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Automotive News & Views Do You Favor A Government Loan To The Detroit 3?
3958 messages, Last post on Oct 02, 2009 at 4:52 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: kernick (Jan 16, 2009 9:13 am)
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Replying to: xrunner2 (Jan 16, 2009 10:36 am) |
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Replying to: euphonium (Jan 16, 2009 10:26 am) Gross Annual Income X 3 = MAXIMUM Mortgage. Total Mortgage / 100 = MAXIMUM Monthly Payment. For instance - if your gross income is $70K, the most your mortgage should be is $210K. $210K / 100 = $2,100. Even then, $2,100 is a heck of a burden for somebody only making $70K gross. I'd try to work down from that figure.
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Replying to: lemko (Jan 16, 2009 12:22 pm) Had i believed everything I read before the real estate bubble burst they'd have lent me twice what I paid for the house on an equity loan. Not a chance.
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Replying to: fezo (Jan 16, 2009 12:29 pm) "Let me look into my crystal ball. A friend comes over to see me in my new house financed by your company. My friend says to me, 'What a beautiful house you have, Lemko!' I say, 'Thank you! Let me show you around! There's my milk crate entertainment center complete with a Philco black and white portable, my Sears all-in-one AM/FM 8-track stereo and all my K-tel cartridges. In here is my cable spool kitchen table with expended beer kegs for seats, if you look in front of my huge 3-car garage you'll see my orange 1973 hatchback with the brown door. Would you like some dinner? I've got ramen noodles and a six-pack of OId Milwaukee! Oops, sorry! I'm late for my third job at Wal~Mart!"
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Replying to: lemko (Jan 16, 2009 12:54 pm)
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Replying to: fezo (Jan 16, 2009 1:03 pm) Philly didn't experience the housing bubble like places like Los Angeles, Phoenix, Miami, or Las Vegas. Some places in the nicer suburbs got ridiculous and I shunned them like an ebola-infested gorilla! Today, I pass all those formerly pricy places and they have one thing in common - For Sale signs. My current mortgage+homeowner's insurance+taxes payment is < $1,000! I just hope my current 'hood doesn't suffer the same fate as my old one. The good thing is, they are actually building new homes in my neighborhood that start at $300K! Good luck finding buyers in this economic climate! |
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Replying to: lemko (Jan 16, 2009 12:54 pm)  If the appraisal wasn't high enough for all your furniture, then you would get some high limit credit cards; because after all you're the type of person who could afford an expensive house. Either they were a bunch of crooks, or idiots; OR both.  Now has anyone here figured out how long it will take for GM and Chrysler to payback the loans. Do a best-case study - taking the highest profit either had in the last 10 years, and figuring they'll make 50% of that each year on average going forward (so if GM made 2 billion in their best year, let's say GM makes $1B every year from now on). Also consider this. Stockholders buy a stock to share in the profits. If all GM's profits go to repay the loan, why is anyone going to want GM stock for years? |
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Replying to: kernick (Jan 16, 2009 1:39 pm) The type who can "afford" an expensive house are usually the type who can "afford" to buy a big blingy SUV with the wheels that keep on spinnin' and spinnin' and spinnin'! |
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Replying to: kernick (Jan 16, 2009 1:39 pm)
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