|
Rhesus Pieces posted:I'm sure those who are now stuck renting will be pleased to find out who their new landlords are! Land and renting these days is a good place to be, and the overall economic indicators suggest it will be that way for a very long while. Rents aren't the high flying figures of quick money that financial instruments, trading, and debt schemes on Wall Street are, but they are a steady consistent profit that slowly increases in value. When it all goes to poo poo Wall Street is left with a hard drive of excel spreadsheets while the landlord is left with a hard (if illiquid) asset. Put it another way: There is a reason that after the recession Bear Sterns is gone, while Sam Zell still collects his rent checks every month. EDIT: Khisanth Magus posted:The problem is that more and more people are having to buy houses without being able to put 20% down because, well, where the gently caress are they supposed to get that type of money for a down payment in today's economy? The younger generation is entering a workplace where wages have stagnated while cost of living and rent prices have skyrocketed, and parents/grandparents are living longer so there is no longer even the guarantee of inheriting money/an estate to have money for a downpayment as was the way it was often done in the past as I understand it. Not having $10-20k in cash isn't necessarily indicative of not being able to pay your mortgage anymore in my "not a banker" opinion. Your ability to pay your mortgage is something that is determined when you get pre-approved for a mortgage, where they take your income and all your payments into account to see what you could realistically pay. This is why renting is a good field to be in now. Cost of living won't be coming down anytime soon, there is no sign of a sudden wage surge coming from anywhere, the recession wiped out a lot of savings so many can't tap family for help, and high debt levels (plus resistance to getting back in the bad mortgage business) means there aren't any stopgap financial plans to get around it. But families are still forming and growing and they need a place, so they rent Fried Chicken fucked around with this message at 23:20 on May 28, 2014 |
#
?
May 28, 2014 23:16
|
|
|
|
| # ? Jun 5, 2024 02:12 |
|
|
ToxicSlurpee posted:Insurance companies, banks, and the financial sector, last I heard, are all very tightly connected. It's part of how everything got into this mess in the first place. A major portion of the scam was literally "sell bad debt we knew was going to fail, trade insurance on debt, ???, profit." The whole thing was just rotten incentives all the way down, from the lack of underwriting standards to the securitization process, to the inflated ratings, etc. But I'm going to defend PMI because the banks aren't profiting off the PMI. It's intended to balance out the losses from foreclosures. And PMI for FHA loans is to help the FHA when they end up in the loss position. FHA sits in the second loss position (after the borrower but before the bank) so they generally end up paying out in a foreclosure scenario. Forcing PMI on loans with <20% is at least mitigating the risk. Without the PMI I don't think any credible underwriter would allow a bank to originate a mortgage with less than 20% down. The risk is just way too high. I can't talk specifics but there's a reason the FDIC now forces banks to report all their sub-prime and nontraditional mortgage product balances and delinquencies separately when they do their quarterly reports. I'd rather have PMI until 20% so people can get loans through FHA/VA than no PMI and the programs not existing because no lender in their right mind (including the FHA/VA) would give a loan to someone with no equity after 2008. The risk difference really is that stark. Again, compare the differences between how PMI used to be and how PMI is now for FHA loans. If your goal is to encourage homeownership (which is the FHA's goal) there's no reason to make this change. 
axeil fucked around with this message at 23:26 on May 28, 2014 |
|
#
?
May 28, 2014 23:19
|
|
|
It's be cool to have 20% to put down on a house but I'm already paying a mortgage worth of student loans so...
|
|
#
?
May 28, 2014 23:19
|
|
|
Joementum posted:North Carolina is going to study whether they should have an Article V constitutional convention because states rights and term limits and maybe the Articles of Confederation weren't so bad. I guess someone bought Mark Levin's latest book after all.
|
|
#
?
May 28, 2014 23:28
|
|
|
Joementum posted:North Carolina is going to study whether they should have an Article V constitutional convention because states rights and term limits and maybe the Articles of Confederation weren't so bad. I though we already hashed this out around 1865?
|
|
#
?
