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+--- Thread: What would happen if... (/thread-4473.html)
RE: What would happen if... - Duchess - 11-27-2010
(11-26-2010, 08:37 PM)Cracker Wrote: What would happen if the mortgage companies refinanced all of us, within the next year, for the amount our houses are actually worth currently? Would it destroy anything?
I think it would probably be a bad thing. Anything that uses money that is not really there disturbs me. It makes me wonder if people have learned anything the past few years.
Most banks are now back in black, they have the money to loan, they ARE NOT loaning. Having said that, the banks don't want the property back, they don't like foreclosure, they will work with anyone that has two dimes to rub together in order for the people to keep their homes.
I have big issues with many of the things that have gone on the past couple of years. I disagreed with the stimulus money, I don't like the bailouts AT ALL, I don't agree with the big bonuses, who the fuck gets a bonus for doing a crappy job? When I say I could do a better job of running things than some of those yahoos, people think I'm just being a smart ass, I'm not. I know how to manage money & people. I know what's important & what's not. I'm all for helping those that help themselves...everyone else can die in a fire.
RE: What would happen if... - IMaDick - 11-27-2010
A little something for the Idiots who think they make a profit.A new form of usury developed as the swindling money-lenders realized the immoral benefits that could be obtained from such a situation. It became apparent to these thieves that they could go one step further than dishonestly using other people’s money for financial advantage at no cost to themselves. They could invent money from absolutely nothing. They could issue credit notes with nothing to back them up and put them into circulation as interest-bearing debts. No-one would be any the wiser. They calculated that they could safely issue notes for up to ten times more than the gold deposits they held, because the depositors would never ask for their deposits back all at the same time.
RE: What would happen if... - Still Waters - 11-27-2010
I don't understand what all the hype about your credit score is all about! When credit card companies and banks loan you money they are not doing you a favor! They are not giving you anything! They are stealing your dreams, your hopes, your wealth!
I do not have a credit score yet my home is paid for. It took me over 11 years to build, using hard earned cash. I bought a 27 thousand dollar jeep 10 years ago with out a credit score. I told them that I was going to pay 10 thousand dollars down, and I did. I then paid the rest of the loan off in 7 months. In 2005 I bought a 10 thousand dollar motorcycle with cash.
What I'm getting to is Fuck the God Dam Greedy Bankers! I have lived below my means and planed and saved for what I wanted, and so can you!
RE: What would happen if... - sally - 11-27-2010
(11-27-2010, 12:02 AM)IMaDick Wrote:(11-26-2010, 10:54 PM)sally Wrote: Who gives a shit, if you were smart or in any way lucky then your house should be paid for.
Go Ahead try and own your home, it's impossible to truely own property.
you get the use of it as long as you pay uncle sam, city and county governments to live there.
your payments never end.
fucking sheeple are the worst kind of morons, they live a fools life.
So are you saying that I actually have to pay that Notice of AD Valorem taxes and assessments that I recieve in the mail every year? Wow I did not know that, I've been throwing those little slips of paper away all these years
.RE: What would happen if... - Maggot - 11-27-2010
I have been telling people to get away from the big banks and get into their local credit union. They will only invest in the local community and the money stays home and does not end up in some hell hole that becomes a black money pit.
http://moveyourmoney.info/
RE: What would happen if... - Cracker - 11-27-2010
I have a credit union. They close before I get off work. They don't have online bill pay. I don't buy stamps, so that would fuck me. I really don't use it much other than for a payroll deduction savings account.
I use my big bank for my "real" banking. I rarely see cash. My check is direct deposited. My bills are paid online in about 5 minutes. I used my debit card for almost everything else. To me, I don't work for cash money. I work for things, I guess. Home, food, gas, entertainment, necessities. Any cash I withdraw is to be given to others usually as gift or tip or on vacation.
I really need a little Dave Ramsey in my life.
