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nsimmons11
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Too Sad To Be Funny - John Rubino - Dollar Collapse

I'm not sure why any of this would be funny - maybe you have a strange sense of humor - and I don't really consider it sad either. I am familiar with all three studies. The first I consider to be prime example of academics being paid to state the obvious: did it really need a study to find that people with equity loans are typically more underwater than those without? May as well say people who only put 20% down are more underwater than those who put dow 30% - kind of stating the obvious, isn't it? Perhaps more to your point, I am an example of all three situations - and I don't feel bad about it. Here's why: I have a loan that's probably underwater. I took out an 80% first, 10% second when I moved to a new job seven years ago. I still have my other home that I will go back to eventually and its now fully paid. The house with the loans has gone down in value and is probably a bit underwater. These two mortgages are my only debt except for a 401k loan - more later - but their principal is a bit over 100% of my after tax income. I don't think I've ever had a mortgage that was less than my after tax income - so what if you don't want to pay it off in a lump? I took that 401K loan three years ago because my 401K was limited to stocks and bonds and I wanted to invest it in gold. I borrowed the max 50K and invested in bullion, which is up very nicely, thank you. I have enough assets to pay off my mortgages any time I want but why would I when they are at less than 5% and in depreciating paper when I can invest my spare cash in gold and silver?

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Début de l'article : The following three stories would be funny if the picture they paint wasn't so sad.First this: Second-Mortgage Misery Almost 40% of homeowners who took out second mortgages--extracting cash from their residences to cover everything from vacations to medical bills--are underwater on their loans, more than twice the rate of owners who didn't take out such loans... Lire la suite

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