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Thread: Damn You, Tom Selleck!

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    Re: Damn You, Tom Selleck!

    Quote Originally Posted by OldFatGuy View Post
    Consumer reports did not analyze conventional home equity conventional mortgage foreclosure ratios as a comparison.

    If one is suffering from macular degeneration, don't buy a Maserati. It will be the car's fault when you have a collision with a brick building. Prove me wrong. Silliness, but Consumer Reports all too often functions like those who do food studies, studies without context.
    FFS, another one. ok, ripping off old people and robbing the poor is a right wing tenet. i accept this. for the rest of the hive, i'm too bored to swat, and am heading back to my couch. peace.

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    Re: Damn You, Tom Selleck!

    Quote Originally Posted by Rexedgar View Post
    The was a large settlement in Baltimore, a few years ago. It dealt with lead paint in rental housing units and there were large payments made to individuals, paid out over time. These were low income folks. Along come a few financiers that offer the recipients a lump sum settlement up front, for a fraction of the total payout.

    Another example is, I wont name the company, but they market to veterans, they offer you a large chunk of what you have built up in home equity and one of the things they tell you you can do with this lump sum is put it in the bank or pay off other bills. Who borrows money and then puts that money in the bank that pays much less interest than you are paying for the loan?
    These type of predatory schemes should be outlawed.

    The second is typical of other predatory practices that need to be curbed. The lack of logic by borrowers indicates the lack of financial sophistication. People don't realize a mortgage is a contract, and no contract should be signed without consulting an attorney. A consultation to prevent a mess is far less expensive than cleaning up a mess using the services of the same attorney.

    Bubba made an interesting point when he said the expectations of heirs is a factor toward the negative response in return to reverse mortgages. A mortgage is still a mortgage, and a reverse mortgage can be of value when conventional mortgages can not be available to the retired for lack of income. But again, reserves must be available for carrying expenses and taxes if the desire is strong enough to remain in the same housing unit.
    What kind of a man is a man who has not left this world a better place?

    No one is in control.

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    Re: Damn You, Tom Selleck!

    Quote Originally Posted by Helix View Post
    FFS, another one. ok, ripping off old people and robbing the poor is a right wing tenet. i accept this. for the rest of the hive, i'm too bored to swat, and am heading back to my couch. peace.
    Robin Hood was still a thief. There are thieves on both sides of political aisle. Sheldon Silverstein is still appealing his sentence, and still not in prison.
    What kind of a man is a man who has not left this world a better place?

    No one is in control.

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    Re: Damn You, Tom Selleck!

    Like ANY type of loan, reverse mortgages have their place. And like ANY type of loan, proper management of the money you receive is important. It doesn't look like the lenders hid any of the requirements for these loans. Pay the taxes, keep it insured, get the title changed over in a timely manner. Not that difficult even for seniors.

    And it looks like the lenders don't always come out ahead. Many of those houses are boarded up, some obviously haven't been maintained, and will end up as write-offs by the lender. I suspect how they primarily make any money is filing a claim on the government insurance once it's shown that the home is no longer worth what they loaned out on it. The government can then, if they want to follow through, require the title be turned over to them. Then the government (taxpayer) is responsible for insurance, taxes, possibly refurbishing the home and getting it sold. Good luck on that. Probably shouldn't cost more than $1,000,000 per home.

    Many of these loans didn't even require a credit check. Think they would have been made if the government wasn't backing them?

    The REAL victim here is the American taxpayer.

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    Re: Damn You, Tom Selleck!

    I don't care about the racial aspect of the linked blog and that is just the nonstop race-baiting Democrats do. It is just as tragic if a white, Latino, Asian or any other elderly loses their home on this trickery.

    What I don't really understand, however, is that even without the reverse mortgage the homeowners STILL would have to pay their property taxes or lose their home, so it is ONLY about homeowner's insurance. It is a FACT that if you let your homeowner's insurance lapse, renewing it can be extremely more costly.

    While a person who has NO mortgage isn't required to have homeowner's insurance, they should. Anyone with any kind of mortgage knows they must maintain homeowner's insurance. What is SOMEWHAT burning these people is the absurd markup on the insurance - plus interest on the debt of the mortgage company paying it. This is similar to the extreme markup on a financed car where the person stops buying required insurance - leading to the care being repossessed. However, there are reasons for the much higher premiums as risk factors.

    Congress could cure this by a law limiting the markup and interest on the substitute insurance company the mortgage company provides. That said, ANYONE with a loan suffers the penalties (and foreclosure or repossession) if they don't pay what is required.