RE: What would happen if... - Cracker - 02-07-2011
(11-26-2010, 09:13 PM)IMaDick Wrote: Cracker, the funds transferred when a home is sold"principle" is borrowed or saved in a lump for a down payment ,and the profit to the lender"interest" does not exist in money, it's all just a paper transfer, when that money is paid the money to pay the interest comes from other real money not from the paper transfer, interest does not exist in tangible money, ever.
the interest which is being added to what we as a nation owe china does not exist, if the fed prints enough money to cover the interest the dollar will be worth zero.
if the lenders give up money on the loans which they hold on the houses in todays market, they are not only forfeiting profit"interest" they are also forfeiting principle "real tangible money" when that happens the dollar also devalues "inflation" if the dollar devalues enough the interest owed to foreign nations and domestic accounts doubles ,keep in mind interest "profit" does not exist in real tangible money" anything paid must come from real circulating money, which can only come from one source and not force higher interest rates"which money does not exist" and that's from the pockets of working americans which has an impact all it's own.
Dick, I still think the banks that made bad loans to people who could in no way afford them should refund me some of the "bubble" money I paid for this fucking house. THEY drove up the price of homes by making NINJA loans. Give all us non-NINJA conventional buyers some equity. It is entirely, and I mean ENTIRELY, the banking/mortgage industry's fault there are two foreclosures in my neighborhood. If they didn't lend that money to dumbasses, my home would still have the original value. Everybody else here seems to be doing just fine.
They fucked us. Now they are making a killing getting rebates on foreclosed homes from the taxpayers. This is fucking WRONG. I'm going to short sell this bitch in a year or two and go live in a trailer and live off the grid.
RE: What would happen if... - IMaDick - 02-07-2011
(02-07-2011, 01:53 AM)Cracker Wrote:(11-26-2010, 09:13 PM)IMaDick Wrote: Cracker, the funds transferred when a home is sold"principle" is borrowed or saved in a lump for a down payment ,and the profit to the lender"interest" does not exist in money, it's all just a paper transfer, when that money is paid the money to pay the interest comes from other real money not from the paper transfer, interest does not exist in tangible money, ever.
the interest which is being added to what we as a nation owe china does not exist, if the fed prints enough money to cover the interest the dollar will be worth zero.
if the lenders give up money on the loans which they hold on the houses in todays market, they are not only forfeiting profit"interest" they are also forfeiting principle "real tangible money" when that happens the dollar also devalues "inflation" if the dollar devalues enough the interest owed to foreign nations and domestic accounts doubles ,keep in mind interest "profit" does not exist in real tangible money" anything paid must come from real circulating money, which can only come from one source and not force higher interest rates"which money does not exist" and that's from the pockets of working americans which has an impact all it's own.
Dick, I still think the banks that made bad loans to people who could in no way afford them should refund me some of the "bubble" money I paid for this fucking house. THEY drove up the price of homes by making NINJA loans. Give all us non-NINJA conventional buyers some equity. It is entirely, and I mean ENTIRELY, the banking/mortgage industry's fault there are two foreclosures in my neighborhood. If they didn't lend that money to dumbasses, my home would still have the original value. Everybody else here seems to be doing just fine.
They fucked us. Now they are making a killing getting rebates on foreclosed homes from the taxpayers. This is fucking WRONG. I'm going to short sell this bitch in a year or two and go live in a trailer and live off the grid.
the money for those loans came from the government who took the money from the tax payer.
RE: What would happen if... - BlueTiki - 02-07-2011
(11-26-2010, 09:13 PM)IMaDick Wrote: Cracker, the funds transferred when a home is sold"principle" is borrowed or saved in a lump for a down payment ,and the profit to the lender"interest" does not exist in money, it's all just a paper transfer, when that money is paid the money to pay the interest comes from other real money not from the paper transfer, interest does not exist in tangible money, ever.
the interest which is being added to what we as a nation owe china does not exist, if the fed prints enough money to cover the interest the dollar will be worth zero.
if the lenders give up money on the loans which they hold on the houses in todays market, they are not only forfeiting profit"interest" they are also forfeiting principle "real tangible money" when that happens the dollar also devalues "inflation" if the dollar devalues enough the interest owed to foreign nations and domestic accounts doubles ,keep in mind interest "profit" does not exist in real tangible money" anything paid must come from real circulating money, which can only come from one source and not force higher interest rates"which money does not exist" and that's from the pockets of working americans which has an impact all it's own.
