Why Baby Boomers Don't Understand Occupy Wall Street

[Rebecca Jo 1,962]

You're kidding, right? Mortgage rates have never been lower!

Mark, I'm not saying rates aren't lower than ever. That's not what I was addressing. slim has been saying how people used to save up for down payments. I'm saying that's not so. People used low down payment programs to get into their houses.

[Rebecca Jo 1,962]

So basically the government helped you but they're not helping people today?

Seriously?

If that's the case then why aren't these knuckleheads protesting the government instead of Wall Street?

Those government programs are still out there.

[Rebecca Jo 1,962]

Yeah, I'm not sure where she's getting that either. I guess she's saying all those programs aren't available anymore.

That must explain why all these underqualified people were able to buy houses they're now foreclosed on.

I'm sure some of these loans went bust. Just like some people lost their houses because they lost jobs. But for the most part it was "liar loans" and low doc loans aimed at people with poor credit histories that led to the glut of foreclosures. Also people with ARM's who didn't think ahead.

The traditional government programs require a good credit history, although there have been many times through the years that the underwriting was loosened up - or tightened.

All I'm saying is it's disingenuous to suggest people use to buy homes by saving up for it. The streets of America are lined with houses where the family made a next-to-nothing down payment, but make the payments on time each month.

[Fandango 1,440]

There are full doc 3% down, government backed loans available right now. Interest rates have never been lower in 30 years. Prices a through the floor. You can qualify for an FHA loan with as little as a 630 credit score.

[scandal 951]

My bills are ridiculous.

$100 cell phone

$30 landline

$200 cable + internet (all premium channels)

$150 car insurance

$100-300 gas/electric

Not even including things like various magazine subscriptions, insurance premiums, monthly parking, storage unit, etc.

You pay $150 car insurance??

You're the GECKO for crying out loud. Doesn't GEICO give their spokescreature shill a discount?

You should switch to Progressive

Anyway, yeah, you are paying way too much in monthly bills.

My car insurance is $500 for 6 months on 2 vehicles. That's about half of your cost. And yes, I do insure with Geico.

What are you driving, a Maserati?

There are full doc 3% down, government backed loans available right now. Interest rates have never been lower in 30 years. Prices a through the floor. You can qualify for an FHA loan with as little as a 630 credit score.

I just completed my 3rd refi in the past 18 months as rates have dropped.

Each time I paid zero closing costs, no points, no fees.

I went from 5.5% 30-fixed to 4.5% 15-year to 4% 15-year to the current 3.5% 15-year.

3.5%!! Unfrigging believable. And if rates drop even further, I'll do it again if I can lock in at 3% though I doubt that will happen.

This is a conforming loan, purchased by Freddie serviced by GMAC/Ally, and I have more than 80/20 LTV with clean appraisal, and >800 FICO, good debt to income ratios, and full docs. I realize this is pretty uncommon today and not everyone can qualify. But for those who can it's an amazing time to lock in a lower mortgage rate.

[Fandango 1,440]

That's a great deal, scandal... BUt you're right, not everyone can do that.

But 3%? coming up with 3% is something pretty much everyone can do. Well, those who have at least a 630 credit score, good employment, and a good dti ratio. If you have less than a 630, you don't deserve locking up the bank's money for 30 years...

What I don't understand about OWS is that there's no clear vision, with any sort of viable alternative. Pissed off you can't qualify for a house, yet loaning money to every sucker is what got us into this mess to begin with, bad, evil, banks who give ppl the oppty to go to school on someone else's dime. To get tax breaks and home ownership on someone else's dime. Wah wah wah

[I AM NOT THAT GUY 5,715]

Mark, I'm not saying rates aren't lower than ever. That's not what I was addressing. slim has been saying how people used to save up for down payments. I'm saying that's not so. People used low down payment programs to get into their houses.

Not me, not my parents. We saved that 20% down payment.

[Sofiyya 1,687]

Not me, not my parents. We saved that 20% down payment.

I agree. For most of my life, that was how most people did it.

[Ban Hammer 13,502]

You pay $150 car insurance??

You're the GECKO for crying out loud. Doesn't GEICO give their spokescreature shill a discount?

You should switch to Progressive

[Rebecca Jo 1,962]

I agree. For most of my life, that was how most people did it.

*shrugs* That's not my life experience or professional experience. I can't think of anyone who had 20% down for their first house. Unless their parents gave it to them.

[Póg mo 1,749]

I'm a babyboomer.

I guess.

I think I understand.

I graduated from undergraduate school in 1975.

College graduates were a dime-a-dozen.

I waited tables (and, made more $ than most of those who graduated with me that year and got work in their chosen field of study), .... and did other odd jobs for 3 or more years, before going to professional school.

AND, ABOUT 5 YEARS LATER, THE AMERICAN ECONOMY WENT INTO ORBIT!

So, all I've got to say is, QUIT BITCHING AND GET TO WORK AND STUDY.

AND, MAKE THE AMERICAN DREAM COME TRUE FOR YOU!

The American economy "went into orbit' in the 1980s because jerks in your generation thought nothing of mortgaging America's future for short term selfish gain.

[Póg mo 1,749]

*shrugs* That's not my life experience or professional experience. I can't think of anyone who had 20% down for their first house. Unless their parents gave it to them.

My parents were able to buy their first home in Australia with more than 20% down in the 1970s but that was in an era before banks began speculators and people in banks working on commission for selling home loans got involved.

[mawilson 2,133]

You pay $150 car insurance??

$150 for two cars, which is actually very good for NYC. (One personal, one business.)

Most people I know who own cars here pay close to $4,000/year. Parking alone costs $400-600/month.

[^_^ 5,021]

I pay 140 a month for 2 cars out here in central joisey so 150 a month in manhattan for 2 cars is awesome.

[slim 1,530]

slim has been saying how people used to save up for down payments. I'm saying that's not so. People used low down payment programs to get into their houses.

And your figures are where?

Those government programs are still out there.

So what's the problem?

it's disingenuous to suggest people use to buy homes by saving up for it.

It may be disingenuous... but it's supported by facts.

There are full doc 3% down, government backed loans available right now. Interest rates have never been lower in 30 years. Prices a through the floor. You can qualify for an FHA loan with as little as a 630 credit score.

I wonder how many of those occupiers have a 630 credit score. Maybe that's what they're protesting.