Making lines

ant wrote:
pigo wrote:

How is it President Bush's fault that those "million people" bought
houses or took out loans that they could not afford?

One word: deregulation.

Two other words: Nina (no income, no assets) loans.

Until recently banks couldn't write loans to people with no verifiable
income and no verifiable assets. Then they could (ain't deregulation
wonderful?). It is any surprise what happened? Now, who is the big
cheerleader for deregulation? Anybody?

Every time we stop paying attention, the banking industry finds ways to
make huge unsound bets knowing full well that the gov't will bail them
out if they don't work out.

Remember the S & L crisis? Keating 5?

It's the same crap all over again.


Can you fix your interest rate for 30 years? I don't think we can do that
here, there's usually a few years you can lock it in at, and then you're at
the mercy of the market.

This site seems to indicate that 30 year fixed rate mortgages are
available in Oz. http://www.dinkytown.net/java/AULoan.html

//Walt

"ant" wrote in message

How is it President Bush's fault that those "million people" bought
houses or took out loans that they could not afford? It's right there
on the paper that the payment might (will) go up. I ALWAYS get 30 yr.
fixed (if I don't pay cash) .

Can you fix your interest rate for 30 years? I don't think we can do that
here, there's usually a few years you can lock it in at, and then you're
at the mercy of the market.

I don't think I had an option for 30 years. My whole mortage was only 25
years. I know that th elonger I did lock it in the higher my rate was.
Nobody gives you anything for free. In any longer period of time there are
going to be fluctuations and they will make sure they get their money out of
you. I lock in for 5 years and try to renegotiate sometime around the US
election. This time I'm mising by a couple years, I did OK last time.


That sub-prime thing has had some big knock-on effects here, too.

Its killing our forest industry. Building is way down in the US so no demand
for lumber. Lots of mills shut down and people out of work who have never
been out of work. Fortunately thats not where I make my living, I'm busier
than I've ever been, but its still a major worry.

Harry Weiner wrote:

Then I'm buying my mother a DVD player, for Mother's Day, so she can
watch the movie, "Beowulf."

Mothers often like Beowulf.

--
ant
Don't try to email me!
I'm using the latest spammer/scammer's
email addy.

ant wrote:
Harry Weiner wrote:

Then I'm buying my mother a DVD player, for Mother's Day, so she can
watch the movie, "Beowulf."

Mothers often like Beowulf.


Are you saying that his mother looks like Beowulf?

//Walt

On May 12, 6:56*am, "Norm" wrote:
"ant" wrote in message
How is it President Bush's fault that those "million people" bought
houses or took out loans that they could not afford? It's right there
on the paper that the payment might (will) go up. I ALWAYS get 30 yr.
fixed (if I don't pay cash) .

Can you fix your interest rate for 30 years? I don't think we can do that
here, there's usually a few years you can lock it in at, and then you're
at the mercy of the market.

I don't think I had an option for 30 years. My whole mortage was only 25
years. I know that th elonger I did lock it in the higher my rate was.
Nobody gives you anything for free. In any longer period of time there are
going to be fluctuations and they will make sure they get their money out of
you. I lock in for 5 years and try to renegotiate sometime around the US
election. This time I'm mising by a couple years, I did OK last time.

That sub-prime thing has had some big knock-on effects here, too.

Its killing our forest industry. Building is way down in the US so no demand
for lumber. Lots of mills shut down and people out of work who have never
been out of work. Fortunately thats not where I make my living, I'm busier
than I've ever been, but its still a major worry.

On the other end of the cycle, the building boom funded by the
unregulated lending pushed timber prices higher for a few years.

On May 11, 9:20*pm, The Real Bev wrote:
Bob F wrote:
I suspect that if the Bush justice dept had been watching over the actions of
lenders a bit better, a lot of people wouldn't have been caught up in this,
because they never would have gotten the loans. Lenders were pretty sloppy about
who they gave loans to. Some neighbors of mine refused to follow through on
their re-finance when they went to sign the final papers, after seeing the
fabrications the lender make to their financial story to make the loan look
acceptable.

Wasn't there some sort of federal pressure against the banks for
discrimination against people who couldn't really afford to buy a house?

--
Cheers, Bev
================================================== =============
Never try to extort more than it would cost to have you killed.

Yes. Their claim was that it was racial.

On May 12, 5:45*am, "ant"
wrote:
pigo wrote:
How is it President Bush's fault that those "million people" bought
houses or took out loans that they could not afford? It's right there
on the paper that the payment might (will) go up. I ALWAYS get 30 yr.
fixed (if I don't pay cash) .

Can you fix your interest rate for 30 years? I don't think we can do that
here, there's usually a few years you can lock it in at, and then you're at
the mercy of the market.

That sub-prime thing has had some big knock-on effects here, too.
--
ant
Don't try to email me!
I'm using the latest spammer/scammer's
email addy.

30 year has been the standard for as long as I can remember. My
parents house was on a 30 year.

