Has the recession hit you?

[AWESOM-O]

So you're a banking executive.

Or a troll.

Or not.

My household income is around $4681 a month after taxes. Between bills and money wasted on eating out and random convenience store purchases, we spend about $2500 a month. Do the math. Almost $2200 left for savings. All utilities are included in my rent other than electric. My electric bill is around $90 a month, cable is $70, cellphones $100 total, a few payments for other things totaling less than $200. Car insurance is $200 between both our cars a month and a grocery bill of around $350.

And that's not "banking executive" money. It's half decent job income.

[pavelbure]

Well $1200 a month for me in Massachusetts with a wife and kid. The rent alone takes up half that and my landlord is raising my rent next month. My hours were gonna get cut in half this week but we picked up on orders.

see, people like you i can understand getting some help. it doesen't sound like your living high off the hog.

people like this

http://www.foxnews.com/story/0,2933,497707,00.html

"I think the government should help people like me, or the bank should be willing to adjust the loan fairly -- at least make it based on market value now," Jovic said.

i would like to punch in the face, especially that bitch with her shit eating grin. you bought a home for way too much than you could afford and probably didn't need, then come crying when times get tough.
boo fucking hoo, go and get something cheaper and smaller.

[Ex-Cyber]

people like this

http://www.foxnews.com/story/0,2933,497707,00.html

"I think the government should help people like me, or the bank should be willing to adjust the loan fairly -- at least make it based on market value now," Jovic said.

i would like to punch in the face, especially that bitch with her shit eating grin. you bought a home for way too much than you could afford and probably didn't need, then come crying when times get tough.
boo fucking hoo, go and get something cheaper and smaller.

Actually, it doesn't seem to be the case at all that they bought a home for way more than they could afford; $275K on a $90K/year income isn't that bad by conventional standards, although the article doesn't say what they have to pay in fees. It does look like they bought it for more than it was actually worth, though they may not have had a choice in that regard. What they seem to be complaining about is that they're sort of trapped there because they'd still have a $100K mortgage even if they sold. I think the bigger problem here is that the financial industry, the media, and the housing industry all bought into and promoted this notion that a home should be treated like a financial instrument more so than an investment in a place to live, complete with an assumption that the value would only go up. When that assumption proved false, a lot of people ended up screwed.

He called Standard & Poor’s and asked what would happen to default rates if real estate prices fell. The man at S&P couldn’t say; its model for home prices had no ability to accept a negative number.

[pavelbure]

people like this

http://www.foxnews.com/story/0,2933,497707,00.html

"I think the government should help people like me, or the bank should be willing to adjust the loan fairly -- at least make it based on market value now," Jovic said.

i would like to punch in the face, especially that bitch with her shit eating grin. you bought a home for way too much than you could afford and probably didn't need, then come crying when times get tough.
boo fucking hoo, go and get something cheaper and smaller.

Actually, it doesn't seem to be the case at all that they bought a home for way more than they could afford; $275K on a $90K/year income isn't that bad by conventional standards, although the article doesn't say what they have to pay in fees. It does look like they bought it for more than it was actually worth, though they may not have had a choice in that regard. What they seem to be complaining about is that they're sort of trapped there because they'd still have a $100K mortgage even if they sold. I think the bigger problem here is that the financial industry, the media, and the housing industry all bought into and promoted this notion that a home should be treated like a financial instrument more so than an investment in a place to live, complete with an assumption that the value would only go up. When that assumption proved false, a lot of people ended up screwed.

He called Standard & Poor’s and asked what would happen to default rates if real estate prices fell. The man at S&P couldn’t say; its model for home prices had no ability to accept a negative number.

90k a year is not rich, or high. plain and simple they bought way out of their price range. when you buy a home you can't buy for the good times, you have to also consider the bad, which they obviously didn't think about.

[Lartrak]

i would like to punch in the face, especially that bitch with her shit eating grin. you bought a home for way too much than you could afford and probably didn't need, then come crying when times get tough.
boo fucking hoo, go and get something cheaper and smaller.

I can understand where you're coming from, but it appears they're actually having no trouble making payments - they just are unhappy that their loan is for way more than their house is worth since housing collapsed. I don't know why they think the government should step in in that situation, though.

But yeah, buying a $275,000 house on a $90k income really isn't that ridiculous. I mean, they were able to pay 20% up front.

There are certainly a lot of people who bought WAY beyond their means who are fucked now (there were people in the area where I lived buying $600-$750k homes on salaries under $100k, and others further out buying $300k homes with a $40k salary), and that was just stupid of them. Probably the worst examples were people buying expensive luxury cars who clearly could not afford it. I might add I talked to a repo man a while back - he's doing great, as he gets a commission off every car he tows. He's made upwards of $1000 in a single day once or twice. Growing sector right now.

Buying beyond your means is one of the biggest economic issues in modern America, and people really need to stop doing it. It sounds simple, right? Hopefully the recession will put an end to it, and some good can come out of this mess.

[SuperMegatron]

Buying beyond your means is one of the biggest economic issues in modern America, and people really need to stop doing it. It sounds simple, right? Hopefully the recession will put an end to it, and some good can come out of this mess.

Lesson learned here.

[Ex-Cyber]

90k a year is not rich, or high.

It's higher than most, by a long shot. The median household income in the US is about 50K. 90K is around the 80th percentile. Median home price was about 220K in 2006. Who do you think is in a sound position to own a home?

[adventure_of_link]

i would like to punch in the face, especially that bitch with her shit eating grin. you bought a home for way too much than you could afford and probably didn't need, then come crying when times get tough.
boo fucking hoo, go and get something cheaper and smaller.

I can understand where you're coming from, but it appears they're actually having no trouble making payments - they just are unhappy that their loan is for way more than their house is worth since housing collapsed. I don't know why they think the government should step in in that situation, though.

But yeah, buying a $275,000 house on a $90k income really isn't that ridiculous. I mean, they were able to pay 20% up front.

There are certainly a lot of people who bought WAY beyond their means who are fucked now (there were people in the area where I lived buying $600-$750k homes on salaries under $100k, and others further out buying $300k homes with a $40k salary), and that was just stupid of them. Probably the worst examples were people buying expensive luxury cars who clearly could not afford it. I might add I talked to a repo man a while back - he's doing great, as he gets a commission off every car he tows. He's made upwards of $1000 in a single day once or twice. Growing sector right now.

Buying beyond your means is one of the biggest economic issues in modern America, and people really need to stop doing it. It sounds simple, right? Hopefully the recession will put an end to it, and some good can come out of this mess.

See? this is the point I was trying to make earlier on in this thread, until that got sadly ripped apart.

[Specially Cork]

The biggest lesson people never learn from recessions is that they suck and there will be more of them in the future.

[FiendWithoutAface]

The biggest lesson people never learn from recessions is that they suck and there will be more of them in the future.

That is very true but one can take advantage of the markets right now. Stocks are pretty low