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That should set you back a bit.
Just dropped another 45 billion buying mortgage bonds and the interest rates are still going up. 45 BILLION a month with no end in sight. That's half a trillion+ a year. Damn.
That should set you back a bit.
Fannie and Freddie are starting a new effort to help underwater homeowners who are not behind on their payments. The Banksters' Great Depression will be with us a long time, while the banksters count the $Ts they stole and wait for, plan their next heist.
Don't hold your breath. The problem is not finding people that want to buy or refinance. The problem is getting qualified. The loan ap hurdles are ing ridiculous. I've done two this year (a refi and a new purchase) and they are totally anal about the loan processing in underwriting.
"loan ap hurdles are ing ridiculous"
if the corrupt, fee-sucking lenders had diligently applied, rather than fraudulently ignored, FHA regs, there wouldn't have a housing bubble. It wasn't CRA's fault, it was corrupt, greedy originators accepting zero-down, liar's loans, etc.
LOL @ ignoring FHA regs. They didn't force FHA and Fannie and Freddie to buy that ....they wanted it and wrote the guidelines. I'm telling you that the pendulum has swung the other way and every ap now gets put under a microscope.
"They didn't force FHA and Fannie and Freddie to buy that "
F&F bought that on good faith, with the originators selling what they KNEW was toxic , to FHA and to investors.
got damn you are one gullible mother er.
yup.
did one refi, had to ing write a got damn letter explaining how my business is structured financially, i mean its not enough to see all the ing paperwork as it is.
working on a purchase and its like, got damn, at least i have most of it already done from the first time.
when i first purchased in 2007, i had to do nothing. now i have to jump through 100,000 hoops.
there needs to be a got damn happy medium, its a ing joke right now and thats really the problem. of course i havent ran across a bank here in texas that actually would add back ing mileage depreciation, so i'm going to either be ed by the bank trying to get another mortgage or get ed over by uncle sam so that i can show the income for the mortgage.
nothing beats being bent over and ed for no real reason other than banks ed up and now they are beyond scared less.
re ed.
You are right. They are beyond ridiculous. I'm currently stashing quite a bit of cash (six figures) in my checking account because I am about to remodel my house. Because of this I don't get in a hurry to run to the bank every time I get a paycheck. I let several checks stack up and then made one deposit of around $7000. The "rules" say you can't borrow the down payment. They made me write a ing letter explaining where the $7K came from, even though I clearly had like 25X the required down payment already in my checking account.
Last edited by CosmicCowboy; 12-26-2012 at 11:56 AM.
Not only did we submit W2's with tax returns for 2010 and 2011 but my wifes employer had to write a letter stating that he really did pay her the amounts he reported on her W2's that we then reported and paid taxes on for our income tax.
Even though the rules are asinine now, aren't the rates pretty good? I'll be going to Scott AFB soon, and a friend relocating to the same base said he's looking at buying a house since the rates are so low. Should I look into getting a house? I've been hesitant to pull the trigger... not a huge fan of long term debt, and buying a house that I might have to sell in 4 years. Thoughts?
My thoughts are that long term debt at these rates is a no brainer. Get a good house in a good neighborhood and you should be fine barring something dramatic like them closing the base. I know the house I am in the process of buying now the mortgage/taxes/insurance are < or = to the rent it would command in todays market and rents/home value will continue to rise while payments remain the same.
My general thoughts on the rates now is that its stupid to not do it if you can. It's more annoying as , but with the rates, once we rent out our current pad, I'll net an extra 150-250 a month simply with the lower rates on my note.
Its just going to be a overall, luckily the banker I'm dealing is at least at a small local bank, so they can be flexible on some things and he has been up front with me on just about everything at this point, so thats good.
Hopefully this guy wont make me produce letters explaining my ing income like the last er I used. It was so annoying and frustrating, and quite frankly re ed, but so be it I guess.
Can't wait til they ask why I transferred over 15k from my business account to my personal account in one day, that will be a fun process, and I'll probably want to come up with something other tha, because I can for my reasoning.
Wife isnt looking forward to being put on a strict budget for 2013 since we now have to hoard cash, thanks to the re ed rules put into place.
Highly doubtful they'd close that base, it's a HQ base (Air Mobility Command) as well as AFNIC (AF Network Integration Center, where I'm headed to.) The only thing that worries me is if the fiscal cliff kills the prices of everything for another half-decade, and I'm stuck underwater after four years. Then again, if I like the area I could extend.
I'll do some more research and check out a few houses. Some are really amazing out there.
I bank with RBFCU... they've been pretty good to me actually. Just checking their website, the APR is "as low as" 3.482 for a 30 yr loan.
I'm not worried about the fiscal cliff. They will figure something out. Might be January before they do it though. My best guess is a compromise that centrist democrats and republicans can agree on giving them enough bipartisan votes to squeak by in the House.
Long term I am much more concerned with inflation as an economic danger so again IMHO it's better to be into long term cheap fixed debt while your hard assets increase in value...just got to hope that there will be enough viable productive people around to buy the assets when it is time to sell. I don't see the losers like Fuzzy ever getting the financial strength to buy anything and there are millions more like him.
I lucked out and locked at almost the absolute bottom on this one @ 3.25% with only 3.5% down. Should close this week.
I just started the refi process with RBFCU. I am locked in at 2.7% but had to do an 11 year note.
That's a great deal if your goal is to do the Dave Ramsey "totally debt free" thing. At least you have a plan.
In another fun twist on a semi related note,
my note I just closed on has supposedly been sold to Fannie Mae.
There is nothing of record as of yet and this occured in the middle of November. Technically (legally) they are supposed to file the good ole assignment when a mortgage note is transferred from one ins ution to another.
I sent them an email asking if it was ever going to be filed in light of their recent issues with not being able to find a mortgage and the paperwork associated with it.
I'm not holding my breath.
oops
How many years if you dont mind me asking?
I took c_g's conservative investing advice. Having the house paid off before 40 struck a cord with me.
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