shah269 0 #51 September 17, 2011 But that was before TARP correct? Life after TARP is one where banks poor decisions were for a lack of a better word either rewarded or corrected by the federal government. As such....do you think in this current environment would they do the same? How did a friend put it to me the other day? "Shah I would rather be mugged by gunpoint any day of the week rather than spend one minute having to deal with any major lending institution. The mugger only takes what I have in my pocket today the bankers will take a little out of my pocket for the rest of my life.....so you tell me who would you rather see in jail?"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! Quote Share this post Link to post Share on other sites
kelpdiver 2 #52 September 17, 2011 Quote How did a friend put it to me the other day? "Shah I would rather be mugged by gunpoint any day of the week rather than spend one minute having to deal with any major lending institution. The mugger only takes what I have in my pocket today the bankers will take a little out of my pocket for the rest of my life.....so you tell me who would you rather see in jail?" Giving you a lower rate gives you 500/month for decades. You should have greater appreciation for them enabling you to buy a home. Quote Share this post Link to post Share on other sites
shah269 0 #53 September 18, 2011 Quote Giving you a lower rate gives you 500/month for decades. You should have greater appreciation for them enabling you to buy a home. Yes...but how much do i have to put in...$10K-$15k? Hum...here is the engineer giving the finance guy some basic financial lesson. MONEY TODAY IS WORTH MORE THAN MONEY TOMORROW! Bro, that line of reasoning may work for the "country folks" or "Little Old Ladies" but please don't disrespect me or any one who knows how to run a financial calculator!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! Quote Share this post Link to post Share on other sites
normiss 898 #54 September 18, 2011 Those that know how to "run a financial calculator" are not in your position. Don't insult the country folks and little old ladies, many of them are in much better shape than you or I. Quote Share this post Link to post Share on other sites
shah269 0 #55 September 18, 2011 QuoteThose that know how to "run a financial calculator" are not in your position. Don't insult the country folks and little old ladies, many of them are in much better shape than you or I. Brother...have you seen the values of the homes in Florida! $20k will get you a new condo! $60k will get you a new house! Who do you think lives/lived in these homes? And yes I did use a financial calculator when I bought my condo, I make enough money to pay for a home worth $300k....... However a vast number of dishonest people made vast amounts of money....they were then subsequently saved by TARP and some even given bonuses! And my home value went down a solid 30%......call me what you want...but I think America should maybe carve out a pound of flesh from each and every one of them for 1) being theaving sacks of shit! 2) being as rude as to say "Well if you pay another $20k today I'll save you $500 tomorrow!"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! Quote Share this post Link to post Share on other sites
billvon 3,120 #56 September 18, 2011 >Let the American banks die or learn how to play Hundreds have died, the rest have learned to play. So you can do business with them secure in the thought that the downselection has happened. Quote Share this post Link to post Share on other sites
kelpdiver 2 #57 September 18, 2011 QuoteQuote Giving you a lower rate gives you 500/month for decades. You should have greater appreciation for them enabling you to buy a home. Yes...but how much do i have to put in...$10K-$15k? Hum...here is the engineer giving the finance guy some basic financial lesson. MONEY TODAY IS WORTH MORE THAN MONEY TOMORROW! Yet you don't understand why the bank isn't interested in giving you a refi for an underwater condo at a lower rate? They have to fight inflation too. And you're still refusing to get it. You're not paying them 15k for the lower rate. You're paying down your 270k balance so you're only 50k underwater. Were it not for the government program (guess who gets to pay for that), no one would grant you a new loan for 125% LTV. If you didn't pay in the 15k, you'd instead end up paying 25k or so over the life of the loan, reducing your monthly income by about $70. Quote Bro, that line of reasoning may work for the "country folks" or "Little Old Ladies" but please don't disrespect me or any one who knows how to run a financial calculator! Bro - you don't know shit about anything. How far into this MBA program are you (and is it an online school, or what?)? When are they going to teach you how to do math? This refi offer is a slam dunk unless you're hankering to be a renter. Quote Share this post Link to post Share on other sites
