also, people like myself who bought a house last year from someone who had owned it for ten years are allowing some of the real [non-bubble] appreciation in the market to be realized. It's generally a bad idea to try and make the economy do anything really quickly, so I wouldn't trade a mostly flat future for a small uptick now like you are suggesting with debt forgiveness.

In regards to your particular situation, don't forget what is technically/legally happening when you buy a house. You are buying a house. The bank is loaning you money. You are not jointly purchasing a property with the bank. Banks have no interest in owning houses.

Being able to afford a house doesn't just mean being able to make the payments on whatever loan or loans you happen to be able to get while living paycheck to paycheck. Being able to afford a house means being able to repay any loans you need to take out to buy it. That means having some form of reserves to weather looking for a new job or trying to sell the place if you get laid off. That also means if you feel you might have to sell the place to pay off the loan, that you structure the loan to avoid going underwater in the near term.

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Shah, How much per year are you saving on property taxes with the reduced value of the condo?

James


Honestly I haven't had the place re assed thought it may be a good idea.
It may be a savings of $1k I'll have to look into it. At the moment my taxes are at $5.5k which for NJ is rather low.
Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

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I was having a drink and a steak with one of my fellow EMBA students and discussing this very issue with respect to economic growth.
Low and behold one of his friends, my good friend works for one of the largest banks, indicated that there were tools.
To which I indicated, "Yeah but you guys aren't playing, only 300 or so people nation wide have qualified!" To which he corrected me and stated I should look at a HARP loan, good for 125% of the value of the property.

Well son of a gun! That guy is getting a steak dinner on me!
Sure enough such a mechanism does exist. You have to have almost perfect credit and very little debt other than your home such as cars or boats (I think those two things will make our conservative friends smile) and a quick process you qualify.

Now I don't wish to jinks myself yet for I have yet to qualify since my papers are still being processed but apparently there does exist a means by which we can free up capital.

Now why on gods green earth isn't every one with good credit and no major debts told about this?
:o

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

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I was having a drink and a steak with one of my fellow EMBA students and discussing this very issue with respect to economic growth.
Low and behold one of his friends, my good friend works for one of the largest banks, indicated that there were tools.
To which I indicated, "Yeah but you guys aren't playing, only 300 or so people nation wide have qualified!" To which he corrected me and stated I should look at a HARP loan, good for 125% of the value of the property.

Well son of a gun! That guy is getting a steak dinner on me!
Sure enough such a mechanism does exist. You have to have almost perfect credit and very little debt other than your home such as cars or boats (I think those two things will make our conservative friends smile) and a quick process you qualify.

Now I don't wish to jinks myself yet for I have yet to qualify since my papers are still being processed but apparently there does exist a means by which we can free up capital.

Now why on gods green earth isn't every one with good credit and no major debts told about this?
:o



Your mortgage balance has to be within 125% of the appraised value of the home to qualify for a lower interest rate through HARP, and it has to be a Fannie Mae/Freddie Mac mortgage, according to the website.

Given your numbers from the OP, you're going to have to pay down another 25k before you can qualify...*IF* your mortgage is through Fannie/Freddie.
Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

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I should be OK.
I have an 800 credit score.
And I'm at 22% differential.
Crossing my fingers for 5% for the 80% loan.
The 20%, that one I have to just pound salt.
Will save me $200 a month.
Not bad.
But if you take it and say 1 million people did this....yeah we can maybe move this stuck economy of ours?
Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

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Good luck with the loan, I hope you get it.

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But if you take it and say 1 million people did this....yeah we can maybe move this stuck economy of ours?



I'd rather see government quit fucking with businesses so they'll have the confidence to start hiring again. Having a briefcase with a million dollars in it doesn't do you any good if you're on a desert island with nothing to buy.
Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

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>I'd rather see government quit fucking with businesses so they'll have the confidence
>to start hiring again.

Exactly. If the government would just stop fucking with Northrup-Grumman, and ordering crap from them, no doubt they'd start hiring again. Nothing like sales to destroy a company.

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>I'd rather see government quit fucking with businesses so they'll have the confidence
>to start hiring again.

Exactly. If the government would just stop fucking with Northrup-Grumman, and ordering crap from them, no doubt they'd start hiring again. Nothing like sales to destroy a company.



Hurray for the nanny-state!
Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

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Good luck with the loan, I hope you get it.

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But if you take it and say 1 million people did this....yeah we can maybe move this stuck economy of ours?



I'd rather see government quit fucking with businesses so they'll have the confidence to start hiring again. Having a briefcase with a million dollars in it doesn't do you any good if you're on a desert island with nothing to buy.



