patrick.net

Homeboy says

Ten Pound Bass, zzyzzx, errc, thomaswong, Call it Crazy, and all the others here who complain about the individual mandate should be happy now, but somehow they aren't. ???

someone has to fix it now...energy, time and effort that should have gone to create more jobs!

Call it Crazy says

Wait, Mr. Cheerleader, if O'care is SO wonderful like you claim, why did the the main band leader have to pull his signature achievement???

At what point, do YOU admit it's a disaster??? Your fearless leader is starting to wave the white flag....

Wow, so funny. I can't even tell you how many arguments I've had on this forum where you guys said there shouldn't be an individual mandate. I argued that it was necessary, and basically got called an idiot for doing so.

Well now you guys are saying the individual mandate has been dropped. That should make you HAPPY, because it's the exact thing that you have been griping about for the last 2 years. But no, it just makes you MORE angry. Whatever....

According to the prevailing wisdom here on PatNet, we don't NEED an individual mandate. So let's see how well THAT works out...

jazz music says

IN A FREE MARKET, lenders who are bad judges of credit risk lose money, but when conservatives control the government, the banks just run to the government for help.

Free market s/he says... oh thats rich...

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

------ does the last para. ring a bell of what happened down the road....

Homeboy says

According to the prevailing wisdom here on PatNet, we don't NEED an individual mandate. So let's see how well THAT works out...

worked out for who... did the last 2- 3 years better be spent growing industries and
creating jobs in the USA.. or distractions running after the Liberal agenda regarding health care.

is that really what has been the most important topic on the national agenda ?

Call it Crazy says

That YOU get to pay for... TWICE!!

Sad but true...

Call it Crazy says

No, we argued that there shouldn't be any Obamacare.... Period...

Here is a thread where I argued that dropping the individual mandate alone would be a bad idea, and where curious2 argues that dropping the individual mandate alone would save money:

/?p=1216914&c=876783#comment-876783

Funny - NONE of the people I mentioned agreed with me at the time. But now, you all seem to believe that dropping the individual mandate is a bad idea. I guess it wasn't a bad idea when I said it was, but it automatically became a bad idea when Obama DID it, huh?

thomaswong.1986 says

is that really what has been the most important topic on the national agenda ?

Yes, I think the fact that we had the worst healthcare system of any industrialized country, millions of uninsured Americans, and double-digit annual price hikes made it the most important topic on the national agenda. Sorry you don't agree.

Homeboy says

worst healthcare system of any industrialized country

define worst compared to Canada, Japan, and UK ?

they have shortages and waiting lists... i cant think of anything
worst than someones fixes your issue some 6-9 months down the road..

Homeboy says

millions of uninsured Americans

Jobs... Jobs... Jobs.... lets get the first thing done first..

Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...
Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...
Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...
Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...
Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...
Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...
Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...
Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...
Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...
Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...Jobs... Jobs... Jobs...

Homeboy says

double-digit annual price hikes made it the most important topic on the national agenda. Sorry you don't agree.

allow for competition... its not that hard...

thomaswong.1986 says

allow for competition... its not that hard...

We already HAD a free market insurance system. It didn't work.

Call it Crazy says

Homeboy says

Funny - NONE of the people I mentioned agreed with me at the time. But now, you all seem to believe that dropping the individual mandate is a bad idea.

I think you missed the irony of the thread title... Let me help you..

Call it Crazy says

Obama Repeals ObamaCare

Get it now??

I get that you are a hypocrite, yes. You whine and you whine and you whine about the individual mandate. Then he drops it and you whine about THAT.

Homeboy says

We already HAD a free market insurance system. It didn't work.

across state lines ? what part didnt work....

thomaswong.1986 says

across state lines ? what part didnt work....

Yawn. Your simplistic take on everything does not interest me.

Homeboy says

thomaswong.1986 says

across state lines ? what part didnt work....

Yawn. Your simplistic take on everything does not interest me.

nope... JOBS are not on the agenda... we dont want to see

americans working on icky icky jobs ... dirty water dirty air...

Why just a thread? Why not link the entire garment?

Homeboy says

Call it Crazy says

No, we argued that there shouldn't be any Obamacare.... Period...

Here is a thread where I argued that dropping the individual mandate alone would be a bad idea, and where curious2 argues that dropping the individual mandate alone would save money:

/?p=1216914&c=876783#comment-876783

where is the Beef ?

With the top dog abandoning the ship, it appears Homeboy is running around like a headless chicken...
Call it Crazy says

Homeboy says

Funny - NONE of the people I mentioned agreed with me at the time. But now, you all seem to believe that dropping the individual mandate is a bad idea.

