I did no such thing. Your income and credit score determine whether you’ll get approved for a mortgage though and if you don’t have enough of the former to keep the latter good, you ain’t getting it.
Not owning a house does not mean you’re in poverty.
Never implied that either. The reverse tends to be true though: being in poverty usually means not being able to afford a house.
I did no such thing. Your income and credit score determine whether you’ll get approved for a mortgage though and if you don’t have enough of the former to keep the latter good, you ain’t getting it.
Yes and this hypothetical person has the income to secure a mortgage. I know because I made less than $100k when I bought my house for about the same as in this example.
Even in the invented example you have, this all still works, so I’m not seeing the issue
Most people shouldn’t be homeowners, and making it tougher to secure funding is a good thing and prevents housing crashes.
I know because I made less than $100k when I bought my house for about the same as in this example.
Good for you, but most single mothers couldn’t afford to do that and your “evidence” is purely anecdotal. I’m guessing you live somewhere with very low property prices and/or susidized childcare if you’re indeed a single mom.
Most people shouldn’t be homeowners
Says who? What gives you the right to determine whether people should be allowed to own their home rather than be rent gouged for their entire adult lives?
making it tougher to secure funding is a good thing
It sure as hell isn’t! See the aforementioned rent gouging. In the roughly 20 years since moving from my parents’ homes, I’ve paid several times more in rent than a decent house or condo plus taxes would have cost.
Because I never had and probably never WILL have that much at the same time, either up front or through a loan, though, I’m going to pay more for modest apartments over my lifetime without ever owning one than rich people pay for a very nice house. It’s called a poor tax and it’s not a fair or otherwise good thing.
prevents housing crashes.
No it doesn’t. Housing crashes are caused by real estate speculation going wrong, not poor people owning their homes.
The sunprime mortgage crisis wasn’t about poor people getting loans. It was about banks and other financial institutions gambling with the ownership of that debt and other overvalued assets until the jenga tower inevitably toppled.
good credit, which literally anyone can have on a long enough timetable
That’s categorically false. There’s tens of millions of Americans literally stuck in crushing poverty no matter what they do or don’t do. Just because you’ve been luckier than that doesn’t mean that your experience is universal.
the money just doesn’t work the way you think it does.
Wtf are you on about? I’m not from a rich family and I’ve never been anywhere near rich myself either. Almost certainly never will be.
You’re the one who claims that anyone can achieve a good credit score, which is a delusion shared by people who have never been poor and poor people who mistakenly think that they’re temporarily embarrassed multimillionaires.
Literally anyone can do that on a long enough timeline. I didn’t pay my student loans at all for 5 solid years and brought my credit score up from roughly my age to 700+ in like 4 years just by making payments. I did this while making 36k/year, with a baby, as a single parent
Idk why you’re so dead set on pretending having credit is impossible. The problem with these assumptions from you people is that some of us are the people you’re talking about so patronizingly.
Again pretending that your experience is universal and that inescapable expenses exceeding income isn’t a thing that happens to tens of millions.
Since we’ve come to the stage where you just repeat bullshit that I’ve already refuted, I’m gonna stop wasting my time on you. Have the day you deserve.
The amount of georgraphical space in the areas in which people want to live.
Condo owners, sure.
The sunprime mortgage crisis wasn’t about poor people getting loans. It was about banks and other financial institutions gambling with the ownership of that debt and other overvalued assets until the jenga tower inevitably toppled.
Ludicrously lax mortgage loaning guidelines were the cause of that toxic debt. If you weren’t an adult at the time you should watch The Big Short. Actually even if you were, because it’s also just a good movie.
The amount of georgraphical space in the areas in which people want to live.
Condo owners, sure.
First of all, I never said that home ownership had to be single family houses. That was YOUR assumption.
Second of all, while I agree as a general rule that it’s better to conserve space by building more dense residential properties, most liveable land is hoarded by rich people. Confiscating the unneeded land of rich people to build affordable housing is one of the few if not the only legitimate application of eminent domain laws.
Ludicrously lax mortgage loaning guidelines were the cause of that toxic debt
No, ludicrously draconian enforcement when people missed a single payment was what made it toxic. The banks being stuck with a bunch of unpaid small mortgages would never had caused anywhere near as much damage as what ACTUALLY happened.
If you weren’t an adult at the time you should watch The Big Short
I was and I have. The big short isn’t about how poor people shouldn’t get loans. It’s about how banks shouldn’t give poor people loans with predatory terms and then gamble the entire economy on defaulted on debt and other junk assets bundled as prime assets becoming worth more.
Actually even if you were, because it’s also just a good movie
Most livable land is not desirable because it’s rural. You can buy a house in a rural part of my state for 80k. You won’t, because it isn’t desirable.
My in-laws’ home would sell for a whopping 120k right now if you wanna live in a town of 300 in rural Wisconsin.
