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Blinkkkk
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#11
09-24-2008
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Yeah, all of a sudden middle class families could "afford" 300,000 dollar homes, and there have been people calling it forever.

Tsunami, we're obviously inbetween a rock and hard place. We can bail out Lehman Brothers, and add to the deficit, in interest of preserving the economy.... or we can let it collapse, and watch the economy go into a depression due to scared people in wall street if nothing else..

I'm no economic expert so I really don't know what the best idea would be. But the sad part is "leaving it to the professionals," leaves it to the same people who refused to warn us.



Last edited by Blinkkkk; 09-24-2008 at 06:47 PM.
Tsunami
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#12
09-24-2008
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After watching the president's speech I am at least a little re assured this thing won't get passed w/out some serious consideration, and some major changes. Frankly, I don't think there is much of an alternative. We also need to put back into place the regulations that protected us against this type of thing.

What if this plan doesn't work?
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#13
09-24-2008
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Shit, we need a complete stripping of corporate legislation in America. The problem is now that we are where we are... you can't really repeal legislation supporting such huge conglomerates like GE, because they already own the hundreds of companies they've absorbed... and to do so successfully, the government would have to re-separate all those businesses, and pay to help them get their start.


ii yeomins ii
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#14
09-25-2008
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http://www.youtube.com/v/T7K6kvUnyhM

I'm going against it 100 percent in its current terms i think it will do nothing to help us.
TnA 36
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#15
09-26-2008
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Quote:
Originally Posted by NiceGuy View Post
Problem there is the banks control the rate - not you. Lots of people in Dallas have been getting foreclosed, like there's been a massive foreclosure going on, because the banks decided they didn't have enough gold lining their fat ass suit; they raised the morgage rates up so high that people couldn't afford to pay it and got kicked the hell out. I'm not involved enough in this post or story to include sources, but I believe the feds got in on this.
I know you say that you really haven't payed much attention to the thread, but the reason behind the foreclosures is not exactly caused by the banks wanting to line their pockets. The reason behind the loan rates increasing was due to the mortgage companies and mortgage brokers selling loans that were not legit. For example, you have a person refinancing their house that is worth 100,000, and the appraiser works with the mortgage broker and is falsifying the appraisal to say it is worth 160,000. They then refinance the house for more than it is worth to pay off some debt that the person applying for the loan has. They would also put the people in adjustable rate mortgages instead of the now almost standard fixed rate loan. Adjustable rates usually kick in after two to three years. The ending result is usually that the person that got the loan can't afford the payments once the rate starts adjusting. The person then trys to refinance again and doesn't have the equity in the house after the new appraiser comes out and says the house is only worth 110,000. This is essentially how the foreclosures start.

The Dallas market however along with most of Texas has not been hit nearly as hard as the rest of the country.

The mortgage rates are managed by the FED as well, and they consider the LIBOR rate as well. They are based on whatever prime is plus a couple of points of interest. You can also buy down you interest rate when trying to purchase a house.
 

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