May 28, 2014 23:31
|
|
|
Not to go all financechat, but I have an FHA mortgage that I got in 2003 on a 30 year term. Does that mean I get to cancel my PMI this year? T'would be nice. I bought my house at the perfect time, just before everything really went bugshit. Got on a first-time homebuyer's program, so it ended up costing me just $500 in earnest money to move in. I feel really bad for anyone who is trying to buy a house now, though the market here isn't batshit insane like it is in some places.
|
|
#
?
May 28, 2014 23:36
|
|
|
SubponticatePoster posted:Not to go all financechat, but I have an FHA mortgage that I got in 2003 on a 30 year term. Does that mean I get to cancel my PMI this year? T'would be nice. I bought my house at the perfect time, just before everything really went bugshit. Got on a first-time homebuyer's program, so it ended up costing me just $500 in earnest money to move in. http://www.consumerfinance.gov/askcfpb/202/when-can-i-cancel-my-private-mortgage-insurance-pmi.html and http://www.fha.com/fha_requirements_mortgage_insurance should help you figure that out. I am not a financial advisor though, so I'd recommend doing your own research and checking the terms of your loan.
|
|
#
?
May 28, 2014 23:39
|
|
|
Fried Chicken posted:Please work the phrase "Class Doorfare" into the thread title  That's amazing.Kiwi Ghost Chips posted:FHA mortgage insurance goes to the FHA, which then pays out on foreclosures. That's the point of the program. The FHA was also looking at some funding issues there for a bit because they had a slew of loans go bad. The root cause? So-called Downpayment Assistance Programs (DAP), where a "charity" would supply whatever was needed to get the borrower up to a 3.5% down payment in exchange for a "donation" by the builder/realtor after closing. Anyone who had 3.5% was instead steered into more expensive properties because the DAP would cover the difference! If you were FHA eligible and looking to buy in 2009 you more than likely were pitched one of these. To the surprise of nobody with a brain what actually was happening is that the purchase prices were just being inflated by the DAP payout plus some to cover the DAP charity's costs, effectively putting people instantly underwater. These loans failed at much higher than would be expected normally based on the % downpayment. So the FHA has been trying to rebuild their fund reserves in case things go sideways in the future.
|
|
#
?
May 28, 2014 23:48
|
|
|
My commencement speaker was Elliot Spitzer.  It was raining, outdoor ceremony. He ripped up his speech and everyone cheered.
|
|
#
?
May 28, 2014 23:55
|
|
|
My commencement speaker was former Panamanian President Martin Torrijos (while he was still President). The only thing I really remember is him saying "You probably won't remember anything from my speech..." near the end and the audience laughing at that.
Il Federale fucked around with this message at 00:35 on May 29, 2014 |
|
#
?
May 29, 2014 00:21
|
|
|
Mine was Janet Napolitano (while she was governor of Arizona)  .I don't remember a drat thing she said.
|
|
#
?
May 29, 2014 00:28
|
|
|
A new study shows that voter ID laws suppress turnout. Also, the sun will rise tomorrow. One interesting tidbit: GOTV calls that mention the voter ID laws were more successful than those that didn't because the main reason for suppression is lack of accurate information about the laws.
|
|
#
?
May 29, 2014 01:23
|
|
|
Ghost of Reagan Past posted:Mine was Janet Napolitano (while she was governor of Arizona) I've been part of, for various reasons, 17 commencements. My favorite speaker was the owner of a local pool supply company who said, and I quote, "education....it...education open door. As a ______ graduate, you are less likely to participate in crime." It can always get worse.
|
|
#
?
May 29, 2014 01:31
|
|
|
Joementum posted:Also, the sun will rise tomorrow. Well. Technically, you can't be 100% sure of that, whereas with the first one...
|
|
#
?
May 29, 2014 01:36
|
|
|
My conservative friends are now touting a claim that the VA is actually overfunded. They cited this, from FOX's website:quote:Despite liberal claims that VA needs more funding, based on a report from the labor union the American Federation of Government Employees (AFGE) that VA is underfunded, the scandal-plagued department actually has a surplus in medical-care funding. Something tells me there's a catch, otherwise why the hell isn't that money being put into hiring more doctors to handle the increased patient load?
|
|
#
?