Lately they were coming up with these adjustables that say for example
for a $200K loan your payment would be $600 p/m. or less!!! Normal 30
year loans with interest rates around 7-10% where they were for years
were about $1000 for every $100,000. borrowed. That is a good round
figure for shopping purposes. There have always been those adjustables
but it wasn't until recently that they became so common. I guess the
newbies, on their first houses got caught! But it's just another
example of lowering the bar and uniformed or uneducated people get
stuck. Partly their fault, partly the banks fault know that they are
giving loans to people that work at McD's that have 4 kids and a stack
of unpaid bills. But they didn't want to get sued either.

pigo wrote:


30 year has been the standard for as long as I can remember. My
parents house was on a 30 year.

There's a reason for that. 30 years is as long as you can expand the
payments and still make the monthly payment lower. A 50 year mortgage
is only a few dollars less per month than a 30 year. So is a 100 year
mortgage, or a 1000 year mortgage, or an interest-only mortgage.


Lately they were coming up with these adjustables that say for example
for a $200K loan your payment would be $600 p/m. or less!!!

Right. Adjustable rate mortgages (ARMs) are a method of further lowering
the monthly payment, at least initially and as long as interest rates
stay low.

They make sense in some situations - for instance with 20-20 hindsight I
can see that had I gotten an ARM when I bought 15 years ago and
refinanced periodically I would have come out ahead. Instead, I went
for the sure thing - a 30 year fixed; call me conservative, I don't care.

BUT, the ARMs were used, abused, twisted, folded, spindled, and
mutilated into the mess we have now. Yeah, the borrowers should
shoulder a lot of the blame, but it takes two to tango: Mortgage brokers
gave loans without regard to whether the borrower could pay; they didn't
care since they sold the loans immediately. Investors bought these bad
loans, pretended like they were


Normal 30
year loans with interest rates around 7-10% where they were for years
were about $1000 for every $100,000. borrowed. That is a good round
figure for shopping purposes. There have always been those adjustables
but it wasn't until recently that they became so common. I guess the
newbies, on their first houses got caught! But it's just another
example of lowering the bar and uniformed or uneducated people get
stuck. Partly their fault, partly the banks fault know that they are
giving loans to people that work at McD's that have 4 kids and a stack
of unpaid bills. But they didn't want to get sued either.

On May 12, 9:14*am, Walt wrote:

BUT, the ARMs were used, abused, twisted, folded, spindled, and
mutilated into the mess we have now. *Yeah, the borrowers should
shoulder a lot of the blame, but it takes two to tango: Mortgage brokers
gave loans without regard to whether the borrower could pay; they didn't
care since they sold the loans immediately. *Investors bought these bad
loans, pretended like they were


It is interesting to note that the mortgages were allowed to fail all
over the country until some big Wall Street firms started having
trouble because of their sub-prime investments. Suddenly we heard
calls from Washington to save the homeowners.

On May 11, 8:56*am, Harry wrote:
On Sun, 11 May 2008 08:01:01 -0700 (PDT), taichiskiing
wrote this crap:

two enemies, Sadam Hussein/Iraq and Osama bin Laden/Al Qaeda that it
fostered to power during the process/Cold War.

Have you been drinking? *This makes no sense.

No, they don't make sense, but they are historical facts.

"You are insane. get help." *What historical facts? *You make no
sense.



A good fighter does not fight in rage.

Tell that to Mike Tyson.

Actually, Mike Tyson may tell you that as well.

My point. *Thank you.

What's your point? Mike Tyson fights in rage?

He bit off an opponent's ear in a rage.



Does Master Bush take care his people/country?

Absolutely.

Well, you need to tell those million people who are about to lose
their houses about it.

That's not his problem. *When you buy a house, you should read what
you are signing.



It's always a hard life. *But victory, honor, and glory goes to the
winner.

Guess it is a hard life for you.

Let's see how I spent the weekend. *Saturday morning, I went to the
yacht club, and installed a wide-screen, flat panel, LCD, HD TV, on my
yacht. *Then I watched a hockey playoff game, from a skybox. *This
morning I went back to the yacht club, for the Mother's Day Brunch.
Then I'm buying my mother a DVD player, for Mother's Day, so she can
watch the movie, "Beowulf."

Is that such a hard life?



"The object of military action is the annihilation of the enemy's
army, the destruction of his cities, and the wastage of his
countryside."

Sun Tzu -- The Art of War.

I like that quote.



For an unnecessary war, five years is too long.

Really? *What is unnecessary? *And what is too long?
Honor and Glory, and Treasure goes to the victorious.

Sun Tzu's words are eternal. *His name will live forever.

You may chant that, but it won't make you a good warrior.

I *AM* a good warrior. *I have the medals and papers to prove it.
My name is over a thousand years old, and my name will live forever.



It's people like you who are helping our enemies. *You are helping our
troops to die.

But you think that people like you who sent our troops over, which is
the main cause to cause our troops to die, are not to blame?

I trained our troops. *I trained them well. *They protect the
ungrateful, like you. *Be grateful that your church hasn't been
visited by a suicide bomber.

You should lift a flagon of mead to our brave soldiers, as they
protect everyone in this wonderful country.

Enjoy your shame.

Shame is on you.

Spit is on you.

* * * *

My T-shirt says, "This shirt is the
ultimate power in the universe."