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people fell for the ARM because they offered lower rates and 5 years of stability, so it seemed safe.
- BowserNoodle ☦️ likes this.
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@Zergling_man honestly people with a 5 year time horizon are practically superhuman in 2024.
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@sickburnbro >5 years of stability
>on a loan you're expected to be paying off for your whole life
lol, lmao
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@deprecated_ii uh, end of history, CHUD, end of history.
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@sickburnbro nobody could've predicted 8% mortgages, totally unprecedented
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@TeaTootler not sexual, but they do get an intense enjoyment at twisting laws of all sort. That's what the entire history of their religion shows.
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@sickburnbro it’s like the Jews get sexual pleasure out of inventing new ways of usury to fuck over the goyim
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I tried my best to talk people out of them in the late 90s when I was a lowly personal banker.
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@VikingWays yeah, it gets very frustrating when people won't listen to you and then go and do something and get exactly the results you said then come back and are like "help, fix this"
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@VikingWays absolute fucking children
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@sickburnbro @deprecated_ii The four most dangerous words in the English language:
"This time is different."
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@sickburnbro Average mortgage lifespan dropped below 6 years after 2008 and average time in a home was under 8 years in a lot of the country, so they could sell it on that idea. Everybody in finance said rates were going to stay near "forever" so it all added up.
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@givenup @sickburnbro Tiny home or large coffin? ⚰️
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@BowsacNoodle @sickburnbro My mom tried to sell me on tiny landolots with a tiny home all the time and I'm like " in my view right now I'm looking for something I'll die in"
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@givenup @sickburnbro I know friend just taking the piss as the Bongs say.
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@BowsacNoodle @sickburnbro Well I don't mean it that way I mean I'm looking for a piece of land I'll grow old tending and pass onto whatever kids or kid I have
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@WaughheadRex depend on state, the agent gets their cut at the table. If you have cash the loan brokers don't get a seat at the table.
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@sickburnbro "loan brokers": firewall between bank/investment. the loan broker will tell you anything to get you to sign that foot thick contract. people want a house, no other options are presented. if you show up with cash in full, they will not sell you the house, because they get a cut of that loan, so does the real estate agent, on top of 6% commission from owner, and whatever they added on for "improvements with their oompa loompas they pay with meth. the real estate agents are always in on the grift.
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@WaughheadRex turned down by whom though?
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@sickburnbro i've been turned down to buy houses with asking price cash 20+ times. they will do anything to make it not happen.
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@WaughheadRex scares WHO? I mean just offer 4x as much good faith deposit and assumedly you have a statement of available funds?
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@sickburnbro the liability issues scare them, that is why they want the loan broker involved.