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as for making sense... just think "greed"... it makes perfect sense to the loan sharks
there are so many different ways to write those loans, you have to check the loan details. If they are ARMs, the rates can rise and the payment can rise. Or, sometimes you hear about "fixed payments"... but that doesn't mean the rate can't rise and the amount that is being negatively amortized also rises (which means you owe more and more each month on the total loan balance). Believe me when I say the industry has looked for all kinds of gimmicks to tempt people into loans that are to the benefit of the industry, not the individuals.
And I think I should also mention the reverse mortgages being pushed onto older folks, particularly in the area where I live. They don't have a lot of cash, but they have a lot of equity in their homes. So they get paid each month which adds back to the balanced owed on their homes... let's hope they don't live too long or they'll have no home and no cash.
I have an aunt who is in her 70s and must still work... certainly not the golden years
; )
#msg-1000000
but it was the quote that made it special :)
I agree... and they dont' realize that it is negative amortizing and when they are don't they will actually owe more than when they started!
the section about retirement rings true as well... we're already in a lot of trouble and many baby boomers will work until they drop... not a happy prospect
I care... it bothers me greatly that the lenders who are in the know take advantage of the borrows who are not.
a mortgage broker friend of mine told me recently that his underwriter (I think that's the right job description for the person who reviews loan docs for correctness)... anyway... that the underwriter daily finds fraudulent loan docs.
The lending practices are predatory and those foreclosures are people who have probably just about lost everything.
the millionth post was much more memorable if you ask me :)
I found this part particularly interesting...
A new mortgage industry grew in the mid-1990s, offering loans at higher interest rates to people who don't qualify for traditional loans. Such loans account for about 10% of all home purchase loans but result in at least 24% of local foreclosures, the Observer found. More than 40% of failed loans in Charlotte involved an arranged gift from a charity to cover the borrower's down payment. It's a practice the FHA is reviewing because such loans fail 76 percent more often. Further, more than 20% of foreclosures resulted from defaults on loans taken after the home purchase. The cash out financing was at such high interest rates that it pushed the families into economic problems.
nice to see it acknowledged that the mortgage industry encouraged these bad practices... the author cops out a bit in his next paragraph though.
that's scary...
we can only hope Bush doesn't mess it up as badly as he has everything else...
...we're doomed!
good thing the homeowners covered it.
I use to work for the phone company in southern CA... I know when there were outages they worked night and day to get people back online. Guess it's a good thing they aren't federally or state owned.
was there any kind of assisance from the state or feds of just from local resources?
I'm surprised there wasn't a basement. Seems like building code should require it in tornado country. But very glad to hear everyone survived... sounds like it was a close call.
The one I saw was small and I remember standing out in the front yard watching my father nail boards over windows while we watched it from a distance... never got very close.
that's scary... were you in the house or a basement shelter?
I've heard that small sticks get driven through solid objects like they were nails.
ROFL!
I've only seen one of his new shows... it was pretty good :)
lol... good luck with that :)
LOL not that I remember... more of a low rumbling.
I was in a building in Beverly Hills during one of the aftershocks of the big earthquake back in 94. I was on the 9th floor and we were assessing the damage to our computers and network because of busted water pipes on the 10th floor... I actually had to hold onto a door jam to stay standing... I remember only a low vague rumbling sound just before... not really enough notice to do anything but grab a door jam.
I understand the instinct... but being prepared and knowing the right thing to do ahead of time can prevent you from making a big mistake....
kind of like investing... eh? :)
anyway, I just wanted to share with you and everyone what the experts advise in an earthquake...
ROFL!
I've seen a tornado from a distance when I was young and living near Chicago... I've seen floods that washed away big rigs... so I have to have a healthy respect for mother nature in any form.
There are thing you can do to prepare for earthquakes and things to avoid. Most of the newer structures in CA have pretty strict building codes... they are currently re-doing the bay bridge into SF to make it safer in an earthquake... and not living on landfill or marsh lands makes a difference too. Has to be similiar to living next to a river... you know certain areas are going to flood sometimes and that building on higher land is better, etc.
don't stop!
