|
|
Post by Brian Luther on Sept 24, 2008 19:14:30 GMT -5
If the mortgage crisis is hitting everyone, does that not mean we are living way beyond are financial means? Who is at fault?
We the consumer?
The Banks?
Mortgage Company's?
Investment Groups Buying These mortgages from banks and mortgage companies?
AIG?
From living in Geauga County and owning a home in Chardon, I know first hand what its like to live in a "financial risk" environment. I was very lucky to, not fall into this abyss, yet I was on the edge of falling into this abyss.......
Over inflated housing prices, over inflated house assessments by banks and mortgage companies equals disaster. The bubble is bursting and our Government wants to fix it now! 700 Billion dollars of borrowed money that is not there, definition of another financial disaster, to buy these foreclosure's and defaulted loans.......
Should we not ride this out and let the downturn take place? Fixing a problem, with a bigger problem will not work, especially when its borrowed from us the tax paying public, whom are living with less income.........
One last note. AIG, from what I understand is only affected by 1/4 of its operations, the other 3/4's is stable and financially strong. Why help them now?
|
|
|
|
Post by MarkD on Sept 24, 2008 21:40:17 GMT -5
The housing correction and all the associated lending fallout was bound to happen. Everyone who lives beyond their means and/or borrows beyond their means is at fault. I'm personally proud to have no credit debt. Its one of the reasons I don't own a pair of ZIPPs yet  |
|
|
|
Post by kenb321 on Sept 25, 2008 10:09:39 GMT -5
Just think Mark, If you had the Zipps you might have finished any of your half- irons. ;D
Note: That was purely sarcastic and I meant no disrespect. I have been thoroughly trashed by you in many short races. Please do not use this material as a motivational tool for your off season training. you are quite good at this sport but I am too much of a smart donkey's rear end to let that go. You have mentioned your dnf's on other posts.
|
|
|
|
Post by MarkD on Sept 25, 2008 17:13:48 GMT -5
Ken - you didn't have to qualify your dig. I know you well enough to know better. Besides - with the disclaimer, you've made it tough for me to dig back !!  |
|
|
|
Post by Aussie Rob on Sept 25, 2008 19:07:19 GMT -5
The disclaimer should never be longer than the dig |
|
|
|
Post by Brian Luther on Sept 26, 2008 20:10:39 GMT -5
Mark,
I too, am debt free!
Brian
p.s. a set of Zipp rims would make for an awesome Christmas present.
|
|
|
|
Post by jkneubel on Sept 26, 2008 21:09:53 GMT -5
Mark & Brian,
We were one of those families living beyond our means with car payment, credit cards, & home equity lines of credit until we finally woke up in 2004. We have since drawn a line in the sand to never borrow money again, and cut up all our credit cards & paid off all our debt. We have been debt free for 3 years now. It does get tricky with our multisport hobby trying to squeeze in the equipment upgrades in the budget and the 1/2k registration fee for IMKY. Too bad our government hasn't figured out the living within a budget thing yet.
John
|
|
|
|
Post by Aussie Rob on Sept 26, 2008 22:35:47 GMT -5
I got a new CC to pay exclusively for my IMKY entry.  |
|
|
|
Post by Brian Luther on Sept 27, 2008 8:35:33 GMT -5
John,
Its great to have a success story for a family. Drawing the line in the sand to realize, we have over spent our means, and made a game plan to climb out of debt. Working together is key in that plan, and following it through till its complete.
As for Aussie, I hear he has a credit card for every occasion. ;D
Brian
|
|
jbird
Olympic Member
"It's good to be alive'
Posts: 99
|
Post by jbird on Sept 27, 2008 11:31:27 GMT -5
I wish I could just print more money like the feds do. I could buy Zipps for all of you. ;D
|
|
|
|
Post by Aussie Rob on Sept 27, 2008 14:32:35 GMT -5
But then the zipps would cost $5000!
|
|
Chris
Olympic Member
Posts: 121
|
Post by Chris on Sept 27, 2008 19:14:52 GMT -5
i want zipps, but for 5$
|
|
jbird
Olympic Member
"It's good to be alive'
Posts: 99
|
Post by jbird on Sept 28, 2008 7:47:10 GMT -5
The way gas prices are going we may need snow tires on our bikes to get back and forth to work this winter  |
|
|
|
Post by MarkD on Sept 29, 2008 8:52:27 GMT -5
John - OUTSTANDING !!
I had my "debt epiphany" somewhere around 1997. My credit card $$ was creeping up and I had some healthy student loans and car loans to pay off. I wanted to buy a house. A lender actually told my I would qualify (with all that debt) for an outrageous sized loan. That's when I realized how f*cked up our system was/is. So, I made a commitment to myself:
Pay off everything in 2 years. Don't buy anything not absolutely necessary. Save enough for for a minimum house downpayment with some rainy day $$ in reserve. Buy within my financial means.
The plan succeeded. The house I bought was less than half what the banks were willing to give me - the mortgage, at the time, was right at 1/3 of our pre-tax salaries - the max anyone should responsibly assume. It ain't a big house, but, after 9 years, it'll be paid off within the year.
