"bpuharic" wrote in message
...
On Wed, 21 Jul 2010 09:57:46 -0700, "Califbill"
wrote:



"bpuharic" wrote in message
. ..
On Tue, 20 Jul 2010 22:27:41 -0400, "D.Duck" wrote:


since it's a standard part of a loan applcation. that's when

been renting all your life, i see


I may be wrong but I believe 401Ks are untouchable in bankruptcy
proceedings. You may have to list them on a loan app but they are
untouchable to a loan holder.


unless, of course, you're able to waive that...which many middle class
people did since it was a source of wealth that the rich wanted to get
their greedy hands on.

If you could not afford the loan without your 401k money, buy a cheaper
house.

yeah i can see you're a renter and never bought a house

it doesnt matter whether or not you're usin it as collateral. the loan
company STILL wants to know what y our assets are

they SELL your loan to investors. the more assets you have, the better
your loan is and the more money they get for it.

There was no way, anyone making $50k a year could purchase a $500k
house. Maybe you were too dumb to realize that.

and you're too dumb to apply for a mortgage


And the only reason the
banks etc. were loaning money on that ratio was the government told them
to
and bought the loans from them.

more bull****. the govt never told them **** about the loans they had
to cover. wall street got greedy and set up loan companies to make bad
loans so they could package them, sell CDO's and clean up

there's a reason CDO's went from 1 trillion in 97 to SIXTY TWO
TRILLION in 2007

greed of the rich. it had NOTHING to do with the middle class

the middle class, having had static wages for 10 years, did the only
thing it could: borrowed.

The reason I own a million dollar house is
because of inflation. No way should my house be selling for a $1,000,000+
but that is what inflation and the government has brought us. Was a $36k
house in 1972. With a 450 addition and a pool which probably cost $5,500
to
build in 1974 the house would have valued at about $40k then. Now it is
25
times that value 36 years later. Way more than CPI indexed inflation and
that has been the measure for increased home value for all but the last 30
years.

you dont know **** about anything, let alone the middle class

I may be dumb, but not anywhere as dumb as you. I have bought several
houses, I own my house. No mortgage! My daughter bought her first place at
25 years old. She bought a condo in a very good area. As she knew she
could not afford a single family home on her income. I bought a business a
long time ago. I looked at the income and outgo and paid accordingly. They
look at your 401k as an example of are you thrifty and will pay the loan. I
grew up Middle Class. Mom was an RN, and dad was a machinist. Both
products of the Depression. If you could not pay cash, you did not buy
things. Very few things were financed. My mother never had a credit card
other than a gas company card. Did not have money to write a check for the
item or pay cash for it, do not buy it. I bet you run a couple thousand
dollar balance on your credit cards each month. You are dumb when it comes
to economics.