Sunday, January 11, 2009

Refinance?! With what equity, dude?

Excellent article by Leslie Berkman of the Press-Enterprise regarding desperate attempts of current homedebtors to refinance their home mortgage loans, with 75% of them unable to qualify because they bought at market peak prices and never had any "skin in the game" when they did.


"We can help about 25 percent of those who call, because a lot of the people who want to refinance bought their homes since 2005 and therefore don't have equity. They didn't put much, if any, money down and the house has fallen in value".

- Brian Weide, owner of SunStar Mortgage in Ontario, California, president-elect of the Inland Empire Chapter of the California Association of Mortgage Bankers.

Verily I say to you that the next generation of Americans will look back on the current generation of financially inept, I-want-to-have-it-nows with utter contempt and disdain.

How can there not be a generation war in the United States of America between those that played the system and those left with the bill?

It seems inevitable to me.

If I'm between the ages of 20 and 45 right now, my degree of confidence that the next generation of Americans will look at kindly at me and then the state of the American nation and then sufficiently fund of our elderly pet projects like, oh, social security - well, it's just about null.

When today's children in America finally grow up, man, they are going to be majorly pissed at mom and dad, grandma and grandpa for their lack of vision and for messing up this country royally.

1 comment:

Home Equity Refinance said...

Excellent article. Its very informative for me. Thanks for sharing.