I agree with the comment about this sport and how expensive it can be. That's why I'm a fan of the local race circuit that is committed to keeping cost reasonable (HFP, NCN, and Champ are all in that category). They all have good balance - especially HFP.
My sacrifice is less pro/college football games. Before triathlon, I went to about 6-8 Steeler or Buckeye games per year. Now, I'm lucky if I go to two - its just too dam* expensive...
|
|
|
|
Post by alison on Sept 29, 2008 9:30:42 GMT -5
I bought my first house a little over a year ago and had a great experience. No one tried to sell me more house than I could buy. I met with the finance guy and after he collected all of my info he simply asked me how much I wanted to spend each month and which area was I interested in buying. He did some math including taxes and insurance and came up with a maximum mortgage I could afford and got me pre-approved for that amount, and no more. No one tried to push me into buying anything more than what originally stated.
I had such a positive and informative team helping me, it is hard for me to understand how people can get themselves in such bad mortgage situation, but then again not everyone is helped through the process with a great group of people, like I was.
One thing I didn't account for was all of the work we are putting into our little house, so with new windows being installed this week we will be tightening our belts in the Yutzy house as well. We have cut down dramatically on how often we go out to eat and drink, but being athletes combined with our love of hosting dinner parties/cookouts, our grocery bill is still huge! Time to start cutting coupons, I guess . . .
Alison
|
|
|
|
Post by keaveny on Sept 29, 2008 10:05:34 GMT -5
Now this splitting-wood-for-heat, chicken-raising, having-goats-for-milking, big-ass-garden-growing, game-hunting, fish-catching redneck doesn't look so crazy, eh Aussie?
Eggs are coming in December.
|
|
|
|
Post by Brandon on Sept 29, 2008 10:21:18 GMT -5
I had such a positive and informative team helping me, it is hard for me to understand how people can get themselves in such bad mortgage situation, but then again not everyone is helped through the process with a great group of people, like I was. There is no doubt not everyone had a group of people like you did. Here is an stripped down example of why we got into the situation we did, and why the housing market crumbled. This occurred to a friend of family... For a first home purchase, the house was bought with $0 down and the A.R.M. payment was at least 50% of their household income. They walked away from the purchase with a $10,000 check. 2 years later, the house had appreciated $60,000 according to their appraiser. So they refinanced and got another $10,000 check in addition to the "appreciated" value of the home. Today, they are hanging onto this house by the hair on their chinny chin chin after a rate adjustment and it is up for sale. They'll never get what they need/are asking out of it in this market, hopefully they'll be able to sell it before they get foreclosed on. Looking at things this way it seems obvious that their mortgage was fraudulent. But, keep in mind this was their first home, and their broker never mentioned one thing about the potential of being "stuck" at such a high interest rate. Their thought all along was that before the A.R.M. adjusted they could 1) refinance or 2) sell the house and collect all the equity that they had (falsely) built. On another tangent....Keveany, growing your own food is very wise! |
|
|
|
Post by Aussie Rob on Sept 29, 2008 10:38:13 GMT -5
Now this splitting-wood-for-heat, chicken-raising, having-goats-for-milking, big-ass-garden-growing, game-hunting, fish-catching redneck doesn't look so crazy, eh Aussie? Eggs are coming in December. Nah, you'll just be a well fed lunatic mate |
|
|
|
Post by keaveny on Sept 29, 2008 10:43:53 GMT -5
Now this splitting-wood-for-heat, chicken-raising, having-goats-for-milking, big-ass-garden-growing, game-hunting, fish-catching redneck doesn't look so crazy, eh Aussie? Eggs are coming in December. Nah, you'll just be a well fed lunatic mate I see I am in the right place. For the record, I'm not crazy just Irish. |
|
|
|
Post by Aussie Rob on Sept 29, 2008 12:03:40 GMT -5
I make fun only because im too lazy to be as self-sufficient. When the apocalypse comes, ill probably come knocking looking for some of those eggs.
|
|
|
|
Post by gvale on Sept 29, 2008 14:19:16 GMT -5
Bust the Unions
|
|
|
|
Post by Charlie on Sept 29, 2008 14:21:13 GMT -5
Kill the poor!
|
|
|
|
Post by Aussie Rob on Sept 29, 2008 14:46:05 GMT -5
Draft them first! It's cheaper if the enemy uses their bullets.
|
|
|
|
Post by Brooks Modie on Sept 29, 2008 16:01:12 GMT -5
The bailout just tanked in the house spurring the Dow to close down over 7%. Looks like we just found the only thing that can lower oil prices. Anyone know where I can find a Hummer at a good price?
|
|
|
|
Post by keaveny on Sept 29, 2008 20:18:39 GMT -5
Now this is an idea that just might work, Charlie. |
|
|
|
Post by keaveny on Sept 29, 2008 20:27:11 GMT -5
I make fun only because im too lazy to be as self-sufficient. When the apocalypse comes, ill probably come knocking looking for some of those eggs. Aussie, I just wished I lived on the west side. To train with you and to take in your wit and wisdom. Then again my training today consisted of digging post holes. Hell of a workout, just not as fun as the bike. It is lonely here in northern Summit County after all with nobody with which to train. If I can afford gas during Armageddon I will meet you half way and give you eggs, goats' milk and some deer chops. Or I will just ride my bike. |
|
