Prediction: Trump Out/Ryan In

[Tom Joad]

Originally Posted by MrPots

Indeed, in the US there are so many unnecessary fingers in the mortgage pot.

I often hear people talk about how if you are trying to get anything done in some third world shithole country you have to have a pocket full of cash to bribe the officials.

Then I think, don't we have to do pretty much the same thing here, except that we have legitimized it by calling it "fees"?

The one that really gets me is the survey requirement that they have in Florida.

Every time a house changes hands someone has to fork out $400 or so bucks for a survey.

What the fuck is that all about?

How often does a piece of real estate get up and move?

[merrylander]

Originally Posted by Boreas

But you voted for the government that maintained the status quo. You can't have it both ways, Rob. You can't take credit for maintaining one system with your vote while denying responsibility for maintaining another system in the same way.

John my views are known to my elected representatives as I maintain correspondence with all three. As others have noted in this thread rather than having to bribe officials it is done under the guise of 'fees'.

I have always written to the people who 'represent' me in government after all they are not mind readers.

[Rajoo]

Originally Posted by Tom Joad

I often hear people talk about how if you are trying to get anything done in some third world shithole country you have to have a pocket full of cash to bribe the officials.

Then I think, don't we have to do pretty much the same thing here, except that we have legitimized it by calling it "fees"?

The one that really gets me is the survey requirement that they have in Florida.

Every time a house changes hands someone has to fork out $400 or so bucks for a survey.

What the fuck is that all about?

How often does a piece of real estate get up and move?

Same difference except it is legal here. We have probably refinanced the house we live in (since 2012) a handful of times for lower interest rates and each time we have to pay for the appraisal/title search, etc. It's a scam and it's legal. In a third world country it's illegal but can be negotiated down, but not here. So each time it's a cool $4K+ closing costs.

[merrylander]

Originally Posted by Tom Joad

I often hear people talk about how if you are trying to get anything done in some third world shithole country you have to have a pocket full of cash to bribe the officials.

Then I think, don't we have to do pretty much the same thing here, except that we have legitimized it by calling it "fees"?

The one that really gets me is the survey requirement that they have in Florida.

Every time a house changes hands someone has to fork out $400 or so bucks for a survey.

What the fuck is that all about?

How often does a piece of real estate get up and move?

Sounds much the same as Title Insurance here that is supposed to cover you arse in someone with a lien against your property shows up after you settle in - it is a scam plain and simple. The $400 figure seems to be universal.

[icenine]

Originally Posted by Tom Joad

I often hear people talk about how if you are trying to get anything done in some third world shithole country you have to have a pocket full of cash to bribe the officials.

Then I think, don't we have to do pretty much the same thing here, except that we have legitimized it by calling it "fees"?

The one that really gets me is the survey requirement that they have in Florida.

Every time a house changes hands someone has to fork out $400 or so bucks for a survey.

What the fuck is that all about?

How often does a piece of real estate get up and move?

No Tom
My wife is from the Philippines.

We don't routinely shake down people for the smallest things. In the Philippines to get anything done money is often required. People get shaken down by the traffic police just so the cop (not the city) can get some money. And in many cases there was no traffic infraction to justify the stop.


You talk a lot about stuff you don't know about.

You see Tom you bash your country a lot without really knowing how good you have it. Our system has some major flaws but it is still better than where my wife is from. Way better. That outpatient surgery you are whining about paying? In the Philippines if you cannot pay they let you die.

[icenine]

Originally Posted by Rajoo

Same difference except it is legal here. We have probably refinanced the house we live in (since 2012) a handful of times for lower interest rates and each time we have to pay for the appraisal/title search, etc. It's a scam and it's legal. In a third world country it's illegal but can be negotiated down, but not here. So each time it's a cool $4K+ closing costs.

If you can even get a mortgage in a third world country...a friend from Afghanistan told me America was great because you could buy a house on credit, something he could not do in Afghanistan.

[finnbow]

Originally Posted by icenine

If you can even get a mortgage in a third world country...a friend from Afghanistan told me America was great because you could buy a house on credit, something he could not do in Afghanistan.

There's is no such thing as credit/lending fees/interest throughout the Islamic world. Interest/fees are considered usury. That said, they have devised some gussied up scheme that does the same thing, but have somehow convinced themselves that they're not paying interest or fees.

https://en.wikipedia.org/wiki/Islami...ng_and_finance

There are American mortgage companies that finance homes through a Sharia-compliant scheme. It makes them feel better about themselves if the interest they're paying is not considered interest.

http://www.myuif.com/financing/shari...ome-financing/

[icenine]

Originally Posted by finnbow

There's is no such thing as credit/lending fees/interest throughout the Islamic world. Interest/fees are considered usury. That said, they have devised some gussied up scheme that does the same thing, but have somehow convinced themselves that they're not paying interest or fees.

https://en.wikipedia.org/wiki/Islami...ng_and_finance

There are American mortgage companies that finance homes through a Sharia-compliant scheme. It makes them feel better about themselves if the interest they're paying is not considered interest.

http://www.myuif.com/financing/shari...ome-financing/

You missed my point. My friend could not get a mortgage period. He told me you had to pay cash for a home. That is why he liked the USA.

[icenine]

What I really should say is people here can whine about the mortgage system all they want but don't realize how fortunate they are they can access the system at all compared with all the millions around the world who can't access any credit system because they are so poor to begin with.

[sheltiedave]

Originally Posted by ZeroJunk

I don't have any sympathy for any of them, particularly the geniuses who insured the collateralized debt multiple times trying to get rich and lost their ass. AIG, in particular. Plenty of blame to go around.


But, in the end if the borrowers had simply paid what they signed a contract to pay there would have never been a great recession.

ZJ, once again, you get the progression, and therefore, the root cause, wrong.

If the banks, which are almost all owned and/or operated by wealthy Republicans, were not deregulated, they would have never been able to make nonconventional unsecured loans.

If the banks' mortgage departments not directed to make unsecured loans by management, there would have been little adverse loan risk exposure.

If the federal laws had not been subverted, allowing banks to bundle and sell these unsecured loans as a derivative commodity in the marketplace, the general public would never had been exposed to enormous high risk bad debt.

All three of these planks had to exist in all their unique glory to allow the pyramid scheme to falter.

The home buyers who bought on 100% credit did what any sane person with no skin in the game would do - they walked when the bear futures commodity market put them underwater. Those who could and needed to hold on to the property, due to equity in their house, got a second job, put off retirement, or put off selling the house until market forces restored them to a position above water.

Again, the housing bubble recession was brought on by bank greed, bank deregulation, and bad business decisions by banks and lenders.