I have no idea where you come up with these "facts".
You use the terms INTEREST and PROFIT as if they both are synonymous. They aren't.
Unless you are attempting a Ponzi-styled scheme.
Even first year accounting, finance and economic students understand the difference.
Is your explanation the best Talk Radio offers in your area?
Spring for satellite. Put it on your credit card.
After all, Mr. "Cash Basis", the charge isn't in "real tangible money."
RE: What would happen if... - username - 02-07-2011
On the one hand, my husband's ramblings can be really boring, on the other hand, I like his smarts.
Especially when I can get them via email instead of in the form of a lecture. 
Notice the last part about staying out of a charged forum discussion. Hahahahahaha!One reason not to mass refinance would be to protect investors who invested in the mortgage market. Should grandma’s IRA suffer additional downside to benefit a homeowner? Both grandma and the homeowner made a poor financial decision. They are currently both suffering in proportion to the size of their investment.
Most mortgage companies do not own the mortgages that they provided. The mortgage originators sold those mortgages to investment banks who then bundled them with other mortgages and securitized them. These securitized mortgages were then sold to investors as an investment which paid them monthly interest and eventually returned their principal (your monthly payment). These investors could be individual investors, pension funds, hedge funds, mutual funds, etc. I doubt these investors are willing to accept losses and reduced interest payments en masse.
The funds that the mortgage originators received from the investment banks was then recycled to provide more loans. This a major culprit in the explosion of mortgage lending. Because the originator of the mortgage sold off those mortgages, they had no economic incentive to ensure that the borrower was credit worthy. The originator got paid to originate the loan and then also received a fee from the investment bank who bought their loan portfolio. The loan originator became a middle-man between the investment bank and the borrower. Some banks did retain a portion of the loans for their own portfolio but, if they were smart, kept the strong credits.
It would be a tremendous undertaking just to identify who actually owns all the mortgages. The company name on your mortgage statement is, more than likely, just the company who services your loan. There could be numerous entities that all have a small slice of ownership in your mortgage. Many large mortgage originators are not even in business anymore (Countrywide, Washington Mutual, etc.).
The term “moral hazard” is another reason that is bandied about as a reason to discontinue bailouts. If you help people/companies that make poor investment decisions, then this might reinforce speculative risk taking (knowing that a bailout can be had if you make a big mistake). If you write off the underwater portion of a mortgage, someone or some entity takes the hit. The ultimate responsibility remains with the home buyer – caveat emptor. I have total empathy for those adversely affected but not sure a bailout of underwater homeowners is equitable to all. Those that took the most risk would benefit the most.
This issue is extremely complex and very politically charged. The information above only scratches the surface.
My advice is to stay out of the forum discussion.
RE: What would happen if... - Cracker - 02-07-2011
Soooo, your hubby says bailouts should only be for rich companies and poor people? (I don't really mean that, just tell him that's what I said.)
I'm going to beat his ass about the "poor investment decisions" part. I bought at below market value and had instant equity. How can that be a bad investment? An investment in a home is supposed to be a moderately safe investment, the American dream and all that...
RE: What would happen if... - Cracker - 02-07-2011
I would estimate that at least 90% (if not ALL) of the homes in Georgia are valued below what they were three years ago. That is a problem. It wasn't a problem caused by buyers/sellers, but by the mortgage industry itself. My house was holding it's value (even gained a bunch for a while there) until a few foreclosures in the area killed the comps. Once that first foreclosure hit, we were all fucked. Even the folks who bought up to ten years ago.
I just think it sucks. I understand I have two choices: Sit on it until the value rises again OR short sell. Both of those choices suck, too.
