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Can't refinance under water


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2007 May 3, 4:35am   24,295 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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171   Malcolm   2007 May 4, 8:50am  

I'm just self centered. Not selfish though, but I am the center of my universe. Oh wait, my perceived universe, which is real to me.

172   Peter P   2007 May 4, 8:51am  

I’m just self centered. Not selfish though, but I am the center of my universe. Oh wait, my perceived universe, which is real to me.

Who isn't? Until you have that out-of-body experience, you SHOULD be self-centered.

173   Randy H   2007 May 4, 8:53am  

I'm still making them cry. I just picked up an angry Latvian/Finnish fanboi stalker recently who keeps sending me barely comprehensible rantings about how evol I be.

My last reply to him was something along the line of:

"muhahahahahaha"

174   Malcolm   2007 May 4, 8:53am  

I had the beginnings of one as a child. It was very interesting, even had the sense that I could know anything I wanted to ask, what a time to get a mental block, normally I ask too many questions.

175   Malcolm   2007 May 4, 8:54am  

Randy, are you taunting the FBs again?

176   Peter P   2007 May 4, 8:55am  

Randy, you should frame some of those masterpiece rants.

177   Randy H   2007 May 4, 8:56am  

LOL

I actually don't taunt many FBs, unless they are named Casey and make a blog parade out of it.

I do taunt stuffed hair shirt academics and weeping fatso fanbois who think a computer game with jerky, clunky graphics represents a brave new world in which they are the future playboys and oligarchs.

178   Malcolm   2007 May 4, 8:59am  

I really need to check out this SL thing. I was always fine just playing monopoly.

179   Peter P   2007 May 4, 9:00am  

Perhaps Patrick should open a shop on SL. I suspect they may soon have housing bubbles.

180   Malcolm   2007 May 4, 9:02am  

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?

181   Different Sean   2007 May 4, 9:05am  

i begun to think edmunds.com had localised content, but no...

Full Test: 2007 Holden Commodore SS

182   Peter P   2007 May 4, 9:07am  

RE: Holden

Wow. I hope they have more seafood shipments from down under as well.

183   Different Sean   2007 May 4, 9:10am  

Malcolm Says:
It was just thrown out on one of those radio shows and it was surprising to me, that’s all. There was no judgment or opinion on my part either way.

reread my reply, malcolm -- irony.

184   Malcolm   2007 May 4, 9:11am  

I wasn't sure, but irony can be pretty ironic.

185   Malcolm   2007 May 4, 9:13am  

I thought you were setting up a 'straw man'

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? :)

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