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  1. #1
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    Housing loans (not political)

    Please don't make this political. The new administration is supposed to sign a bill to stop housing foreclosures. Do you think the loan companies will cut back on making housing loans because of this?

  2. Moderator Fishysam's Avatar
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    #2
    Would be logical, also would imply harder to obtain a home loan, increasing interest rates to secure other loose ends, I don't see this as a good thing as people with more will be more inclined to rent to those who can not meet the new banking standards.
    Mercury 250 proxs 2B115089

  3. Member Jeff Hahn's Avatar
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    #3
    Most companies who make mortgage loans sell them off...which of course doesn't give them any incentive to make "good" loans which was one of the many causes of the 2008 housing crisis...but I digress. The only way that loan companies will slow down their lending is if Freddie and Fannie stop buying loans and I doubt that the Feds will let them do that. So, the short answer is No, they won't slow down their lending. And, don't be surprised if in the future laws are changed to encourage them to lend to anyone with a pulse.
    "The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments

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    #4
    Quote Originally Posted by Gamblerman65 View Post
    Please don't make this political. The new administration is supposed to sign a bill to stop housing foreclosures. Do you think the loan companies will cut back on making housing loans because of this?
    dunno. but if not paying the bank back is an option, people will take it
    1995 Ranger 690 VS
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  5. Member
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    #5
    Quote Originally Posted by Jeff Hahn View Post
    Most companies who make mortgage loans sell them off...which of course doesn't give them any incentive to make "good" loans which was one of the many causes of the 2008 housing crisis...but I digress. The only way that loan companies will slow down their lending is if Freddie and Fannie stop buying loans and I doubt that the Feds will let them do that. So, the short answer is No, they won't slow down their lending. And, don't be surprised if in the future laws are changed to encourage them to lend to anyone with a pulse.
    I think u r spot on Jeff

  6. Member tcesni's Avatar
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    #6
    Here are some details. Anything would require congressional approval.

    https://www.cnbc.com/2021/01/14/bide...tion-ban-.html

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    #7
    People will stop buying loans at current rates and rates will increase.

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    #8
    I watched my mom and her husband buy three houses two of them over 450,000 in a few years. They were in their 70's getting approved for 30 year loans. It all came home to roost when she had to go on Medicaid because of the super high nursing home bills. The fact the lenders could not ask their age tells me we will have another housing bubble. It's just a matter of time.

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    #9
    Just another cog in the gears that are grinding this country to the bottom. I fear the brick will be put on the accelerator once again.

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    #10
    Hot Damn, a new Ranger is in my future!

  11. Moderator Fishysam's Avatar
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    #11
    Quote Originally Posted by n2ratfishin View Post
    I watched my mom and her husband buy three houses two of them over 450,000 in a few years. They were in their 70's getting approved for 30 year loans. It all came home to roost when she had to go on Medicaid because of the super high nursing home bills. The fact the lenders could not ask their age tells me we will have another housing bubble. It's just a matter of time.
    Interesting, either a bubble or a ruthless rampage forced upon this who are in charge of said estates. I feel as if the banks don't want to manage any of this and it will be left up to benefactors to figure out.
    Mercury 250 proxs 2B115089

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    #12
    Getting my pulse checked this afternoon! Rates are low, lenders are begging for you to buy something.

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    #13
    There won't be an estate left for me. Mom and her husband lived for the day. Two years in a nursing home at 7,000 a month plus and it was off to the elder care lawyer to start the spend down. Her husband was allowed to keep one house and his car. They are worse than awful with money, but they lived large in their working years.

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    #14
    I think they will make all the loans they can and then when people default and it gets really bad they will turn to the gov and tell them they created the mess and to bail them out.

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    #15
    Quote Originally Posted by kry29 View Post
    I think they will make all the loans they can and then when people default and it gets really bad they will turn to the gov and tell them they created the mess and to bail them out.
    the new American way
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    #16
    I know someone in my family made their living being landlords. I cannot fathom how screwed they would be right now if they were still in that business because of the no eviction thing. Maybe not as bad as I first think though as most of their tenants were good people. I know I see reports on the news (do not know how reliable they are) that many folks have not been paying rent all year once the no eviction thing became law. Many of those folks were making more money not working than they were working and stopped paying their rent so that they could use that money to live beyond their means. Now they want the landlord to take the hit or want the taxpayers to bail them out.

  17. Member I.P. Freely's Avatar
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    #17
    Will this be “The Big Short” part 2 movie to hit theaters in 2023?

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    #18
    I don't understand why people need eviction pauses. We've already given many families of four over $10,000 in covid/child tax credits and other assistance. Why aren't they using that money to pay their mortgage/rent?

  19. Member Bassman Ia.'s Avatar
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    #19
    Quote Originally Posted by Gamblerman65 View Post
    Please don't make this political. The new administration is supposed to sign a bill to stop housing foreclosures. Do you think the loan companies will cut back on making housing loans because of this?



    If I was a lender, and the government said I could not take back what is mine——- I wouldn’t loan a penny. And I don’t think the Mortgage companies will either unless somebody is backing that note. That somebody just Might be me and you—— just like student loans. I have—— they want

  20. Member Bassman Ia.'s Avatar
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    #20
    Quote Originally Posted by Jeff Hahn View Post
    Most companies who make mortgage loans sell them off...which of course doesn't give them any incentive to make "good" loans which was one of the many causes of the 2008 housing crisis...but I digress. The only way that loan companies will slow down their lending is if Freddie and Fannie stop buying loans and I doubt that the Feds will let them do that. So, the short answer is No, they won't slow down their lending. And, don't be surprised if in the future laws are changed to encourage them to lend to anyone with a pulse.

    Bush warned over and over what the outcome would be——- congress let Freddie Mac run wild.


    When the housing bubble of 2001-2007 burst, it precipitated a mortgage safety meltdown. This contributed to a basic credit score disaster, which advanced right into a worldwide monetary disaster. Many critics have held the United States Congress—and its unwillingness to rein in Fannie Mae and Freddie Mac—answerable for the credit score disaster. Here, we’ll look at the extent to which Fannie Mae, Freddie Mac, and their allies in Congress contributed to the largest monetary disaster since the Great Depression.



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