Beerball Posted October 22, 2009 Posted October 22, 2009 Allow 20 year old to sink $183,000 into home, her loans are 54% of what she currently makes. Glad that we've gotten this figured out.
Magox Posted October 22, 2009 Posted October 22, 2009 Allow 20 year old to sink $183,000 into home, her loans are 54% of what she currently makes.Glad that we've gotten this figured out. That's just !@#$ing pathetic!
DrDawkinstein Posted October 22, 2009 Posted October 22, 2009 im sorry, but arent borrowers made aware of how much their monthly payment is going to be BEFORE they get this far? yeah, the FHA was stupid for approving, but who in their right mind even tries to do something so financially stupid? government = stupid people = stupid how do we even start fixing this when parties on both side are retarded?
Chef Jim Posted October 22, 2009 Posted October 22, 2009 im sorry, but arent borrowers made aware of how much their monthly payment is going to be BEFORE they get this far? yeah, the FHA was stupid for approving, but who in their right mind even tries to do something so financially stupid? government = stupid people = stupid how do we even start fixing this when parties on both side are retarded? I really hope that's a rhetorical question. In my job I see it every damn day!
Magox Posted October 22, 2009 Posted October 22, 2009 im sorry, but arent borrowers made aware of how much their monthly payment is going to be BEFORE they get this far? yeah, the FHA was stupid for approving, but who in their right mind even tries to do something so financially stupid? government = stupid people = stupid how do we even start fixing this when parties on both side are retarded? The big difference is when the individual defaults, he only screws himself, when the government defaults we have 10% official unemployment (actually closer to %18).
/dev/null Posted October 22, 2009 Posted October 22, 2009 The big difference is when the individual defaults, he only screws himself, when the government defaults we have 10% official unemployment (actually closer to %18). I beg to differ When the individual defaults it also ends up screwing everyone. See also TARP
DrDawkinstein Posted October 22, 2009 Posted October 22, 2009 I really hope that's a rhetorical question. In my job I see it every damn day! yeah it was definitely rhetorical. i cant imagine the financial idiocy you must see.
Magox Posted October 22, 2009 Posted October 22, 2009 I beg to differ When the individual defaults it also ends up screwing everyone. See also TARP You didn't understand the gist of what I was saying. If an individual screws up, it is he who suffers, that is the way it normally plays out. In this case, it is different, the government made loans way too easy for individuals to obtain, who had no business receiving the loans. We expect people to try to reach for more than what they can actually achieve, however, we should expect our government to manage our tax dollars wisely with discretion and not just lend money to people because it is the "moral" thing to do, but because it makes good sense, for both the individual and the government.
Chef Jim Posted October 22, 2009 Posted October 22, 2009 yeah it was definitely rhetorical. i cant imagine the financial idiocy you must see. Off the top of my head one of my reps recommended $50 a month for a Roth IRA for a client. She said no. Reason why? She'd have to give up her monthly pedicure. Hey Tom....was that your wife?
bills_fan Posted October 22, 2009 Posted October 22, 2009 im sorry, but arent borrowers made aware of how much their monthly payment is going to be BEFORE they get this far? yeah, the FHA was stupid for approving, but who in their right mind even tries to do something so financially stupid? government = stupid people = stupid how do we even start fixing this when parties on both side are retarded? How about this...FHA loan to a 4 year old!!! Seriously. A four year old. The times a comin soon to short the phone book. http://www.businessinsider.com/four-year-o...s-money-2009-10
Chef Jim Posted October 22, 2009 Posted October 22, 2009 How about this...FHA loan to a 4 year old!!! Seriously. A four year old. The times a comin soon to short the phone book. http://www.businessinsider.com/four-year-o...s-money-2009-10 Our government. Let's just give them the health care industry to !@#$ up too.
ExiledInIllinois Posted October 22, 2009 Posted October 22, 2009 155k for that dump? You can buy a brand new house for that much in some parts. There is your problem. It should be 75k. Well, that is what it would be around here. Ya... I am afraid of massive amounts of debt on houses that aren't worth that kind of money... I don't care what everything else is going for all around it.
Chef Jim Posted October 22, 2009 Posted October 22, 2009 155k for that dump? You can buy a brand new house for that much in some parts. There is your problem. It should be 75k. Well, that is what it would be around here. Ya... I am afraid of massive amounts of debt on houses that aren't worth that kind of money... I don't care what everything else is going for all around it. That would get me a garage, and a one car garage at that.
Beerball Posted October 22, 2009 Author Posted October 22, 2009 Toss this in the mix as well... IRS doled out $620 million to ineligible first time home buyers About 19,350 taxpayers claimed $139 million worth of tax credits for homes they had not yet purchased about 70,000 taxpayers claimed more than $479 million in credits despite evidence they were not first-time home buyers Almost 600 people who claimed about $4 million worth of the credit were not yet 18 years old -- and the youngest taxpayer was 4 years old
Magox Posted October 22, 2009 Posted October 22, 2009 Toss this in the mix as well... IRS doled out $620 million to ineligible first time home buyers All Right!! Next up, Health Care Reform
Chef Jim Posted October 22, 2009 Posted October 22, 2009 Toss this in the mix as well... IRS doled out $620 million to ineligible first time home buyers And the US government has the audacity to claim that GM was managed poorly. Sure they're probably very right but that would be like me telling any of you on this board your eating habits suck and telling you I have a great plan for getting you in shape.
Acantha Posted October 22, 2009 Posted October 22, 2009 Allow 20 year old to sink $183,000 into home, her loans are 54% of what she currently makes.Glad that we've gotten this figured out. Reading that actually made me feel sick.
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