ST Alpha - "what's really going to be interesting is how the dodd/frank rules and qrm work out..." (Reading a Post)

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In response to "this is bleak, too. -- (link)" by amanda jones

what's really going to be interesting is how the dodd/frank rules and qrm work out...

Posted by x (aka dmuck) Feb 1 '11, 07:47

i'm all for making the rules more stringent, personally, but if things like wells fargo saying they're going to want 30% down on mortgages to take qrm's. that's really going to hurt housing in a country where no one's got any dang savings.

Responses:

if that comes true, I will be a renter forever. -- nm - loosilu Feb 1, 07:51 10
- not exactly, because that would rules like hyde mentions would cause housing values to plummet further. - ty97 Feb 1, 07:57
- i've already embraced it. fuck it. home ownership has no bearing on my continued happiness. -- nm - TFox Feb 1, 07:52 8
  - the idea that home ownership correlates to happiness/stability/etc is one of the prime fictions of neocapitalism.... - x Feb 1, 07:57 5
    - I'm much happier about owning than renting. I know what my monthly costs will be years in the future. - ceregon Feb 1, 08:01
    - You sold out and bought? - Will Hunting Feb 1, 07:58 1
      - yeah, years back. i needed a good place to live for this job...nm - x Feb 1, 08:02
    - freeloader! -- nm - loosilu Feb 1, 07:58 1
      - it's a stupid waste of taxpayer money, but if they're foolish enough to offer it i'm not passing it up....nm - x Feb 1, 08:00
  - you know, I think I am there as well. fuck it. -- nm - loosilu Feb 1, 07:55
  - yeah I'm getting there too. -- nm - sycor Feb 1, 07:53
30%? holy shit. who's ever going to be able to buy? -- nm - amanda jones Feb 1, 07:49 4
- I had to put 25% down on my first rental place in Vegas, and 40% on the second, and I was one of the few able to get financing. - ceregon Feb 1, 07:53 1
  - Of course, I imagine the rules are a lot more stringent on rental properties versus primary residences. -- nm - znufrii Feb 1, 07:56
- no one. probably they're leaning more towards 20%, i think. and the real estate/builder lobby will probably whine it down further.... - x Feb 1, 07:53
- Rich people ftw! -- nm - Don Homer Feb 1, 07:52

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what's really going to be interesting is how the dodd/frank rules and qrm work out...

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