May 29, 2014 01:46
|
|
|
Shifty Pony posted:A bit of a departure I know but I recently stumbled across this very interesting study which Harvard published in December asks "how's the rental housing market doing in the country?" and the answer is "holy poo poo is it godawful", especially if you are lower income: Do you have another link for this? I can't get to the report for some reason.
|
|
#
?
May 29, 2014 01:48
|
|
|
I rehosted the PDF here, should work: http://docdroid.net/cqfa
Accretionist fucked around with this message at 01:57 on May 29, 2014 |
|
#
?
May 29, 2014 01:52
|
|
|
beatlegs posted:My conservative friends are now touting a claim that the VA is actually overfunded. They cited this, from FOX's website: I think that's their reserve/"rainy day" fund? I'm noticing that it gets smaller every year.
|
|
#
?
May 29, 2014 01:59
|
|
|
beatlegs posted:My conservative friends are now touting a claim that the VA is actually overfunded. They cited this, from FOX's website: I 100% believe that furniture statistic. Literally every single end of fiscal year when I was in the service Battalion and Regimental HQ would buy brand new $3000 chairs for the whole building and completely update their computers. I don't know what happened to the 1 year old $3000 chairs they got the year prior, but I'm sure they end up in officers houses. Like I'm pretty sure that some high end military person has connections to high end furniture makers, because the amount of money that gets spent on it via the military is outrageous. Anything dealing with defense/VA spending has a poo poo ton of waste. Why they don't use it to hire more doctors? I'm sure it has something to do with how they're supposed to spend their budget. I'm sure they can only spend a certain percentage on labor. limeincoke fucked around with this message at 02:06 on May 29, 2014 |
|
#
?
May 29, 2014 02:02
|
|
|
Accretionist posted:I think that's their reserve/"rainy day" fund? I'm noticing that it gets smaller every year. Looking through the budget summaries on the VA's website seems to indicate that its money they saved over the year by cutting costs and being able to cut down on people receiving benefits they shouldn't. How that translates into them being overfunded I have no idea but I have no accounting/business management skills. E: also loving them bringing up the budget trick they did because someone stupidly shut down the government.
|
|
#
?
May 29, 2014 02:05
|
|
|
limeincoke posted:I 100% believe that furniture statistic. Literally every single end of fiscal year when I was in the service Battalion and Regimental HQ would buy brand new $3000 chairs for the whole building and completely update their computers. I don't know what happened to the 1 year old $3000 chairs they got the year prior, but I'm sure they end up in officers houses. Like I'm pretty sure that some high end military person has connections to high end furniture makers, because the amount of money that gets spent on it via the military is outrageous. Anything dealing with defense/VA spending has a poo poo ton of waste. The article mentions that it was rush spending on the eve of the shutdown. You can buy chairs at the 11th hour but you can't really hire a team of doctors on a day's notice. I can think of one way Republicans could have prevented that spending: by not loving shutting down the government.
|
|
#
?
May 29, 2014 02:08
|
|
|
cheerfullydrab posted:The discussion two pages back reminded me that my grandmother, who is still alive, had a grandfather who served in the Army of Northern Virginia the entire war. How many grandchildren of Civil War vets are still around? How old is she, and how old were her father and grandfather when the respective child was born? I ask because I was in Antienam for Memorial Day, and the tour guide at the Field Medical Hospital said his grandfather served in one of the Pennsylvania regiments. I was trying to figure out how it would be possible, except for exceptionally long generations, or he meant his great-grandfather. Also for commencement chat: I had Buzz Aldrin for mine. Science! Space! It was an awesome speech, and got to get my picture taken with him. Really capped off my education, getting to shake his hand. (and he didn't punch anyone, either)
|
|
#
?
May 29, 2014 02:11
|
|
|
SALT CURES HAM posted:Hmm... uninteresting speakers or paying a war criminal thousands of dollars... uninteresting speakers or paying a war criminal thousands of dollars... really loving hard decision While I disagree with her politically, she has accomplished a great deal. As well, she is a member of one of the most disadvantaged groups in this country, I wonder if that would impact her speech at all.
|
|
#
?
May 29, 2014 02:14
|
|
|
Cutting funding to the VA will surely win over veterans! Seriously though, many people deserve to go to prison over this scandal. At best it's widescale fraud, at worst it's murder.
|
|
#
?
