Shrinking jumbo mortgages

Shrinking jumbo mortgages

There are 4 comments on the Newsday story from Jan 6, 2008, titled Shrinking jumbo mortgages. In it, Newsday reports that:

When Allan Press started looking for a new home in the spring, he was approved for a $561,000 mortgage at a 6 percent interest rate.

Join the discussion below, or Read more at Newsday.

John Smith

Torrington, CT

#1 Jan 6, 2008
The issue is home prices are just out of touch with incomes. Irrational exuberance and speculation have cause prices to reach heights that have no basis to the local median household incomes. The solution is house prices need to adjust to the economics of incomes. Prices need to come down. Everyone has been paying for homes with money they don't have. Creative financing is not the answer. Prudent managing of your finances and only making home payments with 25% of household income towards your mortgage is.
Micheal

Shirley, NY

#2 Jan 6, 2008
Now is probably a good time to buy if you want to loose a hundred thousand dollars or more. Once you get stuck with a loan on a depreciating liability like a home, it can be difficult to get out of in a market of rising inventories and falling prices. I sold in 2005 and am waiting until Fall 2009, at the earliest, to buy in again. By then, the dust will have settled, sellers will know the score and bargains will be available right on the MLS. Good luck to anyone reading this. Don't commit financial suicide! Remember: Real estate agents and motgage brokers are NOT your friends! They are hungry wolves in sheep's clothing! They will sell you down the river for a commission! Want affordable housing on Long Island? Save your money and wait until 2010, I say!
Richard Allen

United States

#3 Jan 6, 2008
This just reeks of STUPID a mile wide.$561K is off the wall,$3900 a month is crazy to pay. Plus taxes insurance and if he qworks on wall treet he has to pay for a Monthly ticket to penn station plus a metro card PLUS parking at Port jeff station.

I guess thats what happens when you are a WUSSIE and the wifey is tired of renting and need "ROOTS" you give in to her and slave away at your job with a horrible commute.

I dare Newsday to check back with them in a few years and see if they got divorced over this STOOPID purchase.
Barbara Ann Jackson

United States

#4 Jan 7, 2008
The worst factor of the Mortgage Mess is FORECLOSURE FRAUD committed via DEBT COLLECTION abuse. COLLECTOR attorneys file foreclosures naming DEFUNCT mortgage companies, or mortgage companies which NO LONGER holds the promissory notes; or affixes "ransom" amounts far exceeding "Acceleration Clauses."

Example: For a purported debt of $86,000.00, using a non-existent mortgage company, attorneys made more than a quarter of a million dollars in fees in litigations. Afterward, that property was sold to a 3rd party for $37,000.00. Securities Investors got nothing, nothing was accomplished by evicting the homeowners, and property values declined in the neighborhood. These kinds of activities enable MORTGAGE COMPANIES to ILLEGALLY flip properties, and thereby deceive Securities Investors.

In States such as Louisiana, 2 mortgage companies which benefit from fraudulent foreclosures are Wells Fargo and FREDDIE MAC. For such reasons representations especially about $$$ billion dollar losses due to people defaulting on mortgages should be weighed against the fact of needless payments to law firms outrageous legal fees to outmaneuver people who file proceedings in opposition to fraudulent fore- closures. Irrefutable proof of foreclosure fraud and judicial collusion is posted on www.lawgrace.org .

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