Washington Post The Fed has decided that now would be a good time to clamp down on subprime mortgage lending. Now they close the barn door. Good thinking, even if it's in hindsight and the fed chairman is the hind of something.
Yea, they're tightly regulating mortgages now that people REALLY need to refinance those teaser rates they took out 5 years ago. Guess what? They can't refi now that the rules have changed, so they are stuck or walk. I've owned my house 15 years, never been late on a payment, and cannot refinance EVEN TO GET A LOWER RATE/PAYMENT due to the current rules. A few years ago about 2 out of 15 mortgage applications were rejected. Now it's about 14 out of 15 rejections. Also, although the banks are the ones who greedily screwed up, they 'helped' rewrite the new rules and guess what? They have all but written out any chance of a mortgage broker finding their client the best deal. Now one must just go to the bank and take what they are 'offering' with no chance for shopping for the best rate. Gotta love it! 15 years of no lates and it's impossible for me to LOWER my payment/rate under the new guidelines. GD GW and his band of thieves. I hope Obama taxes them to within an inch of their lives (on par with the rest of us).
It's been proven consistently and profusely that deregulation doesn't work but it also proves my own take on an old adage: Those who don't know history, or those who know history but choose to ignore it, are doomed to repeat it. Greed always wins out and it takes about twenty years before the next scam comes along to make boat loads of money for unscrupulous thieves with MBAs (the last one was the S&L debacle) who conveniently disappear under their rocks when the you-know-what hits the fan, leaving the taxpayer to pick up the tab and suffer the consequences.
I am just so thankful that I refinanced when rates were low to a 30 yr fixed 5.25% rate... Even if I tried, I couldn't count how many calls I declined for people trying to get me to go with the ARM's... I even went so far as to go through the motions to calculate how much money I might save over a 5 year period under ideal conditions, and if I just continued paying at my current rate, how many years I might trim off the mortgage, but in the end, the small difference just wasn't big enough to warrant refinancing yet again.
Actually I have most often heard it "after the horse ran away". Although given the context, "after the horses were stolen" seems more appropriate.
It's a cliche that has several variations. Both cows and horses are kept in barns so both are appropriate. The general cliche refers to the futility of preventing a problem that has already happened. For me, referring to cows was more apt since people who move en masse are more likened to cattle than they are to horses.
Or as Groucho Marx said to Margaret Dumont: "I can dance with you til the cows come home. On the other hand, I'd rather dance with the cows til you got home."
In Australia, or at least in Adelaide the saying is, "closed the gate after the horse had bolted." I had no idea what the "cows" reference was until I had read several posts.
"'til the cows come home" refers to something else entirely. It means 'a long time', which is not what I meant at any rate. Bravo, of course, for being one of the few people who don't use the incorrect 'till' A lot of people don't bother to think about the fact that 'til is an abbreviation of sorts for the word 'until' and that 'till' is a completely different word.
Of course it's an abbreviation. That's what the apostrophe is for. I didn't just fall off the turnip truck, ya know. I'll bet a lot of farmers wish cows *could* till.
I sold a cow to my cousin once; he is still mad at me. He just wanted one because he was the only one in our hollow that didn't have one. He was dirt poor and had no business buying a cow so I sold it cheap but I really tried to talk him out of it. I told him that that calf was going to get big and eat a lot...a lot. He didn't care, he just wanted it. Well to make a long story short that was the biggest damn cow I have every seen and it ate him out of house and home and kept his yard a bare muddy mess. He had to take a part time job just to feed that stupid thing. Nobody around here wants it because it is so big and is pretty mean. Nobody can get near it but him. He smacks that cow on the butt every night cause it is costing him so much and he is still pissed at me for selling it to him.
Huh. My Mom got really angry with me when I sold our cow for a handful of beans. When I explained to her they were magic beans she got so annoyed she tossed them out the window. Well, you wouldn't believe the rest if I told you so I won't.
Actually, not much is going to be done, they are going to tighten loans, but are going to continue to allow lending institutions to keep raiding the Federal Reserve, so all thats happening is, lending institutions get to make up for their practices by stealing from the taxpayers, and borrowers get screwed.
