Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Folks can spout nonsense that they hear on talk radio, but I'd like to see hard FACTS. I'd like to see someone gives figures. The community reinvestment act has nothing to do with the mortgage crisis.
baybrook, this is what I do for a living. I see property values from all over the country. I see mortgage applications for folks trying to obtain equity loans. I see the resulting appraisals. And, I can tell you that there are a LOT of houses out there whose value has lost a ton (know a specific example in FL that has lost more than 50% in 6 months) because of the foreclosures in their area. It is very sad, but, VERY REAL.
No, but, it is supposed to be the asset that was supposed to have gotten me into retirement.
It may well be still, although I have never subscribed to the "home is biggest investment" line of nonsense. Your home is where you live. Generally, your home is your biggest liability.
What exactly is that supposed to mean? Please enlighten me...
What kind of solution is that?
Love those "quick, one sentence" answers...ZERO substance, Zero contributions!
Maybe I shouldn't have mentioned talk radio(the left and the right do it equally), but I don't stick with any one ideology and I would enjoy discussion on the issue. I don't enjoy trying to have a discussion when one wants to repeat statements that they heard "somewhere" with no basis in fact. It does little to aid my analysis of a situation.
I know this. I'm from Cali. I still own property in Cali. I am one that put a nice 20% down payment on my condo. The foreclosures are selling for less than my mortgage. My 50k is G-O-N-E. And I didn't even buy near the top of the market. ;-(
Quote:
Originally Posted by chicagocubs
baybrook, this is what I do for a living. I see property values from all over the country. I see mortgage applications for folks trying to obtain equity loans. I see the resulting appraisals. And, I can tell you that there are a LOT of houses out there whose value has lost a ton (know a specific example in FL that has lost more than 50% in 6 months) because of the foreclosures in their area. It is very sad, but, VERY REAL.
But blaming presidents and administrations isn't going to do anybody any good. Throw the bank execs in jail, hire someone who knows what they're doing, and start over. I really don't understand why these fools still have their jobs???
And, again, a lot of the blame does not go to the administrations, or to "Wall Street" but to we the people. Housing is only part of the problem (albeit a large part). This country is in a financial mess because too many people, for too long, were living beyond their means and running up massive amounts of debt that far exceeded their income - whether it was buying a house they couldn't afford, leasing a Lexus when all they could realistically afford was a Yugo, or running up thousands (or tens of thousands) of dollars in credit card and other debt when they could not realistically afford to do so. Some of these people spent way more than they could afford from the get-go. Some racked up bills they could keep paying, but in doing so were living paycheck to paycheck with no real savings and, when a source of income was lost, they drowned in their debt - one more bankruptcy, one more foreclosure.....
chicagocubs, you have described why YOU have a problem. Why should I subsidize your retirement...maybe you don't get to retire, it's not a constitutional right. I'm 40+ yrs old and have never owned a home because I thought the pricing had gone crazy.
If the overall price level of housing drops it's a good thing. People won't have to spend a huge fraction of their income in debt service and can increase their quality of life. Recently some people made the choice to enter a contract to pay a ridiculous amount of money for their home, too bad. They were the ones running the prices up in the first place...
Folks can spout nonsense that they hear on talk radio, but I'd like to see hard FACTS. I'd like to see someone gives figures. The community reinvestment act has nothing to do with the mortgage crisis.
I think what the posters may be saying - and someone correct me if I am wrong - is that the community reinvestment act proposed lending guidelines (I believe 20% of a bank's mortgage holdings) = that forced lenders to approve mortgages to what amounted to unqualified buyers - people w/ low incomes, poor work history, bad credit, no down payment, etc. and led to the creation of a variety of subprime and ALT-A loans that now have gone belly up.
And, again, a lot of the blame does not go to the administrations, or to "Wall Street" but to we the people. Housing is only part of the problem (albeit a large part). This country is in a financial mess because too many people, for too long, were living beyond their means and running up massive amounts of debt that far exceeded their income - whether it was buying a house they couldn't afford, leasing a Lexus when all they could realistically afford was a Yugo, or running up thousands (or tens of thousands) of dollars in credit card and other debt when they could not realistically afford to do so. Some of these people spent way more than they could afford from the get-go. Some racked up bills they could keep paying, but in doing so were living paycheck to paycheck with no real savings and, when a source of income was lost, they drowned in their debt - one more bankruptcy, one more foreclosure.....
There are MANY people and factions that we could lie the blame upon but the bottom line here, is that the elitists have control. Always have, always will.
This country is very ill and TPTB are to concerned now with being PC (and deepening their own pockets) that what needs to be done to correct things, will never get done.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
