AtomicCEO Posted August 17, 2007 Share Posted August 17, 2007 proninja takes the internet deadly serious. He's written a book in this thread, and you still couldn't slap together 2 people who agree with him. Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted August 17, 2007 Share Posted August 17, 2007 So again....I end up w/ the last post on a page and no one will see it! Quote Link to comment Share on other sites More sharing options...
Puddy Posted August 17, 2007 Share Posted August 17, 2007 proninja takes the internet deadly serious. He's written a book in this thread, and you still couldn't slap together 2 people who agree with him. I largely agree with him. Does that make two Quote Link to comment Share on other sites More sharing options...
Puddy Posted August 17, 2007 Share Posted August 17, 2007 So again....I end up w/ the last post on a page and no one will see it! I saw it. I just don't like to get in the middle of a fever-pitched rant. Quote Link to comment Share on other sites More sharing options...
Brewer Posted August 17, 2007 Share Posted August 17, 2007 proninja takes the internet deadly serious. He's written a book in this thread, and you still couldn't slap together 2 people who agree with him. I agree with some of what he has said. I also agree with some of what you said. I kind of agree, maybe, with what Puddy said. That probably makes all of us idiots. Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted August 17, 2007 Share Posted August 17, 2007 I saw it. I just don't like to get in the middle of a fever-pitched rant. I understand, my friend, but I do get a little crazy with all this "Speculation, I'll be rich w/ no work" BULL CHIT! Be happy in your work, no free meals, love your job, love your family more/most, Die with a smile on your face that a mortician can't take off. Yeah, old timer talkin', but at least consider what I said! Peace! rr26 Quote Link to comment Share on other sites More sharing options...
CaptainHook Posted August 17, 2007 Share Posted August 17, 2007 jesus. this thread was boring. Quote Link to comment Share on other sites More sharing options...
proninja Posted August 17, 2007 Share Posted August 17, 2007 Perhaps I should've used the word "irresponsible" instead. I disagree that this broker should be absolved from blame, given this person's bad credit, debt, and limited income. I never said he should. Perhaps you missed when I said he should @#$@# himself in the @#$@#$@ Quote Link to comment Share on other sites More sharing options...
proninja Posted August 17, 2007 Share Posted August 17, 2007 (edited) "The house is under valued, I can't really afford it, but I'll make big bucks if everything falls into place." BULL CHIT! - I've seen this done to great success "It's only 40% of my gross income, but I can eat bag lunches for a year." BULL CHIT! I've done this. I'm doing this now. Don't seem to be having a problem. W.TF is the matter w/ buying a house JUST to live in? Nothing Watch the infomercials. GET RICH QUICK is the theme! BULL CHIT! Maybe not "rich" and maybe not "quick" but plenty of people have made plenty of money off RE in the last few years getting interest only loans on homes they couldn't have qualified for otherwise. W.TF is the matter w/ working, living within one's means, bagging some 401's, and retiring when the numbers work?? Absolutely nothing Yeah this is personal. A good friend of our's son is gonna go bankrupt! He's a believer in the American dream....get rich quick! BULL CHIT!His name is on his Mom's house, he hasn't paid rent on another house the Mom owns in over 2 years. She will be screwed! And that makes me Rant over! That's very unfortunate, but it certainly isn't the loan's fault. It also isn't the fault of someone who wanted to invest in real estate. It was your son's good friend's fault. Unfortunately, he ended up on the wrong side of the risk/reward continum. I'd wager that has a lot more to do with him than the lending industry. There is no such thing as an inherently "good" or an inherently "bad" loan. Loans are simply financial tools designed to acomplish specific goals. The problem comes in when people use the wrong tools for the job, as has happened with the example that started this thread. Essentially, they tried to hammer a 16 penny nail into a beam using an allen wrench, and messed up their hand pretty good. That doesn't mean an allen wrench is a poor tool. The same with having a high DTI, or any of this other stuff. It can be used to great success if part of a plan. Edited August 17, 2007 by proninja Quote Link to comment Share on other sites More sharing options...
proninja Posted August 17, 2007 Share Posted August 17, 2007 Speaking of PMI. If someone purchased a home within the last two years, and put down just the required 20 % to eliminate PMI, then the housing market collapses, and home values drop, can the Mortage Co. come back and demand PMI ? No. They can't renegotiate the terms agreed upon. Quote Link to comment Share on other sites More sharing options...
proninja Posted August 17, 2007 Share Posted August 17, 2007 proninja takes the internet deadly serious. He's written a book in this thread, and you still couldn't slap together 2 people who agree with him. I'm here to make sure the proper level of seriousness exists on the internet. Without that, who knows what would happen. I'm trying to help figure out a way for someone to save her house. I probably came off as a bit of a stick in the mud. I'll ditch that reputation at the ECB draft in a week and a half. Quote Link to comment Share on other sites More sharing options...