I think you missed the irony of the thread title... Let me help you..

Call it Crazy says

Obama Repeals ObamaCare

Get it now??

APOCALYPSEFUCKisShostikovitch says

HydroCabron says

I know the mother of someone who was wounded in Aurora.

You mean she hasn't been disappeared yet?

My wife said she seemed pretty upset for a few weeks. Probably the stress of living a lie.

Come to think of it, we haven't seen her in months. Hmm...

Call it Crazy says

Bigsby says

These aren't the ARMs of the past as far as I'm aware, and I'm of the understanding that many are done for jumbo loans or for short term financing/refinancing. That doesn't sound like financially desperate individuals.

The question you need to answer is, with 30 year rates in the mid 4's, why is there an recent 3 times the increase in ARM's, when 30 year rates are historically low???

They aren't historically low. If say you were a flipper financing a purchase, which option would you go for? Or say a baby boomer looking to refi to pay for kids through college but with clear plans to down size in the next 5 or so years. Or a rich individual who could pay all cash but funds their jumbo loan with an ARM and dumps the cash into a booming stock market. Or...

Call it Crazy says

Bigsby says

They aren't historically low.

30 year rates aren't at a historically low point??? 4.5% is a "normal" rate??? Right......

It's not historically low though, is it? What were the rates before this year? The point is that certain people might see the benefit in getting an ARM at a 1-1.5% lower rate for a number of reasons and not just that they can't afford the payments on a standard mortgage.

The Democrats Will Save Us. Isn't it pretty to think so.
I don't believe it anymore. The democrats, having lost their traditional sources of funding, turned to the common trough and achieved parity in Corporate PAC funding with the republicans in 2008.
They serve the same Masters now as far as I can see. The desperately needed, life or death reforms won't come from within the two party system. In the words of Wm K Black, You can't vote against the interests of Goldman Sachs.
According to Former President of the United States Jimmy Carter: “America does not at the moment have a functioning democracy."

"while the other party (Dems), once the champion of everyday working people, has been so enfeebled by its own collaboration with the donor class that it offers only token resistance to the forces that have demoralized everyday Americans" Bill Moyer

I have been a registered democrat and voted in every election since I was eligible 40 years ago. From now on i will withhold my consent from this money poisoned Corporatocracy.

Call it Crazy says

jazz music says

Such opinions lose then just as dissenting opinions lose now since Newscorp with FoxNews has bought it's way in to dominate the airwaves and the majority of american people with GOP talking points by their endless parade of attractive female blond anchor persons and tough talking GOP austerity pitchmen in suits.

That's real funny.... Fox bought their way in with blond women... Do they also pay people to watch their channel too??

Really???

No other news channel has females anchors???

Could it be that maybe some people are "waking up" to the lies being told on some of those other networks???

Nah, it must be the blond anchors swaying everybody....

Furthermore any talking points are lost if delivered by too much hotness - can't be good for the agenda ;)

Conservatives are not for small gubmnt-at least the ones that are elected. Dubya the shrub and his merry spending republican congress critters bought us the No Child left behind and the half a trillion dollar medicare spending.

Obozo the clown and his big corporate loving democrats don't care one bit about the middle class. They are worse corporatists then Bush and the repubs.

The joke is on us.

ashag28 says

why is this idiot here?

In their own minds, the Internet belongs to the Anti-Zionist Crusaders. The rest of us are just guests.

Every blog, every comments section, and every forum, if left unattended, will eventually become all Zionism, all the time.

If left unopposed, they would take over the entire Internet.

Oh, and each one claims to be a lone, persecuted voice in the wilderness.

Bigsby says

It's the mortgage of choice in a number of countries

countries that have FUCKED themselves by borrowing more & more money to bid up the cost of housing.

"In the United States, the expansion of the subprime mortgage market has pushed the share of adjustable-rate mortgages (ARM) up from 10% of originations in 2001 to 35% in 2004."

http://www.oecd-ilibrary.org/docserver/download/5kmlh5qvz1s4.pdf?expires=1387775530&id=id&accname=guest&checksum=03C50B4F8DE74C85598F720CCC16A10A

http://www.oecd.org/eco/outlook/39698857.pdf

shows Spain was the world-beater in ARMs before the crash, with Ireland close behind.

shows ARMs were the main driver of price appreciation in California.

These often came with teaser-rate and other juicers to make housing more "affordable" for buyers. Of course, this is impossible, anything that makes housing more affordable for all buyers just jacks up the price, since we have to bid against each other for housing.

