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| Topic: I Don't Understand Something | |
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A recession is natural occurring event in our economy..It controls inflation, the cost of products and goods.. Its gonna happen in our economy..Its when the economy out grows it self pushing prices up..Prices are starting to fall..Maybe its time to just suck it up..JMO yeah that's why I say it's prolly better to just let it happen rather than adding to the deficit to defer it. But it's gonna be bad if we let it happen |
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A recession is natural occurring event in our economy..It controls inflation, the cost of products and goods.. Its gonna happen in our economy..Its when the economy out grows it self pushing prices up..Prices are starting to fall..Maybe its time to just suck it up..JMO 
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When people take out loans, they have to accept PMI (Private Mortgage Insurance). How does this fall into place with foreclosures and this big mess that's going on? 1) Fannie Mae and Freddy Mac gave out millions of loans to people who couldn't afford the payments. 2) Fannie Mae and Freddy Mac cooked the books. 3) The Loans were government ensured, so many banks bought the mortgages, thinking they were a safe investment. 4) The loans were bad, because the borrowers couldn't afford the payments. 5) Because the loans were given improperly, the government isn't responsible for them, so they are a loss for banks. And to answer your question, because the people given the loans didn't meet the accepted lending requirements, the insurance doesn't matter. If you ensure your car and claim that you are 75, when you are really 25, your car insurance is invalid. If you claim welfare and foodstamps as income for your home loan...your PMI insurance is also invalid. 6) Banks are going bankrupt, because they own billions of dollars in loans which are completely worthless. 7) If we don't save the banks and financial institutions, there will be a domino effect destroying business and industry across the country and eventually across the world. Just four years ago, Regulators warned that this was going to happen and Democrats accused the Regulators of being untrustworthy. The CEO of Fannie Mae and Freddy Mac (Franklin Raines <Obama's financial advisor>) claimed that home loans didn't come with any risk to the lender, the problem was that when you are talking about millions of loans, it can destroy an economy and cause a recession. Who should we blame? Who is at fault? What could have been done to prevent this? http://www.youtube.com/watch?v=YL36nwCSYUM I have friends that lost their homes because they were told they could afford a home, and really didn't make enough money. As a general rule, your housing costs should total no more than 28% of your monthly income before taxes. No more than 32 percent. Other long-term debts such as car and student loans, and your total should take no more than 36-41 percent of your monthly income before taxes. That's ALL your bills added up together. Know what you can afford to pay before you sign anything. You may have to wait if you don't have enough income coming in. But I guess some people just want everything when they want it. |
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When people take out loans, they have to accept PMI (Private Mortgage Insurance). How does this fall into place with foreclosures and this big mess that's going on? 1) Fannie Mae and Freddy Mac gave out millions of loans to people who couldn't afford the payments. 2) Fannie Mae and Freddy Mac cooked the books. 3) The Loans were government ensured, so many banks bought the mortgages, thinking they were a safe investment. 4) The loans were bad, because the borrowers couldn't afford the payments. 5) Because the loans were given improperly, the government isn't responsible for them, so they are a loss for banks. And to answer your question, because the people given the loans didn't meet the accepted lending requirements, the insurance doesn't matter. If you ensure your car and claim that you are 75, when you are really 25, your car insurance is invalid. If you claim welfare and foodstamps as income for your home loan...your PMI insurance is also invalid. 6) Banks are going bankrupt, because they own billions of dollars in loans which are completely worthless. 7) If we don't save the banks and financial institutions, there will be a domino effect destroying business and industry across the country and eventually across the world. Just four years ago, Regulators warned that this was going to happen and Democrats accused the Regulators of being untrustworthy. The CEO of Fannie Mae and Freddy Mac (Franklin Raines <Obama's financial advisor>) claimed that home loans didn't come with any risk to the lender, the problem was that when you are talking about millions of loans, it can destroy an economy and cause a recession. Who should we blame? Who is at fault? What could have been done to prevent this? http://www.youtube.com/watch?v=YL36nwCSYUM I have friends that lost their homes because they were told they could afford a home, and really didn't make enough money. As a general rule, your housing costs should total no more than 28% of your monthly income before taxes. No more than 32 percent. Other long-term debts such as car and student loans, and your total should take no more than 36-41 percent of your monthly income before taxes. That's ALL your bills added up together. Know what you can afford to pay before you sign anything. You may have to wait if you don't have enough income coming in. But I guess some people just want everything when they want it. |
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now is a good time to buy a house, if you can get the financing
without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... |
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Funny thing, Quiet. The number of charge applications that I receive in the mail have increased the last couple of weeks.
