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Coffee Shop
Mortgage Bailout ?
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<blockquote data-quote="Lammie" data-source="post: 564246" data-attributes="member: 3306"><p>I think that the feds are at least partially to blame for this mess as the push to get people into their own homes has increased for the last several years. </p><p></p><p>Now, before you start throwing bricks, I also feel even more strongly that there are several other things at play here. Having bought several houses, I know that they always try to qualify you for some rediculous mortgage that you have no business taking on. Houses have gotten larger and larger and more expensive. People, average people, think they are entitled to a three thousand square foot plus " McMansion" with all the bells and whistles. To finance them, they all got ARMS, and suprise suprise, rates went up. </p><p></p><p>I don't know about you all, but when I was a kid, houses were smaller. Even new houses, geez, 2400 sq ft was huge back then. That's about the size of my house, and it's all I want to keep clean. But people turn their noses up and say that's too small. A lot of folks are simply n ot willing to live within their means.</p><p></p><p>I think that ARMS should be illegal. And I don't like the idea of refinancing, either. You couldn't refi in Texas until relatively recently and I know folks that have done it several times.</p><p> It's good if you are getting better interest, but honestly, we did refi once, for the rate, and they were shocked that we wanted to put the money back toward the principle. Kinda like when you go to get a new car and want to pay cash or finance for three years instead of seven. </p><p></p><p>Things go in cycles. I think that houses will get smaller again. I think that the word "starter home" may reenter some vocabularies. Prices will, and have, come down. It's gonna be rough before it gets better. </p><p></p><p>I haven't read up on the mortgage thing, but I will. I am sure it bails out banks more than consumers.</p><p></p><p>In the meanwhile, the next couple of years will be an excellent time to buy a McMansion for cheap. Foreclosures are great if you can get in on one.</p></blockquote><p></p>
[QUOTE="Lammie, post: 564246, member: 3306"] I think that the feds are at least partially to blame for this mess as the push to get people into their own homes has increased for the last several years. Now, before you start throwing bricks, I also feel even more strongly that there are several other things at play here. Having bought several houses, I know that they always try to qualify you for some rediculous mortgage that you have no business taking on. Houses have gotten larger and larger and more expensive. People, average people, think they are entitled to a three thousand square foot plus " McMansion" with all the bells and whistles. To finance them, they all got ARMS, and suprise suprise, rates went up. I don't know about you all, but when I was a kid, houses were smaller. Even new houses, geez, 2400 sq ft was huge back then. That's about the size of my house, and it's all I want to keep clean. But people turn their noses up and say that's too small. A lot of folks are simply n ot willing to live within their means. I think that ARMS should be illegal. And I don't like the idea of refinancing, either. You couldn't refi in Texas until relatively recently and I know folks that have done it several times. It's good if you are getting better interest, but honestly, we did refi once, for the rate, and they were shocked that we wanted to put the money back toward the principle. Kinda like when you go to get a new car and want to pay cash or finance for three years instead of seven. Things go in cycles. I think that houses will get smaller again. I think that the word "starter home" may reenter some vocabularies. Prices will, and have, come down. It's gonna be rough before it gets better. I haven't read up on the mortgage thing, but I will. I am sure it bails out banks more than consumers. In the meanwhile, the next couple of years will be an excellent time to buy a McMansion for cheap. Foreclosures are great if you can get in on one. [/QUOTE]
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