Comments on: So Much For The Jumbo "Rescue" http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/ Sat, 11 Feb 2012 07:12:54 +0000 hourly 1 http://wordpress.org/?v= By: Bristinwolf http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11854 Bristinwolf Fri, 02 May 2008 21:58:43 +0000 http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11854 I find it amusing that I am actually on the side of congress being ineffectual. the longer they do nothing the better! Its kinda nice to happy with Congress now and then even if it is for their complete inability to get things done. Keith you absolutely nailed the crux of the problem who wants to catch a falling knife no matter what the interest rate is. I find it amusing that I am actually on the side of congress being ineffectual. the longer they do nothing the better!
Its kinda nice to happy with Congress now and then even if it is for their complete inability to get things done.
Keith you absolutely nailed the crux of the problem who wants to catch a falling knife no matter what the interest rate is.

]]> By: AZSALUKI http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11853 AZSALUKI Fri, 02 May 2008 19:55:25 +0000 http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11853 keith's correct. give me loan on a 500k home at 1% and i'd still be upside down a year from now in this market!!! keith’s correct. give me loan on a 500k home at 1% and i’d still be upside down a year from now in this market!!!

]]> By: village idiot http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11852 village idiot Fri, 02 May 2008 18:38:14 +0000 http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11852 Pu-leaze! Cry me a river. All that moaning and complaining and the only hard fact mentioned was the rates "in some cases" was a percentage point higher than using the older conforming loan standards. So a quick run of the numbers for that WORST CASE scenario shows a $500k 30yr loan at 6% is $2997. At 7% it's $3326. Sorry, but IMHO, the extra $330 should NOT be a stretch for anyone in the market for that kind of house. If it is, well, buy a cheaper house ($450k gives the same payment, what a sacrifice.) Or if you're making that kind of dough, save up and get the loan down to the lower limits. The mortgage brokers are just complaining because the rules weren't relaxed so much they can give these loans to the $30k millionares again. What, what? No 100% financing? No interest only? Borrowers will need to have how much income??? Who will I ever find to buy the McMansions and take these "old fashioned" loans? Their gravy train is drying up and they're looking for a scapegoat. Pu-leaze! Cry me a river. All that moaning and complaining and the only hard fact mentioned was the rates “in some cases” was a percentage point higher than using the older conforming loan standards. So a quick run of the numbers for that WORST CASE scenario shows a $500k 30yr loan at 6% is $2997. At 7% it’s $3326. Sorry, but IMHO, the extra $330 should NOT be a stretch for anyone in the market for that kind of house. If it is, well, buy a cheaper house ($450k gives the same payment, what a sacrifice.) Or if you’re making that kind of dough, save up and get the loan down to the lower limits.

The mortgage brokers are just complaining because the rules weren’t relaxed so much they can give these loans to the $30k millionares again. What, what? No 100% financing? No interest only? Borrowers will need to have how much income??? Who will I ever find to buy the McMansions and take these “old fashioned” loans? Their gravy train is drying up and they’re looking for a scapegoat.

]]> By: freemonster http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11851 freemonster Fri, 02 May 2008 15:52:05 +0000 http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11851 Keith, I think you hit the nail on the head. My fear is that we may have some real dumb people in charge. I just can't remember it ever being this screwed up. Keith, I think you hit the nail on the head. My fear is that we may have some real dumb people in charge. I just can’t remember it ever being this screwed up.

]]> By: Keith http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11850 Keith Fri, 02 May 2008 12:25:43 +0000 http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11850 Or maybe, just maybe, financing isn't the cause of the problem? Maybe folks don't want to buy expensive houses in markets where the index is dropping by double digits year over year. San Fran has dropped 17.2% YoY, according to the CS index. At that trend, your $500k home is gonna loose about $85k over the next year. I don't care how good the financing is, that ain't worth it. Or, if you can't afford it because you couldn't get the financing worked out, you couldn't afford it in the first place. Or maybe, just maybe, financing isn’t the cause of the problem? Maybe folks don’t want to buy expensive houses in markets where the index is dropping by double digits year over year. San Fran has dropped 17.2% YoY, according to the CS index. At that trend, your $500k home is gonna loose about $85k over the next year. I don’t care how good the financing is, that ain’t worth it.

Or, if you can’t afford it because you couldn’t get the financing worked out, you couldn’t afford it in the first place.

]]> By: speedynogales http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11849 speedynogales Fri, 02 May 2008 06:41:19 +0000 http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11849 Charlie Brown's word: "Aaarrrrgggghhhh!" Charlie Brown’s word: “Aaarrrrgggghhhh!”

]]> By: JimAtLaw http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11848 JimAtLaw Fri, 02 May 2008 05:25:56 +0000 http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11848 Go Congress! Accomplish nothing! You know what's really depressing? That that's the best we can hope for from this system. {Sigh} Igor's word: screwup Go Congress! Accomplish nothing!

You know what’s really depressing? That that’s the best we can hope for from this system. {Sigh}

Igor’s word: screwup

]]> By: sandman http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11847 sandman Fri, 02 May 2008 05:11:27 +0000 http://housingdoom.com/2008/05/01/so-much-for-the-jumbo-rescue/#comment-11847 I'll be happy if Congress keeps wastes time with useless bailouts that don't cost me anything. Keep up the great work, folks! I’ll be happy if Congress keeps wastes time with useless bailouts that don’t cost me anything. Keep up the great work, folks!

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