Comments on: Cheaper Financing is a Funny Route to the American Dream http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/ A blog about handling personal finances, and how our culture and economy affect our money. Thu, 28 Aug 2008 04:55:33 +0000 http://wordpress.org/?v=2.5 By: Carnival of Personal Finance # 145: Baby Education Edition | 8ZU http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-139 Carnival of Personal Finance # 145: Baby Education Edition | 8ZU Fri, 11 Apr 2008 20:04:25 +0000 http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-139 [...] from Handling Finances presents Cheaper Financing is a Funny Route to the American Dream, and says, "Mortgages have become universal in our culture, but what would happen if mortgages [...] […] from Handling Finances presents Cheaper Financing is a Funny Route to the American Dream, and says, "Mortgages have become universal in our culture, but what would happen if mortgages […]

]]> By: Carnival of Personal Finance # 145: Baby Education Edition | Mortgage Quotes http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-106 Carnival of Personal Finance # 145: Baby Education Edition | Mortgage Quotes Sun, 30 Mar 2008 02:06:23 +0000 http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-106 [...] from Handling Finances presents Cheaper Financing is a Funny Route to the American Dream, and says, "Mortgages have become universal in our culture, but what would happen if mortgages [...] […] from Handling Finances presents Cheaper Financing is a Funny Route to the American Dream, and says, "Mortgages have become universal in our culture, but what would happen if mortgages […]

]]> By: Deamiter http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-97 Deamiter Mon, 24 Mar 2008 23:55:35 +0000 http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-97 I quite agree. Mortgages are a great product that improves the living conditions of millions! I strayed a bit from my original point that CHEAPER financing is a funny route to the American dream. It's when people feel entitled to mortgages (and complain that they should be cheaper) that you start to get people accumulating more debt than they can handle. When banks recognize that indentured servants are profitable (through catching people in un-repayable debt with ever increasing restrictions on bankruptcy) and move to get as many people as possible paying as much interest as possible, the promise of cheap financing (sold to many with ARMs) takes us back to many of the problems of pre-mortgage days. I quite agree. Mortgages are a great product that improves the living conditions of millions! I strayed a bit from my original point that CHEAPER financing is a funny route to the American dream. It’s when people feel entitled to mortgages (and complain that they should be cheaper) that you start to get people accumulating more debt than they can handle. When banks recognize that indentured servants are profitable (through catching people in un-repayable debt with ever increasing restrictions on bankruptcy) and move to get as many people as possible paying as much interest as possible, the promise of cheap financing (sold to many with ARMs) takes us back to many of the problems of pre-mortgage days.

]]> By: David http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-94 David Mon, 24 Mar 2008 17:21:08 +0000 http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-94 Mortgages have been around as long as people have been in a situation where they could not build a dwelling for themselves. Multi-generational living is one form of mortgage, as is a parent's financial support of a child in financing a home. But consider how limiting those options may be. Before the banks engaged in the mortgages they offer, wealthy individuals in the community would loan money to other individuals at rates that kept them indentured for years (Search for the history of the song 'Sixteen Tons'). Wise folks formed 'Savings & Loan' cooperatives (the precursor to Credit Unions) to pool their savings, and allow earlier entry into the housing market. Have a closer look at history, and you'll learn lots of ugly things about past housing options, and the human cost of those options. The 18th & 19th centuries were not necessarily comfortable times to live if you were not wealthy. DAvid Mortgages have been around as long as people have been in a situation where they could not build a dwelling for themselves. Multi-generational living is one form of mortgage, as is a parent’s financial support of a child in financing a home. But consider how limiting those options may be. Before the banks engaged in the mortgages they offer, wealthy individuals in the community would loan money to other individuals at rates that kept them indentured for years (Search for the history of the song ‘Sixteen Tons’). Wise folks formed ‘Savings & Loan’ cooperatives (the precursor to Credit Unions) to pool their savings, and allow earlier entry into the housing market.

Have a closer look at history, and you’ll learn lots of ugly things about past housing options, and the human cost of those options. The 18th & 19th centuries were not necessarily comfortable times to live if you were not wealthy.

DAvid

]]> By: J.C.’s Money Blog » Blog Archive » Carnival of Personal Finance #145 http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-93 J.C.’s Money Blog » Blog Archive » Carnival of Personal Finance #145 Mon, 24 Mar 2008 16:51:51 +0000 http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-93 [...] from Handling Finances presents Cheaper Financing is a Funny Route to the American Dream, and says, “Mortgages have become universal in our culture, but what would happen if [...] […] from Handling Finances presents Cheaper Financing is a Funny Route to the American Dream, and says, “Mortgages have become universal in our culture, but what would happen if […]

]]> By: Carnival of Personal Finance # 145: Baby Education Edition | Million Dollar Journey http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-92 Carnival of Personal Finance # 145: Baby Education Edition | Million Dollar Journey Mon, 24 Mar 2008 13:13:52 +0000 http://www.handlingfinances.com/2008/03/19/cheaper-financing-is-a-funny-route-to-the-american-dream/#comment-92 [...] from Handling Finances presents Cheaper Financing is a Funny Route to the American Dream, and says, "Mortgages have become universal in our culture, but what would happen if mortgages [...] […] from Handling Finances presents Cheaper Financing is a Funny Route to the American Dream, and says, "Mortgages have become universal in our culture, but what would happen if mortgages […]

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