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Old 03-19-2008, 06:54 PM
 
Location: The Conterminous United States
22,559 posts, read 48,110,194 times
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These corporations are tanking, and the government is bailing them out (us) and we are doing nothing about it.
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Old 03-20-2008, 08:56 AM
 
Location: Charlevoix
750 posts, read 2,533,147 times
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I will tell you how it helped us. Intrest rates finally dropped enough for us to refi (we moved 2 years ago) We dropped our 30 yr to a 20, rolled our land payment into it as well. We will get enough money to pay OFF our credit card and all our medical bills. To me, this is a great thing
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Old 03-20-2008, 09:31 AM
 
5,090 posts, read 9,989,357 times
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Quote:
Originally Posted by hiknapster View Post
These corporations are tanking, and the government is bailing them out (us) and we are doing nothing about it.
The corporations own the government -- "we" don't.

So of course the government serves the corporations.
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Old 03-20-2008, 05:27 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,066,304 times
Reputation: 6369
Quote:
Originally Posted by 70Ford View Post
Yeah, it's a good thing. It adds liquidity to the market and restores confidence in investors. The investors that just saw J.P. Mprgan eat Bear for 2 bucks a share.

No, it won't help the housing market.

Interest rates go up as the lending rate goes down.

Houses are overpriced. The Fed wants to maintain the bubble...sort of drag it out so the bubble can deflate gradually. What they are doing is pumping massive amounts of money into the economy. Which is good for the banks. Banks will suck up the money. But they won't lend very much of it, because their balance sheets are all cooked to hell and back, and they need that money to survive margin calls right now. So for joe consumer.. it sucks.

It's hilarious. A banks job is to keep money and create money for its shareholders. The bank failed. So, the fix is to give the banks lots more money.

Forgot to add...it does help those whose ARMS are resetting soon - Many ARMs adjusting now will wind up with a very attractive rate and might not require refinancing.
Which is good. Because it is hard to get financing now with a liar loan.

It seems it will give the people (with ARMS) time to sell their overpriced homes to people with sounder credit, who can actually pay for the home and not default.


Mortgage Indexes: CMT, Treasury Bill, MTA, COSI, COFI, LIBOR, CODI, CD, Prime Rate
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Old 03-20-2008, 08:36 PM
 
Location: Northern NJ/Amagansett, NY
12,475 posts, read 10,759,460 times
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Hmm. I haven't seen mortgage rates fall much yet. I have a 30 year at 6%. The mortgage is large enough that every 0.1% makes a difference, so I was hoping to refi if rates get down to 5.5. The banks are getting cheap money, but they are still not giving it to the public. Not yet anyway.

I you guys that refinanced have the name of a company with jumbo rates on a 30 year fixed lower than 5.5, please DM me the info. Of course with no points or no big closing fees. Thanks.
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Old 03-20-2008, 09:12 PM
 
Location: Cary, NC
1,036 posts, read 3,715,678 times
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Quote:
Originally Posted by 70Ford View Post
Forgot to add...it does help those whose ARMS are resetting soon - Many ARMs adjusting now will wind up with a very attractive rate and might not require refinancing.
Which is good. Because it is hard to get financing now with a liar loan.

It seems it will give the people (with ARMS) time to sell their overpriced homes to people with sounder credit, who can actually pay for the home and not default.


Mortgage Indexes: CMT, Treasury Bill, MTA, COSI, COFI, LIBOR, CODI, CD, Prime Rate

The problem is that most of those indexes are not directly affected by the FED actions. Hopefully they will also decline, but that is not always the case.... it will at least help out those with credit cards and debts tied to Prime.
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Old 03-20-2008, 10:19 PM
 
Location: Great State of Texas
86,068 posts, read 74,080,822 times
Reputation: 27599
The bailout is for the banks, not the consumer. You will not see rates go down (mortgages) or up (CDs, MMs) anytime soon. The banks need the cash infustion for their books. They can't turn around and loan it out.

One big fact though the press is not saying is that the banks have to pay it back and then they are left with the subprime holdings that are virtually worthless.
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Old 03-21-2008, 09:09 AM
 
Location: Charlevoix
750 posts, read 2,533,147 times
Reputation: 622
HMMMMM, mortagae rates dropped here 2 days in a row...........
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