not know who is right...
or who is too Far Right
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JGBellHimself
Well, WMARW, asked you:
are there "a million or 10 million mortgages that could be refinanced that are not being refinanced?"
Pointed out we:
One, there are, we are told, 50% of all mortgagors who are underwater, many by over 50% of (Y)our home's value - so, that number is .5 X mortgages.
Two, there are over a quarter of U.S. - in our prime employment income years - who have lost our jobs, and cannot find a new one - so, that's .25 X U.S.
Three, there are millions of students in college who have no money, and recent college graduates who have no jobs, no income and owe more than they will earn in the next decade, AND must pay on their student loans more than they would pay on mortgage for the cheapest foreclosure home.
And, besides, they are FAR more interested in drugs, sex and rockNroll.
Four, there are millions of U.S. who have BKed, and millions more so far "delinquent", that they will be BKed, and therefore cannot get ANY loan, at any price, from anyone - well, except for the payday lenders @ 360% or more interest.
What effect does your credit standing at the local payday "loan shark" have on your FICA score.
{ And, no, that is not a question.}
So, who's left, but you and me.
We own our own (is that not too redundant?) home, and don't need or want a mortgage. So, that leave ONLY you.
Sadly, that make you totally irrelevant...
statistically and/or politically
are there "a million or 10 million mortgages that could be refinanced that are not being refinanced?"
Pointed out we:
One, there are, we are told, 50% of all mortgagors who are underwater, many by over 50% of (Y)our home's value - so, that number is .5 X mortgages.
Two, there are over a quarter of U.S. - in our prime employment income years - who have lost our jobs, and cannot find a new one - so, that's .25 X U.S.
Three, there are millions of students in college who have no money, and recent college graduates who have no jobs, no income and owe more than they will earn in the next decade, AND must pay on their student loans more than they would pay on mortgage for the cheapest foreclosure home.
And, besides, they are FAR more interested in drugs, sex and rockNroll.
Four, there are millions of U.S. who have BKed, and millions more so far "delinquent", that they will be BKed, and therefore cannot get ANY loan, at any price, from anyone - well, except for the payday lenders @ 360% or more interest.
What effect does your credit standing at the local payday "loan shark" have on your FICA score.
{ And, no, that is not a question.}
So, who's left, but you and me.
We own our own (is that not too redundant?) home, and don't need or want a mortgage. So, that leave ONLY you.
Sadly, that make you totally irrelevant...
statistically and/or politically
------------
JGBellHimself
And, as for YOU, Markos, why are you asking all the wrong question(S)?
Let U.S. suggest one, as an example:
If the NAR is reporting "pending home sales - Rose 7.3% in Nov = climbs to 19-month high since April 2010"...!!!
and
according you, MBA tells U.S. "Mortgage applications tied to the purchase of a home... fell 4.9% on a seasonally adjusted basis."
"Where, precisely, are Those People getting the money?"
Or, if NAR is too Far Right, are the huge increase in "cancellations" due to "Those (stupid?) People" going out to "buy" a home, assuming that they can obtain the necessary financing - somewhere? Or, sell their old home for what they still owe on it?
Or, this one:
What percentage of REFI apps, are by "Those (stupid?) People"?
- who could not possibly get a new mortgage, who don't have the cash to buy down their existing underwater mortgage, and/or are making a last ditch, futile effort to avoid BK by borrowing money to pay off all their other delinquent debts?
And, finally - well, for them, if not U.S. -
How many parents - both divorced and about to be divorced - among U.S., went out and bought Christmas presents using checks on overdrawn accounts, credit cards that still were usable even though the last, few payments were skipped; and/or too much of our "Mad Money" that was stashed away, for emergencies?
And, in a few more days, will not have money for gas - to get the kids to daycare, before work? Nor the "rent" due?
Let U.S. suggest one, as an example:
If the NAR is reporting "pending home sales - Rose 7.3% in Nov = climbs to 19-month high since April 2010"...!!!
and
according you, MBA tells U.S. "Mortgage applications tied to the purchase of a home... fell 4.9% on a seasonally adjusted basis."
"Where, precisely, are Those People getting the money?"
Or, if NAR is too Far Right, are the huge increase in "cancellations" due to "Those (stupid?) People" going out to "buy" a home, assuming that they can obtain the necessary financing - somewhere? Or, sell their old home for what they still owe on it?
Or, this one:
What percentage of REFI apps, are by "Those (stupid?) People"?
- who could not possibly get a new mortgage, who don't have the cash to buy down their existing underwater mortgage, and/or are making a last ditch, futile effort to avoid BK by borrowing money to pay off all their other delinquent debts?
And, finally - well, for them, if not U.S. -
How many parents - both divorced and about to be divorced - among U.S., went out and bought Christmas presents using checks on overdrawn accounts, credit cards that still were usable even though the last, few payments were skipped; and/or too much of our "Mad Money" that was stashed away, for emergencies?
And, in a few more days, will not have money for gas - to get the kids to daycare, before work? Nor the "rent" due?
========
Why The Lowest Mortgage Rates Of The Year Are Having No Effect
http://seekingalpha.com/
=============
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