Jon Smirl
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Latest Comments24 Comments
A Little Known Fact, And Good News, About This Crisis
Require 20% down, or 10% down with PMI and none of this would have happened.
Ten Reasons to Hate Mortgage Modifications
If you can't make your payments then you bought more house than you could afford. Temporary assistance is not going to make the problem go away. Quick foreclosure will.
Calling for Fed Intervention in the Housing Market
Solve the Housing Crisis by Rewarding the Prudent
Ten Reasons to Invest in Florida
It Might Be Impossible to Stop the Decline of Housing Prices
The government knows how much interested is being paid and can calculate exactly what this would cost. Lower the multiplying factor each year until the excess inventory clears.
This would be trivial to administer and it delivers the largest benefits to the people who need it the most; ones with large, high interest loans. It a lot of cases it would wipe out this group's federal tax liability completely.
It would have cost a lot less than $700B and the banks would have been ok since everyone would have paid their mortgages. You only get the deduction for interest PAID not accrued.
'Too Much House' Buyers To Be Rewarded?
Nothing or little down == renter.
Why didn't I buy that $15M Florida ocean front mansion for nothing down? I could have gotten my loan adjusted into something that I can afford!
Economic Anomalies Explained
On Rescuing Homeowners Undergoing Foreclosure
Given the stat that 45% of homes under foreclosure are unoccupied makes me think that far more people in trouble are speculators than owners. I'm renting a second home in FL right now for thirty cents on the dollar of what it would cost me to buy and the price is falling 20% a year on it.
The Lease-Back Bailout
I'm having genuine trouble making payments on the $15M nothing down house I wish I had bought.
If you can't make your payments you bought more house than you can afford. You are better off in the long run losing it.
The Debate: McCain's Insane Mortgage Proposal
If banks are so desperate for capital why won't they deal with the mortgage holders? The only way to get them to deal is to purposely send the loan into foreclosure.
I am completely at a lost as to why anybody would sell at a loan at 30 cents on the dollar without first sending letters to the mortgage holders offering 30 day payoff deals at 50 cents first.
The Debate: McCain's Insane Mortgage Proposal
For example allow the deduction of 200% of interest paid, not accrued.
Forgiving people who put little down extremely punishes people who put a lot down and then lost their down payment. It is cruel to force people who have lost their entire down payment to subsidize people who put little down. Zero down == renter.
Deducting 200% interest paid will keep people in their home who can afford it, but not help those who were never able to afford the house in the first place. I wish I'd bought a $15M house for nothing down! If you truly can't afford the home, the faster it forecloses the better off everyone is.
200% deduction would only be for pre-existing loans and it would phase out in about five years.
Housing: Did We Learn Nothing from the Dotcom Bust?
It's insane that the government is helping the nothing down crowd who were effectively renting. I know a builder who cleared $4M by renting out his spec homes, keeping the rent and not paying the mortgage, who ultimately lost them to foreclosure. Of course he knew he was going to lose them all along and fought in court for as long as he could.
3 Stocks Hitting 5-Year Highs, Despite the Bear Market
NVIDIA's Long-Term Prospects Mean It's Currently Undervalued
A simplistic way to look at this is that we are switching from add-in graphics cards to GPUs that plug into CPU sockets. Intel and AMD control those sockets and they're making their own chips. Competing against bundled GPU/CPU SKUs from Intel/AMD is a tough nut to crack.
This change is the reason why AMD bought ATI. Intel decided Nvidia was too expensive and designed the chips in-house. Nvidia is left without a partner.