The Ghost of Credit's Past!

[blast19]

I know this is a long article....but it's a pretty amazing read and articulates well just how stringent lenders will be. People are going to be SCREWED! No joke.

Too long to post here, link:

http://www.nytimes.com/2007/04/01/r...r=1&oref=slogin&ref=realestate&pagewanted=all

 

[gnome]

Maybe it's not a matter of "borrowers being screwed"... perhaps more like lenders using qualifying parameters as they should have been doing all along.

 

[blast19]

Quote from gnome:

Maybe it's not a matter of "borrowers being screwed"... perhaps more like lenders using qualifying parameters as they should have been doing all along.

Touche my friend. I hope the lenders burn to tell you the truth. Their lending practices have been way out of line for a long time...they extended the housing rally to fill their coffers.

 

[blast19]

Just thought I'd share this Shiller created graph:

http://www.nytimes.com/imagepages/2006/08/26/weekinreview/27leon_graph2.html

 

[ByLoSellHi]

I have personal knowledge of prospective home buyers with 700+ FICO scores that are having extreme difficulty getting mortgage approvals.

 

[flytiger]

Did you read the article??? This guy has four surgical offices, but he's in bad deals, and now his kid is a model.

Do you really think he has his mind on some guy's colon???

 

[TheDudeofLife]

It shouldn't be this complicated. Simplify your life, deprive yourself sometimes, it feels good to have no debt.

http://www.pistolwimp.com/media/41738/

 

[blast19]

Quote from flytiger:

Did you read the article??? This guy has four surgical offices, but he's in bad deals, and now his kid is a model.

Do you really think he has his mind on some guy's colon???

Apparently you do!

 

[ByLoSellHi]

Quote from TheDudeofLife:

It shouldn't be this complicated. Simplify your life, deprive yourself sometimes, it feels good to have no debt.

http://www.pistolwimp.com/media/41738/

haha.

Classic. True comedy is rooted in absolute truth.

 

[gnome]

Quote from ByLoSellHi:

I have personal knowledge of prospective home buyers with 700+ FICO scores that are having extreme difficulty getting mortgage approvals.

Maybe their FICO is OK because they're good a being current on payments... however, that doesn't mean they are financially strong.

Anybody who actually IS financially strong* has no trouble getting credit for anything.

Moral... make yourself financially strong. Then, the only financial worry you'll have is how soon the Gummint destroys your wealth.

* Having (1) large assets relative to liabilities, and (b) having large income relative to debt service and expenses.