I hope so to. I have worked very hard in protectng my credit score. So now it will pay off.
On paper yes I qualify, the loan I am refinancing is $225K the value of the home is $220k. I will be going from 6.5% to a little lower than 5% with no points nor fees. YES NO FEES! Turns out the feds have that covered.

Look it's a simple formula for creating jobs. Give those who have the propencity to spend money more money. It's a numbers game. Give the middle class an extra $200 a month or so per person and stand back.

Hell if they do nothing more than pay down their credit card bills we will be doing good! If they have money to go out to dinner or maybe fix up their car...all are good things.
Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

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Good luck with the loan, I hope you get it.

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But if you take it and say 1 million people did this....yeah we can maybe move this stuck economy of ours?



I'd rather see government quit fucking with businesses so they'll have the confidence to start hiring again. Having a briefcase with a million dollars in it doesn't do you any good if you're on a desert island with nothing to buy.



They don't need to quit fucking with business, they just need to tell them what hole they are going to put it in.

Government intervention can be good or bad, it is the uncertainty that is just bad.
"The restraining order says you're only allowed to touch me in freefall"
=P

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Seems you're still thinking this government supported program is good for our economy.....
At least tell us "thank you".

I sincerely hope very few people use these government funded programs. If they hadn't gotten into a house they couldn't afford in the first place, we wouldn't be throwing good money after bad. Or actually more bad money after bad money.
:S

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Good luck with the loan, I hope you get it.

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But if you take it and say 1 million people did this....yeah we can maybe move this stuck economy of ours?



I'd rather see government quit fucking with businesses so they'll have the confidence to start hiring again. Having a briefcase with a million dollars in it doesn't do you any good if you're on a desert island with nothing to buy.



They don't need to quit fucking with business, they just need to tell them what hole they are going to put it in.

Government intervention can be good or bad, it is the uncertainty that is just bad.



Good point.
Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

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Seems you're still thinking this government supported program is good for our economy.....
At least tell us "thank you".

I sincerely hope very few people use these government funded programs. If they hadn't gotten into a house they couldn't afford in the first place, we wouldn't be throwing good money after bad. Or actually more bad money after bad money.
:S



Please pick up a basic macro economics book.
Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

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No thanks, not a fan of boring uninteresting books. Read plenty of them already.

It's simple.
I have no credit card debt.
I've paid off over $100k in 3 years in other debts.
I bought a house I can afford.
I would never get in over my head and then expect others to help me "fix" my poor choice.

My economics work significantly better than does our government approach.

You guys keep fucking it up - I'm old enough to not care any longer. I'm pissed that we dumped this in my children's laps though.
[:/]

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You guys keep fucking it up - I'm old enough to not care any longer. I'm pissed that we dumped this in my children's laps though.



I am not sure who you mean by "you guys" but pretty much everything else you say also sums up how I feel about things these days. I am old enough now where "I just don't give a fuck" about certain things anymore. But I too am pissed that future generations are having this fiscal mess dumped on their laps. As far as I am concerned Democrats and Republicans have both fucked over future generations. Neither side can take the high road.

Even though it's been years since I have seen a certain John Mellencamp music video, I was reminded of it today and I have always liked it. Now I may be putting too much emphasis on some of the lyrics in the song and I know a lot of Mr Mellencamps other music does not mesh with how some Republicans view the world. But I think this song has lyrics that plays both to the strength and weaknesses of both sides of the fence. Possibly why I like it, or maybe I just like the jingle. :)

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Oh, but ain't that America for you and me
Ain't that America somethin' to see baby
Ain't that America home of the free, yeah
Little pink houses for you and me
Oh yeah for you and me, oh



The chorus has parts that plays to the strength of the Democrats and should send a message to Republicans that the country belongs to everyone.

then later in the song

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And there's winners and there's losers
But they ain't no big deal
'Cause the simple man baby pays the thrills
The bills, the pills that kill



for the most part plays to the strength of the Republicans and should send a message to Democrats that "there are winners and losers in society". So Democrats stop being such wussy chimp whiner victims of the world whenever life serves you up lemons. Whoever told you life would be easy was clearly lying to you. The people who don't view themselves as victims of the world make lemonade whenever life serves them up their lemons. Or maybe I am just out to lunch with how I view these lyrics. If I am, I blame early onset of alzheimer's.

http://www.youtube.com/watch?v=qOfkpu6749w&feature=relmfu

BTW ... you know this is an 80s music video. Just look at the massive shoulder pads the girl has on near the end of the video. Looks like she could be playing in the NFL with those things. :ph34r:


Try not to worry about the things you have no control over

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