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Has the bubble burst?
News and Review ^ | Sep 21 06 | Sasha Abramsky

Posted on 09/22/2006 8:47:25 PM PDT by churchillbuff

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To: Jet Jaguar
They opted for an interest-only, adjustable-rate mortgage

HUGE mistake, for most people. As is well known, and well explained, if one cares to look.

If you can't pay your mortgage, and can't refinance, and can't sell, and can't rent, hurry up and ask the lender if they will accept a "deed in lieu" of foreclosure. Last one to ask won't get it.

341 posted on 09/23/2006 9:28:46 PM PDT by CobaltBlue (Extremism in the defense of liberty is no vice. Moderation in the pursuit of justice is no virtue.)
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To: churchillbuff

I dunno what people can do to preserve their assets and their credit ratings when they are in over their heads, and the ARMS are adjusted too high for them to pay, except file bankruptcy.

Don't believe the people who tell you that the new bankruptcy laws made it impossible; they don't know what they're talking about.

And, if you have a personal objection to the entire concept of bankruptcy, too bad. It's the law.

And, if you're afraid you won't get credit after Chapter 7, don't be offended, but "ha ha ha." Creditors LOVE to lend to people who were discharged in bankruptcy, because that means they can't file bankruptcy for another 8 years.

My bankruptcy clients get credit offers in the mail immediately, which I think is wrong, but hey, that's capitalism, and I believe in capitalism.


342 posted on 09/23/2006 9:33:54 PM PDT by CobaltBlue (Extremism in the defense of liberty is no vice. Moderation in the pursuit of justice is no virtue.)
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To: churchillbuff
Overnight, the monthly payment on the $195,000 loan went from $1,350 to $1,841. Factor in the payment on the smaller, second loan, and the Philbrooks now were paying $2,250 a month servicing their mortgage. Since Karen and John bring home a total of about $4,000 after taxes each month from their three jobs

Ok so their after Income 4,000$ and their mortgage was 1,350$ So their payments we 33% of their income. This is on the extreme end of 'ok' but when you borrow that close to the edge you damn well better have a fixed mortgage.

My mortgage runs about 24% of my monthly income and thats fixed (well the expense side of things). My wife and I decided to buy on the pizza delivery theory, if I lost my job and delivered pizza's (and my wife got a part time job) we could keep the house. It meant buying something small (1K sq ft) but in five years or so we will upgrade. In the mean time I am paying about 15% more than an apartment would cost and my family has stability.

343 posted on 09/23/2006 10:19:18 PM PDT by N3WBI3 ("I can kill you with my brain" - River Tam)
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To: BJungNan

You're not only completely and utterly wrong, you're damned dead wrong!


344 posted on 09/23/2006 10:36:09 PM PDT by nopardons
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To: churchillbuff

Bill Gates voted for Gore and Kerry.


345 posted on 09/23/2006 10:37:29 PM PDT by nopardons
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To: GodGunsGuts
WOW...............you sure know less than NOTHING about anything and to top it all off, have the comprehensive reading skills of a drunk slug.
346 posted on 09/23/2006 10:39:01 PM PDT by nopardons
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To: BJungNan

I think you are absolutely correct. FR is not here just to inform us that everything is all rosy and hunky-dory.

I would think that if there was some situation that people oughta be warned about, they would want to know. And be thankful if the info provided helped them in some way.

But if you post ANYTHING about the economy, there seems to be a cadre of folks who like to ping each other and show up to deride the poster.

Just what I see, anyways...


347 posted on 09/23/2006 10:40:31 PM PDT by djf (Some people say we evolved. I say "Some did, some didn't!")
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To: nopardons

I'm not exactly sure what you just said, but it sounds stinky.


348 posted on 09/23/2006 10:42:47 PM PDT by GodGunsGuts
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To: nopardons

PS

Things are starting to look pretty good for gold and silver:

http://www.jsmineset.com/cwsimages/Miscfiles/3444_Charts220906-1.pdf

The PPT may try to stabilize the USD until the elections. But it looks to me like the gold shorts and the dollar longs are about to get slaughtered:

http://www.jsmineset.com/cwsimages/Miscfiles/3445_Charts_for_09-22-2006.pdf


349 posted on 09/23/2006 10:44:23 PM PDT by GodGunsGuts
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To: nopardons
The PPT may try to stabilize the USD until the elections.

LOL!

350 posted on 09/23/2006 10:51:49 PM PDT by Toddsterpatriot (Goldbugs, immune to logic and allergic to facts.)
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To: Toddsterpatriot

OMG!


Is he seriously referring to a "plunge protection team?"


351 posted on 09/23/2006 10:52:50 PM PDT by Petronski (Living His life abundantly.)
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To: GodGunsGuts
You don't understand quite a lot; actually.

"stinky" ? A lot less "stinky", dear, than your childish name calling.

352 posted on 09/23/2006 10:53:12 PM PDT by nopardons
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To: GodGunsGuts
...but it sounds stinky.

Are you sure it doesn't "smell loud?"

353 posted on 09/23/2006 10:53:41 PM PDT by Petronski (Living His life abundantly.)
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To: GodGunsGuts
Take the plunge...............go charge a whole lot, hey, up to your limit, on your credit card/s and buy on the largest possible margin you can. After all, fiat money, that you sneer at, is worthless, isn't it? :-)
354 posted on 09/23/2006 10:55:41 PM PDT by nopardons
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To: Petronski

Yes.


355 posted on 09/23/2006 10:55:52 PM PDT by Toddsterpatriot (Goldbugs, immune to logic and allergic to facts.)
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To: Toddsterpatriot
He fell off the edge on that one. LOL

Have you seen my little song, that I've been posting? heheheheheehehehehehehehehehe

356 posted on 09/23/2006 10:56:39 PM PDT by nopardons
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To: Petronski

Obviously he is. ROTFLOL


357 posted on 09/23/2006 10:57:14 PM PDT by nopardons
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To: nopardons
...go charge a whole lot, hey, up to your limit, on your credit cards and buy on the largest possible margin you can.

He has no real limit to his credit card borrowing, because his mailbox is just stuffed with no-interest credit card offers he uses to fund his gold-trading empire.

358 posted on 09/23/2006 10:57:29 PM PDT by Petronski (Living His life abundantly.)
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To: Petronski

Yeaaaaaaaaaaaaah, riiiiiiiiiiiiiiiight and I'm the Queen of the world. LOL


359 posted on 09/23/2006 10:58:38 PM PDT by nopardons
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To: Toddsterpatriot; nopardons

I bet there really IS a PPT! All the 16-month-old doomwhoring essays say so.


360 posted on 09/23/2006 10:58:54 PM PDT by Petronski (Living His life abundantly.)
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