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these banks are a joke

Discussion in 'Off-Topic Discussion' started by RoyB, Jun 6, 2009.

  1. Jun 6, 2009 at 1:19 PM
    #1
    RoyB

    RoyB [OP] Well-Known Member

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    So last week I got screwed by my HELOC. Well, now that my kitchen is just about done and I want to start the re-fi process....rates go up a TON :mad:

    WTF. 30 year fixed goes from 4.8s to 5.6s in a couple weeks? Why, because job loss isn't as bad as predicted :rolleyes: Add to the fact that gas prices have gone up 50 cents in the same time span. Does the working man EVER get a break? WTF :mad:

    I am so sick of this crappy ass economy and the way banks and oil companies run the US.
     
  2. Jun 6, 2009 at 1:29 PM
    #2
    SaltySteve

    SaltySteve SMO

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    They're saying that unemployment isn't as bad as predicted but actually it's worse than predicted. They had stated that the unemployment rate wouldn't pass 9% if they passed the "stimulus" package. It's now at 9.4%. Yayyyyyyy!
     
  3. Jun 6, 2009 at 1:36 PM
    #3
    Brunes

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    The interest rate that dominates the home loan market is a different rate than the one the Fed sets...and as the Fed adjusts the prime rate to try and control some of the economic meltdown that has been occurring...It effects that housing rate in a more or less inverse way.

    So as the consumer interest rate gets lower...the housing rate goes up. It's still some of the lowest rates in a while...
     
  4. Jun 6, 2009 at 1:58 PM
    #4
    MiikeyD

    MiikeyD The Green Machine

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    and all this shit is happening because retarded people were making homebuyers believe they could afford this and afford that and now no one can afford crap. esp here in cali. I moved to upland in 2003 and my area has over 500 houses (multiple developments). and about 50 families or more have moved out due to bank repos and foreclosures
     
  5. Jun 6, 2009 at 2:05 PM
    #5
    Brunes

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    And retarted home buyers who entered into the largest investment in their lives and decided it wasn't important enuf to read the fine print and learn about it for them selves.

    Not many people who have lost their home over large balloon payments or interest only ARMs are the innocent sheep lead to slaughter by the big bad banks that they want you to believe they are. Hearing the story of the school bus driver making less than 50K a year buying a 680K house..That's nearly half her yearly salary in morgage payments...A little simple math would have shown her that. But she just LOVED that house SOO MUCH...consequences be damned.

    Folks who have lost their jobs and then their homes are victims...
     
  6. Jun 6, 2009 at 2:39 PM
    #6
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

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    Exactly!!!! I don't feel sorry for the banks, since they WON'T work with those that are truly in need to re-negotiate their loans... They don't realize that $XXX.XX is better than $0
     
  7. Jun 6, 2009 at 3:21 PM
    #7
    ForeRunner

    ForeRunner Scotch before noon. Moderator

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  8. Jun 6, 2009 at 5:19 PM
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    ZonKs

    ZonKs Can speak french in Russian.

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    get used to it. the boy genius is only making it worse. At least the gub'mint isnt telling you what appliances to put in your kitchen......yet.
     
  9. Jun 7, 2009 at 7:00 AM
    #9
    RoyB

    RoyB [OP] Well-Known Member

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    Well, that makes a lot of sense. Since unemployment is up, and gas it up, lets raise mortgage rates, but lower prime :rolleyes: You can't buy diddly squat without feeling like you just got ripped off since demand is so low...now they have to make it up on profit margin. I also have to laugh at these figures that the banks are coming up with for house values.

    I bought 2.5 years ago for $360K, it appraised 3 months ago for $350K...I Could live with that. The bank is saying it is worth $270K now. Oh really? They said Zillow price is the most accurate right now which shows it being worth $325K. When I put the right info in (number of bedrooms/baths, it jumps to $349K) WTF. The numbers are all over the place, and thats quite a big discrepency.

    My sister said she bought for $430K 2 years ago and the bank claimed it was worth $330K.

    It looks like they just knocked 25% off of everyones purchase price because they felt like it.....even though house SALES are showing something entirely different. How can they compare my house which is 4 bedroom, 3 bath to houses that are 2 bedroom 1 baths?? I don't get it. The banks are only screwing themselves now. They want to appraise everyones house super low, which in turn makes it impossible for anyone to refi for even sell to move to someplace that they can afford.
     
  10. Jun 7, 2009 at 7:16 AM
    #10
    Pster

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    This is simply an incorrect, inaccurate and wrong statement. I work for Bank of America and the LAST thing any bank wants is to own your house.
     
  11. Jun 7, 2009 at 8:15 AM
    #11
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

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    I know the last thing banks need is more houses... but how often do you (or should I say us - the public) ever hear about banks working with homeowners on their mortgage???? NEVER. Don't know about anyone else, but all I hear is stories about how the bank WON"T work with a homeowener - "pay your payment, or you're out".