It’s about how banks shouldn’t give poor people loans with predatory terms
It’s the same picture.
No, ludicrously draconian enforcement when people missed a single payment was what made it toxic
Banks did everything they could to keep people in homes because repossessed homes weren’t selling. My dad didn’t pay his mortgage for almost 2 years lol.
I did no such thing. Your income and credit score determine whether you’ll get approved for a mortgage though and if you don’t have enough of the former to keep the latter good, you ain’t getting it.
Never implied that either. The reverse tends to be true though: being in poverty usually means not being able to afford a house.
Yes and this hypothetical person has the income to secure a mortgage. I know because I made less than $100k when I bought my house for about the same as in this example.
Even in the invented example you have, this all still works, so I’m not seeing the issue
Most people shouldn’t be homeowners, and making it tougher to secure funding is a good thing and prevents housing crashes.
Good for you, but most single mothers couldn’t afford to do that and your “evidence” is purely anecdotal. I’m guessing you live somewhere with very low property prices and/or susidized childcare if you’re indeed a single mom.
Says who? What gives you the right to determine whether people should be allowed to own their home rather than be rent gouged for their entire adult lives?
It sure as hell isn’t! See the aforementioned rent gouging. In the roughly 20 years since moving from my parents’ homes, I’ve paid several times more in rent than a decent house or condo plus taxes would have cost.
Because I never had and probably never WILL have that much at the same time, either up front or through a loan, though, I’m going to pay more for modest apartments over my lifetime without ever owning one than rich people pay for a very nice house. It’s called a poor tax and it’s not a fair or otherwise good thing.
No it doesn’t. Housing crashes are caused by real estate speculation going wrong, not poor people owning their homes.
The sunprime mortgage crisis wasn’t about poor people getting loans. It was about banks and other financial institutions gambling with the ownership of that debt and other overvalued assets until the jenga tower inevitably toppled.
Forgot to address this, but it’s not anecdotal that someone with X income can afford a mortgage at Y+X. That’s math.
Assuming good credit, which literally anyone can have on a long enough timetable, the money just doesn’t work the way you think it does.
That’s categorically false. There’s tens of millions of Americans literally stuck in crushing poverty no matter what they do or don’t do. Just because you’ve been luckier than that doesn’t mean that your experience is universal.
Right back at you.
Lol I love when kids from rich families LARP like they know what being poor looks like.
Wtf are you on about? I’m not from a rich family and I’ve never been anywhere near rich myself either. Almost certainly never will be.
You’re the one who claims that anyone can achieve a good credit score, which is a delusion shared by people who have never been poor and poor people who mistakenly think that they’re temporarily embarrassed multimillionaires.
Having a good credit score just requires you to
A) have any credit
B) make monthly payments
C) don’t get evicted
Literally anyone can do that on a long enough timeline. I didn’t pay my student loans at all for 5 solid years and brought my credit score up from roughly my age to 700+ in like 4 years just by making payments. I did this while making 36k/year, with a baby, as a single parent
Idk why you’re so dead set on pretending having credit is impossible. The problem with these assumptions from you people is that some of us are the people you’re talking about so patronizingly.
Again pretending that your experience is universal and that inescapable expenses exceeding income isn’t a thing that happens to tens of millions.
Since we’ve come to the stage where you just repeat bullshit that I’ve already refuted, I’m gonna stop wasting my time on you. Have the day you deserve.
The amount of georgraphical space in the areas in which people want to live.
Condo owners, sure.
Ludicrously lax mortgage loaning guidelines were the cause of that toxic debt. If you weren’t an adult at the time you should watch The Big Short. Actually even if you were, because it’s also just a good movie.
First of all, I never said that home ownership had to be single family houses. That was YOUR assumption.
Second of all, while I agree as a general rule that it’s better to conserve space by building more dense residential properties, most liveable land is hoarded by rich people. Confiscating the unneeded land of rich people to build affordable housing is one of the few if not the only legitimate application of eminent domain laws.
No, ludicrously draconian enforcement when people missed a single payment was what made it toxic. The banks being stuck with a bunch of unpaid small mortgages would never had caused anywhere near as much damage as what ACTUALLY happened.
I was and I have. The big short isn’t about how poor people shouldn’t get loans. It’s about how banks shouldn’t give poor people loans with predatory terms and then gamble the entire economy on defaulted on debt and other junk assets bundled as prime assets becoming worth more.
Finally something we 100% agree on 😁
Most livable land is not desirable because it’s rural. You can buy a house in a rural part of my state for 80k. You won’t, because it isn’t desirable.
My in-laws’ home would sell for a whopping 120k right now if you wanna live in a town of 300 in rural Wisconsin.
It’s the same picture.
Banks did everything they could to keep people in homes because repossessed homes weren’t selling. My dad didn’t pay his mortgage for almost 2 years lol.
It is a really great flick/book, for sure.