proninja Posted August 17, 2007 Share Posted August 17, 2007 One thing guys - Lenders don't want people to get foreclosed on. At all. We've seen 121 of 'em go out of business since December because of default rates. So far, the lenders have taken the worst of it - far worse than people as a whole. They were guilty of faulty underwriting guidelines that were far too liberal. They were stupid enough to believe that people could pay those loans back. The people were stupid enough to take advantage of such loans. This isn't something that one party "did" to someone else. This was a confluence of stupidity that happens during big runups of any kind of market. Do you think the Tech companies wanted to bankrupt people when their stock went from $80 to worthless overnight? Absolutely not. It's bad for everyone. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted August 17, 2007 Share Posted August 17, 2007 Do you think the Tech companies wanted to bankrupt people when their stock went from $80 to worthless overnight? Absolutely not. It's bad for everyone. Um.....not everyone. Quote Link to comment Share on other sites More sharing options...
darin3 Posted August 17, 2007 Share Posted August 17, 2007 proninja takes the internet deadly serious. He's written a book in this thread, and you still couldn't slap together 2 people who agree with him. And he didn't know what D/I meant. Quote Link to comment Share on other sites More sharing options...
Chavez Posted August 17, 2007 Share Posted August 17, 2007 So again....I end up w/ the last post on a page and no one will see it! You are who, again? Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted August 17, 2007 Share Posted August 17, 2007 They were stupid enough to believe that people could pay those loans back. The people were stupid enough to take advantage of such loans. Isn't that basically what I said in post 24 when you then answered by telling me that I was throwing "stupids" around to make myself feel better? (even though I never used the word stupid to begin with) You're complicated. Quote Link to comment Share on other sites More sharing options...
ABearWithFurniture Posted August 17, 2007 Share Posted August 17, 2007 Yesterday was our first day in our new home in Austin...was a Coral snake sitting on my front porch when I went out to my car last night. Welcome back to Texas... Quote Link to comment Share on other sites More sharing options...
darin3 Posted August 17, 2007 Share Posted August 17, 2007 Yesterday was our first day in our new home in Austin...was a Coral snake sitting on my front porch when I went out to my car last night. Welcome back to Texas... Hope to see ya soon. Wife and I are very close to buying a place up off Burnet/183. Quote Link to comment Share on other sites More sharing options...
The Holy Roller Posted August 17, 2007 Share Posted August 17, 2007 Yesterday was our first day in our new home in Austin...was a Coral snake sitting on my front porch when I went out to my car last night. Welcome back to Texas... But did you get a good loan? Quote Link to comment Share on other sites More sharing options...
ABearWithFurniture Posted August 17, 2007 Share Posted August 17, 2007 But did you get a good loan? My wife wanted to quit working for a few years so she could stay home with our 1 and 4 yr. old boys...so we opted for a 10/20 interest only fixed to keep our initial payments down. Once she goes back to work in a couple of years we'll pay beyond our interest to lower our P/I. Our interest rate was right at 6.5 and the mortgage broker is a friend of mine from college. With the mortgage, interest, and hazard insurance it all came up to about 1725 a month. On the plus side I got twice the size house/lot that I had in California for about half the price...of course it's got snakes, lizards, scorpions, spiders, and other assorted critters in or near it (must be why the price is so low)...and now it's got a few bears in it as well! Quote Link to comment Share on other sites More sharing options...
ABearWithFurniture Posted August 17, 2007 Share Posted August 17, 2007 Hope to see ya soon. Wife and I are very close to buying a place up off Burnet/183. Awesome...give me a call next week if y'all still have time for lunch. Quote Link to comment Share on other sites More sharing options...
TimC Posted August 17, 2007 Share Posted August 17, 2007 Courtesy of The Onion (language warning) Quote Link to comment Share on other sites More sharing options...
proninja Posted August 17, 2007 Share Posted August 17, 2007 Isn't that basically what I said in post 24 when you then answered by telling me that I was throwing "stupids" around to make myself feel better? (even though I never used the word stupid to begin with) You're complicated. No, actually, it's not. I may be complicated, but I'm usually right. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted August 17, 2007 Share Posted August 17, 2007 proninja takes the internet deadly serious. He's written a book in this thread, and you still couldn't slap together 2 people who agree with him. he is dropping good knowledge, and you are getting pwned. Quote Link to comment Share on other sites More sharing options...
proninja Posted August 17, 2007 Share Posted August 17, 2007 he is dropping good knowledge, and you are getting pwned. You can always tell someone is in waaaaaaaaaay over their head when they start quoting very small parts of your posts, and saying things like "that's too long, I don't have time to read it even though I spend all day on a message board." Quote Link to comment Share on other sites More sharing options...
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