The Fox Still Has The Keys To The Hen House!

spc wrote:Man you are blinded by hatred.

Like the old saying goes: "If you're not angry..........You're not paying attention!"



(fumbles for his coffee cup.....Is it dark in here?")

Devil505 wrote:Like the old saying goes: "If you're not angry..........You're not paying attention!"

My friend you are blinded by hatred not anger.

Freddy wrote: I don't know the name of who is to blame, but I know the one thing changed that led to these mortgage & bank issues. Whoever made that change is an idiot. The person that made it so someone could get a mortgage with no down payment was an imbecile, plain & simple. That one fact is the foundation to most all of this.

" Oh, good morning Sir! You'd like to buy a house? Well, of course we'll loan you $220,000, just sign here. Ohhh, don't worry, It will always be worth more than you paid for it."

Freddy I haven't read through everything in this thread but I do have a comment on your quote.

Having or not having a down payment is not the cause of this. A $220,000 mortgage is only about 200 bucks more a month then what we were paying to rent our apartment and is greatly less then what it takes to rent a tiny studio apartment in the cities. The problem is with the banks increasing the percentage one is allowed to use of their income to qualify for a home mortgage. I bought my first home some 6 years ago and one was allowed to use 55% of their income to qualify for a mortgage. When we bought our home 2 years ago we were allowed to use 75% of our income to qualify for a mortgage, which we didn't need. But the point being that anyone with any common sense knows that there is no way one could only live off only 25% of their income to pay for heat,water,electricity,cable,food,clothes,car,car insurance and etc.etc.etc.

It's the banks changing the policy for qualification that put the banks where they are now.

I bought my first home some 6 years ago and one was allowed to use 55% of their income to qualify for a mortgage. When we bought our home 2 years ago we were allowed to use 75% of our income to qualify for a mortgage,

Man have times changed. When we bought our first home we needed 20% down because we were young and had very little prior credit and were only allowed 35% of our income.

billw wrote:Man have times changed. When we bought our first home we needed 20% down because we were young and had very little prior credit and were only allowed 35% of our income.

Yes...but you have to keep in mind Freddy that when you were young & bought you first home..........There were only three houses on the planet to choose from!

(Did you buy your first house BC or AD?)

Hey Devil,just a minute. I was one of the other 2 remaining houses on the planet at that time. As I remember so well it was like a navy court marshal applying for a first mortgage in the 1960's. As newlyweds, #1 you needed minimum 20% down. #2 your wifes salary was excluded because it was expected she would have children eventually [not come already with them] and be rendered non income generating #3 your salary growth potential was specifically excluded #4 you had to provide a list of character references which were verified by the bank. If you think I wasn't careful about the American dollar in my pay envelope after that little qualifying process,you are nuts!!! The banks in those days were not greed driven,they were responsible and extremely conservative with other peoples money. Look at us now. regards, Mike

stovepipemike wrote:The banks in those days were not greed driven,they were responsible and extremely conservative with other peoples money. Look at us now. regards, Mike

Right you are Mike.

Opinion: The banks & most businesses back then were honest & just trying to turn a fair profit. Today, thanks in large part to GW Bush, (the poor little rich boy who's daddy covered for him all his life) business are largely rewarded for their greed & ability to mislead consumers while holding no allegiance to their country or its best interests.
We need to clean house this November & "fumigate" both the White House & the Congress!

(& yes SPC....I loathe GW Bush & the "charlatan" who is being groomed to replace him..John McCain)

Always used to need 20% down, if you didn't have 20%, and you had the income to pay for it, you could get PMI.. Private Mortgage Insurance.. this was to insure an addtional 10% of the purchase price.. but you still needed 10% down..

AND the banks wanted to know that the Down payment money was YOURS,, not a 'loan' from your parents or rich uncle [I wish I had one of those!! ].

You had to have the 'down money' on deposit in you bank account for at least 60 days prior..

All of the restrictions were designed to make the mortgage loan a very secure loan, so that it could be sold or used as an investment by the bank..

Then along came the weakening of the rules and restrictions.. the advertising on TV to get 120% home equity loans.. and 100% mortgages.. To underqualified borrowers.. The banks and mortgage brokers were AFRAID to turn down a borrower, because the threat of lawsuits for 'discrimination'..

