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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:19 PM Original message |
Question about the foreclosure crisis: how did homeowners "take out" money |
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frazzled (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:22 PM Response to Original message |
1. When people took out equity loans ... |
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MineralMan (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:27 PM Response to Reply #1 |
6. And even worse, some took out equity lines of credit, then |
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Skinner ADMIN (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:26 PM Response to Original message |
2. You pretty much have it right. |
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abumbyanyothername (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:30 PM Response to Reply #2 |
7. But why is that a disaster? |
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Skinner ADMIN (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:36 PM Response to Reply #7 |
13. Because they weren't leaving an overpriced asset in an overheated market. |
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abumbyanyothername (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:37 PM Response to Reply #13 |
14. Right, but if they fully levered |
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Skinner ADMIN (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:44 PM Response to Reply #14 |
16. Somehow I doubt that most people walking away from their mortgages were "having a party." |
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Skittles (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 03:49 PM Response to Reply #16 |
26. it has devastated the people I know who had to do it |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:45 PM Response to Reply #14 |
17. Except the bank gets to go after the borrower |
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Sen. Walter Sobchak (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 12:07 AM Response to Reply #17 |
41. It is rarely worth it |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 08:16 AM Response to Reply #41 |
42. Laws regarding what are ambiguous? |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 08:45 AM Response to Reply #42 |
44. I take your point, altho I do |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 10:31 AM Response to Reply #44 |
45. No no, you're absolutely right |
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Sen. Walter Sobchak (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 03:17 PM Response to Reply #42 |
46. if a junk debt buyer can have "first party" rights to a deficiency judgment |
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FarCenter (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 06:08 PM Response to Reply #14 |
36. You are right about CA, NV, AZ and FL, the state with the highest foreclosure rates |
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sendero (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 03:31 PM Response to Reply #36 |
49. Most states.. |
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Xithras (1000+ posts) Send PM | Profile | Ignore | Mon Aug-24-09 11:47 AM Response to Reply #36 |
54. It's not true that CA protects against pursuit after foreclosure. |
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Tansy_Gold (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:40 PM Response to Reply #7 |
15. Besides destroying their credit, the borrowers who walk away |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 03:33 PM Response to Reply #2 |
24. And I have trouble getting my |
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Skinner ADMIN (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 03:46 PM Response to Reply #24 |
25. Listen to this: |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Mon Aug-24-09 11:22 AM Response to Reply #25 |
53. Thanks for this - n/t |
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SoCalDem (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 06:20 PM Response to Reply #24 |
38. Easy.. bankers & mortgage companies went NUTZ!!! |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 11:19 PM Response to Reply #38 |
40. Without prying unduly, why did you |
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SoCalDem (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 03:29 PM Response to Reply #40 |
48. When we bought in 1981 our interest rate was 8.2% |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 07:47 PM Response to Reply #48 |
50. It sounds like you re-fi'ed for all the right reasons (to secure |
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abumbyanyothername (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:26 PM Response to Original message |
3. You took money out of the home in the sense that |
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Skinner ADMIN (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:33 PM Response to Reply #3 |
11. I think the problem was not that people got attached to their homes. |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:47 PM Response to Reply #11 |
18. Indeed |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:27 PM Response to Original message |
4. we had a conversation yesterday |
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abumbyanyothername (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:31 PM Response to Reply #4 |
8. Do they still have the restaurants? |
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DesertFlower (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:33 PM Response to Reply #8 |
10. no. the first one went out of |
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tularetom (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:27 PM Response to Original message |
5. If you walked away from your mortgage you would still own the car free and clear |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:48 PM Response to Reply #5 |
19. Depends on the state |
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Tansy_Gold (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:52 PM Response to Reply #5 |
20. and you pretty much better plan on living in that car |
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tularetom (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 05:19 PM Response to Reply #20 |
32. Um, I'm not advocating that anyone actually DO this |
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Tansy_Gold (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 05:49 PM Response to Reply #32 |
35. Oh, I understand, and I didn't mean a personal "you" but a rhetorical one |
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Tansy_Gold (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:33 PM Response to Original message |
9. Your understanding is correct |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 04:24 PM Response to Reply #9 |
30. A great and very eloquent response (as |
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northernlights (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:35 PM Response to Original message |
12. HELOC -- home equity line of credit |
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uncle ray (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 08:35 PM Response to Reply #12 |
52. another problem: many people didn't just go out and buy a car outright. |
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Warpy (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:53 PM Response to Original message |
21. When people refinanced their houses and spent the profit |
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earth mom (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 02:54 PM Response to Original message |
22. You're spending the future profits from your home. nt |
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rzemanfl (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 03:24 PM Response to Original message |
23. The Bush Administration, to keep the economy going, especially |
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Liberal_in_LA (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 03:50 PM Response to Original message |
27. Equity loan. Some buyers got 105% loans, loans for more than value of home. |
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SoCalDem (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 04:03 PM Response to Original message |
28. The new mortgage has higher payments & often the "costs" were just added to the end |
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notesdev (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 04:10 PM Response to Original message |
29. Let me clear up some confusion here... |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 05:22 PM Response to Reply #29 |
34. Your "However . . . " is deadly. My wife |
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Robb (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 06:17 PM Response to Reply #29 |
37. As I said upthread, only in some states. |
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notesdev (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 06:40 PM Response to Reply #37 |
39. On recourse |
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Mr Generic Other (362 posts) Send PM | Profile | Ignore | Sat Aug-22-09 04:45 PM Response to Original message |
31. i don't think what you spent the money you got when you refinanced your home matters |
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DU GrovelBot (1000+ posts) Send PM | Profile | Ignore | Sat Aug-22-09 05:19 PM Response to Original message |
33. ## PLEASE DONATE TO DEMOCRATIC UNDERGROUND! ## |
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LaydeeBug (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 08:20 AM Response to Original message |
43. factor in predatory lending and you're about right, my friend. nt |
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NNN0LHI (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 03:24 PM Response to Original message |
47. I refinanced my home 5 years ago after paying it off once |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Sun Aug-23-09 08:01 PM Response to Reply #47 |
51. You are definitely not one who "took money out of your house" or |
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quiller4 (1000+ posts) Send PM | Profile | Ignore | Mon Aug-24-09 11:59 AM Response to Original message |
55. Some homeowners repeatedly refinanced. Yes, they had |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Mon Aug-24-09 07:11 PM Response to Reply #55 |
56. Again, you sound like someone who re-fi'ed for all the 'right reasons' and |
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