I've rolled thru several earthquakes... and just learned to go with the flow. Not any worse than a hurricane, tornado, flood, blizzard...
read my what to do and not do in an earthquake post...
not a good idea to run out of the building...
What to do during an earthquake
1. If you are indoors, duck or drop down to the floor. Take cover under a sturdy desk, table or other furniture. Hold on to it and be prepared to move with it. Hold the position until the ground stops shaking and it is safe to move. Stay clear of windows, fireplaces, woodstoves, and heavy furniture or appliances that may fall over. Stay inside to avoid being injured by falling glass or building parts. If you are in a crowded area, take cover where you are. Stay calm and encourage others to do likewise.
2. If you are outside, get into the open, away from buildings and power lines.
3. If you are driving, stop if it is safe, but stay inside your car. Stay away from bridges, overpasses and tunnels. Move your car as far out of the normal traffic pattern as possible. If possible, avoid stopping under trees, light posts, power lines, or signs.
4. If you are in a mountainous area, or near unstable slopes or cliffs, be alert for falling rock and other debris that could be loosened by the earthquake.
5. If you are at the beach, move quickly to higher ground or several hundred yards inland.
http://www.uaf.edu/seagrant/earthquake/prepare2.html
standing in a door jam or some other reinforced area is much better than running anywhere. I remember in the Northridge earthquake the one guy that got killed at a hospital building that had structural damage was the one guy who ran out the front door and something fell on him. You're suppose to get away from heavy things that can fall on you like fireplaces or refrigerators... but not run outside or down stairwells. Also, in a really big earthquake you won't be able to run anywhere anyway... it would knock you down most likely.
I hope you know now that running down the stairwells was not the best plan of action in that situation...
I'm not against them at all...in fact I took them because I enjoy them. I wish more people loved math the way I do.
However, my experience in the real business world is that it's not necessary and not used often. Therefore, I don't think it should be a do or die requirement for getting a high school diploma. And further more, I think calculus should be required for only certain kinds of college degrees.... where it really makes sense.
you should have supplied it to start with... I shouldn't have to run around trying to find it.
The cardinal is right to argue that the government has no place criminalizing the charitable impulses of private institutions like his, whose mission is to help people with no questions asked.
I agree. I guess this legislation is another sign of "compasionate conservatism" run wild.
no, they can't always buy advice... many cannot afford it... and even if you did buy it, what if the person you hire is unscrupulous or incompetant? tough luck? starve in retirement because you trusted the wrong person?
I'm pretty much done with this topic. I think you're just being obstinent at this point.
a total embarrassment that will haunt this country for decades.
there was an interesting line in the movie Kingdom of Heaven by one of the knights who came to "save" Jeruselum... paraphrashing he said... I original came here on a mission for God... then I realized it was really about wealth and land ownership.
How many ruthless, unscrupulous men over ages have claimed being guided by God have in reality been corrupt, greedy and power hungry low lifes.
if I'm not mistaken, we started with you pushing the concept that people can manage own investments for retirement... so are you now conceding that maybe everyone is not knowledgeable enough to do it on their own?
how do they even know they need to worry about that in the first place??? it's kind of like needing to know a word exists before you can even look it up in the dictionary to find it's meaning.
and besides that, we can't all become experts in all fields... we can't all be expert financial planners, mortgage brokers, tax accountants, doctors, plumbers, electricians, etc... so these professionals that we rely on must also be held accountable to some degree.
I think alot of us who were tepid about politics got concerned because of BUllSHit
you think they should take it when you flunked it?
LOL I got an easy A and don't think it should be required... maybe it's a difference in understanding.
so would you agree then (back to the very start of this thread) that requiring algebra for a HS diploma is not necessary?
what buddies? have no idea what you are talking about. I can only attest for myself that I make a point of putting links in (on rare occassion I miss one).
I did a search on "Stephanie Kirchgaessner" had a really hard time finding any information on this person... so don't give me crap about doing the search myself. It's your responsibility when you post to provide it. Otherwise, I have to assume you are hiding something and disgard your input altogether.
It's amazing isn't it... no wonder more people don't realize what they are in jeapardy of losing... they didn't even know they had it to begin with!