What caused the economic collapse 2008? It was the subprime mortgage crisis.
The people that did it the way they were supposed to do it, the way they were taught in school: save your money, so that when you retire.They get nothing. They have nothing. They were going to live off the interest of the money. They don't have money. And then on top of it you had the problems of nine years ago [in 2005] with the mortgages so half of them their houses have been taken away.
How do you think we have the home mortgage deduction? We have it because way back when it was determined that the American dream equaled home ownership. And everybody knows that the vast majority of the American people will never be able to write a check for a house. You have to finance it.
The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.
Especially if you're over 40, shortening the term of your loan to pay it off sooner could make you mortgage-free in retirement.
The two questions that anyone ever asks me are: 'Are house prices going to go down?' and 'Is it a good time to fix my mortgage rate?'
If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. You also become eligible to take out a reverse mortgage once you turn 62.
If you're going to live in the house make it your goal to just pay off your mortgage.
Ignore the annual percentage rate when shopping for a mortgage.
Opt for a fixed-rate rather than an adjustable-rate mortgage.
When people are frightened about going hungry and paying their mortgages, a scarcity model begins to prevail; they fear someone else will get their piece of the pie.
We’re so wrapped up with egotistical things, career, family, having enough money, meeting the mortgage, getting a new car, fixing the radiator when it breaks—we’re involved in trillions of little acts just to keep going. So we don’t get into the habit of standing back and looking at our lives and saying, Is this all? Is this all I want? Is something missing?
Worm or beetle - drought or tempest - on a farmer's land may fall, Each is loaded full o' ruin, but a mortgage beats 'em all.
All the young people grow up too fast and want to be able to do this, or that. When you get to the older age and you have a mortgage, bills, this and that you think: "If I had done that differently when I was younger, then I wouldn't be in this situation now."
Goldman Sachs now has the biggest oil position in America and probably one of the biggest oil positions in the world. They're long oil. So the banks have aggressively been buying oil on their balance sheets. I think they might see this as a way to bail themselves out of this mortgage crisis.
Once you get the kids raised and the mortgage paid off and accomplish what you wanted to do in life, there's a great feeling of: 'Hey, I'm free as a bird.'
The dirty little secret is that the pool man, who's making $30,000 a year, is subsidizing the million-dollar mortgage for the family whose pool he cleans. No wonder people want to get rid of tax breaks for corporate jets.
In the subprime mortgage industry, bankers handed out iffy loans like candy at a parade because such loans meant revenue and, hence, bonuses for executives in the here-and-now.
If you followed this economic crisis and you do not think that the world is getting flatter, you are not paying attention. We saw the entire global economy at one time acting totally in sync. The real truth is the world is even flatter than I thought. Our mortgage crisis is killing Deutsche Bank. You still don't think the world is flat?
Canadians know that the promise of a recession didn't happen because of anything we did here. If you look at all the causes of the recession, problems in mortgage markets, the problems in the banking sector, the problems in government finance in countries like Greece, none of those problems were in present Canada.
I own a mortgage company and a real estate company funded by the music. Florida is a kinda gold mine.
Even if we mortgage the next 100 years of generations of human beings, we would not have enough energy to build a Death Star.
When I was a little kid, I wrote this play about all these characters living in a haunted house. There was a witch who lived there, and a mummy. When they were all hassling him, this guy who bought the house - I can't believe I remember this - he said to them, 'Who's paying the mortgage on this haunted house?' I thought that was really funny.
The people that make this country work, the people who pay on their mortgages, the people getting up and going to work, striving in this recession to not participate in it, they're not the enemy. They're the people that hire you. They're the people that are going to give you a job.
I'm for the Wall Street Occupiers. But will they accept me when they find out I sell packaged mortgage default instruments to children?
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