10-08-2011 02:07 PM
No, I'm pretty sure most banks and loan officers would assume that people would not commit a felony just to be able to put themselves in a bad financial position. As it turns out, there were millions of people dumb enough to do just that.
10-08-2011 02:23 PM
What a shock that must have been to all those loan officers, mortgage brokers, bankers flipping securities and real estate agents. Will they be able to spend all those billions in commissions in their stunned condition?
10-08-2011 02:33 PM
Yeah we're all just swimming in the dough. US agents that work 60 hours a week....now don't tell anyone....it's just a cover. We're waiting for the heat to die down before we spend all those billions we made.
Ron, why didn't you come back here and reiterate to me the advice I gave you not to bother exchanging with people who don't have a clue?
And, gladly, I turned off email notifications for this thread. Good luck in your small minded miserableness.
10-08-2011 08:44 PM
My life is going well enough. Now you go back to making believe your clients achieve their dreams thanks to you and your lollipops and sunshine.
10-20-2011 01:24 PM
There was enough blame to go around for everyone, but ultimately the buyer was signing a document that stated their income for loan approval, and yes if the buyer did report the real, actual income on the document the bank would of thought twice before giving out the loan. The real estate agents make commissions on the housing sale price, so yes it helps to have a higher price on the sales, but ultimately it was Bank's decision to approve. If there was any legal issues with the loans, it will ultimately come down to the signed document stating your income.
But that is besides the point. If people are willing to pay 100% cash for a property, then so be it. That is one less house that is swamping the supply side. Property is a valid and valuable passive income stream generator. With proper tenant and property management, rental income is one of the more valuable and reliable cash streams around. Liek I stated previously, if you cannot afford it, then don't buy it. property is wealth, and wealth is being polarized. It's either succeed or fail, and not a time for whiners to complain they cannot make enough income or wealth.
11-07-2011 12:42 PM
I would agree that a harsh dose of reality is warranted for all concerned. To think that there were home buyers willing to pay $350K and more for a 1000 sq ft house in my local community and real estate agents and bankers more than willing to help someone who could not possibly afford these hyperinflated properties is absolutely criminal. They set off a time bomb
The worst are the "flippers" who still buy properties driving up the price for the rest of us and then do cosmetic alterations to the property hoping to snag some sucker willing to pay a wildy inflated price.
Nothing changes. Greed will always drive people to destroy the system for the non-speculators.
11-10-2011 08:53 AM
The system is set up to benefit the wealthy, and the growing poor and shrinking middle class don't seem to see it. Why are homes even in bad neighborhoods still priced so very high in the Bay Area? Why are people paying 50% or more of their income toward housing? It's like a herd of cattle headed over a cliff. We all lose.
11-10-2011 11:31 AM
Why are you all still belaboring this point that the real estate is so expensive in the SF bay area? The reason that the price is high is because THERE ARE BUYERS willing to purchase the properties at that price. No one is coercing them to purchase the properties at exorbinant prices, that is simply what the market is.
No one should even assume that every individual has the right to purchase a house. If your income cannot catch up to the property prices in Bay Area, there are much more affordable homes 2 hours outside of Bay Area. Solano county is rife with cheap housing right now, but don't expect to purchase a 4 bedroom property in Belvedere if you are only making 200000 a year.
It is what it is. Market forces will ultimately prevail. Wait and save the cash if you cannot afford it now, perhaps the price may come down drastically.
12-11-2011 05:12 AM - edited 12-11-2011 05:14 AM
I saw a political cartoon that tickled me. It was of 4 protesters, each holding a placard. There was the ecology "tree hugger," the anti-war protester, I don't recall the 3rd, and the 4th protester was an Occupy Wall Streeter. Each had a message on their signs. The Occupier's message was, "Check back later." Ha Ha
So what has this to do with your cash for clunkers thread? We are part of the 99%, that 58% who we know are unemployed. For the first time in my adult life, houses are affordable, but I can't afford to buy one because I am one of the California 58% and the nation's 99%.
When I see homes listed here that I would love to live in, I also feel horrible because so many are foreclosures which means each represents someone who has lost their home, so even though the housing prices are much lower (and probably somewhere in the neighborhood of what they are really worth [pun intended]), I can't help looking at these homes and thinking that out there is a family who lived there and may now be desperate renters.
We speak here of clunkers, but I have seen really low priced homes listed that someone remodeled and put a lot of themselves into. I eagerly await the Occupy Wall Street folks to pull together a viable platform that we can really get behind. Right now it's about this: as democracy is "played" like a game in D.C., and the 1% pretend to be capitalists when they are often greedy manipulators, when the stock investor is more important than the workforce, we will continue to have a United States that no longer walks its talk.
Did you know that for one year in the late 30s, Congress passed the 3-day weekend law? Workers kept their 40-hour-workweek salaries, but only worked a 32-hour week. Its purpose: give folks time with their families. Employers nationwide respected the law and we had a reasonable work week. It lasted for one year before Congress rescinded it.
I know that inventors probably had greedy motives for transforming the workplace with machinery, but for the worker these innovations represented a chance to work under humane conditions. I don't know if folks like Bill Gates and Steve Jobs had in mind that their sweeping in the computer age would make conditions better for Americans, but it has resulted in outsourcing and the lowering of wages and available openings for administrative support staff, usually women. Folks do a great deal of their own administrative tasks on the computer taking away the necessity for a "secretary" and, thus, impacting one of the professions stereotypically held by women. We in California have permitted Sacramento to gut the education funds, again impacting a stereotypically female profession (unless you are a white male administrator, of which there are many pulling down huge salaries and pensions).
And the Fed's lowering interest rates? Are you aware that one Christmas season around the turn of the century, when most of their colleagues were home for the holidays, a group of D.C. congressmen passed a charter that instituted the Fed? Did you know it is not a U.S. Department? It wields all this power and it's just a group of white men deciding the fate of the world's economy, somewhat of a government sanctioned Trilateral Commission.
Clunkers? How fortunate you are to be in a position to refuse them.