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Can't refinance under water


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2007 May 3, 4:35am   24,216 views  283 comments

by Patrick   ➕follow (59)   💰tip   ignore  

underwater houses

During the boom, if borrowers asked about the adjustable rates on their mortgages, they were told "oh, you can just refinance and start over".

But no one told them you can't refinance if your house is under water, that is, if the loan amount is more than the value of the house. Banks won't go for that, even in the continuing lax lending environment.

So their rates will adjust upward, and they won't be able to pay the mortgage, or refinance, or sell for what they paid.

Interesting times ahead.

Patrick

#housing

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186   Different Sean   2007 May 4, 9:17am  

self-ironic irony... i believe the 1/3 stat, it's more likely in all reality than the GQ or FHM or Cosmo image... I think most women are pre-wired to play it safe and restrict sexual access for psycho-biological reasons, but it can vary across cultures... in many species, selection revolves entirely around female choice...

187   Different Sean   2007 May 4, 9:20am  

hmm, a straw man like 'rich libs using carbon taxes to assuage their consciences'?

188   Malcolm   2007 May 4, 9:21am  

The thing I can't figure out though, the guys that I know that fall into the category are not ugly nerds, or even losers. One is actually an attorney, whether that's good or bad I don't know.

Yet, I see the ugliest people walking around with kids. I can't figure it out. There's a good song that goes "been around the world to only find that stupid people are breeding....."

189   Malcolm   2007 May 4, 9:22am  

Was being funny, I'm tired of seeing that thrown around.

190   Malcolm   2007 May 4, 9:26am  

When I heard the term 'breeder' a few years ago, I hit the deck laughing. That is the funniest thing to call someone.

191   Different Sean   2007 May 4, 9:28am  

ben folds five -- but i don't remember the song title...

192   Malcolm   2007 May 4, 9:30am  

That's the only part of the song I know.

193   Different Sean   2007 May 4, 9:39am  

something about 'fighting and feeding' also...

194   HeadSet   2007 May 4, 9:43am  

"If I start a speculation fund today, would you send me money?"

What would you call it?

The name "GC Speculation Fund" would be a marketing tragedy.

195   Peter P   2007 May 4, 9:46am  

GC stands for Gentle Cheetah, right?

The "Grand Cheetah Fund" sounds cool.

196   HeadSet   2007 May 4, 9:48am  

As in "We Cheeta you out of your money?"

197   Different Sean   2007 May 4, 9:51am  

ooh, it was Flagpole Sitta, by Harvey Danger, my bad. bit like 'choose life'

I'm not sick, but I'm not well
and I'm so hot 'cause I'm in hell

Been around the world and found
That only stupid people are breeding
The cretins cloning and feeding
And I don't even own a TV

I wanna publish 'zines
And rage against machines
I wanna pierce my tongue
It doesn't hurt, it feels fine
The trivial sublime
I'd like to turn off time
And kill my mind

198   Different Sean   2007 May 4, 9:53am  

Choose life. Choose a job. Choose a career. Choose a family. Choose a fucking big television, choose washing machines, cars, compact disc players, and electric tin openers. Choose good health, low cholesterol and dental insurance. Choose fixed-interest mortgage repayments. Choose a starter home. Choose your friends. Choose leisure wear and matching luggage. Choose a three piece suite on hire purchase in a range of fucking fabrics. Choose DIY and wondering who you are on a Sunday morning. Choose sitting on that couch watching mind-numbing, spirit-crushing game shows, stuffing fucking junk food into your mouth. Choose rotting away at the end of it all, pishing your last in a miserable home, nothing more than an embarrassment to the selfish, fucked-up brats you have spawned to replace yourself. Choose your future. Choose life... But why would I want to do a thing like that?

199   Malcolm   2007 May 4, 9:54am  

I would have never guessed the title. I was going to guess it was I'm not well. Now we know.

200   Malcolm   2007 May 4, 9:58am  

Is that an ode to the baby boomers, or the WWII generation?