shah269 0 #58 September 18, 2011 Hum....let me see....aaahhh...invest $10k+ in a property that is $60k/30% under water.....and pay THE $1k+ DUMB FUCKING BANK'S FEES! And maybe make my money back in....oooohh.....10 years? Two words... FUCK and let me think... NO! And no the down select has been shit! Let's see some real blood in the streets. The major banks are doing just fine....and last I checked not only were they they ones that made the most money from their high risk "Look ma no accountability" move but also received the greatest level of federal funding. I as a tax payer....want my pound of flesh! Now if they would only give me a nice rusty knife to go and collect it....after our our well paid off officials wont' do it now will they? And you think I'm just one guy...wait till you start hearing about the banks foreclosing on the old ladies. Remember those reverse mortgages the elderly were utilizing to supplement their income.....oh boy this is going to be fun to watch!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! Quote Share this post Link to post Share on other sites
kelpdiver 2 #59 September 18, 2011 QuoteHum....let me see....aaahhh...invest $10k+ in a property that is $60k/30% under water.....and pay THE $1k+ DUMB FUCKING BANK'S FEES! And maybe make my money back in....oooohh.....10 years? 2.5 years. And you got to live somewhere. How much cheaper is rent in your parts? If your theory about big business is true, then yeah, maybe the hiring managers will respect a fresh MBA with a history of screwing over others in his business dealings. But I suspect the opposite is true - they'll see you as tainted goods who will screw his own company if given a chance. Quote The major banks are doing just fine....and last I checked not only were they they ones that made the most money from their high risk "Look ma no accountability" move but also received the greatest level of federal funding. How is Wachovia doing? Or Washington Mutual? Citibank? BankAmerica? The only banks that came out of this affair in good shape were Chase and Wells Fargo. On the investment side, only Blackrock came out looking good. Goldman has been tarnished, Lehman no longer exists. Merill was gobbled up. Funny stuff, man. Quote Share this post Link to post Share on other sites
shah269 0 #60 September 19, 2011 QuoteHow much cheaper is rent in your parts? It's not about rent bother it's about quality of life. for what i pay for this under water mess in old lady land I can rent a luxury condo overlooking NYC. OR....if I live a little further away from NYC I could save a solid $1k a month and still be in a very nice place. That said, I'm sorry....but the these banks need to pay their pound of flesh! I'm going to give you a bit of insider info since I know people who work on all but Bank of America AKA we fuck up like it's out job! 1) All major banks you have listed HAVE foreclosed on members of are the armed services who were away in Iraq and Afghanistan. 1A) All of the major banks have foreclosed on members who were KIA. In fact I KNOW of a few cases where as the guy was being put to rest the bank was foreclosed on the home. 2) All major banks listed HAVE foreclosed on older folks who had taken out equity on their homes to meet immediate medical expenses. Value dropped...bank came after the old folks. 3) PAY IN ALL THE BANKS HAS BEEN VERY GOOD! I'm just one pissed off guy who will pay $5k to remove the bitches name off the mortgage.....and will hopefully get rid of this property in the next 3 years, be it via "FUCK YOU" note to the bank or just selling it at a loss....though "FU" may actually look good on my resume since FU is what these banks appear to be really good at. BUT....I'm guessing Vets love to vote....and so do old ladies? And soon someone will be walking around Wall Street with a large blade and a scale ringing a bell and shouting "Time to pay with your pound of flesh." And IF I were an Asian bank.....oh brother....blood in the water!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! Quote Share this post Link to post Share on other sites
kelpdiver 2 #61 September 19, 2011 Can you hear me? playing the world's smallest violin. Quote Share this post Link to post Share on other sites
shah269 0 #62 September 19, 2011 QuoteCan you hear me? playing the world's smallest violin. So foreclosing on those serving overseas is OK? Last I checked it was not only immoral but also illegal. And old ladies loosing their homes...that's OK as well? Please note who was fighting in a far away land so you could enjoy what you have and note the taxes that old lady paid that went to saving the big banks ass. It's the "FUCK YOU WE ARE ABOVE THE LAW" attitude which will come back to get banks.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! Quote Share this post Link to post Share on other sites
