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Thread: Credit Conditions

  1. #51

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    Quote Originally Posted by Markpti View Post
    Imagine a scenario where the market economy collapses to half it's (sayyyy 10 years history). And let's say the government prints to pump "the numbers" to offset the 50% reduction. Would we say that nothing has changed? That this year, we are still at the last 10 year average?

    But even still, do we really "think" creative re-jiggering of numbers that keep the metrics static in absolute numbers is what our economy and lifestyles are all about? Of course not.

    There was a time when all or most of the calculations and expectations were based upon the mass of our citizenry being required to work so that they could consume and save for a rainy day.

    I know that was a good thing because in those times, if someone was stranded by the side of the road, we'd stop to help them without fear.

    I know because we'd all hitch-hike to where we needed to go.

    I know because our family only had one car which on occasion dad would let me borrow. The rest of the time I had to hitch.



    I know, because we all knew what we had to do, knew when to hold 'em and knew when to fold 'em - walk away and run.

    Yesterday's way was better than today's - for most people. Even though we did not have as much stuff.
    Totally agree Markpti

    If only I had a silver dollar for every mile I hitchhiked. Sure remember some good times and some hard times doing that.

    One thing that I remember is that my parents had very little in material wealth, but what little they did have, they owned, as they had no credit.
    We looked poor but they were probably richer ( net wealth in constant dollars) than 35% of people today
    I also remember everyone volunteering as a matter of necessity as that was the only way to afford many services.
    I am a big believer in the " diminishing marginal utility of wealth" concept. I have found it to be very true, at least in my experience.

  2. #52

    Default What does this do to credit conditions?

    President Biden’s mortgage socialism rule went into effect yesterday. This means, if you have a high credit score (680+), and have a FHFA mortgage loan, you will see a spike in your mortgage cost. This extra cost will not be for the principal or interest on your loan, but will be given to homebuyers with credit scores below 680, so they can get a mortgage.
    What's the Frequency, Kenneth?

    432Hz

  3. #53

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    Crazy stuff Red, here is another. How does the song go " another day older and deeper in debt"

    Effective May 8, 2023, the Federal Housing Administration (FHA) will join Fannie Mae, Freddie Mac and other entities in offering a 40-year loan modification option. Not all lenders offer 40-year mortgages, even as loan modifications, though.

  4. #54

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    Got two 0% credit card offers for 15 months last week. I usually am using one such offer and have until the end of the year before it goes to the regular criminal lending rates. Two banks I don't do biz with though. BMO Harris and Wells Fargo.
    What's the Frequency, Kenneth?

    432Hz

  5. #55
    Join Date
    Jan 2010
    Posts
    13,315

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    Quote Originally Posted by brutus2 View Post
    Totally agree Markpti

    If only I had a silver dollar for every mile I hitchhiked. Sure remember some good times and some hard times doing that.

    One thing that I remember is that my parents had very little in material wealth, but what little they did have, they owned, as they had no credit.
    We looked poor but they were probably richer ( net wealth in constant dollars) than 35% of people today
    I also remember everyone volunteering as a matter of necessity as that was the only way to afford many services.
    I am a big believer in the " diminishing marginal utility of wealth" concept. I have found it to be very true, at least in my experience.
    Yes. My parents and extended family "WE", were all happy. Everything is still relative. And judgement still matters.
    Who are the righteous? ....Markpti

    What value did Burisma think to gain by hiring Hunter Biden as a Board member vs ALL other choices?

    Those who cannot articulate the other argument do not fully understand their own argument.

    "Much can be done by wise legislation and by resolute enforcement of the law. But still much more must be done
    by steady training of the individual - in conscience and character...." .......T. Roosevelt

  6. #56

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    redraspeberry, That move is what i getting a grade closer to capitalistic communism. little bij little stealing the effort of the "doers" to prop up the sloppiness of the " fiddlers" .

    in the end the US will be more communist than Mao's China or Stalin's Ussr,

    Golditiki2+++

  7. #57
    Join Date
    Jan 2010
    Posts
    13,315

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    Quote Originally Posted by Markpti View Post
    Yes. My parents and extended family "WE", were all happy. Everything is still relative. And judgement still matters.
    In another thread, Conan comments:....."Consider federal government FHA / VA / USDA / HUD backs almost every conforming mortgage in the US".

    Is this "true"? What does "back" conforming mortgages mean? Does this "backing" assist the formation of credit? And to what extent? Who does the backing? Through what process? I get the feeling that ultimately, "the people" through taxation/inflation covers "the backing". Am I correct?

    If these mortgages were NOT "backed", would credit availability to fund these mortgages be reduced (significantly?)?
    Who are the righteous? ....Markpti

    What value did Burisma think to gain by hiring Hunter Biden as a Board member vs ALL other choices?

    Those who cannot articulate the other argument do not fully understand their own argument.

    "Much can be done by wise legislation and by resolute enforcement of the law. But still much more must be done
    by steady training of the individual - in conscience and character...." .......T. Roosevelt

  8. #58

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    The Obama/Clinton 16 year plan was to fester bankruptcy for the US various government units and borrowing from China. Much like China does with it's "road building" with other countries. They then take over ownership when the hosting country cannot pay the loans. Happening in Africa right now.

    But Trump put the skids to that with his win out of nowhere.

    Some say Trump had to let Biden win to show the people the evils of the DNC politics.

    I saw this Biden tweet today....


    RNC Research
    @RNCResearch
    BIDEN, mumbling: "We're not gonna in— we're not gonna increase the debt that every president has done for the last six million years here, never having done anything but that"



    video>>> https://twitter.com/i/status/1654528346514939905
    What's the Frequency, Kenneth?

    432Hz

  9. #59

    Default

    Quote Originally Posted by Markpti View Post
    In another thread, Conan comments:....."Consider federal government FHA / VA / USDA / HUD backs almost every conforming mortgage in the US".

    Is this "true"? What does "back" conforming mortgages mean? Does this "backing" assist the formation of credit? And to what extent? Who does the backing? Through what process? I get the feeling that ultimately, "the people" through taxation/inflation covers "the backing". Am I correct?

    If these mortgages were NOT "backed", would credit availability to fund these mortgages be reduced (significantly?)?
    I don't know the answer to your other questions, but to the first one "Is this true?" the answer is no, generally it is not true. I'm pretty sure of this but if someone challenged me to a debate I would decline as there are too many variables in the mix.

    The "almost" part may give the opinion an out. Depending on how large "almost" is.

  10. #60

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    Imagine being penalized for improving your credit score. What incentive do people have to improve their credit score if they are penalized? Aren’t they incentivized to purposely tank their score?

    Does this policy only consider credit score? A good credit score doesn’t make one wealthy.

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