Question: Have You or Anyone You Personally Know Been Affected By This Credit Crisis?

reply to post by redhatty


Geez, hate to say it but you americans have no concept of "reality".

You think credit it real?

If you own a house right now and owe more that it's worth, you are a fool. I have "successful" friends that fall into this category. Your credit score is the enabler for you to get money/credit. It's a joke.

You people just don't get it. What a shame.

Redhatty, the people you speak of are NEVER going to tell you they are going through hard times. We live in the world of Myspace and Facebook, where our internet "friends" have no problems whatsoever. Everybody is just so dam HAPPY!!! And, of course, if your life isn't so "swell" as Cindy's life is who has 3 kids and is just "happy to be alive", you have a SERIOUS problem, because you aren't as happy as Cindy is.

Everybody from the past is just so happy and want to push said happiness into your face. They all have smiles on their faces and shove their little toddlers into the camera and say "hey, look what I was able produce."

Unbalanced, unrealistic people who love them some CREDIT! Because credit allows them to think the way they do. I feel sorry for these people becasue they were never able to find that balance.

Oh Well.

I think this thread should be at the top of the list.

I know someone who is still investing in the realty market and in the past four months has closed on four houses and financing for each. These are STILL no-doc loans!!! The only thing that has really changed is they've bumped the initial down payment to about 25%.

While watching the bail-out vote on the major cable news channels, I saw several consumer credit commercials.

I'm still getting spammed by pre-approval offers.

How is any of that possible if there is such panic in the credit markets????

Originally posted by loam
I think this thread should be at the top of the list.

I know someone who is still investing in the realty market and in the past four months has closed on four houses and financing for each. These are STILL no-doc loans!!! The only thing that has really changed is they've bumped the initial down payment to about 25%.

While watching the bail-out vote on the major cable news channels, I saw several consumer credit commercials.

I'm still getting spammed by pre-approval offers.

How is any of that possible if there is such panic in the credit markets????

Don't know where the shet you live but NO DOC"S???!!!!!!!!!!!!!!!!!!!!!!!!!!

ARE YOU OUT OF YOUR FREAKIN' MINd?
You obviously live 100's of miles away from Cali.

In the big cities it's a [SNIP] for real estate. Land is still good, but homes are f'd.

Anyway, No doc's are people that have cash, period.

Mod Edit: Profanity/Circumvention Of Censors – Please Review This Link.


[edit on 3-10-2008 by sanctum]

reply to post by JimBeam


I was shocked too. Get this. The properties average between 150K and 250k. BoA is the lender.

He happens to be paying the down payments by using HELOCs he had on other properties. Obviously, more of the shaky stuff that was supposed to be done with...

[edit on 3-10-2008 by loam]

reply to post by loam


Where is this?

I, unfortunately, have been in real estate for the last 2 years in this [SNIP] called L.A. If you tyhink people in Hollywood are full of it, you've never talked to a mortgage broker before.

Mod Edit: Profanity/Circumvention Of Censors – Please Review This Link.


[edit on 3-10-2008 by sanctum]

reply to post by JimBeam


East Coast.

reply to post by loam


I moving to Denver next month, [SNIP] L.A.

Mod Edit: Profanity/Circumvention Of Censors – Please Review This Link.


[edit on 3-10-2008 by sanctum]

reply to post by JimBeam


I see you're new.

No profanity allowed. You should probably amend that.

Originally posted by loam
reply to post by JimBeam

 

I see you're new.

No profanity allowed. You should probably amend that.

Good job Loam keeping the newbies in line..............

*wink*

Originally posted by loam
reply to post by JimBeam

 

I see you're new.

No profanity allowed. You should probably amend that.

Sorry.

I'm a renegade, maverick, outlaw, politically incorrect, etc. I'm not new, just new under Jim Beam. If I get penalized for using the "dreaded" F-word, so be it. As you can see I don't give a [SNIP] about having negative points. Your WORD is what's important, not the size of your units.

Don't tread on me.

Mod Edit: Profanity/Circumvention Of Censors – Please Review This Link.


[edit on 3-10-2008 by sanctum]

reply to post by JimBeam


Well, it really isn't about points, it's about tone.

Does the word really add to your post?

EDIT:

If you have to use something, might I suggest 'screw' or 'fudge' or 'frack'?

[edit on 3-10-2008 by loam]

Click here for more information.

reply to post by JimBeam


Now you're just being rude.

Click here for more information.

reply to post by JimBeam


You sound like you're twelve.

(I'm being generous. )




[edit on 3-10-2008 by loam]

Please, let's not completely side track this thread, I am really trying to get feedback from around the country (and world) on if there are any real effect being felt regarding this "credit crisis"

I personally think it is a fairy tale, but without feedback, which keeps this thread on topic, it's just a belief, I'd like to back it up with some evidence, at least to my mind and probably the minds of others here too.

Please remember, the topic is: Have you or someone you personally know been affected by this "Credit Crisis?"

Thank you

we now return to our regular programming

reply to post by redhatty


I've thought much the same. I just haven't seen any tangible evidence that anything widespread is really happening at the consumer level.

That's the problem with this situation. No one really seems to know, but everyone is afraid of being wrong.

reply to post by loam


neither have I. No new business closures (a couple that were already in the works of going under did, but that was bad management / wrong market reasons).

I went in to my bank to inquire about a line of credit and was told no problem, how much for? When I asked about the Credit Crisis, my bank rep told me that it isn't banks having a problem as much as the Federal Government.

So Paulson and Bernanke have screwed up so bad they want us to pay their debt? Hell no!

Not to mention, if I want to invest in something, as a person or as a nation, TOXIC PAPER is not something I would ever consider investing in.

I hope that more people will chime in on this thread, either with "I have seen no evidence" posts, or "I have seen evidence" posts.

My Niece and Man friend wanted to buy a home.

He has perfect credit and makes above average income.
He applied for a loan through a bank, for purchase of a home he and she had chosen after a long search.
He was turned down because the bank was concidered a bad risk.

This took place within the last 3.5 weeks in Michigan.




[edit on 3-10-2008 by azureskys]

Credit cards are doing business much differently already. There was a time you could win a game of chicken with them. Just call and say you're canceling and they magically offer to lower rate, send you a check and a nice gift to stay. Now they say thank you.