The real rate home mortgage business is (PLUS POINTS of course, can't forget the points) a loan sharking business. PERIOD. END OF STORY.
You being a "banker" in that gig is even more indefensible during this real estate-asset bubble currently ongoing.
In case you haven't noticed, the asset bubble is NOW in your sector, and it will end up badly for all but the bankers, who will just take possession, flip it back onto the market through you in house real-estate department, hose the foreclosed homeowner and loan on the same piece of property again. That's pretty rauchy. So bankers like you don't go for knee-caps or chopped off pinkies. Oh, no, you are more dignified, you just take their homes at 125% equity home loan deals and then re-pressure your "clients" after signing the original papers to re-fi and re-fi and re-fi to continue to make money on rapidly evaporating home equity.
You aren't dealing with a green-teenager here...I've seen this housing/loan sharking mortgage busting cycle before, and I will be seeing it again, shortly.
So, I don't <de>fault you for trying to make a non-housing sector buck. <---Thot I better 'splain that...
As far as you being insulted about being called a loan shark..I believe that is how you signed your first post of 3 identical posts to me on this thread on Saturday this past weekend.
I'm only calling you what you call yourself. And in the interest of fair play, where is your blast at Harry K who also called you "sharkie?????."
I'm not throwing stones at you...I'm using your personally uttered descriptor to communicate with you on your level. This communication technique is called neuro-linguistic programming. Paid big bucks for that seminar back in my life-insurance rep days.
FWIW, that is how we financed our first home, with a 35K/30yr mortgage in 1968 at 5.25%, complete with whole life policy and credit life kicker. Now THAT's was a good deal. And never did a refi either. Why would I? House payments on a 2800 square foot brand new ranch on fenced 1/2 acre in established sub-division of Wichita Kansas? House payment: $120 per month of $168 mortgage, with $48 being life insurance portion.
Now, to your alaturistic suggestion that I should/or would like to make more money, I simply don't have the problem with greed that you seem to have. Accumulating regularly, 24K gold at LESS THAN $20 per oz and selling for 10 to 15 times that amount regularly for the last 12 years, like clock-work is all the money I need to make. If I can't sustain life at that rate of return, well, shame on me. And it's legit, no paperwork, and my product is in constant demand because it is no one else's LIABILITY.
So, if you don't have to time to study or get good in the mineral mining business, what the hell are you doing messing around in this sector???
Why don't you play the bankruptcy index options, or one of the dozens of interest related indices, or a QQQ or some such.
You claim your game is economics. Why aren't you in a sector you at least understand? Long or Short?
Your turn.... |
