"consumers rein in borrowing"

[OAG]

Glad I taped about 80% of my HELOC a couple of months ago. But then I have enough savings in the same institution to pay it off about 5 times. Talk about lending to those that really do not need it.

 

[FinanceDude]

re: "HELOC biz on life support". please explain...is that due to burst of real estate bubble and house values used when HELOC was signed are meaningless?

No banks are writing HELOCS because the housing prices are down, and noone has equity to borrow. I think banks relaxed their underwriting standards considerably, starting after 9/11. I know MANY of my neighbors got HELOCS and a LOT of remodeling/landscaping/buying was done.

Of course, there were some lenders that would let you borrow 115% or even 120% of your house's value.........those days are OVER thank goodness........

 

[freebird5825]

thanks so much for answering my questions. i know i put some doozies out there sometimes...but what do they say about the question that goes unasked?

 

[FinanceDude]

thanks so much for answering my questions. i know i put some doozies out there sometimes...but what do they say about the question that goes unasked?

Its a question everyone else had but were too chicken to say........

 

[bow-tie]

...For those who have never seen "Cinderella Man" with Russell Crowe, it is an excellent depiction of true desperation during the Depression. I highly recommend it. It also paints a positive picture of what true "character" is all about.

That movie hit me like a ton of bricks. Went a long way in re-affirming what I had learned from my dad about living efficiently ('cheap' some might say). The lesson was duly noted.

 

[freebird5825]

just put it on the netflix q. thanks for the recommendation. russell crowe in anything (or nothing )is awesome. maybe this movie will cheer me up vs looking at my portfolio.

 

[mews]

Freebird, you had to THINK about that choice?

I mean, really:

Look at portfolio

Look at Russell Crowe in anything ( or nothing )
ding, ding, ding, we have a winner!!!!!!!!!!!!!!!!!

ta,
mews

 

[freebird5825]

Freebird, you had to THINK about that choice?
I mean, really:
Look at portfolio
Look at Russell Crowe in anything ( or nothing )
ding, ding, ding, we have a winner!!!!!!!!!!!!!!!!!
ta,
mews

the decision took me exactly 2.1 nanoseconds.