I got the nicest black leather carryon luggage from Wilson's Leather. I usually don't shop there, but I got both pieces for $150. All leather.

201   azrob   2007 May 4, 9:58am  

I agree with the poster who said "after a certain age, men become invisible or disgusting to younger woman"

My 24yr old friend is short fat bald and has bitch tits; But his gf said the other day, how gross it is that woman her age (23) date me (43), despite the fact that I look alot like george clooney. She's dating a troll with no future, and runs down the millionaire who used to model...

It is very hard for me to get dates with even a 30 year old american woman. Pero hay ultras culturas en este mundo que valoran un hombre en una manera distincto. There are other cultures that value a man in a completely distinct way. Thank God I speak Spanish and Portuguese... I am on my way to south america for 3 months next week!!!!
And I will have more attention there in 3 months then I would get the rest of my life here...

202   HeadSet   2007 May 4, 10:06am  

azrob,

I lived in the Azores for 15 mo, but all I seem to remember of the local tongue is "Desculp, noa falla Anglais" and "no faz mal"

There was one term I would like if you could explain. Something using the word "barega" (pot belly?) refering to putting off a problem. Do you know that phrase?

203   HeadSet   2007 May 4, 10:07am  

Oh, and "Traga me uno Cerveza, se faz favor"

204   astrid   2007 May 4, 10:12am  

azrob,

Is his girlfriend attractive enough to be your girlfriend? Might just be a case of sour grapes.

205   astrid   2007 May 4, 10:13am  

It's also very untactful, unless you know her well.

206   Peter P   2007 May 4, 11:16am  

I hear nothing but horror stories, that you can draw a paycheck for 4 months and do nothing and they wouldn’t know.

Horror? For whom?

207   Peter P   2007 May 4, 11:19am  

plus he got harrassed a few times because he drove a Nissan Sentra

I guess a Lexus would be fine at Ford.

Why Sentra anyway? I would take a Buick Lucerne over any Nissan. :)

208   HeadSet   2007 May 4, 11:22am  

I toured a Chevy S-10/GMC Sonoma factory in Ohio when I was at grad school. One item I remember is that although the welding was done by robots, they had a team of welders on hand. Every now and then, a welder would get up, go over and hit a spot the robot "missed." It was no secret the welders were superfluous. Wonder how much they were paid.

209   Brand165   2007 May 4, 11:22am  

Not if their reality is that house prices go up 15% per year just because they do. I wonder if David Lereah is a sophist?

No, David Lereah is unemployed. Although that may be the result of his failed attempt to be a sophist. Fortunately, even the empircal guys will admit that we have finally reached the bottom in the housing bubble, with the subprime problem contained and the inventory working its way out of the system.

I wonder if being a sophist tastes bad? Maybe bullshit is an acquired taste.

210   Peter P   2007 May 4, 11:28am  

GC, is your fund based in Grand Cayman Island? :)

211   surfer-x   2007 May 4, 11:33am  

trainspotting

212   surfer-x   2007 May 4, 11:39am  

Plus, what’s the hurry? A man can party until he is 35, that leaves plenty of time to marry and raise a family. Works out well, since the desire to party ebbs a bit at that age.

I can verify this.

213   astrid   2007 May 4, 11:41am  

I would imagine mostly as a meal ticket.

If I was a relatively successful guy, I would not marry people (just in case I was gay) from a lower socioeconomic class or countries with per head GDP under $10,000US. Possible exception for parts of Southeast Asia.

214   astrid   2007 May 4, 11:43am  

Peter P,

Sophist is a complement on you. I've never seen anyone defend hydrogenated fats with so much...charisma.

215   astrid   2007 May 4, 12:28pm  

TOLurker,

Pinetree has Cool Breeze, which is a short season cucumber that allegedly starts bearing in 47 days. I'll send some seeds soon.

Jimbo,

Sorry for taking absolutely forever. Would you be interested in sweet peas. They're perfect for a perpetually cool and foggy place.

216   azrob   2007 May 4, 12:42pm  

fantasma:

thats the best you got to make fun of my typing? go f*$ck yourself...

