Foreclosures' hidden risk: Debt that haunts for two decades

[chi_tino]

Apparently algia lives under a bridge somewhere. It's terrible for his wi-fi reception, that's why he only posts 12 hours a day.

[algia]

Sadly, my husband has to do that in the weekends because he works normal business hours, so all the outside (lawn and pool) is maintained by him... a condo would perfect for us or a row home as we like to spend our weekends doing something other than cleaning around the house. Not everyone has the luxury to choose their working hours.

As far as the "show" factor.....oy....I am an artist, I have plenty of stuff I create to show for, my house is where I eat and sleep and definitely not going to use it as a show piece! It looks great, but if I have people over you will never hear me bragg about it...I have better things to talk about than my granite counters/Stainless appliances which now as as popular as tooth brushes.

Our rent has decreased, I know not a "normal" circumstance but that how good renters we are, we know not to over pay for things.

[bentlebee]

Originally Posted by algia

Sadly, my husband has to do that in the weekends because he works normal business hours, so all the outside (lawn and pool) is maintained by him... a condo would perfect for us or a row home as we like to spend our weekends doing something other than cleaning around the house. Not everyone has the luxury to choose their working hours.

As far as the "show" factor.....oy....I am an artist, I have plenty of stuff I create to show for, my house is where I eat and sleep and definitely not going to use it as a show piece! It looks great, but if I have people over you will never hear me bragg about it...I have better things to talk about than my granite counters/Stainless appliances which now as as popular as tooth brushes.

Our rent has decreased, I know not a "normal" circumstance but that how good renters we are, we know not to over pay for things.

It probably also says something for the area you live. Desirable area have increased in rent since there is hardly anything available in these areas.

it is smart to ask for a rent decrease....I never have given one only increased since the demand is very high where my rentals are

[Mike1306]

Originally Posted by algia

I don't think anyone between 2004/2006 looked at the bigger picture. Lenders decided to inflate/blame what you mention below and Realtors soon followed when they realized their commission will triple!


Look, Blaming something that happened 20/30 years prior, is not going to help with the overall IMAGE created around lenders and Realtors/Investors, simple as that, because now you have a whole new generation of people who can't buy home all tho they qualify and have great credit, so this misery that happened between 2004/2006 didn't hurt just the people who bought OVERPRICED homes, but also generations to come, the recklessness that was applied based on some laws passed 20/30 years back hurt more people overall than any of those Realtors/lenders/investors ever thought it would.

There is NO WAY for Realtors/Lenders/Investors to justify and get themselves Scot Free on this!

Blaming the Gov is flat out not taking responsibility for their own actions.

There was nothing wrong with the Gov trying to enable lower income ppl to to buy a house, I don't think in the documents from the Gov on this is specify that the "low class will do 0% down, pay $900 for a year and then jump to $5000 after that 1st year"......show me that would you?

None of the loans my husband company dealt with were CRAs! not one!

Let's do some reading now:
CRA Law - What is the Community Reinvestment Act (CRA)?

CRA Law - Is The Community Reinvestment Act (CRA) to Blame for the Mortgage Crisis?

Redlining - Definition of Redlining
Redlining - Definition of Redlining

I really don't care if people buying in 2004-2006 were looking at the bigger picture. It doesn't mean it wasn't there for them to see.
I also never mentioned the image of Realtors or lenders, I said that they didn't start it even if they did benefit from it.

People that are credit worthy and have a good down payment right now would be benefiting from what happened if they are looking to buy now. Why would it hurt them? You act as if no one is getting loans right now.

And the government passes laws and regulates and deregulates. What laws did Realtors and lenders pass? Trying to pass blame on to the Realtors and lenders alone instead of the government is ludicrous.

I also mentioned that it started back in the 70's and then it mushroomed to become the mess it did. You make many baseless assumptions and flat out lies and try to attribute them to me. Nice try but it doesn't help your argument.

Now lets examine the 2 articles you posted. Both say pretty much the same thing and it's probably because they are written by the same person with an agenda. That agenda being to try and split the housing crisis upon political lines. Both parties were responsible as they usually are.

Here is something from her article.

Political Lie: CRA forces (or encourages) lenders to offer risky loans to people in order to fill quotas.

Truth: CRA has no such provisions, quotas, or across-the-board requirements

There may be no quotas but there are certainly requirements that if financial institutions do not post satisfactory ratings for lending in some areas then they can be denied the right to open branches in other areas.

Being denied the ability to open another branch because you did not lend what the government feels was an acceptable amount in a certain neighborhood may not be deemed a quota but it has the same effect as one.

And one thing really points out how much your know about the CRA.

None of the loans my husband company dealt with were CRAs! not one!

CRA's are not loans, that is why your husband would not have dealt with CRA loans.