tag:blogger.com,1999:blog-5465015914589377788.post6294647129204327487..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Buffett’s Solution for Mortgage AbusesMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5465015914589377788.post-26163564256164254662009-03-04T15:01:00.000-05:002009-03-04T15:01:00.000-05:00Good point Astin. I'm proud of the Canadian system...Good point Astin. <BR/><BR/>I'm proud of the Canadian system and its stricter policies for obtaining a mortgage has pretty much dampened any housing bubbles that we might have. <BR/><BR/>What I'm seeing right now as house prices are falling downward is mainly a result of the overall economic conditions and not the bursting of a housing bubble.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-65385090394753678592009-03-04T10:49:00.000-05:002009-03-04T10:49:00.000-05:00It seems entirely do-able to me. In Canada, the n...It seems entirely do-able to me. In Canada, the number of under 10% downpayments is tiny. Anything less than 20% (used to be 25%) requires mortgage insurance payments on top of the mortgage, so many people save until they can at least get that amount down.<BR/><BR/>Even if they can't, banks here actually follow through with their fiduciary duties and won't allow anyone to have a mortgage greater than 36% of their income. I've got many friends who continue to rent because the banks won't lend them nearly enough for a home.<BR/><BR/>The government has to bite the bullet and force people to take personal responisbility in regards to their purchases. If I'm borrowing hundreds of thousands of dollars, I want to make sure I know every detail of the loan AND that I can pay it off with room to spare. If people bought places they could never afford, I have no sympathy for them now.Astinhttps://www.blogger.com/profile/04349033187012323688noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-77628703551693210462009-03-04T10:41:00.000-05:002009-03-04T10:41:00.000-05:00Mark: I agree with you. Sadly, my guess is that ...Mark: I agree with you. Sadly, my guess is that future governments won't.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-27652280980924980112009-03-04T10:39:00.000-05:002009-03-04T10:39:00.000-05:00Anonymous: Well said. Maybe if our economy produ...Anonymous: Well said. Maybe if our economy produced more goods that interested me I'd spend more. As a small example, I have a leather jacket that never fit me particularly well. I'm only about 10 pounds overweight and the jacket is too big at the waist. When the zipper broke, I wanted to replace the jacket. I tried three stores and all the choices were even fatter than my current jacket. So, I learned enough about zippers to repair my old jacket. I'd still prefer a new one, but I can't find a store that caters to men who aren't obese. I get the feeling that clothing stores cater mainly to shopping addicts rather than people with practical needs. Now that shopping addicts have had their credit lines cut off, maybe things will change.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-61043859167720601972009-03-04T10:25:00.000-05:002009-03-04T10:25:00.000-05:00Sometimes unfair things happen to people. I'd pre...Sometimes unfair things happen to people. <BR/><BR/>I'd prefer to see some people lose the ability to own a home now becaue they can buy one as their financial situation improves.<BR/><BR/>I'd hate to see others default on a mortgage they cannot afford. That hurts everyone. <BR/><BR/>Agree: criminal penalties for those who push bad loans onto ignorant applicants might be in order. Ditto for those who falsify applications.<BR/><BR/>MarkAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-21031305542987195362009-03-04T09:56:00.000-05:002009-03-04T09:56:00.000-05:00As well a 10% down payment would require saving mo...As well a 10% down payment would require saving money, which is the opposite of what the government would like the average person to do. Get the consumer spending again is their answer for getting the economy "back on track".Anonymousnoreply@blogger.com