kelpdiver 2 #63 September 19, 2011 I'm playing for you, bro. Quote It's not about rent bother it's about quality of life. for what i pay for this under water mess in old lady land I can rent a luxury condo overlooking NYC. Quote Share this post Link to post Share on other sites
billvon 3,120 #64 September 19, 2011 >And old ladies loosing their homes...that's OK as well? Is it fine and dandy? No. But might they lose their homes if they don't pay their mortgages? Yes. It's sad but they agreed to the terms when they got the house. >It's the "FUCK YOU WE ARE ABOVE THE LAW" attitude which will come back >to get banks. Given that you said that you would be happy to break the law too - I can't take your outrage very seriously. Quote Share this post Link to post Share on other sites
shah269 0 #65 September 19, 2011 Quote>And old ladies loosing their homes...that's OK as well? Is it fine and dandy? No. But might they lose their homes if they don't pay their mortgages? Yes. It's sad but they agreed to the terms when they got the house. >It's the "FUCK YOU WE ARE ABOVE THE LAW" attitude which will come back >to get banks. Given that you said that you would be happy to break the law too - I can't take your outrage very seriously. First and foremost pleas reread what I wrote. Old folks took out equity from their homes to cover medical bills. After the Banks made huge sums of money and the feds bailed their asses out the homes in which the old ladies were living in lost a significant amount of its value. THUS as I'm told by a close friend their bank started repression actions.....Thus far it's only been a few thousand old ladies according to my friend. And no one really knows, but the AARP has started asking some serious questions. And due to recent events such as the major storm no one has had time to cover it but when the new cycle slows this issue may begin to take center stage. Kicking old folks out of the homes they own or at least they thought they owned.....Not good business practice. And not good Karma. And let's not even talk about the guys and gals in green who were being blown up and shot at so that some banker could snort coke off some $1k a night hookers ass! As for me? Look odds are I'll just suck it up for the next 3ish years and just sell it at a loss. But right now I have to pay $5k to remove the bitches name off the house....and that pisses me off! That said, I will be sitting and watching TV with a shit eating grin when these CEO's are brought up on the hill and the companies sued for...well being douche bags. The companies will probably take a huge hit, the CEO will do well.....and lots of well to do bankers will be....well the irony of all this? They may lose their homes! Look you may pay for an elected official....but he or she still needs VOTES. No VOTES = NO JOBLife 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! Quote Share this post Link to post Share on other sites
normiss 898 #66 September 19, 2011 So you're telling us that a contract means nothing to you? How honorable. I'm also impressed with "the love of your life" now being "the bitch". Oh how times change.... Quote Share this post Link to post Share on other sites
shah269 0 #67 September 19, 2011 Quote So you're telling us that a contract means nothing to you? How honorable. I'm also impressed with "the love of your life" now being "the bitch". Oh how times change.... Who said anything abut me being honorable? After all it's not me who scrwed up the system and made huge money. And yeah...BITCH....because THE BITCH IS COSTINGME $5K BECAUSE THE CUNTS AT THE BANK HAVE "FEES" I for one can't wait it's going to be great! YES i know the CEO's will make good money and walk....but to see video of these scum sucking dirt bags walking out of their offices with boxes knowing full well that they will never make the money they once did and that if god willing that their homes will be forclosed on......oh that will be a good day! IT'S CALLED KARMA BITCH!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! Quote Share this post Link to post Share on other sites