    If they just paid their insurance there would be no problem. So, candidly, I'm not really that sympathetic. Too many blacks have been TRICKED by the Democratic Party into believing the government will cover their asses for every screw up they make in life because they are black. Notice the article ONLY cares about blacks whose homes are being foreclosed for lack of paying their property taxes and maintaining insurance - as if somehow holding blacks to the same contract terms everyone else is held to is racist - when there is NO racism in this story whatsoever.

    We know people who STUPIDLY refinanced their homes to get the money (buying cars, the latest cell phones and other non-essentials) - and now are crying about having to pay on their house forever - all their own doing.

    BOTTOMLINE: The financially irresponsible person is who should pay the price, not the rest of us. I don't think $1 of tax dollars should cover those people. It was their stupidity. Everyone knows they have to pay property taxes every year and they thought they could just get away with letting their homeowner's insurance lapse - now expecting others to pay for their stupidity.

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    Re: Damn You, Tom Selleck!

    Quote Originally Posted by Helix View Post
    FFS, another one. ok, ripping off old people and robbing the poor is a right wing tenet. i accept this. for the rest of the hive, i'm too bored to swat, and am heading back to my couch. peace.
    It is the "leftwing" that has tricked many blacks into thinking the government will cover their ass for their mistakes. Mortgage companies are neither leftwing nor rightwing. They are just a business.

    NOTHING new here. If you opt not to have your insurance as part of your mortgage payment you have to maintain insurance - period - whether or not a regular or reverse mortgage. Same for property taxes. Don't pay? The result will ultimately be a foreclosure - including for mounting interest and penalties.

    There is NO racism in any of this. This is how it has ALWAYS been. The only change is many people, particularly minorities now - believe if they don't buy insurance then the risk is the government's/taxpayers - not themselves.

    I'm sick and tired of hearing people who opted not to have flood or other insurance sobbing the government owes them a house when it is destroyed - meaning demanding I buy THEM a house because they gambled on having no insurance. This is the same thing - demanding I (taxpayer) pay THEIR interest, penalties, back taxes and insurance because they didn't.

    I want the government (you) to pay me my gambling loses at the casinos too. Not buying insurance is the gamble of the person who doesn't, not my risk if their gambling is a huge lose to them.

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    Re: Damn You, Tom Selleck!

    Quote Originally Posted by Waddy View Post
    Like ANY type of loan, reverse mortgages have their place. And like ANY type of loan, proper management of the money you receive is important. It doesn't look like the lenders hid any of the requirements for these loans. Pay the taxes, keep it insured, get the title changed over in a timely manner. Not that difficult even for seniors.

    And it looks like the lenders don't always come out ahead. Many of those houses are boarded up, some obviously haven't been maintained, and will end up as write-offs by the lender. I suspect how they primarily make any money is filing a claim on the government insurance once it's shown that the home is no longer worth what they loaned out on it. The government can then, if they want to follow through, require the title be turned over to them. Then the government (taxpayer) is responsible for insurance, taxes, possibly refurbishing the home and getting it sold. Good luck on that. Probably shouldn't cost more than $1,000,000 per home.

    Many of these loans didn't even require a credit check. Think they would have been made if the government wasn't backing them?

    The REAL victim here is the American taxpayer.
    The REAL victim here is - and should be - the person who didn't pay their property taxes and maintain their homeowner's insurance. There should be no risk to taxpayers in any of this - only to the lender and mortgage company. These should NOT be government backed loans - ever. Other than VA loans (one-time), there should be NO government backed mortgages - ever.

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    Re: Damn You, Tom Selleck!

    Quote Originally Posted by joko104 View Post
    The REAL victim here is - and should be - the person who didn't pay their property taxes and maintain their homeowner's insurance. There should be no risk to taxpayers in any of this - only to the lender and mortgage company. These should NOT be government backed loans - ever. Other than VA loans (one-time), there should be NO government backed mortgages - ever.
    Government backing takes all the risk away for lenders; that's why we get these bubbles. BTW; A VA loan can be used over and over. The previous loan just has to be cleared and the VA borrower not exceed their cap limit. My oldest son is an Army vet and on his third VA backed loan.

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    Re: Damn You, Tom Selleck!

    Quote Originally Posted by Waddy View Post
    Government backing takes all the risk away for lenders; that's why we get these bubbles. BTW; A VA loan can be used over and over. The previous loan just has to be cleared and the VA borrower not exceed their cap limit. My oldest son is an Army vet and on his third VA backed loan.
    Didn't know that about VA loans. Thanks.

    Anytime the government gets into capitalism at the consumer level it screws it all up as people then figure it's free money on both sides of the equation.

    Pay your loans per the terms or lose what the loan bought - it's that simple and always has been (or at least still should be). No one was "tricked."

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    Re: Damn You, Tom Selleck!

    When I am a wealthy oligarch, I shall make Tom Selleck shave that mustache off using only his tears for shaving cream.

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