Comments on: On the Home Front: “All ya 20 and 30-somethings are a bunch of slackers!”

By: WangKon936

WangKon936 — Wed, 30 Apr 2008 22:34:15 +0000

Author of # 23 says, “huh?”

By: JohnT

JohnT — Wed, 30 Apr 2008 21:37:05 +0000

#23 I I served from 92-94!! How about you?!

By: stacked

stacked — Wed, 30 Apr 2008 20:07:48 +0000

yeah and that 350,000 house would turn into a 75,000 piece of property. Not sure what you’re thinking here.

By: swlee

swlee — Wed, 30 Apr 2008 08:23:12 +0000

Damn, if only I had a spare $5000 floating around two years ago I’d have put it down on a $350,000 house. Or perhaps saved a bit longer and put $10,000 down on a $700,000 like Ive always wanted.

By: Linkd

Linkd — Wed, 30 Apr 2008 06:55:41 +0000

I know this comment will disappear in the midst of all the VIOLENT CHINESE PROTEST discussion going on now, but some things in the paper make me wanna watch out for this before buying back into stocks:

That woman up in comment #11 still owes $325K on her mortgage. But her house is now only worth $200K. The intelligent thing to do is walk away. Drop the keys off at the bank and say “It’s all yours.” She’s only 27, her credit will recover. But if millions of Americans do this, good lord. The recovery of the retail banking sector would be slow and paaaainful.

Explains why the Federal Housing Authority is trying to find $400bil in taxpayer dollars to underwrite high risk mortgages. Anything to keep them on the books, rather than recognizing the massive write-offs.

Might happen anyway, though.

By: Zonath

Zonath — Wed, 30 Apr 2008 03:13:53 +0000

Zonath points out the problems with starting out on unknown or bad credit: perhaps buying a smaller house in a different location might solve some of his angst

Angst? I don’t know how you came up with that one. Anyhow, you’re pretty funny, so I’ll let it slide. The finger-waving grandpa act has always been a classic in my book.

By: jtb-in-texas

jtb-in-texas — Tue, 29 Apr 2008 12:24:30 +0000

Lazy whining cowards without the self-respect to honor the contracts they signed. That makes ‘em faithless and craven in addition to having some sort of entitlement mentality… Where, exactly, is “home ownership” listed in the US Constitution or the Bill of Rights?

Zonath points out the problems with starting out on unknown or bad credit: perhaps buying a smaller house in a different location might solve some of his angst… Or developing good credit while living in apartments like the rest of us had to do…

JohnT tries to make a decent point; but unless he’s actually volunteered for and serving in the US Military, he’s just another whingey plodder trying to blame someone else for his own financial incontinence.

May you all find a better way and follow it!

By: hitest

hitest — Tue, 29 Apr 2008 07:56:00 +0000

And things are only going to get worse I am affraid. One of the reasons I left teaching HS physics and chemistry in Canada is because the up and coming generation seemed to inherate the attitudes of the generation before them, but with a much inflated sense of themselves, their self-worth, and justice without responsability.

By: Bipolar Mindscrew

Bipolar Mindscrew — Tue, 29 Apr 2008 07:44:12 +0000

…and exactly how else can younger people with no established credit (which is apparently worse than bad credit) get a “good” mortgage. Even my student loans were prime + 1 which is exactly why I ran off to Korea to begin with…

If default = miss a payment, what is the word to mean “disappear without a trace”?

By: boshintang

boshintang — Tue, 29 Apr 2008 06:39:32 +0000

#10: That’s the only way to get a loan for an average home that’s ten times your annual salary, whereas our parents were buying average homes for two or three times their annual salary.

Ten times wouldn’t be so bad, try 25 times the average salary, and that’s for the college-educated group.

http://www.frbsf.org/publicati.....06-38.html