Comments on: Lower Mortgage Rates Won't "Revive" Housing Market http://housingdoom.com/2008/11/26/lower-mortgage-rates-wont-revive-housing-market/ Thu, 24 May 2012 01:57:19 +0000 hourly 1 http://wordpress.org/?v= By: toysarefun http://housingdoom.com/2008/11/26/lower-mortgage-rates-wont-revive-housing-market/#comment-14977 toysarefun Thu, 27 Nov 2008 15:48:48 +0000 http://housingdoom.com/?p=1836#comment-14977 Lots can refinance, I believe they'll put you into 50 year mortgages in order to get you current with your mortgage and a payment you can afford. They don't care if the loan ever gets paid off. We are beyond that. The image of the lender is so bad some have promised not to foreclose during the Christmas holiday season. I might refinance, I don't really need to, but shaving another 3 quarters of a point could accelerate my payoff another thousand per year, albeit a 3-4 year recoup on the refinance, it shouldnt be a difficult decision for anyone who wants to pay their mortgage off someday, or even to keep more of their money in their pocket. On the other hand, people I know that owe piles of money on a mortgage love the write off, they see no sense in paying down mortgage debt. Lots can refinance, I believe they’ll put you into 50 year mortgages in order to get you current with your mortgage and a payment you can afford. They don’t care if the loan ever gets paid off. We are beyond that.

The image of the lender is so bad some have promised not to foreclose during the Christmas holiday season.

I might refinance, I don’t really need to, but shaving another 3 quarters of a point could accelerate my payoff another thousand per year, albeit a 3-4 year recoup on the refinance, it shouldnt be a difficult decision for anyone who wants to pay their mortgage off someday, or even to keep more of their money in their pocket.

On the other hand, people I know that owe piles of money on a mortgage love the write off, they see no sense in paying down mortgage debt.

]]> By: stuffingmonkey http://housingdoom.com/2008/11/26/lower-mortgage-rates-wont-revive-housing-market/#comment-14976 stuffingmonkey Thu, 27 Nov 2008 11:11:32 +0000 http://housingdoom.com/?p=1836#comment-14976 The entire basis of the economic stimulus has been to free up credit so banks can lend and consumers can borrow again. Who cares about "small business growth" through credit or whatever else is being preached to legitimize all of this easy lending? Ultimately, all anybody in the U.S. is in business for anymore is for Joe Sixpack to keep spend, spend, spending beyond his means. Clearly, none of our leaders have any long term vision, whether they are simply naive or working toward some other agenda. We are simply trying to subsist on our consumer spending model that is a dead-end road. Everyone is already tapped out, we can't go any further like this. The only place this can lead is the collapse of our fiat currency system and the adoption of a world currency as the dollar plummets from its reserve status. At that point, I can't even begin to wrap my mind around the global scope and consequences of such a thing, but it can't be good. Mortgage rates are the least of anyone's worries right now. If 28 percent or whatever of homeowners are underwater, at least that many more are on the brink with not enough equity to do anything. Who's going to refi? "Collapse" for sure, Igor. The entire basis of the economic stimulus has been to free up credit so banks can lend and consumers can borrow again. Who cares about “small business growth” through credit or whatever else is being preached to legitimize all of this easy lending? Ultimately, all anybody in the U.S. is in business for anymore is for Joe Sixpack to keep spend, spend, spending beyond his means.

Clearly, none of our leaders have any long term vision, whether they are simply naive or working toward some other agenda. We are simply trying to subsist on our consumer spending model that is a dead-end road. Everyone is already tapped out, we can’t go any further like this.

The only place this can lead is the collapse of our fiat currency system and the adoption of a world currency as the dollar plummets from its reserve status. At that point, I can’t even begin to wrap my mind around the global scope and consequences of such a thing, but it can’t be good.

Mortgage rates are the least of anyone’s worries right now. If 28 percent or whatever of homeowners are underwater, at least that many more are on the brink with not enough equity to do anything. Who’s going to refi?

“Collapse” for sure, Igor.

]]> By: surak http://housingdoom.com/2008/11/26/lower-mortgage-rates-wont-revive-housing-market/#comment-14975 surak Thu, 27 Nov 2008 06:29:39 +0000 http://housingdoom.com/?p=1836#comment-14975 Yossarian, You are right about the loss of city jobs. It is going to get very ugly. Yossarian,

You are right about the loss of city jobs. It is going to get very ugly.

