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I am of the same generation. I bolded the parts I especially agree with. Just to recap, I am from Pennsylvania and have lived in Colorado the last 30 years; my DH is from Nebraska. We both lived a number of years in Illinois. We lived these same lives in those states as well, including, in the early years here (starting in 1980) in CO. When we bought our first house, in 1982, interest rates were at ~14-15%. 20% down, assume the old mortgage and take out a second at the above rate. Our first house, where we had two kids, was 1300 sq. ft. I did use disposable diapers at DH's insistence, but I didn't throw out much else. The few baby bottles I used were reusable, but mostly I breastfed for the above reasons.
THANK YOU! Yes, I even used glass bottles, sterilized them, and pumped breastmilk and froze it. We moved in 1984 and our loan was at 13.99%; there was no loan to assume (previous owner had paid it off!). We refinanced as soon as the rates dropped to 10.99%, then refinanced again when they went to 9.75% (and felt lucky).
Glad you brought up about "loan assumption." I bet a lot of our younger posters have never even heard about this phenomenon, lol, wh/ was a BIG selling point in the 60s, 70s and 80s.
The 0% down loans only started after 2000 and Gen Xers were the ones buying into those! And indeed, GenXers on Wall Street were the ones selling derivatives like hot cakes all over the universe.
By 2000, Boomers were heading towards 50-55 and already established. Methinks the media has described the housing crisis and the demographics of who participated in those crazy loans incorrectly. By age 50, (1996 for first Boomers) Boomers had equity in their homes and so had no need for subprime or ALT-A loans.
Also, please remember . . . credit cards were offered to GenXers, without their parents' knowledge, like candy on college campuses, so GenXers got out of college in the 90s and already had credit card debt. I saw this firsthand w/ my stepkids. It wasn't Boomers running up credit card debt in the 90s! It was GenXers.
you're deflecting the point, to who took on the debt, which makes no sense. What matters ... what i am talking about, is who designed those systems to encourage debt, that should not have been put into place.
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Glad you brought up about "loan assumption." I bet a lot of our younger posters have never even heard about this phenomenon, lol, wh/ was a BIG selling point in the 60s, 70s and 80s.
when i was 24 i asked my mortgage loan officer if the loan was "assumable", she asked me what that meant.
you're deflecting the point, to who took on the debt, which makes no sense. What matters ... what i am talking about, is who designed those systems to encourage debt, that should not have been put into place.
when i was 24 i asked my mortgage loan officer if the loan was "assumable", she asked me what that meant.
Boomers killed that idea, too.
Just because something is AVAILABLE, it doesn't mean a person has to be stupid enough to BUY INTO IT.
As I said . . . 0% interest loans were available after 2000, but you didn't see BOOMERS applying for them.
Blaming a whole generation (Boomers) for the poor decisions of the next generation is twisted logic, fer shur.
The facts are: GenXers wanted at 28 what it took their parents to 50 to get! I sat back and watched it happen and was saying this back in the 90s - that GenXers were so concerned w/ drinking the latest beer, dining at the hippest restaurants, taking vacations to the hottest resorts, sporting the latest "in" brands of clothing/accessories (even for their babies!), buying the biggest house, getting the newest furniture (cheap crap, as far as I am concerned!) showing off the most cutting edge electronics . . . that they were gonna dig a big ole hole for themselves w/ debt through their "keeping up with the Jones's" mentality.
Making poor decisions is what this is all about - and wanting it all NOW without making the sacrifices (work! save!) to get it.
you're deflecting the point, to who took on the debt, which makes no sense. What matters ... what i am talking about, is who designed those systems to encourage debt, that should not have been put into place.
when i was 24 i asked my mortgage loan officer if the loan was "assumable", she asked me what that meant.
Boomers killed that idea, too.
The hell we did! We were the chief users of that "idea". Here in CO, where housing prices went up astronomically in the years roughly 1980-1982 (when many on here were in diapers or maybe just a gleam in their parents' eyes), and interest rates did the same, assuming was about the only way to go. My father, of the depression era, thought we were doing something illegal by assuming.
The hell we did! We were the chief users of that "idea". Here in CO, where housing prices went up astronomically in the years roughly 1980-1982 (when many on here were in diapers or maybe just a gleam in their parents' eyes), and interest rates did the same, assuming was about the only way to go. My father, of the depression era, thought we were doing something illegal by assuming.
So who stopped offering assumable loans?
Boomers were executives in the financial industry, as well as politicians, during the time frame y'all keep complaining about.
Blaming a whole generation (Boomers) for the poor decisions of the next generation is twisted logic, fer shur.
The poor decision was to offer that product, and design a tax and monetary system that encouraged that product, in the first place.
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The facts are: GenXers wanted at 28 what it took their parents to 50 to get! I sat back and watched it happen and was saying this back in the 90s - that GenXers were so concerned w/ drinking the latest beer, dining at the hippest restaurants, taking vacations to the hottest resorts, sporting the latest "in" brands of clothing/accessories (even for their babies!), buying the biggest house, getting the newest furniture (cheap crap, as far as I am concerned!) showing off the most cutting edge electronics . . . that they were gonna dig a big ole hole for themselves w/ debt through their "keeping up with the Jones's" mentality.
Making poor decisions is what this is all about - and wanting it all NOW without making the sacrifices (work! save!) to get it.
those aren't facts, those are opinions.
facts would be something like: "Henry Paulson, a baby boomer and former CEO of Goldman Sachs, coordinated the bailouts."
The hell we did! We were the chief users of that "idea". Here in CO, where housing prices went up astronomically in the years roughly 1980-1982 (when many on here were in diapers or maybe just a gleam in their parents' eyes), and interest rates did the same, assuming was about the only way to go. My father, of the depression era, thought we were doing something illegal by assuming.
The reason loan instruments were changed is b/c of federal regulation. And don't blame Boomers for that - you are soooooo right.
And why did federal regs change? B/c minority home ownerships never reached the level that the feds felt it should have - so regs were put in place making it mandatory that lending agencies had to balance out their lending practices so that minorities represented 20% of the bank's lending portfolio.
So . . . to accommodate those regulations, banks came up with ways to offer loans that required little or no money down. And who bundled those nasty derivatives? Franklin Raines at FNMA - gubment banking at its finest.
People need to learn who pushed this banking debacle. IT WAS NOT BOOMERS. It was your FEDERAL GUBMENT AT WORK.
Boomers were executives in the financial industry, as well as politicians, during the time frame y'all keep complaining about.
First of all, I wasn't complaining, I was giving a little history lesson. Boomers were rarely executives in the banking industry in the early 80s. After all, the oldest of them were barely 35 at that point. The first Boomer president was Clinton, in 1992, and he was relatively young for the presidency.
The poor decision was to offer that product, and design a tax and monetary system that encouraged that product, in the first place.
those aren't facts, those are opinions.
facts would be something like: "Henry Paulson, a baby boomer and former CEO of Goldman Sachs, coordinated the bailouts."
You have a lot of research to do b/f you figure out what really happened. Don't take my word for it. Read and learn.
And no, what I am stating is not opinion. Market research is part of my job. Demographics tell it all and that is not opinion. That is simply tracking the habits of whatever group you are studying.
You have a lot of research to do b/f you figure out what really happened.
I feel the same way about you two.
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Originally Posted by anifani821
Demographics tell it all and that is not opinion.
You didn't post demographics or data, you posted a subjective rant.
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