50 fuggin year mortgages ..... cuz gas prices are high ... or cuz ......

'I'm saving the difference'.

These financial jewels give a fixed rate for the first five years,a nd then the rate 'fluctuates' with the market.

People, there is a full frontal assault on the American Middle Class. The bankruptcy Bill. A.R.M.s. No-equity, interest-only mortgages.

Where are all the former consumer rights groups on these?

Where is **anybody** on thses. These fucking scams will be the very death of the middle class. They are nothing more or less than a license to steal.

The 'American Dream' was and is centered on owning one's own home. Castles modest and grand, but owned and occupied by each one of us as king and queen.

Just a thought...

Peace.

for those that get into these arrangements (no-interest, 50 year etc etc) looking to make a quick buck. And seriously, if you cannot afford a house unless you mortgage it for 50 years you should probably be a renter.

Unless you're a transient, there's really not much sense in renting. That's years and years of payments at 1k to 1500. going to shelter and when you leave the "place" you're renting, you leave with nothing more than you went in with. No equity, tax breaks.. nothing.

Yeah, you're right.

The poor and the middle class can always just say "No Thanks".

But saying "No Thanks" to loan sharks and to the people WITH THE MONEY means the poor and middle class also say "No Thanks" to housing and other necessities of life.

...... pointing out the truth of things.

...... showing some corporate social responsibility.

...... putting an end to corporate predatory practices.

...... protecting the public good.

This sort of 'financial instrument' is in no one's best interest except the lender's.

hahahaha LOL, how about the the working class????

As the repug mayor of Fort Lauderdale Fl said recently:


Yap, I remember when 40 hrs. used to be okay with the repugs, now it's like the new welfare meme.

After all, like he says:



http://www.sun-sentinel.com/news/local/southflorida/sfl-cafford19may20,0,6829895.story?coll=sfla-news-front

Yes, the labor movement, who brought us such great things as the weekend, and time to enjoy the fruits of our labor, has in recent years seen its accomplishments squashed...

pissing it all away... people have no sense of history... no appreciation for what they've been given...

When I hear anti-union sentiment by working people I know the brainwashing has been complete. They've either never known their history or forgotten it. If we read about the the textile industry of New England circa late 19th century/early 20th, we'll find 80 hour work weeks the norm for adults and 60 hours for children.

Zoooooooom ahead today: five minutes ago on AAR was a story about garment workers in Bangladesh protesting the SEVEN DAY work week, trying to get it to six days. 1.5 million workers, mostly woman, producing clothing mostly for the US market. BAM

"When I hear anti-union sentiment by working people I know the brainwashing has been complete. "

In SC, a "right-to-work" state. It boggles the mind how many people whose lives could have been improved by unions are so anti-union.

In the futuristic US, many people don't live houses, or apartments, but instead have a small, utilitarian room?

I'm thinking that's what your mayor would approve of.

He doesn't even work 40 hours a week. Works out, rides his bike, whatever.

then the bar started to move to 72 and then 84 months. I can't imagine most new vehicles lasting 7 years any longer.

.. but even then, on a no money down loan on a 30 - 40K car, these people are still looking at anywhere from $500. - 700. /month payment.

They do last 7 years, but are designed to start breaking down about the time your loan is paid off. This way, the dealer still gets your business whether you like it or not. In cars I've found that one set of payments just makes way for a new set of payments.

…it's either a crappy car, or you're putting an awful lot of miles on it.

and when the wheels come off it will be a HARD crash...Want some fun? Google "tulip mania"....we are at the end of a vast right wing ponzi scheeme and the final desparation moves to keep all the juggling balls in the air will be a comic opera....Think 100 year mortgages with your unborn grandchildren as the assignees.....

that Bush (ala Luntz) tried to paint.

they own our asses!

smaller and smaller segment of our society will be able to live the dream, the rest will only see it as a myth in reality.

I'd have thought the difference from a 30 year mortgage would be very small. I'll work it out if no-one has figures.

On a 50 year note a $200,000 house @ 6% interest the payment would be $1052.81 per month. Using the same figures on a 30 year note the payment would be $1199.10 per month. A savings of a whopping $146.29 per month. Over the entire life of the note, the 50 year mortgage would cost $631,686 total, and $431,686 in interest payments. The 30 year note would cost $431,676 total and $231,676 in interest payments. The thing is, how many people buy a house and live in it for 50 years? I think the average is like 5-7 years living in the same house. This is just another way to grab a few more dollars from people by making a lower monthly payment look attractive on a home that they will most likely live in for less than 10 years. I would bet that the interest rate on a 50 year mortgage would be higher than a 30 year as well.

is to pay an extra $50 or $100 a month in principal whenever possible. That saves a whole lotta interest.

that is what would be interesting to see...

If the interest rate was 6%, then I think the yearly repayment amount would be $12,648, as opposed to $14,358 for a 30 year mortgage at the same interest rate. So I guess it does save something - though realistically, who would actually be earning for 50 years after they bought a house? It would seem designed to be refinanced at a later date.

like when you retire you'd sell your house and rent an apartment or something.

But it assumes that house values will continue to go up and that you'll have a lot of equity to cash in on. And I don't consider that to be a safe assumption.

..... as the loan duration lengthens, the amount of actual dollars paid in interest increases dramatically. The ratio of interest to principle payment is increased as well.

How long until there is some restriction on the home mortgage interest deduction ... just cuz its one more way to stick it hard to the 'little people'.

This country is headed back to the days of the robber barons and it's time for people to wake up and smell the rip off! :grr:

that people don't have many choices. They can pay really high rent, or pay a huge mortgage.

It's sad.

We're very lucky. We chose a small house and we live in a place with low housing costs, so we got a 15-year mortgage. But I don't know what we'd do if we lived in southern California.

in. I'll only do it the same way...or no way. I appraise too many foreclosures to think differently. :hi:

... to get such a mortgage deserves it.

Along with ARMs, balloons and assorted other "instruments" that are great deals for the lender and rip offs to you.

A fool and his money are soon parted. Always has been that way, always will be.

As an appraiser, I've been screaming this...and no one listens, and then it gets posted again. It's now being publicized because it's a "Hey look!! You can still afford a mortgage on your crap assed wages...despite the fact you're being squeezed from every angle!!!" We've had 60 year mortgages for two decades in metro Detroit.

They're legal and they're available. That doesn't make them right.

indentured servitude.

and the cost of tacking another 20 years onto that loan is astronomical.

Anybody who falls for this crap isn't desperate, s/he is just plain stupid.

I tuned in for the weather this AM, saw some yuppie couple being interviewed on how they were "saving" $700/month on their McMansion, something they considered important since they'd just produced offspring. The interviewer did point out that people in more sensible houses wouldn't save much of anything but be nailed with an additional 20 years of interest payments.

How can people be that dumb and figure out how to breed?

This is just more predatory lending, trying to sucker people into a lifetime of overwork to pay off debt.