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HydroCabron
2014 May 31, 9:57am
People are no smarter than yeast.
How the hell do we stop the bankers if these tools are determined to offer up their asses to them?
HydroCabron
2014 May 31, 1:24pm
I am still opposed to debtor's prison, but maybe we should open labor camps for people who take out HELOCs.
"We'll own these homes once the bubble bursts. Dumb fucks. They never learn." said Tom Wind, executive vice president of home lending at EverBank, based in Jacksonville, Fla. Starting in June, EverBank will offer Helocs for the first time since exiting the market in December 2007.
Strategist
2014 Jun 1, 12:39am
Some don't ever learn...
Ian Feldberg planned to open a $200,000 Heloc this week with Belmont Savings Bank to help pay his son’s college tuition. The medical-device scientist purchased his home in Sudbury, Mass. for a little over $1 million in 2004, and estimates that its value dipped as low as $800,000 during the financial crisis. However, after applying for the line of credit, he found that its value had completely recovered.
“I’m very pleased about that. My options for tuition fees were either that or to cash in on my pension prematurely,†he said.
Think about that for a minute. A “medical-device scientist†can’t send his kid to college without either a Heloc or cashing in on his pension.
Call Crazy, we are gonna have the pleasure of supporting him in his ripe old age after he spends all his money.
retire59
2014 Jun 2, 12:27am
Déjà vu......then when the bubble bursts and he loses his job, he loses everything.....debt makes you poor, not rich....but for some reason we have been trained to think debt is an asset....math has not changed but most seem to enjoy the taste of this kool-aid again.....
Déjà vu......then when the bubble bursts and he loses his job, he loses everything.....debt makes you poor, not rich....but for some reason we have been trained to think debt is an asset....math has not changed but most seem to enjoy the taste of this kool-aid again.....
Grain of salt - a lot of banks talk their book, and the WSJ is often the mouthpiece, conditioning readers to believe the behavior is acceptable. Don't believe the hype.
bubblesitter
2014 Jun 2, 12:42am
HELOC, the favorite of some bulls here! Yeah, keep cashing out those price gains. You still own the house, don't you? what could go wrong? I mean, things of post 2007 crisis was an exception, and it ain't gonna happen again. This time it is different. LOL.
Yea I'm a bigtime idiot borrowing against my house and tossing the money into the market. What kind of idiot wants 10% quarterly gain against money borrowed at 1.9% APR
Lmao
Strategist
2014 Jun 2, 1:47am
Déjà vu......then when the bubble bursts and he loses his job, he loses everything.....debt makes you poor, not rich....but for some reason we have been trained to think debt is an asset....math has not changed but most seem to enjoy the taste of this kool-aid again.....
Debt for homes, education and emergencies are good debt. They can make you rich.
Debt for vacations, partying and shopping are bad debts, which will make you poor.
retire59
2014 Jun 2, 2:02am
Déjà vu......then when the bubble bursts and he loses his job, he loses everything.....debt makes you poor, not rich....but for some reason we have been trained to think debt is an asset....math has not changed but most seem to enjoy the taste of this kool-aid again.....
Debt for homes, education and emergencies are good debt. They can make you rich.
Debt for vacations, partying and shopping are bad debts, which will make you poor.
There is debt that is practical, but what makes you rich is assets....when you weigh your debt against your assets and after you pay off your debt and still have a lot, then you are rich....history has proven, anything can, and probably will happen, so it still is the person who has the most liquid assets who will be ahead.
retire59
2014 Jun 2, 2:10am
Yea I'm a bigtime idiot borrowing against my house and tossing the money into the market. What kind of idiot wants 10% quarterly gain against money borrowed at 1.9% APR
Lmao
If you cashed in and pay off the debt, and are still rich, then good for you. If not, hope the market does not crash again....but that will not happen.....
Bubbabeefcake
2014 Jun 2, 2:15am
Yea I'm a bigtime idiot borrowing against my house and tossing the money into the market. What kind of idiot wants 10% quarterly gain against money borrowed at 1.9% APR
Lmao
If you cashed in and pay off the debt, and are still rich, then good for you. If not, hope the market does not crash again....but that will not happen.....
Tapping Home Equity
http://m.us.wsj.com/articles/borrowers-tap-their-homes-at-a-hot-clip-1401407763?mobile=y
Home-equity lines of credit, or Helocs, and home-equity loans jumped 8% in the first quarter from a year earlier, industry newsletter Inside Mortgage Finance said Thursday. The $13 billion extended was the most for the start of a year since 2009. Inside Mortgage Finance noted the bulk of the home-equity originations were Helocs.
...
This time, lenders seem to be offering Helocs only to borrowers with good credit in locations where home values have risen, said Keith Gumbinger, vice president of mortgage-information site HSH.com. During the boom, homeowners could borrow up to 100% of their home's value, said Mr. Gumbinger. Now it is most common to see a maximum of 80% and sometimes 85%, he said.
...
"It's really about the stabilization of the real-estate market and property values going up. It gives us more comfort as to the value of the homes--the equity is there and the client profiles look strong," said Tom Wind, executive vice president of home lending at EverBank, based in Jacksonville, Fla. Starting in June, EverBank will offer Helocs for the first time since exiting the market in December 2007.
#housing