This story is very disturbing. Our modern economy and way of life really, has been based in large part on home ownership, building wealth slowly and having a house for retirement. It's no coincidence that 30 year mortgages are standard: buy when you're 30, have it paid off by the time you're 60 and mostly done working. Here's a blurb:
In a sign that more foreclosures could be on the horizon, 23% of people with
mortgages owe more than their home is worth, according to a report released
Tuesday. Almost 10.7 million U.S. mortgages were "underwater" as of September, said research firm First American CoreLogic.
So this Thanksgiving, if you're in the 77% of the fortunate people, remember to give thanks for it.
Before the game on Sunday, LL got caught cozying up to the Geico Gecko.
Today I went to court with Ricardo as his corrupt, stealing and lying developer was going through Federal bankruptcy court. The bank was trying to take over the four units the developer owns in Ricardo's building plus two others in hopes of recouping their money. Good luck. Even though this trial went well including Ricardo's testimony as the condo association President, it will likely be 6 months before they can get him out of the building....and that's if he doesn't actually make any more payments at all.
This was the judge and room the trial was in today. If you're scum, you could do a lot worse than getting her as your judge. She's ridiculously lenient to those who have run afoul of the laws. Geeez. Two and a half hours of detailing how this guy lies and doesn't pay his debts and has no way of repaying them unless he cheats someone else, and the judge throws him yet ANOTHER life line.....after three years of this crap. Unbelievable.
But I did like these urinals!! Those judges get first class treatment!
6 comments:
erm, I don't see a lot of urinals so I wouldn't be able to comment on that last one. But that does suck about Ricardo's landlord!
"It's no coincidence that 30 year mortgages are standard: buy when you're 30, have it paid off by the time you're 60 and mostly done working."
Except (almost) no one does that. The average time in a house is like 7-10 years.
Mortgages are 30 years because that makes the payments nice and low.
That's true now Eric, but 70 years ago, people lived in one house much longer. Otherwise, why not make the standard term 45 years or 60 years for an even lower payment? Even 20 or 25 wouldn't be an unreasonable standard. I think the bankers thought about it in terms of a life debt and created the standard. But maybe I'm giving them too much credit.
"That's true now Eric, but 70 years ago, people lived in one house much longer. "
And 70 years ago, most people were probably paying cash for the house.
30 year mortgages really didn't appear until the FHA was created (in the early 1930s).
Which was 70 years ago! I don't know what percent paid cash, but it can't be a coincidence that 30 years was chosen as the standard.
Who would have thought that LL would be two timing you with a reptile!
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