Well what a bank or lender is doing IS discriminating.. between a good, solid borrower and a weak, shakey, marginal borrower.. And the courts, lawyers and ACLU all frowned upon any institution that turned down a 'marginal' borrower..

The house of cards has collapsed.. Now, if we can just hang on for a few decades. we will see another strong housing market..

Maybe..

Greg L.

.

Dev, you REALLY need to get a life.. you have posted something like 800-1000 posts on the subject of your hatred for all that is Bush or Republican..

It's a FACT that Jimmy Carter and Billy Clinton started the Liberalization and degredation of the loan qualification requirements.. you just choose to not read the post proving it.. I read it and thought, yep,, just what I remembered..

Wipe the foam off your lips.. take a Valium,, several deep breaths.. and go hug your stove, or your wife or kids..

Put $.02 in the mail for 'almost free' therapy..

Greg L

LsFarm wrote:Dev, you REALLY need to get a life.. you have posted something like 800-1000 posts on the subject of yor hatred for all that is Bush or Republican..

LsFarm wrote:Wipe the foam off your lips.. take a Valium,, several deep breaths.. and go hug your stove, or your wife or kids..

(Picks himself up off the floor after being slapped down) Thanks Greg....I needed that!


I admit that, just like you & Stephen & others have "lightly hinted" at , that I do tend to let my anger & hatred get the better of me, from time to time. (Notice how I was able to keep a straight face saying..."From time to time?")
It's a family joke that my only good, relaxed time of year is around X-mass when I turn off talk radio & listen to X-mass music!

My lame excuse is that we are very close to an important election on 11/4 & I feel very strongly that our "Ship of State" is headed over a waterfall if we elect the wrong people.


I will now go & hug my TLC & search for X-mass music on the radio.


(I'll try to tone my anger down, but sometimes these damned fingers have a mind of their own!)

It's healthy to listen to 'White Christmas' I might even listen to it tonight..!!

Greg L.

Devil505 wrote:

billw wrote:Man have times changed. When we bought our first home we needed 20% down because we were young and had very little prior credit and were only allowed 35% of our income.

Yes...but you have to keep in mind Freddy that when you were young & bought you first home..........There were only three houses on the planet to choose from!

(Did you buy your first house BC or AD?)

Actually I'm Bill. Freddy is the other good looking guy on this board. Oh, and there were 5 houses back in the day.

billw wrote:Actually I'm Bill. Freddy is the other good looking guy on this board. Oh, and there were 5 houses back in the day.

Sorry about that Bill. (Sometimes my anger is so strong that it's tough to focus through the red haze I see all the time!)

Hey Folks
"Its all about oil" And that is the truth 100% No way to deny it just a fact and its also a fact that we went after Saddamn because of the oil. Another fact ...(According Adrew Young) (Google him) Not exactly a Bush suporter.
he said Saddamn sealed his fate when he set the oil fields in Kuiate(sp) on fire. It showed the US that we and the world were vunerable to the whims of a madman and he wouldnt think twice about killing the economies of the world burning up all the oilfields especially Saudi Arabia (not his pals)
Bush and Chenny are OILMEN Threy were supported by OILMEN OILMEN have the vast majority of the money .They wanted to protect it.
All politics aside . Something had to be done >They Bush N Chenny did it. we now are in a mess but could be in a lot worse mess had nothing been done. kinda like "pay me now or pay me latter"
Now are next problem along with Chinese trying to poison us off one at a time ,we have Vodka Guzzling drunks moaning about their feelings being hurt and are ready to start WW3 over sour grapes over them losing thereformer captured territories.
here it is 2008 and russians think like the cavemen they are.
Poor George . All he did is exactly as he was told to do.maybe not the brightest bulb on the tree but he listed well as carl was whispering in his ear what to say. he gets my vote for "Most improved public speaker" compared to his first speeches and debates.

TimV, Sadly you've got it right. The rest of our traditional allies are laughing at us paying for the "war on terror" while they are growing their economies and thumbing their noses at the "Bush Doctrine". Our current and former enemies look at the "Doctrine" with alarm and posture for a more aggressive stance. The "war on terror" should be fought with an clandestine police action and a cooperative world wide effort to cut off the funds that support it.