Here's To Living Downtown (Detroit: mortgage, credit, loans)

[ForStarters]

From TIME: Defying Detroit’s ‘Eight Hour’ Myth - The Detroit Blog - TIME.com

It's nice to see people are finally taking notice. Enjoy.

[Retroit]

How ironic that the very people who fed the suburban sprawl are now touting the benefits of downtown living.

[kimba01]

Originally Posted by Retroit

How ironic that the very people who fed the suburban sprawl are now touting the benefits of downtown living.

Who cares about the irony? Besides those ones interviewed are young, they had nothing to do with where they grew up. Their parents did. I find the irony in the fact that there will be those who will find any reason to put a negative spin on ANYONE who moves back towards rebuilding some type of positivity in Detroit. Did you really think that the long term residents were going to rebuild Detroit? If so, they would have already done that, don't you think?

I think it is a good thing and I applaud those who move there and spend their money there. I say, keep 'em coming!!!

[Retroit]

Originally Posted by kimba01

Who cares about the irony?

Perhaps "hypocrisy" would have been more precise. Quicken Loan (and other mortgage providers) have profited off of the government-induced sub-prime mortgage fiasco and the subsequent crashing of our economy and further abandonment of Detroit (by making it more affordable for Detroiters to move out).

Who cares who is responsible for where they grew up? I'm care about how they themselves have been complicit.

I have no problem with people moving to Detroit. I'm not sure how you took that from my post, or whether your comments were directed at me (other than the fact that you quoted my post).

[Coldjensens]

Originally Posted by Retroit

Perhaps "hypocrisy" would have been more precise. Quicken Loan (and other mortgage providers) have profited off of the government-induced sub-prime mortgage fiasco and the subsequent crashing of our economy and further abandonment of Detroit (by making it more affordable for Detroiters to move out).

Who cares who is responsible for where they grew up? I'm care about how they themselves have been complicit.

I have no problem with people moving to Detroit. I'm not sure how you took that from my post, or whether your comments were directed at me (other than the fact that you quoted my post).

Logic? We don't need no stinking logic. I can make no sense at all if I chose to do so. It is a free country (kinda sorta almost).

[kimba01]

Hmmm, maybe I did take your post the wrong way. "They themselves" being who? The businesses or the employees?

What would be the better answer then, to rebuilding a more vital Detroit? They need the businesses, they need the residents, the city needs the income. In order to draw new blood into the city, they need to start somewhere. With more articles and people like the link here, I think it could blow some fresh air into the city. No?

[Retroit]

Me in blue.

Originally Posted by kimba01

Hmmm, maybe I did take your post the wrong way. No problem, I'm frequently misunderstood with my off-the-wall commentaries. "They themselves" being who? The businesses or the employees? Both the corporation and the employees have benefited from peddling their "All-American, 5-year interest only, no income verification" sub-prime mortgages.

What would be the better answer then, to rebuilding a more vital Detroit? They need the businesses, they need the residents, the city needs the income. In order to draw new blood into the city, they need to start somewhere. With more articles and people like the link here, I think it could blow some fresh air into the city. No? I'm all for it! I just found it ironic that a person can be so pro-downtown living when they have made their living on the proliferation of suburbia.

[fmax]

Retroit,

You make a good point.

It's like the peoples of the "Motor City" calling out for "Mass Transit" all the while crying-out for Auto Company bailouts... Won't the mass transit ding the auto companies?? LOL

[Retroit]

You make a good point as well! Once all the former auto workers move out of Detroit, who will "ride the rails"? Last I checked, no one in metro Detroit is employed in light rail vehicle construction.

[Retroit]

I received a personal message from one of our posters who became concerned about using Quicken Loan after reading my comments. Here is a copy of my response:

Just be sure that you know that you are able to afford your mortgage, because Quicken Loan is not going to do it for you. They are interested in selling you a product in their best interest. Once it is sold, they do not care about your self-interest (i.e. whether or not you can afford it). Once mortgages are issued, the issuer is free to sell off their mortgages (usually in groups called "bundles") to others, including large investment banks and government institutions (Fannie Mae and Freddie Mac), so the original issuer is off-the-hook if you are unable to repay your mortgage. Then it is up to the taxpayers to bail-out the banks or the government institutions.

Here's a simple calculator that can help you determine how much of a mortgage you can afford: http://www.bankrate.com/calculators/...alculator.aspx. Notice the first question ("Wages?"). Now, here's a similar "calculator" from Quicken Loan: https://www.quickenloans.com/ame/pur...ct-information. Notice they don't ask about your income. They even allow you to rate your own credit worthiness!