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Registered Oct 14, 2010
lotr1978's most recent comments:
- On 9 Jun 2013
Obsolete College Professors Resist Their Fate,
Robert Sproul says
Things such as working as a cohesive group, hands-on training, and being able to speak with other students who were in the class in order to get their take on what was said.
I think you are describing a fairy tale for a lot of students today.
The student loan scam that these educators gorge on is modern peonage.
Are students today getting 4 times the education that they were in 1985?
Umm, in my field yeah. What we know now (and teach) compared to 1985 is a huge difference. None of this new information would be known if we went to online, memorization-based curriculum back then (not that online was possible) and effectively fired all those worthless professors whose only job should be to teach people to take tests and do basic math. And if all we do is teach students to take tests and memorize (the online model) then who will be there to write the questions in 30 years.
Here's what people don't get about college professors. Yes we teach, do service to the university and our discipline (review papers, grants, other departments, generate curricula) but we are also our own CEOs and CFOs of our research programs. We understand what an important question is, do the background on that question, seek funding to collect data to answer that question, organize students to help with the project, order equipment and supplies, collect data, organize it, analyze it, spend months writing it up. We do this for several projects at a time, all of our own idea and will. No one tells you what to do, yet you still do it. But we are the bad guys here. Do you know who sets tuition rates? Not the professors, at least not where I work. Depending on the state and institution it is some kind of board of regents - local business leaders and politicians. The people worthwhile in society. If you want to see why student loan debt is so high spend some time at a cafeteria nowadays or cruise through the abundance of private dorms with olympic pools, tanning saloons and higher end retail on the bottom floor.
- On 24 Feb 2013
Drop-off in first-time homebuyers,
I think the market is trying to fill avoid here. I'd call it a niche market. I don't know the all the details on that loan program, but here in the Bay Area, stated income is back. 40% down at 5.5% interest rate for a 5/1 ARM are being done all day long. In 2-3 years when your credit score is improved, you can refinance to 3.5% at 30 years fixed.
I work with a loan officer that can get you a loan at prime rate if you make just $8/hour and have a FICIO score greater than 720. There's another loan program with 5% down at 4% interest rate with no PMI. Pretty crazy if you tell me. Here's the catch. You'd have to get in contract first before you can implement one of these programs.
The question for me is post-FC seasoning. My credit never tanked after a FC in May 2011, it did take a hit but 6 months later FICO was in the 690 range. Now I imagine it must be over 700 though I haven't bothered paying the 20 bucks to find out. I know FHA is 3 years seasoning for FC (2 for BK, now that makes sense). The real estate Sunday talk show on the radio said you can actually do conventional is you have a large downpayment (40-50%). I have yet to verify this.
- On 23 Feb 2013
Drop-off in first-time homebuyers,
I was told by a mortgage broker than there is now a loan program that is portfolio based that will give people a loan the day after foreclosure if they have a 600 FICO. 6.99% 3 year ARM, must stay in for 1 year to avoid a pre-pay penalty of 6 months interest. As someone who lost big last time its very hard to mentally weigh the feeling of missing out with the feeling of becoming a 2 time sucker.
Which part, just curious? I am paying 1500 a month in rent sitting on a 6 figure down payment earning .02% interest with not enough gumption to invest the cash in anything else. The 6.99% rate is 3 points higher than the norm I guess but the mat actually make sense, despite how bad it feels.