http://therealjamesdean.com/2008/09/30/the-banking-industry/ Rebel, still in search of his cause Mon, 14 Feb 2011 17:29:35 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://therealjamesdean.com/2008/09/30/the-banking-industry/comment-page-1/#comment-126 Evil Stepmom Wed, 01 Oct 2008 21:12:33 +0000 http://therealjamesdean.com/?p=97#comment-126 AMEN Brother! I had to wonder what line of bull these people were fed who set up ARMs. Rates almost always go up. Sad thing is, I switched from Compass to WaMu because I thought they would be more stable (and the fact that Compass ripped me off). Sometimes you can never tell. At least I like Chase. AMEN Brother! I had to wonder what line of bull these people were fed who set up ARMs. Rates almost always go up. Sad thing is, I switched from Compass to WaMu because I thought they would be more stable (and the fact that Compass ripped me off). Sometimes you can never tell. At least I like Chase.

]]> http://therealjamesdean.com/2008/09/30/the-banking-industry/comment-page-1/#comment-125 Kelsey Little Wed, 01 Oct 2008 02:34:53 +0000 http://therealjamesdean.com/?p=97#comment-125 There is a sale on Wall Street the prices are down and I have always felt that is the time to buy. I say this with enthusiasm because the market has always returned. Since 1925, before the biggest crash ever, the market has had many deep dips and has returned. Seven years ago, just before 911 the market had reached the 14,000 mark, just about four years ago it was in the 7,000 range. Yes my 401K is down but when the market returns, as it always has, I will be in good shape because I continued to buy while the prices were low. Should we be worried? I think there is reason to be cautious but if you look close you will see that it is the Federal Government that OKed and required the loaning institutions to make loans to people that could not afford/qualify the homes they bought. Do you remember the political BS that came out " We need to help all Americans become a home owner everyone should have the American Dream of owning a home". I remember hear that and then all these crazy loans came about so that people that could not afford the payments got loans that would ballon or differ the interest to a later date. The reasoning the loaning institutions gave us for getting into these very ricky loans was that the home will increase in value, you will be making more money (we all automatically get raises and promotions each and every year right no one ever get fired laid off or becomes ill), you will be getting a tax break for paying the interest, your home is an investment. Does anyone remember or ever got into one of these loans. Please remember the loan officers get paid for these loans and they want a payday too. That is not the only problem though. We need to be responsible and live within our means, save money, sacrifice, determine what is really needed and what is just something we want. There is a sale on Wall Street the prices are down and I have always felt that is the time to buy. I say this with enthusiasm because the market has always returned. Since 1925, before the biggest crash ever, the market has had many deep dips and has returned. Seven years ago, just before 911 the market had reached the 14,000 mark, just about four years ago it was in the 7,000 range.
Yes my 401K is down but when the market returns, as it always has, I will be in good shape because I continued to buy while the prices were low.
Should we be worried? I think there is reason to be cautious but if you look close you will see that it is the Federal Government that OKed and required the loaning institutions to make loans to people that could not afford/qualify the homes they bought. Do you remember the political BS that came out ” We need to help all Americans become a home owner everyone should have the American Dream of owning a home”. I remember hear that and then all these crazy loans came about so that people that could not afford the payments got loans that would ballon or differ the interest to a later date. The reasoning the loaning institutions gave us for getting into these very ricky loans was that the home will increase in value, you will be making more money (we all automatically get raises and promotions each and every year right no one ever get fired laid off or becomes ill), you will be getting a tax break for paying the interest, your home is an investment. Does anyone remember or ever got into one of these loans. Please remember the loan officers get paid for these loans and they want a payday too.
That is not the only problem though. We need to be responsible and live within our means, save money, sacrifice, determine what is really needed and what is just something we want.

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