]]> By: surak http://housingdoom.com/2008/11/26/lower-mortgage-rates-wont-revive-housing-market/#comment-14974 surak Thu, 27 Nov 2008 06:27:47 +0000 http://housingdoom.com/?p=1836#comment-14974 Twist, You hit it on the head "A slight bump in sales now will not overcome higher job losses, tighter credit standards, and a nervous and more conservative America. People are looking at their 401Ks and their stock portfolios and not feeling as rich as they were. This will continue to plague the housing market, particularly for upper end homes." Twist,

You hit it on the head “A slight bump in sales now will not overcome higher job losses, tighter credit standards, and a nervous and more conservative America. People are looking at their 401Ks and their stock portfolios and not feeling as rich as they were. This will continue to plague the housing market, particularly for upper end homes.”

]]> By: BottomFisher http://housingdoom.com/2008/11/26/lower-mortgage-rates-wont-revive-housing-market/#comment-14973 BottomFisher Wed, 26 Nov 2008 17:31:02 +0000 http://housingdoom.com/?p=1836#comment-14973 Dear Santa, Please make foreign govs buy lots of our risky MBS paper at low rates so we all don't look so lame and get called ugly names at school...like idiots,loosers,etc. Thanks, Beny, Billy & Hanky Dear Santa, Please make foreign govs buy lots of our risky MBS paper at low rates so we all don’t look so lame and get called ugly names at school…like idiots,loosers,etc.
Thanks,
Beny, Billy & Hanky

]]> By: Yossarian http://housingdoom.com/2008/11/26/lower-mortgage-rates-wont-revive-housing-market/#comment-14972 Yossarian Wed, 26 Nov 2008 17:13:20 +0000 http://housingdoom.com/?p=1836#comment-14972 Frankly, I'd like a pony, too. Frankly, I’d like a pony, too.

]]> By: AZSALUKI http://housingdoom.com/2008/11/26/lower-mortgage-rates-wont-revive-housing-market/#comment-14971 AZSALUKI Wed, 26 Nov 2008 16:49:46 +0000 http://housingdoom.com/?p=1836#comment-14971 one upside may be that some of those responsible folks out there can get a better rate. it would be nice if some of us that DIDN'T get us into this mess caught some sort of a break. i can't qualify (self employed) to refi even though i have great credit and pefect history......but i'm sure some people that deserve to may get a better loan with these rates. one upside may be that some of those responsible folks out there can get a better rate. it would be nice if some of us that DIDN’T get us into this mess caught some sort of a break. i can’t qualify (self employed) to refi even though i have great credit and pefect history……but i’m sure some people that deserve to may get a better loan with these rates.

]]> By: toysarefun http://housingdoom.com/2008/11/26/lower-mortgage-rates-wont-revive-housing-market/#comment-14970 toysarefun Wed, 26 Nov 2008 16:40:15 +0000 http://housingdoom.com/?p=1836#comment-14970 It's not going to revive anything when Joe six pack has no job, or a job with declining real wages. They can cherry coat this over, and over, and over but I believe lower rates and the lure of easy money got us into this mess in the first place. This is a good time for people to refinance into a conventional mortgage, that's an upside. Maybe they can start cashing in, instead of cashing out. It’s not going to revive anything when Joe six pack has no job, or a job with declining real wages.

They can cherry coat this over, and over, and over but I believe lower rates and the lure of easy money got us into this mess in the first place.

This is a good time for people to refinance into a conventional mortgage, that’s an upside. Maybe they can start cashing in, instead of cashing out.

]]> By: freemonster http://housingdoom.com/2008/11/26/lower-mortgage-rates-wont-revive-housing-market/#comment-14969 freemonster Wed, 26 Nov 2008 13:45:23 +0000 http://housingdoom.com/?p=1836#comment-14969 It is amazing how the marketing arms of this financial mess have stepped up their campaigns. How now is the time to buy. Also now is the time to hop into the stock market. How this is such a rare experience for the little guy to compete with the institutional buyers. Wow, talking about red meat. I guess it can't hurt to have lower rates but what about 1-2 years from now with the idiots running the fed. Crash again? Seems to me any money taxpayers spend should not help one SPECULATOR. If this money goes to truly rebuilding homeownership it might help some. My confidence level with our tax dollars is not very high. It is amazing how the marketing arms of this financial mess have stepped up their campaigns. How now is the time to buy. Also now is the time to hop into the stock market. How this is such a rare experience for the little guy to compete with the institutional buyers. Wow, talking about red meat. I guess it can’t hurt to have lower rates but what about 1-2 years from now with the idiots running the fed. Crash again? Seems to me any money taxpayers spend should not help one SPECULATOR. If this money goes to truly rebuilding homeownership it might help some. My confidence level with our tax dollars is not very high.

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