more info on this? a govt. thing?
you should be good for a year or more before rates go up, but it is a lot like asking when to buy a stock.
Yea i know thats why i still started the account. You can close it and take the money so if interest rates look like they rae going to come back up i will just buy a house then.
Yea everyone better pull out their drinking shoes for July it will be a blast.
Oh hai
First Home Club Matched Savings Program
HSBC Mortgage Corporation (USA) is pleased to introduce the First Home Club matched savings program, available for prospective home buyers in New Jersey and New York State. Financed by the Federal Home Loan Bank of New York, this program allows qualified first-time home buyers to earn $4 in grant monies for every $1 saved over a 10 to 24 month period. As a result, potential home owners can obtain a maximum grant of $7,500 for opening an account at HSBC Bank USA, National Association and saving $1,875 through regular monthly installments. At the conclusion of the program, the applicant/depositor will have funds totaling as much as $9,375 to go towards the down payment and closing costs for the purchase of a home.
Although i did it through M&T this is the same thing.
Link
http://www.us.hsbc.com/1/2/3/personal/home-loans/mortgage/mortgage-programs/first-time/first-home
Thats a good damned point…
Its sad to even admit that we’ve gotten to the point where we need to subsidize homeowners in the way that we had to with farming.
Did you see the couple interviewed on TV today?
Their mortgage went from $2500 per month to $8,000 per month.
The interviewer asked, “you read the contract, didn’t you”?
The woman replied with, “No”.
He asked, “Aren’t you a real estate agent”.
She said, “yes”.
Wow.
When I was a loan officer - It used to amaze me how many people never even glanced at their contracts. Professionals & “normal” people alike…
the fuck?!?!?!
Exactly. But don’t worry, the taxpayers are going to pay so she and her hubby can keep their mansion.
Bump
This plan really makes sense to me:
http://money.cnn.com/2008/02/20/real_estate/OTC_refinance_plan/index.htm?postversion=2008022016
“If a house has a $100,000 mortgage originally,” said Bill Ruberry, a press spokesman for the agency, “and the fair market value is $80,000, there’s $20,000 in negative equity. The lender could refinance for $80,000 and a warrant [for the $20,000 in lost value].”
If the house later sold for $100,000, the lender would collect the $80,000 mortgage balance plus the $20,000. If the sale realized more than $100,000, the certificate holder might even get interest on top of the $20,000. Any profit beyond that would go to the borrower. The warrants could be publicly traded.
This is very similar to the plan McCain is pushing BTW.
That is a good idea. They could be traded like lien certs.
oh man, if they start trading those and the FI’s have to report them on their balance sheet that’s going to be another PITA for me :mad:
I like that. Much better than some of the other proposals.
Selling negative equity? I guess that’s not so bad. :meh2:
Note to self: Pay town clerk $10k to change home’s appraisal to $90k. :snky:
I can’t get over how pathetic it is that it must come to this. I can not comprehend this many people going through life without being able to make finacially sound decisions. WTF is wrong with people?
I figured it today at a team luncheon. The subprime mortgage crisis is a direct result of the sense of entitlement that came from everyone getting a trophy when they were kids playing sports.
Too bad the director of my department was sitting next to me when I said that. She coaches her kid’s soccer team. They all get trophies.
what about someone like me that just bought the house and have 29 years to pay it off???
house is est @155k
my calc i still owe 300k on house
900/ month for 29 years
will i get a bailout? … i can pay everything just fine but what makes them say this one will get it
And Fry comes through with another off topic jpg in a financial discussion thread. 
You’re the A.D.D. posterchild. 
I really hope you’re joking.
Nope. You’ve got a brain so you’re a bailer. Not a bailee.
Smooth move there Fry man! I am just in a bad mood is all it is but this is really a joke. There are that meny people out there that can’t pay their fucking bills that need a “bailout” and are fuckign up our economy as a whole. But yet most of them are probably out spending still and enjoying the way of life they feel they need. ANDREW IS NOT HAPPY!
I don’t think I could ever take that crown from forthekicks…
So back to the plan. They refinance for the appraised value of the house. The overage gets put into a separate piece of paper. Do they just sit on that piece of paper if they don’t sell it? Pay interest? I mean, I’m all for transferring debt from a high interest credit card to a low interest loan, but at the end of the day the debt’s still there. What happens?