billvon 3,120 #68 September 19, 2011 >Old folks took out equity from their homes to cover medical bills. Right. And some old folks are paying for their medicine by getting money from their investments in the banks - some of which are based on mortgages! Do you want to take their medicines away? >Kicking old folks out of the homes they own or at least they thought they owned..... >Not good business practice. Yep. And you buying a condo you didn't want at a price you didn't want to pay - very bad business practice. >And let's not even talk about the guys and gals in green who were being blown up >and shot at so that some banker could snort coke off some $1k a night hookers ass! OK. We also won't talk about the flippers who were buying and selling four homes a year just to make enough money to buy that coke and those $1K a night hookers. (Odd that you are defending them tho.) >No VOTES = NO JOB Yep. Looks like they will have to promise you a lot of bread and circuses to get your vote. Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #69 September 19, 2011 Quote So you're telling us that a contract means nothing to you? How honorable. Where the contractual and statutory penalties for breaking a contract are less than the cost of adhering to it, breaking the contract is the best business move and arguably better for society since it maintains economic efficiency (For instance, by breaking his mortgage and spending less on housing Shah will be able to stimulate the economy by spending more money on strippers and beer with the dancers and bar tenders also spending more) This is called "Efficient Breach" http://en.wikipedia.org/wiki/Efficient_breach In 2009 when they went under water Morgan Stanley surrendered 17 million square feet of office space purchased in 2007 for $6.5B to Crescent Real Estate Equities. Later that year they turned their five five San Francisco sky scrapers over to Blackstone. The Mortgage Bankers Association bought their DC headquarters in 2007 at the height of the boom for $79M with a $5M down payment and got rid of it in a short sale for $41M in 2010. It's the same thing. The banks also gamed the system to home and MBS buyers' detriment with inflated appraisals and credit issued for loans unlikely to be repaid both jacking up purchase prices. Given the political situation justice can only be served with jingle mail instead of summonses. Just be sure to have a handle on the legal aspects with your personal situation. Quote Share this post Link to post Share on other sites
shah269 0 #70 September 19, 2011 DrewEckhardt Very well put. Though I'm not a major fan of hitting strip clubs. It's kind of like dropping $20k on a mortgage that is a solid $60k under water. A waste of good money. Things are not good, I don't see them getting any better. You have empowered banks who effectively have more power than the federal government and people who may one day wake up and realize that it's just not worth it. The days of home ownership may be at an end. It's just not worth it. Pay off your debts, make a few very well planned investments, rent and walk every few years much like people do with cars. It may work? It may mead a solid decade of 5%+ unemployment.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! Quote Share this post Link to post Share on other sites
DaVinci 0 #71 September 19, 2011 It is not anyone's fault but yours you bought more than you could afford. I ran the numbers...... Traditional knowledge is that around 25-30% of your take home pay should be for housing.... Mine is 8% Don't blame anyone but yourself that you overspent. Quote Share this post Link to post Share on other sites
kallend 2,150 #72 September 19, 2011 Quote. I ran the numbers...... Traditional knowledge is that around 25-30% of your take home pay should be for housing.... Mine is 8% Does that include utilities, property taxes, maintenance... all of which I would consider part of the cost of housing?... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
DaVinci 0 #73 September 19, 2011 QuoteDoes that include utilities, property taxes, maintenance... all of which I would consider part of the cost of housing? The 25-30% number is for mortgage, taxes and insurance. The 8% was considering those same costs. Quote Share this post Link to post Share on other sites
shah269 0 #74 September 19, 2011 QuoteIt is not anyone's fault but yours you bought more than you could afford. I ran the numbers...... Traditional knowledge is that around 25-30% of your take home pay should be for housing.... Mine is 8% Don't blame anyone but yourself that you overspent. My mortgage is about 35% of my income. So yes you are right I am 5% over. My issue is with the 35% loss of value caused by a few who made very good money doing not so 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! Quote Share this post Link to post Share on other sites
kelpdiver 2 #75 September 19, 2011 Quote My issue is with the 35% loss of value caused by a few who made very good money doing not so good things. like enabling you and millions of others to overbid on houses, causing the actual bubble that burst? Quote Share this post Link to post Share on other sites