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haha me too
my credit crashed a few years ago when I got sick and had to quit working and they still send em (the fools) but I expect that to dry up soon oh and sorry to hijack your thread off of PMI's. I get off on tangents (a LOT haha) |
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... |
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... The houses aren't selling by me. The For Sale signs have been there way too long. The prices are going down. I was hoping to sell mine in three years. Heavy sigh. |
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Edited by
Unknow
on
Mon 09/29/08 08:51 PM
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haha me too my credit crashed a few years ago when I got sick and had to quit working and they still send em (the fools) but I expect that to dry up soon oh and sorry to hijack your thread off of PMI's. I get off on tangents (a LOT haha)  I had to look it up..Its only required when you finance more than %80 of your home..I never needed it but would want to know why some of these loans arent being taken care of..Sry I post on the wrong thread before..
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Edited by
Unknow
on
Mon 09/29/08 08:49 PM
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... The houses aren't selling by me. The For Sale signs have been there way too long. The prices are going down. I was hoping to sell mine in three years. Heavy sigh.
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... The houses aren't selling by me. The For Sale signs have been there way too long. The prices are going down. I was hoping to sell mine in three years. Heavy sigh. A friend of mine was working in construction in FL - Sarasota/Bradenton area. About two years ago, the building of houses slowed down so much that he came home. |
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Edited by
Unknow
on
Mon 09/29/08 08:55 PM
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... The houses aren't selling by me. The For Sale signs have been there way too long. The prices are going down. I was hoping to sell mine in three years. Heavy sigh. A friend of mine was working in construction in FL - Sarasota/Bradenton area. About two years ago, the building of houses slowed down so much that he came home.
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... The houses aren't selling by me. The For Sale signs have been there way too long. The prices are going down. I was hoping to sell mine in three years. Heavy sigh. A friend of mine was working in construction in FL - Sarasota/Bradenton area. About two years ago, the building of houses slowed down so much that he came home. |
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... The houses aren't selling by me. The For Sale signs have been there way too long. The prices are going down. I was hoping to sell mine in three years. Heavy sigh. A friend of mine was working in construction in FL - Sarasota/Bradenton area. About two years ago, the building of houses slowed down so much that he came home.
Ooohhh, I saw the overpricing there!!!! OMG!! |
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... The houses aren't selling by me. The For Sale signs have been there way too long. The prices are going down. I was hoping to sell mine in three years. Heavy sigh. A friend of mine was working in construction in FL - Sarasota/Bradenton area. About two years ago, the building of houses slowed down so much that he came home. It's nice there. 
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... The houses aren't selling by me. The For Sale signs have been there way too long. The prices are going down. I was hoping to sell mine in three years. Heavy sigh. A friend of mine was working in construction in FL - Sarasota/Bradenton area. About two years ago, the building of houses slowed down so much that he came home.
Ooohhh, I saw the overpricing there!!!! OMG!! 
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... The houses aren't selling by me. The For Sale signs have been there way too long. The prices are going down. I was hoping to sell mine in three years. Heavy sigh. A friend of mine was working in construction in FL - Sarasota/Bradenton area. About two years ago, the building of houses slowed down so much that he came home.
Ooohhh, I saw the overpricing there!!!! OMG!!
I think alot of people are in the same boat, myself included.
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now is a good time to buy a house, if you can get the financing without a bailout there will be NO financing anything for a few years no cars, no homes, no Home Depot, no Sears... The houses aren't selling by me. The For Sale signs have been there way too long. The prices are going down. I was hoping to sell mine in three years. Heavy sigh. A friend of mine was working in construction in FL - Sarasota/Bradenton area. About two years ago, the building of houses slowed down so much that he came home. It's nice there.
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that's a pretty fundamental difference The loans wouldn't have been given without Freddy or Fanny backing the loans. The difference makes no difference. It doesn't change the main point of my post. You must be a democrat to be focused so much on a misspoken point rather than the actual problem at hand. Why do you have to go to the "you must be a democrat' in a discussion that didn't even involve politics? Anybody that rubs you the wrong way is a democrat? |
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