I love brazil, argentina and chile... I would go there even if I didn't find Latin women superior in every possible romantic way to gringas...

Go back to work and pay your rent... I own 3 homes free and clear, plus my consulting fees when I bother to work... Twice your income easily and 5 or 6 months of vacationing a year... I am learning chinese now too, I had a blast there last year.

Your best shot is trying to insult me, cause you will never have 1/10 the life I have.

217   azrob   2007 May 4, 2:29pm  

as opposed to squeaking by in california? hmm let me think... nope I'll stick with az... Saw enough of california during my graduate work at UCB, and a few years working and living in hermosa beach. I came to az in the mid 80's and bought several homes, as they went flying up I sold half and paid the rest off; If this bubble truly bursts big time like the future rockafellers on here keep expecting, I will buy as many as possible when the rent to price justifies it. Either way, in a few more years I am movin on, I think I will live in Chile for a few years,or maybe Thailand.. go ahead sling away with insults; like anyone cares...

218   ozajh   2007 May 4, 5:41pm  

GMH (General Motors Holden) is indeed a wholly owned subsidiary of GM.

The recent Pontiac GTO (left-hand-drive Holden Monaro) was small beer compared to the left-hand-drive Statesman sedans exported to the ME and badged as Chevrolet Lumina's.

The Statesman is a rear-wheel-drive sedan about the same size as (but few other similarities to :)) the BMW 7-series, and the optioned version is the limousine DS was referring to above. It's mildly interesting that Ford Australia had this local-luxury market sewn up for many, many years and basically lost it due to a decision to stop offering V8's. By the time this decision was reversed, that particular market segment was gone to GM.

At one point GM was seriously looking at importing the GMH Commodore ute to the US and badging it as a Chevrolet El Camino. Engine/gearbox would have been a slightly smaller GM engine in a lower state of tune (but probably with the GTO drivetrain as an option for an SS version or some such).

I believe the main impediment to them going ahead was the UAW.

GMH also has a successful engine export program from Australia for small 4-cylinder engines. I believe the biggest customers used to be Daewoo in Korea. Labour costs are not a big issue in engine plants, which these days are very highly automated.

219   Different Sean   2007 May 4, 5:57pm  

GM now owns the Daewoo plant in Korea, apparently, and is producing the 'Holden Viva' there (Vauxhall Viva in Europe, etc) -- a bit like buying an affordable Hyundai badged up as a GM. I drove one as a rental recently, it was OK, $20K on-road new. Obviously GM still has the successful Astra range andother offerings offsetting the 6.0L V8s which aren't selling terribly well at present.

GM-H now also produce a 4-door ute (!) which has a tiny rear cabin for the tradesman with kids, something like a station wagon with the rear roof cut off, I guess, or a 4-door pickup. I believe they had to use the longer luxury Statesman wheelbase to fit it all in...

220   Different Sean   2007 May 4, 6:09pm  

how could these beasts not sell !!?? I didn't realise the El Camino was a similar concept, thought it was some sort of pickup with a segmented rear tray, etc...

221   Peter P   2007 May 4, 6:46pm  

Sophist is a complement on you. I’ve never seen anyone defend hydrogenated fats with so much…charisma.

I do not defend hydrogenated fats. However, I will defend consumer freedom. :)

222   Different Sean   2007 May 5, 12:18am  

Randy H Says:
RE: Weimar & die Inflationszeit
This is *exactly* my point. Weimar had no credible military power. They hyperinflated as a result of crippling foreign debt obligations.

ah

223   Allah   2007 May 5, 2:28am  

FB's selling everything including their EDA's (toys).

224   Allah   2007 May 5, 2:30am  

...and here is what they paid for the townhouse in 2001.

225   cb   2007 May 5, 2:55am  

One item I remember is that although the welding was done by robots, they had a team of welders on hand.

I remembered some of the robots were in cages for safety reasons, not for safety of the workers but people were sabotaging robots in the early days.

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