May 29, 2014 02:14
|
|
|
Kerry to Snowden: Come on, just "man up" and come home you pussy. Huh? You some sorta human being? Bitch.quote:US Secretary of State John Kerry has labelled intelligence leaker Edward Snowden a fugitive from justice who should "man up" and return home. Yeah that'll work I'm sure
|
|
#
?
May 29, 2014 02:17
|
|
|
Lote posted:Cutting funding to the VA will surely win over veterans! I agree, the republican congressional delegation should be arrested and tried.
|
|
#
?
May 29, 2014 02:19
|
|
|
Fabricated posted:Kerry to Snowden: Come on, just "man up" and come home you pussy. Huh? You some sorta human being? Bitch.
|
|
#
?
May 29, 2014 02:23
|
|
|
tbp posted:As well, she is a member of one of the most disadvantaged groups in this country.... Members of Augusta National?
|
|
#
?
May 29, 2014 02:23
|
|
|
JT Jag posted:When has Snowden indicated that he believes in America? What kind of idiot would these days anyway?
|
|
#
?
May 29, 2014 02:30
|
|
|
beatlegs posted:My conservative friends are now touting a claim that the VA is actually overfunded. They cited this, from FOX's website: Don't look at it as a raw amount. Look at it as a decreasing cash surplus every year as they increase their service load. A $450 million surplus in a $60+ billion budget is really nothing especially if their cash reserves have actually decreased since the lat year
|
|
#
?
May 29, 2014 02:34
|
|
|
tbp posted:While I disagree with her politically, she has accomplished a great deal. As well, she is a member of one of the most disadvantaged groups in this country, I wonder if that would impact her speech at all. I don't know about that, Lesbians have come pretty far in the last few years.
|
|
#
?
May 29, 2014 02:38
|
|
|
Joementum posted:The article mentions that it was rush spending on the eve of the shutdown. You can buy chairs at the 11th hour but you can't really hire a team of doctors on a day's notice. That kind of spending is pretty common at the end of fiscal years/funding schedules, at least in the grants/government projects I've been involved with. They write a budget that has to be able to survive unexpected emergencies throughout a given time period (things breaking, etc.). At the end of the funding term, if there's money left over, they can be penalized in next years budget for requesting too much in the past one. The inability to have perfect predictive power a long time into the futures sometimes leads to a perverse set of incentives - you spend the money on whatever you can at the last minute, and all the review committee sees is that you used all the money that they gave you; this obviously means they should probably give you at least the same amount next time.
|
|
#
?
May 29, 2014 02:40
|
|
|
I really never thought that the GOP would simply knee-jerk react against anything that Obama does. Like, sure, it was funny when they were like "NO BLACK LADY GON TELL ME TO DRANK WATER!" but who the gently caress ever realistically thought that the GOP would actively want to gently caress veterans while looking like they're loving veterans? It's some through-the-looking-glass poo poo.
|
|
#
?
May 29, 2014 02:41
|
|
|
A candidate for Lt Gov in South Carolina wants to abolish public schools because they are anti-Christian, pagan, and godless. Not sure how they can be both pagan and godless, but whatever.
|
|
#
?
