patrick.net

dublin hillz says

Why would they spend a dollar to get 35 cents back? Wouldn't it be easier to finance these other expenditures straight up?

Lets say you are going to buy a new Mercedes for $50k. You can either take out a home equity loan for $50k and use it to buy the car, or you can take out a car loan to buy the car. The home equity loans lets you deduct the interest form your taxes, the car loan does not.

That's why it can make sense to do it that way -- so no, you are not paying $1 to get $0.30 back.

Ruki says

Only you would think that getting caught deliberately lying about something I wrote doesn't destroy your credibility in the process.

And only you would continue to make yourself look more and more foolish with each post by making ridiculous claims that are obviously false.

Again--any time you want to get back to the topic at hand, I'm all ears. (or eyes in this case)

When are you going to show me some of that math you kept talking about?

how long is this gonna take? i'm eager to see house prices fall even further!

People with mortgages should be taxed more for adding risk and instability to the economy and thereby affecting jobs negatively.

Seems a simple place to start would be to eliminate the intrest deduction on HELOC's. and perhaps all second mortages. Doesnt seem like much down side to that. Many here may not remember but there was a time when interest on credit cards and car loans was deductable. Seems like it was eliminated in the early 1980's.

AdamCarollaFan says

how long is this gonna take? i'm eager to see house prices fall even further!

If the GOP goes anywhere with this, the other side will have a field day: "Why are they starving granny?"

Then the GOP will reply by questioning the patriotism of the Dems, and also by calling them baby killers, and something something burned the flag, and what would you do if your wife were raped?

The deduction will survive.

Dan8267 says

People with mortgages should be taxed more for adding risk and instability to the economy and thereby affecting jobs negatively.

Instead, how about making sure people who are a risk don't get loans?

HydroCabron says

If the GOP goes anywhere with this, the other side will have a field day: "Why are they starving granny?"

I'm pretty sure that the stereotypical grandma paid off her house a long time ago.

zzyzzx says

HydroCabron says

If the GOP goes anywhere with this, the other side will have a field day: "Why are they starving granny?"

I'm pretty sure that the stereotypical grandma paid off her house a long time ago.

Have you paid any attention to the arguments in favor keeping Prop 13, or forgiving taxes on principal reductions? There are more grandmas who owe > $1 million on their homes than there are Mexicans in Mexico City! And it's not their fault - it's because their home went up in value so much, or something.

(Sorry, Patrick.net, but I'm going to spell that word as "principal." Call me contrarian.)

rooemoore says

Instead, how about making sure people who are a risk don't get loans?

Hey, look everyone: Karl Marx just posted here!