Why do ARMs have to be automatically problematic? Giving them to people without reasonable checks is problematic. I was under the impression that the requirements now are much more stringent than they were at the height of the bubble. Selling them to someone who can qualify for a fixed mortgage but chooses not to go that route is entirely different to pushing them on people who can't make those payments.

bgamall4 says

Hydro, the governor just admitted he was prewarned about something like this happening in the state:

And Adam doesn't exist:

The boogity-boo nutcracker techno music in the second video is what sold me.

SoftShell says

With the top dog abandoning the ship, it appears Homeboy is running around like a headless chicken...

Nah, I'm just laughing at you Rushbots. You complained about the individual mandate for 2 years; now you want it back. LOL.

Bigsby says

Why do ARMs have to be automatically problematic?

because it ratchets up the market to those price levels. Housing is sold on the bid, so ceteris paribus the 1 year ARM guy is going to come in with the highest bid.

This is what Denmark has worked themselves into, everybody refi'ing their 1 year ARMs.

But if & when interest rates go up, their market is going to really implode.

Netherlands is even worse, since everyone just gets IO loans.

99% of the problems in any modern economy is that everyone thinks it great when housing prices go up. It's not.

They're all for 1 year?

There is no problem with ARMS until there is. For example I did not think we would ever get past 2.5% on 10 year this year and we almost at 3%

I am not saying that rates are going up from here but what if they do rise to 5%. Basically anybody that has 3 or 5 year arm will be in trouble.

Bellingham Bill says

"Do you think any bum should be able to homestead on your lawn? or the patch of woods giving you privacy from your neighbor?"

Sure. Maximum freedom is what libertarianism is all about, right?

Then you don't understand libertarianism or freedom, or property rights or even the basics of human behavior.

"To prove a legal title to land one must trace it back to the man who stole it."

You are essentially restating the illegitimacy of government.

thunderlips11 says

Simply limit people to 5 properties per household, of any kind, anywhere. Corporations may only own property they use, or better yet, can only lease. Corporations cannot be formed to hold or rent real estate; LLPs are okay but the limits apply to each and every member (ie Joe and Jack buy an office building, it counts as 1 property for both individuals).

Problem solved.

Really smart. So all the developers and builders are instantly outlawed in your scheme. Pray tell how do you keep coming up with those brilliant brain dead "simple" solutions? Do you only have shoe-size IQ simpletons living in your neighborhood?

Corporate entities are often formed to hold real estate (commercial and residential) due to liability and accounting reasons. It is not at all unusual for an individual (household) to have more than 5 properties: small business owners and practitioners like lawyers often own their offices and small business chains. A rental building being condominiumized can often have more than 5 units; your proposed limit of 5 may well force people into consolidate ownership: reversing the condos into apartment buildings to count as 1, perhaps even consolidating multiple buildings into a street block sized single property, with the resulting market becoming much less liquid and less competitive.

bgamall4 says

Bigsby says

That's your response? You forgot to add NEOCON ZIONIST CONSPIRACY.

I have more proof that Sandy Hook parents were actors than you have that the US was not involved in Libya and Syria in the beginning.

So I see you deleted my response. Surprise, surprise. Really, what's the point in responding to someone like you when you simply delete posts that point out the utter idiocy of your 'reasoning?' Anyway, it was amusing for a short while, but your conspiracy garbage gets boring fast with your Sandy Hook hoax bollocks being a new low even for you. Enjoy your lonely paranoid delusions. Make believe that those are 'proof.' The rest of us will just shake our heads at how completely insane you clearly are.

bgamall4 says

Bigsby says

bgamall4 says

Do you doubt a Holocaust survivor, Einstein?

Is there a particular reason we shouldn't?

Oh we should listen to you instead?

Missing the point as always.

bgamall4 says

If I lived in a small town and a hundred families came in from NYC all at once, I would know.

Especially if they replaced all the children, teachers, police officers, ambulance workers, doctors, nurses, hospital workers, local reporters, coroners....

Ah, here comes the Jewish Banker stuff. Some old-school material!

I was beginning to worry that you had not read up on your foundational Jew-hysteria literature, but I was wrong. Well done!

Call it Crazy says

Problem is, most people going for ARM's are doing it because they can't afford the house with a 30 year conventional.

And you know this how? I've gotten 7/1 ARMs before because I was pretty sure my company would relocate before 7 years was up. Why pay the extra 1%?

Call it Crazy says

Bellingham Bill says

That chart pretty much sums it up.... First comes the creative financing, then the price ramp follows....

Not sure I agree with the conclusion. Other than the 2003-2008 time period, I don't see much correlation between ARM ratio and house pricing index. I would argue that underwriting standards correlate much better than ARM ratio.