RE: What would happen if... - Duchess - 02-07-2011
(02-07-2011, 06:00 PM)Cracker Wrote: Sit on it until the value rises again OR short sell. Both of those choices suck, too.
Yes, they do suck but you have those two options & that alone is a good thing. {I only mean insofar as you still have your home} The value will rise, it won't be as quickly as everyone would like but it will rise. Do not short sell, I won't presume to know how your mind works but I feel certain you would come to regret that decision.
RE: What would happen if... - username - 02-07-2011
In the olden days, they (whoever the collective "they" are, lol), used to advise buying a home just to live in it (realestate investors aside). I don't know about Georgia but here, home values were soaring for quite awhile until the homes were just overvalued. Boom, then the bubble burst. The mortage companies bare a large part of the blame for their lax lending standards but I think there were other factors (low interest rates and buying fever) that helped create the bubble.
I feel ya' though. Our house would probably appraise out at around $650k now--two years ago it would have been around $850k.
We've been here forever though so we still have some equity but it does suck.RE: What would happen if... - Lady Cop - 02-07-2011
this has nothing to do with anything. but i paid cash for this house in 1974. $47K. it is now for sale at one-half million. i could throw up. if i had stayed the taxes would have killed me. fucking Cape Cod mystique. i miss that house.
RE: What would happen if... - Duchess - 02-07-2011
I hate taxes. One day Ima be in the poor house because of them. I don't know how to be poor.
RE: What would happen if... - Cracker - 02-07-2011
You need a better accountant if you are paying a bunch. I bet you could give Tiki a round number and she could give you some idea whether you are Obama's bitch or not.
I feel trapped. You aren't supposed to be trapped if you live the right way and are careful with your money and you work your ass off. You are supposed to be OK. It just reinforces my main point: It is a waste of fucking money to invest in retarded poor people. They are poor for a reason. They have drug my ass down with them because they tried to live the dream without putting in the effort. Now I am stuck in my current location. I am less prosperous because they are fucking retarded.
The mortgage industry is not a victim. They are making a fucking killing off of all this. Why the fuck they get bailed out is just beyond me since they are the idiots that made the bad loans. They should lose their money for doing that shit. That they actually make a profit when a family becomes homeless is sickening and all kinds of fucked up. Why should taxpayers foot the bill when they make a NINJA loan? It is bad enough we suffer through loss of equity.
(Do I win the Most Fucks In A Post Award?)
RE: What would happen if... - BlueTiki - 02-07-2011
(02-07-2011, 07:15 PM)Cracker Wrote: I feel trapped. You aren't supposed to be trapped if you live the right way and are careful with your money and you work your ass off. You are supposed to be OK. It just reinforces my main point: It is a waste of fucking money to invest in retarded poor people. They are poor for a reason. They have drug my ass down with them because they tried to live the dream without putting in the effort. Now I am stuck in my current location. I am less prosperous because they are fucking retarded.
The mortgage industry is not a victim. They are making a fucking killing off of all this. Why the fuck they get bailed out is just beyond me since they are the idiots that made the bad loans. They should lose their money for doing that shit. That they actually make a profit when a family becomes homeless is sickening and all kinds of fucked up. Why should taxpayers foot the bill when they make a NINJA loan? It is bad enough we suffer through loss of equity.
Amen.
RE: What would happen if... - Cracker - 08-24-2011
I brought this same shit up almost a year ago. Apparently it is bothering me.
I swear, I would live in a trailer (not in a trailer park, but a trailer in the woods) instead of paying twice what this house is worth.
Is anyone else pissed off about this or just me?
RE: What would happen if... - aussiefriend - 08-24-2011
I don't think we have all that hassle here. Nice house though LC.
I think as long as you have a roof over your head whether it's a trailer or a mansion, you have aquired it honestly and you have not stepped on anyone to get it. Then enjoy. Better to live in a trailer honestly and be happy than a mansion dishonestly and miserable.
What about those 3rd world people who have a piece of cloth covering them with sticks, like a tent thingy. That could be us. We could have been born there. I am so glad it's not me.