How about a hat-tip next time Jimbo.
So what to do? Cramer, of course, has a plan: The government should offer 40-year, 4% fixed-rate mortgages or refinancings to everyone – not just those overextended homeowners.
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9 comments:
Who the hell would want a 40 year mortgage.
I will take my 15 year fixed thanks.
Essentially what Rick Santelli was complaining about; the lack of fairness in Obama's Handlers' plan.
Either send everyone a check and inflate out of this; or the government (not the Fed) becomes a bank and we inflate out of this.
Checks are more equitable, but the bank idea is more practical. Give most Americans money and it will be gone in seconds. Banks at least can try to limit who gets the money.
It's called a bubble. The only and best thing you can do with a bubble is let it deflate.
Should the Dutch have offered 40 year 4% loans on tulips?
Should the Dutch have had cram-downs on tulips?
Should the Dutch have had bailouts for people who couldn't sell their tulips for a profit?
This housing bubble is no different from the tulip bubble.
Let it f&cking deflate, for f&ck sake!
Damn, I'm getting tired of this.
boy, cramer was adrift in BS.
No way- I don't care if the goverment offered 3% mortgage.
Who wants a 40 year loan? What kind of 'deal' is that?
Wait long enough and buy a house with cash.
Don't give give them anymore of your hard-earned money to squander than you have to.
How about a price that makes my payment the same?
Of course, my taxes would then be lower as well, AND we'd be able to keep borrowing money.
THREEFER.
Maybe that has been the evil bastards plan all along.
If they do start 40 year loans we should deffinately start revolting.
People do NOT let Gov convince you that debt is good.
How about affordable housing and 15 year max loans?
40 year? wow, how can this go on? everyone can admit the average person under the age of 40 stays in a home 7 years. a 40 yr loan makes about as much sense as a 3/1 arm. it can be good for some people, say a 25 year old planning on living there for life, it being paid off at 65, etc.
If there were no loans, homes would be $100,000 or less.
I'm India, homes/land/flats were bought on cash and the average flat price was $5k to $40k.
Now they're 10x as much. Now a young couple has to spend 10x as much to own a home. And that's what everyone calls progress!
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