Biggest Bank Failure in American History!

[wofford29]

Don't you think that is a little harsh on the borrowers? I mean not all buyers were well informed and the lenders weren't going to straighten them out. It is very easy to get swept up in the storm when trying to buy a house. I went through that and there were tons of offers out there and i almost chose the wrong one because they were all pushing the ARM's or an 80/20. Luckily we had a really good agent who told us to stay away from them so we got a 6% fixed rate.

Again, there's nothing wrong with any of those options depending on your situation.

 

[teemu]

Dude, don't start your crap again... put your straight jacket back on and go sit in the freakin corner.

you cant handle the truth is why you get upset....research and educate yourself on the subject...now go back to sleep entertained zombie....(if you can call me nuts, then your nothing but an ignorant zombie)

 

[Jen]

Not neccessarily. It puts you in the drivers seat of paying off your mortgage. You know exactly what you can pay each month, what your payment will go down to if you add x amount of dollars, etc. You've just got to be very involved with it. You can lower your monthly payment everyone month if you're smart. If you get one rate on a 30 year fixed and qualify vs. the same rate or lower on an interest only and make the same payment you would have on the 30 year fixed, you'd pay your mortgage off in half the time. The problem is that people don't do that. All they see is lower payment and pay the minimum amount. No one could forsee house values actually dropping in some areas because it's such a rare occurence so that's one of those hindsight is 20/20 deals. Even then if you're involved with it you could make great strides on your principle balance.

Unfortunately, most people don't take control. They want to live like fat cats, pay the minimum and spend the rest on comforts. We are a nation that has been living beyond our means. Those of us that are in debt, it's our own faults plain and simple. I had the opportunity to buy a couple years ago, but the red flags were waving. I knew that if anything happened - even something small like needing extra money to pay for repairs, I would be totally screwed. So I continue to rent......but rents are increasing as well - soon who knows what I will be able to afford. This really sucks.

 

[King Darkness]

I'm scared.

Jen, will you hold me

 

[wofford29]

Unfortunately, most people don't take control. They want to live like fat cats, pay the minimum and spend the rest on comforts. We are a nation that has been living beyond our means. Those of us that are in debt, it's our own faults plain and simple. I had the opportunity to buy a couple years ago, but the red flags were waving. I knew that if anything happened - even something small like needing extra money to pay for repairs, I would be totally screwed. So I continue to rent......but rents are increasing as well - soon who knows what I will be able to afford. This really sucks.

I agree completely.

 

[Jen]

I'm scared.

Jen, will you hold me

I'll hold you King.

 

[Vader AL]

Crazy

I dont like living in scary times.

I want to be 10 years old again, watching Transformers and playing with toys.......wait, I still do that

Seriously, all this reality crap sux. I want to be in a sheltered child like existence.

that was beautiful man.

 

[DarkArtist81]

you cant handle the truth is why you get upset....research and educate yourself on the subject...now go back to sleep entertained zombie....(if you can call me nuts, then your nothing but an ignorant zombie)

Dude, I will not educate myself with your gibberish. Just because you are insane enough to believe what you believe, does not mean that I am an ignorant zombie just because I DON'T. So please, stop trying to sling your crazy theories in this thread.

 

[King Darkness]

I'll hold you King.

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[King Darkness]

I will not educate myself with your gibberish.

gibberish is a funny word

 

[teemu]

Dude, I will not educate myself with your gibberish. Just because you are insane enough to believe what you believe, does not mean that I am an ignorant zombie just because I DON'T. So please, stop trying to sling your crazy theories in this thread.

ok..then believe in your toilet paper money, believe in our corrupted system,I dont care...jibberish huh? I guess peter schiff is a jibber jabber, I guess Ron Paul doesnt know what he's talking about...you rather believe in your puppet politicians I am sure...afterall the government knows whats best for you and loves you as they poison you with their food

 

[DarkArtist81]

gibberish is a funny word

Indeed it is...

And Jen... I love your line on your avi. I volunteer to solve the spine glowing issue once and for all!

 

[Jen]

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King - you know how I feel about that pic!!!


Well I am giving some serious thought to canceling my pre-orders. I do want that Samaritan though.....but that money could also be more wisely spent. Well hopefully we will find out in the next few days what our govt. is going to do. Hopefully there will be some light shining soon in this dark tunnel.

 

[Jen]

Indeed it is...

And Jen... I love your line on your avi. I volunteer to solve the spine glowing issue once and for all!

 

[DarkArtist81]

ok..then believe in your toilet paper money, believe in our corrupted system,I dont care...jibberish huh? I guess peter schiff is a jibber jabber, I guess Ron Paul doesnt know what he's talking about...you rather believe in your puppet politicians I am sure...afterall the government knows whats best for you and loves you as they poison you with their food

I don't care.... I just get sick of hearing your insane theories. Take it somewhere else. If you believe that, fine... it's your right to do so. But stop trying to shove it down my throat.

 

[Chimera 1]

Unfortunately, most people don't take control. They want to live like fat cats, pay the minimum and spend the rest on comforts. We are a nation that has been living beyond our means. Those of us that are in debt, it's our own faults plain and simple. I had the opportunity to buy a couple years ago, but the red flags were waving. I knew that if anything happened - even something small like needing extra money to pay for repairs, I would be totally screwed. So I continue to rent......but rents are increasing as well - soon who knows what I will be able to afford. This really sucks.

I understand where you are coming from and for me it was the complete opposite. Renting sucked because I was paying more than I am owning. I renew my home warranty every year so the repairs are at minimal cost, just gotta pay the deductable.
The comforts of this country as sad as it may seem is what keeps us from becoming a third world country. If everyone just bought what they needed and not what they want do you really think we would be better off? I am in no way saying it is right but without the comforts and frivolous spending there wouldn't be alot of the jobs there are today for instance no collectables, video games, ipods, movies, TV's, designer clothes, sneakers, sports... the list could go on. Think about if these things went away, how many jobs would be gone. We don't need these things to survive but think about the places that doesn't have them. What types of places are they?

 

[King Darkness]

tomfoolery is a funny word too

 

[Gruff Old Bear]

At the risk of politicizing the thread, what the whole sub-prime meltdown brings back is George W. Bush, talking years ago about the "ownership society" and about every American owning a little piece of it. From tiny acorns...

Take cheer from Jen's note about not having seen a real hit on that 401(k) yet. Same here. You have to bear in mind that what's unusual about this economic crisis is that the industry involved is the financial industry itself. If your retirement funds are well-diversified, this is the reason your advisor was talking about "asset allocation." This is also why regulators encouraged financial advisors to talk about more than their own firm's products. If you've spread your investments over many industrial sectors, different capitalization levels, different mixes (international, global, U.S.), you should come out reasonably okay. It would be pretty unusual to have put all your money into one industry, particularly the financial industry itself.

Of course, we're all getting a lesson in how interconnected the markets are. Hang onto your hats today...

 

[teemu]

I don't care.... I just get sick of hearing your insane theories. Take it somewhere else. If you believe that, fine... it's your right to do so. But stop trying to shove it down my throat.

ok then....

 

[DarkArtist81]

ok then....