Here we go again!

[buckman]

In the wake of the subprime implosion, the Obama Administration has stepped up its scrutiny of disadvantaged neighborhoods' credit access


A Renewed Crackdown on Redlining - BusinessWeek

[Chesapeake Bill]

I say let them all get on buses and drive to the bank so they can be turned down properly! Nothing galls me worse than seeing banks have to lend to people who have no intention of repaying or cannot afford the loan. It is an insult to those of us who worked hard to maintain excellent credit.

[Piscator]

Originally Posted by Chesapeake Bill

Nothing galls me worse than seeing banks have to lend to people who have no intention of repaying or cannot afford the loan. It is an insult to those of us who worked hard to maintain excellent credit.

I don't think anyone can disagree with that point

[JohnR]

Originally Posted by Chesapeake Bill

I say let them all get on buses and drive to the bank so they can be turned down properly! Nothing galls me worse than seeing banks have to lend to people who have no intention of repaying or cannot afford the loan. It is an insult to those of us who worked hard to maintain excellent credit.

Kinda makes me wish I had overextend and refi'd my house to 120% of value at the peak. My neighbors did. Now half of those house have foreclosed when they were so upside down that the neighborhood values have tanked and sucked up all my equity.

I have to pay for this once with the loss of value in my house even though I was responsible and did not over extend myself. And I get to pay for it AGAIN over years in taxes against the money that the country has to borrow. So will my kid.

And the Dems blame the Repubs and the Repubs blame the Dems as Rome burns.

UnFrackingBelievable.

[Chesapeake Bill]

John,

You are right. I am lucky that I don't have beighbors too close to affect me. You work hard and it often seems like they constantly take and take. Justice Souter saw to it that we don't own our houses anymore. I just hope the tax advantages remain.

I have an acquaintance who walked away and in Maryland the bank will come after you for the differenece. He is in for a big suprise!

[JohnnyD]

Homes are a bad investment... plain and simple. Between the consistent votes to over-ride Prop. 2 1/2, all the other taxes, insurance, repairing/replacing roofs, potential liability, volatility of the market outside of anyone's control (up and down), crime/scum spreading to random areas and did I mention taxes - there's just so much that can go wrong and so many better ways to invest that money.

In some of the areas here, you can rent a house for less than a mortgage and without all the liability. Hot water heater dies or the septic needs to be replaced? Not my expense.

The lady and I are buying a house and, unless we find something undervalued, neither of us would consider it an "investment". It will be nice to own our home and not have landlords to deal with, but just as I wouldn't buy a used truck as an investment neither do we consider a house one. Now-a-days, a house is a luxury purchase.