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Old 07-19-2008, 07:11 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,152,869 times
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Fed prohibits subprime 'liar's loans'

Horse, meet Mr. Barn Door.
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Old 07-19-2008, 07:57 PM
Status: "The 2nd most Interesting Man" (set 2 days ago)
 
Location: DFW - Coppell / Las Colinas
35,346 posts, read 38,769,849 times
Reputation: 42304
Quote:
Originally Posted by 70Ford View Post
Fed prohibits subprime 'liar's loans'

Horse, meet Mr. Barn Door.
that's funny !
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Old 07-19-2008, 08:00 PM
 
19,084 posts, read 20,635,049 times
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I wonder how long it will last... consider that liberals want to steal everything.. they will be the hardest hit with this law... I give it a decade before they demand access to homes they can't afford and demand to raise taxes for everyone BUT them to pay for their expensive house... when did owning a house become a right... I suppose its uncivilized to live in an apartment... or in a house they can actually afford...
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Old 07-19-2008, 09:06 PM
 
Location: Great State of Texas
86,068 posts, read 74,637,745 times
Reputation: 27602
That is too funny. But why wait til 10/2009 to put it in effect ?
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Old 07-19-2008, 10:22 PM
 
Location: Ohio
21,262 posts, read 15,049,712 times
Reputation: 17676
That's most unfortunate.

Leave it to Americans to pervert anything useful or beneficial into something profane.

The Alt-A loans were very important to people who are not always able to verify their incomes, people like sales persons who work on commission only, or whose income is mostly commission, bar tenders, bar maids, bar backs, maitres 'd, wait staff, bellmen, bus boys and others whose tips make up a large part of their income, and those who have regular income from other sources.
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Old 07-19-2008, 10:28 PM
 
3,460 posts, read 5,068,463 times
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Quote:
Originally Posted by HappyTexan View Post
That is too funny. But why wait til 10/2009 to put it in effect ?
They're probably hoping for a boom in these loans over the next year, just like the boom in bankruptcies before they tightened the rules. Its a good way to prop up the housing market a little longer, even if the taxpayers do get stuck with the bill in the long run.

Politics as usual.
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Old 07-20-2008, 02:28 AM
 
Location: Los Angeles Area
3,306 posts, read 3,552,724 times
Reputation: 592
Quote:
people like sales persons who work on commission only, or whose income is mostly commission, bar tenders, bar maids, bar backs, maitres 'd, wait staff, bellmen, bus boys and others whose tips make up a large part of their income, and those who have regular income from other sources.
How are they not able to verify income? Sure they don't have a traditional pay check, but you can still verify their income. There are tax returns, bank statements etc.
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Old 07-20-2008, 08:57 AM
 
Location: Heartland Florida
9,324 posts, read 24,253,912 times
Reputation: 4927
Instead of relying on loans, I long for the day when people buy homes with cash or hard assets, and skip the mortgage nonsense. Why take on 20-50 years of debt and inflated property taxes when you could just live cheap for a few years, save up and buy outright? Are people so dumb that they don't realize that they pay over double the already inflated purchase price over the term of the mortgage?
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Old 07-20-2008, 09:07 AM
 
Location: Where I want to be!
6,196 posts, read 5,003,037 times
Reputation: 2577
Default ????

Quote:
Originally Posted by tallrick View Post
Instead of relying on loans, I long for the day when people buy homes with cash or hard assets, and skip the mortgage nonsense. Why take on 20-50 years of debt and inflated property taxes when you could just live cheap for a few years, save up and buy outright? Are people so dumb that they don't realize that they pay over double the already inflated purchase price over the term of the mortgage?
I don't know very many people who can save enough in just a "few years" to pay cash for a house. And I would hope that most people do realize that they are paying alot more when they finance. You have to remember not everyone makes a hugh salary, or born into cash flow that allows them to purchase everything with cash and assets.
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Old 07-20-2008, 09:12 AM
 
Location: Heartland Florida
9,324 posts, read 24,253,912 times
Reputation: 4927
Quote:
Originally Posted by the painter View Post
I don't know very many people who can save enough in just a "few years" to pay cash for a house. And I would hope that most people do realize that they are paying alot more when they finance. You have to remember not everyone makes a hugh salary, or born into cash flow that allows them to purchase everything with cash and assets.
If prices were in line with fundamentals, they could. There used to be a lot of lower-cost "distressed" properties for first time buyers. I bought my first home for 15,000.00 cash. Fixing one of those is what I call the poor man's mortgage plan. Liar loans are just stupidity. The ultimate idiots are the ones that end up holding that paper.
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