Pasadenan's Discussions

Yes, that is the way the entire lending industry works... Give 0% loans with cash back and all kinds of benifits to those that don't need it, and rip off those that can barely put food on the table pay-check to paycheck. Don't tell me you are any better; you just send it to your "underwriter" to determine how much to rip off the poor, or how much to "reward" the wealthy. 

"everybody wanted to believe that the were fixed at 1%" Is that what you told your "customers" that you suckered into those loans? How many pick-a-pay's did you write? I didn't know that you actually follow "rules" for how to maximize your "usery" rates for unsuspecting and/or unfortunate "customers.   

"There is a reason I am still around" And I thought the reason was the title of your thread; that there is nothing notible nor dramatic about the current problems... that is loan officers have no problems, there is an infinite supply of people wanting loans; it is just business as usual; "play by the rules", no-interest for people like me; Libor +3% for others. 

It only happened due to deregulation of the Banking industry.  With proper oversite and government regulation, lending practices will not get so out of hand, and speculators will not drive the prices to outragious levels. But if it doesn't happen here, it will happen with something else.  Now it is rice. 

Never again in our lifetime? That is what was said about the 1980's when the Savings & Loan and Thrift & Loans went under.  Just over 20 years later, we repeat the patern but even more extreme. We also said no more wars like Vietnam in our lifetime; but look where we are now just 35 years later. Since politicians are elected for an average of 4 year terms, there is no long term political memory. Give it 20 years and we will make another similar mistake.  And we will probably compound it with new environmental regulations that requires the seller to dispose of all hazardous materials prior to putting the house on the market.  Who even knows what will be on the environmental hazards lists by then?   

Jim - I've learned that work-ahollics never enjoy anything because they are too busy working; and that people that are so focused on "one dream" never see the real opportunities nor enjoy the things at hand. Your "goal" may be a "good one", but it may be the "wrong one". "get out and walk"?  Percicely my point; or better yet, find the ski lift, or hitch a ride, or use the bicycle... Life is usually not as "hard" as people make it out to be, but pretending that something is one way when it is presently the opposite does not usually help.  Why "stress" about something you have absolutely no control over?  Don't you remember the Alcoholic's surrentity prayer?  Grant me the power to change the things I can, accept the things that can't be changed, and the wisdom to know the difference. If your "goal" is anywhere between $100k and $1 billion; you will NEVER be happy nor satisfied.  Money cannot buy any of the things of importance and you will lose your health before you have a chance to enjoy it. "Catch the tail wind" doesn't mean "give up on your dreams", it means "re-evaluate your priorities" and "keep your eyes open for opportunities being willing to say 'yes' when they come". As Paul said in his letter to people in Philipi; he learned to be content in what ever state he found himself, always rejoicing and giving thanks, wheither it be adversity or abundance.This is not "giving up", nor "being pessimistic".  

"you're comparing a credit card to a mortgage" Yes... So??? You guys compare them all the time when you do dept consolidation mortgages.  And also when you market "HELOC's" for their credit-card like benifits and usage. And Congress compared them when they changed the bankruptsy laws recently. And my total annual income tax substantually dropped when I got rid of the mortgage; implying most people look at the potential schedule A benifits of one kind of loan verses another... I was actually considering taking out a mortgage on my house last year to do some minor maintenance; but that would have cost me more than 100 times what it cost by just accepting  another credit card! 

What if we had let Bank of America go Bankrupt in the early 1980's instead of bailing them out??? Maybe then the Savings and Loans would have restructured instead of going under?  Maybe then it wouldn't matter if the Banking industry went under?  Maybe.... Nah, government always looks the other way when big-business exploit the system, and always bends the rules or revises them to support big business at the expense of the little guy. Government will always have a responsibility to regulate commerse and establish/maintain standards of "weights and measures".  But when government caiters to the mega-corporations at the expense of the others; the majority lose. Now one federal agency I would really like to see abolished or completely restructured is the FDA; but we would need to get rid of the AMA too otherwise any alternative would be even worse.  

Zillow needs an "economic forecast" category.  Then we would know where to find the information we are looking for. 

I'm still wondering how "row houses" are classified since they are built lot-line to lot-line and thus most share two common walls, thus maybe 8 units in the same structure?  But actually they are usually "back-to-back" walls so one unit could be torn out in the middle without affecting the neighbor's structures on either side.