    If banks were more willing to work with people, they wouldn't own nearly as many houses as they do....
     
  12. Jun 7, 2009 at 8:19 AM
    #12
    RoyB

    RoyB [OP] Well-Known Member

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    if they do work with you, its only after you missed a crap ton of payments. so instead of avoiding not getting paid and hassle of foreclosures, they want to play hard ball. their greed is what got everyone where they are today and they continue with their stupid bs.

    case in point: them lowering my property value out of the blue and not letting me taking money out of my HELOC to pay off other bills I have accumulated. now I can either pay those bills and not the HELOC or figure out something else. STUPID.
     
  13. Jun 7, 2009 at 8:40 AM
    #13
    JeffRock

    JeffRock Well-Known Member

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    Bankers and lawyers are the most evil people on the planet.. you can't sway my opinion.
     
  14. Jun 7, 2009 at 8:42 AM
    #14
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

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    exactly!!!!!
     
  15. Jun 7, 2009 at 10:57 AM
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    Pster

    Pster Well-Known Member

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    The media simply doesn't report it because it's boring and it doesn't arose emotions in their readers. Banks will work with virtually ANY borrower that steps up and says they have a problem...a legitimate reason. Banks by law cannot talk about their business relationships with any particular client. Bank of America has pledged over $1BN to subsidize lowered payments and longer amortizations for impacted clients. The sad fact is that many people were put into mortgages they could NEVER afford and people just plain stretch too much. Bank of America stopped doing subprime lending over 10 years ago. We inherited a ton of it with the Countrywide purchase.
     
  16. Jun 7, 2009 at 11:00 AM
    #16
    Pster

    Pster Well-Known Member

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    Did they lower your property value "out of the blue" or did your house value actually decline? Mortgages are by definition secured loans.....
     
  17. Jun 7, 2009 at 2:21 PM
    #17
    RoyB

    RoyB [OP] Well-Known Member

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    secured loans, ha yea right. only when they want them to be and when everything is in their favor. soon as they might get screwed or the tables are turned.... oh, we better change our rules to protect ourselves AFTER the fact :mad:

    refer to this post: http://www.tacomaworld.com/forum/off-topic-discussion/38959-so-mad-right-now.html

    and as for mortgage rates still being the lowest ever, i disagree. yea, the percentage is lower, however, house values are way higher than they used to be. the only time the rates were the worst was in the 80s. all the other times they were around 8%. a single income used to be able to afford a house. now, you almost need 2 to do the same thing.

    1970 average income: $9,000; 1970 average home price: $24,000
    2006 average income: $50,000; 2006 average home price: $226,000

    so, in 1970 the average annual income was 38% of the average home price
    2006 the average annual income was 22% of the average home price.

    And to break it down a little more....
    Lets aim high at 10% in 1970. Your mortgage would have been $210/month; $2520/year= 28% of your income to the mortgage

    Aimed low in 2006 with 6% and your monthly woulda been:
    $1354/month ; $16,248/year=32% of your income to the mortgage

    Despite the rates being lower, no one ever takes into account house values and the extra money going to interest. We were better off in 1970 with 10% considering the average income :)
     
  18. Jun 7, 2009 at 2:52 PM
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    Pster

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    So it's all the Bankers and Lawyers fault. No Politicians, Home Builders, Building Supply Venders, Mortgage Brokers are at fault. Right. I have been a corporate commercial banker for 33 years. My best advice to you: Don't borrow. Save, save, save, save. Don't borrow money from others for when you do, you are subject to their demands - it's THEIR money, not YOURS, you are only RENTING IT. If can be done....I have three vehicles: 2006 Taco, 2006 Accord and 2008 Pilot and I owe NOTHING on them. I work ALL THE DAMN TIME. I don't take vacations. I SAVED to pay cash for them. I put 60% down on my home. I am a banker, and I HATE borrowing money. Think about that.
     
  19. Jun 7, 2009 at 3:12 PM
    #19
    RoyB

    RoyB [OP] Well-Known Member

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    why be so defensive? I have no problem paying interest, i have a problem when they play these games....you know, where they decide you can't have your money or raise interest rates a whole point over the course of 2 weeks. its the same thing with gas. someone sneezes and it goes up a dollar over night, but takes months to get back down.

    thats fantastic that you owe nothing on your cars. I owe on my truck and the bike, the vette is paid for. i own 2 houses. I am also 27 years old. How many 27 year olds have 2 houses and 3 vehicles on one income? I think I am doing alright and am playing the game accordingly.
     
  20. Jun 7, 2009 at 3:34 PM
    #20
    Phantom_X-SP

    Phantom_X-SP Rude Boy |><|

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    Why be mad at the bank? They are lending YOU money to get something YOU want. Like Pster said...if you don't want to play by the rules then don't borrow...simple as that.
     
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