American Dream Rant.....

[N80]

You know, I don't even remember the original intent or content of this thread, but I would just point out the obvious, which has already been pointed out, but the handouts in question, whatever they are, are paid for with other people's money. My money. No matter how you slice it is both redistribution of wealth AND punishing success.

 

[Flatheadyoungin]

Yeah, when we started dealing on our property we just purchased the rate was 5.25%..........well, when we closed it was 7.6%! 8 would have been a deal breaker because I don't like paying interest.......I guess that's my threshold, your's may be different. The only reason I went ahead with the 7.6% was because farm credit has a deal that if rates go down, you pay a one time fee and they rewrite the loan....that's fair enough.

I turned down all the subprime, adjustable rate, etc........because I KNEW I couldn't afford it....

I want a better rate through the government, I have my hand out......

 

[riptides]

I want a better rate through the government, I have my hand out......

YES. Me too. Instead of throwing good money after bad, why not give us a better rate.

My wife will pick up the economy with the difference.

 

[scott_vt]

Over a year later, what a disaster!

I am waiting for my hand out. How many other people who pay their bills are wondering and waiting for their relief.


Unreal....

Good Afternoon Mike,
They could pay of some my property taxes, that would suit me just fine !

 

[riptides]

I am still ranting on this topic.

That is because I need a new note. Not wanting to get caught up in the adjustable crap next year.

So, we are not the normal note holder. Wow... I new things were bad, but really.....

If your on time with payments, have a great (excellent) credit history, have money in the bank, but your house is under water, or holding its own value.......

Good luck trying to get a bigger note these days.

We are trying to restructure some mortgage debt, let me tell you... it is

P a i n f u l l

I feel for those in dire straights.......

rant off

 

[2manyrocks]

I used to work cleaning up bad loans at a bank that grew like crazy and didn't have the internal controls in place to make sure their loans were good. Some borrowers don't have any financial sense and neither do their loan officers. When times are good, the banks get lax in their lending practices. When times are bad, then they choke up.

Make good loans to credit worthy borrowers at 6%. Pay 3% on funds. Keep 3% for the bank's cost of operations and profit. But when bank's aren't content with this, they climb out on limbs that break off when there is a downturn.