Hello CB Ilaine, There had always been some doubt on whether you are in fact either a card carrying member of the Club of Prime Evil or a tag-along tail to the Team of the Prime Ignorant, and now there is none.
So, you think 12% interest rate in a monetary environment of 18% M3 monetary increase and 10% genuine price inflation is <<usurious>>? Between ignorance and evil, what will you admit to?
And then, you think some 2005, 2006, and 2007, moronic, greedy, slothful, and not good for his word mortgage borrower should be forgiven for his nothing down, interest only, no documentation liar loan now? 36 months into his self-chosen serfdom? So many months away from the 7 year mark? Between prime evil and ignorance, what will you admit to?
But your political ignorance, economic lack of awareness, null set lack of mathematical take, and 200% for sure conviction will soon enough be rewarded with a leader youtube.com you deserve, who shares your agenda, that be spend, borrow, spend more, print, lie, default and then confiscate, systemically, hardwired, and without shame
Let me randomly pick an example, a bunch of greedy folks choose to borrow nothing down interest only and lever up, on an average take home of $ 75k, to buy homes at median value of $ 540k, be burdened with $ 12k annual property tax take, $35k of interest payment, greedily hoping to make lucre by looting savers.
Now they suffer, cry babies that they are, blessed with a certain annual negative flow of $ 47,000, offset by a possible $ 24k but soon to implode rental proceed, net net minus $ 23k, and facing a 35-50% decline in asset thus financed, greedily.
In the meantime, the puffed up $75k now does not go nearly as far as the $65k of 2002, due to inflation of everything the cry baby need and the war he must fight, to kill women and children who did him no harm, in the land of biblical past.
And you have the tenacity to speak of the bible to me, and with full conviction, to forgive the greedy lot who have not even begin to learn?
latimes.com
THE BIG FIX
Realty reality: Housing prices are headed way down
Southland house prices have risen past sustainable levels for most homeowners.
By CHRISTOPHER THORNBERG
December 28, 2007
In 2002, the median price of a single-family home in Los Angeles was $270,000 and the median homeowner's income was $65,000. With a $50,000 down payment, the annual cost of that house (taxes, insurance and payment on a 30-year fixed-rate conventional mortgage) would add up to about 33% of the median household's income -- just under the 35% mark that the Federal Housing Administration calls the upper limit of "affordable."
By 2006, the cost of that same house doubled, to $540,000 -- pushed by unbridled speculation fueled by unparalleled access to mortgage capital. But median income rose a paltry 15%. So today that same set of costs come to 60% of gross income. |
