Infantile America

Men's News Daily ^ | 8/16/07 | Thomas Brewton

[Nuc1]

Somewhat similar but my cap is 10% 1.25%/2yrs all tied to the prime. So if the prime isn’t doing much and i’m protected by the rate of rise clause and the 10% cap, which is a bit higher than modern tradition but not much, where is the risk? I can cover the delta’s and the cap but I don’t believe I will ever see it. It was and is a good deal. And I am one of those conservative boomers that works hard and pays the bills.

[prairiebreeze]

This boomer is writing this from a house that I own and is paid for completely out of my own lifelong hard work.

Hear hear!! Me too! Husband and I built what we have with our own hard work. Even the 10K we borrowed from my dad to get into our first house was paid back to the penny.

What a whiney article.

And give me a break (article author) about letting the lending industry off the hook in this latest debacle. They knew exactly what the consequences could and probably would be.

grrrr!!!!

[Woodman]

It’s been 8 years since then, so I am doing the numbers off the top of my head. The spreads are about right. I currently am locked into a 30 fixed on another property. The point is, I believe borrowers are to blame, they sign the papers, and they own their own fate. I don’t think they should be bailed out. The flip side is the lenders have a responsibility to take the lumps when they screw up. I would still be renting if I hadn’t made my first deal and I would never have had enough money to put down on my second without the first.

[Nuc1]

Also, property tax hikes will force me out of my house long before my ARM does. No one knows how to steal like new england libs!

[Nuc1]

Also, property tax hikes will force me out of my house long before my ARM does. No one knows how to steal like new england libs!

[ErnBatavia]

And they hang on, like a bad cold...

Yep..and that generation includes your parents, who didn't abort you.

"X-ers"....the 'all about me' generation.

[ErnBatavia]

I bought my first house on a 5 - 2 - 6 adjustable rate mortgage. It was 7.125% APR with no teaser rate and could only adjust every 5 years with a MAX 2% swing and 6% lifetime Cap. I could have taken a 1 year ARM at about 6.875% APR with a 6% CAP, but I did my research before buying. To make a long story short, I was planning on getting out in less than 10 years. I stayed for 7, got adjusted up to 9.125% after 5 and paid an average APR of about 7.765%. If I took the Fixed 30 offered at the time of closing, I would have paid about 8.375APR for 7 years, if I had take the 1 year ARM I would have been bumped to at least 9% within 3 years and God knows what APR. So please tell me what I did wrong with my ARM, and why I shouldn’t have been offered it under any circumstances?

Betcha can't say that three times fast!

:)~

[Woodman]

My first house was tax abated for the first 6 years, that’s why I wasn’t planning on staying more than 6 - 10. here’s a book out there called “The common sense mortgage”. Everyone buying a home should read it. It explains exactly how every common type of Mortgage works in simple terms. It also explains who all the players are in the process and how they are making their money.

[Woodman]

LOL you might be surprised, at one time I was an interbank broker with more than 20 speaker phones listening to me quote numbers.

[editor-surveyor]

This isn’t a “sub-prime collapse.”

It’s a deliberate systematic overextension of credit to the entire country. The purpose is clear: to sufficiently undermine our currency through infusion of worthless dollars from the fed, purportedly to shore-up bank liquidity, but in reality to bring the dollar even with the peso, so that we can be merged with Mexico.

[Nuc1]

Thanks! I will get a copy.

[Syncro]

Ah ha so that was you!

That was in my restaurant, you need to email me $12.50 plus a nice tip for that cute waitress.

[Woodman]

This is it http://www.amazon.com/Common-Sense-Mortgage-Cost-Home-Ownership/dp/0809226014/ref=pd_bbs_sr_1/103-9263923-3740668?ie=UTF8&s=books&qid=1187317243&sr=8-1 I have the 1980’s edition, but believe it or not mortgages are still pretty much the same.

[Buffettfan]

Great article

[Pelham]

No-doc loans. Give me a break.

Forget no-doc. Ninja was better- "No Income No Job no Assets."

[Pelham]

And like Baba Ram Dass and Timothy Leary they were pre-Boomers who spent their lives creating chaos in the 60s.

[Chipper]

Yep..and that generation includes your parents, who didn't abort you. "X-ers"....the 'all about me' generation.

Considering the highest rates of abortion didn't happen until extremely late into Gen X that isn't surprising.

As for X-ers being 'all about me', X-ers and Y-ers are the ones doing the bulk of volunteering during a time of war. They are not out en masse protesting, ala the Boomers. My parents are boomers, and I lived with/married a boomer (biggest mistake of my life)for 10 years. After 5 years I'm still paying for the financial irresponsibilites due to her "all about me" attitude. Forgive me if I have a less than stellar outlook on what the Boomer generation has wrought on this country, and what we have to look forward too (Social Insecurity).

[Sundog]

Gen-X is followed by Gen-XXL

Have you Noticed?

[Route797]

You married a “boomer”? You’re lucky you weren’t sent to a reeducation camp for your lack of generational solidarity. Don’t you think it would be great if everyone could wear their birthdate, printed in large, easily read numbers? That way a person could tell at a glance whether someone is worthy of friendship or contempt.

[Nervous Tick]

>> Yep..and that generation includes your parents, who didn’t abort you.

???

Sorry, I’m confused about the point you’re trying to make.

I AM a boomer.

My parents, who didn’t abort me, were of the “greatest generation”. The ones who lived through the depression and defeated the Axis.