On 21/07/2010 10:36 PM, Califbill wrote:


"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.

Number one reason people get in trouble is debt. More debt than they
can manage. And always more debt than is good for them.

Your parents were good role models. And your daughter did what I did,
but a less expensive place you know you can afford. Paid it off in 6
years. Then moved up to a larger even better area, paid it off in 5
years. Haven't had mortgage debt since even though I upgraded again as
I had the cash for the difference.

bpuharics of the world, dime a dozen debt mongers in open denial of the
facts.