07-15-2021, 10:01 PM | #99 |
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I thought the pandemic in effect allowed for a payment holiday on mortgages. When this is lifted, it shouldn't flood the market with foreclosures... it just extends the loan out with accrued interest.
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07-15-2021, 10:02 PM | #100 |
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Frankly, I think the government should guarantee the option for cheap housing. I one of the richest nations in the world, we should have higher home ownership.
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07-15-2021, 10:16 PM | #101 | |||
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American welfare is only for the rich and powerful, my friend. Kind of like prison isn't.
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07-15-2021, 10:21 PM | #102 |
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There are a lot of programs and different states have different protections and aid for owners and renters, so we will see.
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07-15-2021, 10:33 PM | #103 |
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There is subsidized housing in America. For renters there is Section-8 and for owners there is FHA. In normal times, FHA is a great program but doesn't work so well in a bubble.
The problem in the US is that the graduates of the public education system don't learn simple life skills of balancing a checkbook and living with a budget. When these same graduates go into the world on their own they are forced to rely on the advice of professionals... whose only motivation is to part them from their money. The lessons that stick with you are learned the hard way and I was lucky that all of these happened in my late 20's early 30's. The main lesson I learned was never to trust anyone who gives you advice based on a commission. Lesson #1 - When I bought my first house I gave the mortgage broker my top number for the monthly payment. At the settlement table, the payment was significantly higher. He said - that's not my problem. I met your P&I number. How was I to know about PMI and escrow? i left the table not knowing how I was going to make ends meet because I was not educated in all the finer points of closing on a house. Lesson #2 - I learned never to trust a financial advisor when I bought my first stock on his recommendation only to learn he shorted it. I bought my second house in 2003 just as ARMs were being offered to the general public and qualified for a $1M USD 5-year ARM at 3%. I was smart enough to know I only needed $200K at 5%... most of my neighbors were not as lucky as they qualified for $200K at the same 3% and took it. When rates adjusted to 7% in 2008 they all defaulted. |
07-16-2021, 01:05 AM | #104 | |
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07-16-2021, 01:11 AM | #105 | |
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07-16-2021, 01:19 AM | #106 |
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07-16-2021, 02:51 AM | #107 | |
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07-16-2021, 08:52 AM | #108 |
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I could ask where you suppose that money to do so would come from, but that is a far more political discussion than would be appropriate here.
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07-16-2021, 09:01 AM | #109 | |
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07-16-2021, 10:28 AM | #111 | |||
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07-16-2021, 10:32 AM | #112 |
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Thank you for setting me straight on being taught in school. I made a generalization based on my own family's experience. It does seem to apply to my generation though as half of the development foreclosed within a year. It was either a rabid case of keeping up with the Joneses or a lot of people just didn't understand basic financial principles.
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