May 29, 2014 02:48
|
|
|
My commencement speech experiences were pretty mixed: I graduated from Bronx Science in '06 and because it's a specialized High School like TJ in Virginia famous guys occasionally come by for the commencement speech. I *wish* we had Neil Degrasse-Tyson since he's an alum but obviously he can't perpetually awe seniors at his alma mater. For whatever weird reason we got Richard Dreyfuss who was dressed like the Kentucky Colonel and cried at the national anthem, then had a very rambling emotional speech about how we were humanity's and America's last hope because we're smart and we have to learn the mistakes and triumphs of history, and the former Comptroller of NYC Harrison J. Goldin who said nothing of note. Our rival school decided to get Conan O'Brien (somehow) to do a monologue of jokes about how bad our school is. I graduated a semester early at Michigan so gently caress me I missed out on Obama's 2010 big house speech which friends of mine sold their spare tickets for big cash. Instead I got Jeff Daniels, who has a small performance art charity thing in Michigan. He played the guitar and made a joke about being in Dumb and Dumber and basically told us to not compromise ourselves. Grad school graduation in Berkeley a year or two ago was basically some Silicon Valley coolaid drinker who said we needed to integrate ourselves with the technology of the internet and how we have to change the world. I mostly remember Dreyfuss' speech because he seemed to be somewhat on the verge of an emotional breakdown. Anyway, in crazy sovereign citizen crazy news, Cliven Bundy has officially renounced the Republican Party: http://www.washingtonpost.com/blogs/the-fix/wp/2014/05/27/cliven-bundy-leaves-the-republican-party-herd/ Apparently, he joined a very fast-growing party called the Independent American Party. Sounds freedom loving, shall we look at their platform? Independent American Party posted:
So a theocracy with redistribution of wealth? Probably they think privatizing the entire government will make it rain for the average man...good luck with that! It sounds like a fun new kind of cult looking to shelter itself from the Federal government! But these natural rights, what are their specifics? Well, there's stuff from Frédéric Bastiat, they love this Ezra Taft Benson guy, who the hell is he? Wikipedia, educate me: Ezra Taft Benson's Wikipedia Entry posted:Benson was an outspoken opponent of communism and socialism, and a supporter, but not a member, of the John Birch Society, which he praised as "the most effective non-church organization in our fight against creeping socialism and Godless Communism."[4] He published a 1966 pamphlet entitled "Civil Rights, Tool of Communist Deception".[5][6] In a similar vein, during a 1972 general conference of the LDS Church, Benson recommended that all Mormons read Gary Allen's New World Order tract "None Dare Call it A Conspiracy".[7][8] Oh. Right. Fresh thinking for the 21st century. Ooo, there's even a survey to help this new party educate themselves of how real 'murcans feel about political ideas: http://www.independentamericanparty.org/education-center/questionnaire/
|
|
#
?
May 29, 2014 03:15
|
|
|
Nybble posted:How old is she, and how old were her father and grandfather when the respective child was born? I ask because I was in Antienam for Memorial Day, and the tour guide at the Field Medical Hospital said his grandfather served in one of the Pennsylvania regiments. I was trying to figure out how it would be possible, except for exceptionally long generations, or he meant his great-grandfather. My great-grandma told me a story about her big brother walking home from the Civil War when I was knee high. Grandpa's 92 now. He was Army Air Corps in WWII, and he'll be around another ten years no problem. Just got him an new computer. He loves his Roku, by the way - he gets to see all his Yankee games with the _right announcer_. (He's from the Bronx, you don't get to make fun of his Yankees.) If the tour guide's over 60, it's not impossible, I'd say. Course, I do refer to anyone in the direct line as my 'grandpa', myself.
|
|
#
?
May 29, 2014 04:11
|
|
|
Blindeye posted:they love this Ezra Taft Benson guy, who the hell is he?
|
|
#
?
May 29, 2014 04:27
|
|
|
tbp posted:While I disagree with her politically, she has accomplished a great deal. And yet, you commit just one war crime and they call you a war criminal. Where's the justice, I ask you? 
|
|
#
?
May 29, 2014 04:34
|
|
|
axeil posted:As someone who lives in DC and will probably be paying around 40% to half my monthly net income in rent after I move, I can agree that the rental market is totally insane. Another interesting point, if you Google for a rent calculator and find any website where they allow comments almost every single comment is "there is no way anyone can afford to spend only 33% of their income on rent." I recently passed on a job in DC after I started looking into living costs. It was a good job, would have been great experience and contacts, but the pay was pretty bad even by not-DC standards, making it the sort of job only someone who didn't actually need to work could take. Nearly anywhere else I could have made it work, probably, but poo poo just didn't add up for DC.
|
|
#
?
May 29, 2014 04:34
|
|
|
|
| # ? Jun 5, 2024 02:12 |
|
tbp posted:As well, she is a member of one of the most disadvantaged groups in this country, I wonder if that would impact her speech at all. It sure didn't impact her willingness to be part of probably the third worst administration in the entire breadth of US history!
|
|
|
#
?
May 29, 2014 05:37
|
|