April 18, 2007

HousingPANIC Stupid Question of the Day

Isn't it amazing (and really fricking odd) that the past few years it was easier to get a $500,000 mortgage and "buy" a house than it was to rent an apartment? Fog a mirror, you get a McMansion and enough cash back at close to buy a Hummer.


But you might not be able to rent a $1000 a month apartment.

Man, that's bizarre.

10 comments:

Anonymous said...

And yet there are a stable full of morons calling the gains in housing real. Yeah right. Neg-am loans have a limit as to how much their deferred balance can be. When that level is breached, banks like WaMu will have np choice but to come clean as a ton of loans are going to go into default. Just look back at the downturn which occurred from '89 to '96 in CA. That's going to be easily surpassed by this mess.

Anonymous said...

Whatever happened to blowfly? Now there was an idiot! No doubt scarred for life since Quayle didn't get the GOP nomination in '96...

Anonymous said...

Hyserical Keith is at it again. No it was not easier.

I just rented a house and had to fill out a 1 page rental application. It took 5 minutes, go approved in 5 minutes, I moved in 2 weeks later.

When I got a mortgage the application was 4 pages, took 3 days to get approved and I moved in 40 days after making an offer to buy. I also spent 2 hours at closing signing what seemed like 100 pages worth of documents.

Get a grip dude.

SPECTRE of Deflation said...

Add auto loans to your list of harder to get loans than a loan for a $700,000 home for a lettuce picker who makes $15K per year. For a car, the banks want two years tax statements if you claim self employment and wage records if you are employed by a business.

If this isn't bizzaro world, I don't know what is.

Anonymous said...

My sister got turned down for a rental apartment when they checked her credit. But she was approved for a 9% mortgage to buy a house. I guess she got one of those subprime mortgages.

Anonymous said...

You could have qualified for way more home than you could afford!

But go to your local auto dealer and look at all the hoops you have to jump through....and the paperwork!

I realize your home can't drive away in the night but......?

Anonymous said...

There's all kinds of lenders. Capital One Auto Finance lets you enter how ever much you want and asks for no proof. Stated income. If you f*ck up, they repo your car. Seems easy enough to me.

Anonymous said...

If they can find the car!

RoRoYoYo said...

Anonymous3: Assuming that wasn't a feeble attempt at humor; how many days after the notice of default were you evicted?...And how did you hide that on the rental application?

Anonymous6: CapitalOne Auto is a joke. They just gave a guy I know $90k to buy an '04 MB S65 AMG (LOL old body, $90k!!!)...no questions/blank check deal....also, he owns 3 homes, yet has 9 mortgages....what the?

Anonymous said...

In San Francisco that mirror is very popular....for those who like things shot in their faces!