The prices you guys are charging for guns/ammo is absolute extortion

[snax]

Yeah I remember getting approved for a rather large loan back in 2013 when my wife and I bought our house. We were making almost half of what we make now and what we were approved for was insane. We would have been living paycheck to paycheck just to afford the mortgage each month. Needless to say, we bought a house for like $150k less than what we were approved for lol

A freind of mine worked for Countrywide back in the day and he was pressured to approve EVERYBODY. He'd send me his good ones, but he would tell me all the time that he would approve people who worked part time for $10/hr for a $300K loan. He would routinely write up what was called a "stated income" loan. Basically, whatever they said their income was, the lender would take their word, and that's what he work up the approval for. Insanity.

 

[not new guy]

A freind of mine worked for Countrywide back in the day and he was pressured to approve EVERYBODY. He'd send me his good ones, but he would tell me all the time that he would approve people who worked part time for $10/hr for a $300K loan. He would routinely write up what was called a "stated income" loan. Basically, whatever they said their income was, the lender would take their word, and that's what he work up the approval for. Insanity.

I had a couple of friends (now husband and wife) who worked at Ameriquest back before the last crash and they approved EVERYONE, even if it meant having to f*** around with the paperwork to make it happen. They'd tell applicants what they needed to hear to make the loan happen and would then accept anything or nothing as proof (of income, assets, etc.), just like you said. I distinctly remember her talking about driving elderly applicants around and helping them piece together whatever docs were needed to make the loan happen. They also had go-to appraisers who would say whatever they needed to say. They laughed about it at the time, because when you're in your early 20s making 6 figures on commissions nothing else matters.

 

[drgrant]

A freind of mine worked for Countrywide back in the day and he was pressured to approve EVERYBODY. He'd send me his good ones, but he would tell me all the time that he would approve people who worked part time for $10/hr for a $300K loan. He would routinely write up what was called a "stated income" loan. Basically, whatever they said their income was, the lender would take their word, and that's what he work up the approval for. Insanity.

View: https://youtu.be/H-XINT-hL5I

 

[Chevy 2 65]

 

[TrashcanDan]

I blame Barney Frank, both for previous mortgage fiascos, and the current ammo situation.

 

[cockpitbob]

I had a couple of friends (now husband and wife) who worked at Ameriquest back before the last crash and they approved EVERYONE, even if it meant having to f*** around with the paperwork to make it happen. They'd tell applicants what they needed to hear to make the loan happen and would then accept anything or nothing as proof (of income, assets, etc.), just like you said. I distinctly remember her talking about driving elderly applicants around and helping them piece together whatever docs were needed to make the loan happen. They also had go-to appraisers who would say whatever they needed to say. They laughed about it at the time, because when you're in your early 20s making 6 figures on commissions nothing else matters.

It must be nice going through life unencumbered by a conscious.

Truth be told, I might not have been any better in my 20s. Many years later though, I've adopted the philosophy that how you play the game of life is at least as important as winning. Any loser can do well by being an a**h*** or cheating.

 

[Horrible]

So don’t buy? Supply and demand is a thing ya know, if people weren’t paying these prices the price would come down..

The Economist in me shudders when people talk about prices being too high. If they are and people aren’t willing to pay, then they will come down for folks to be able to sell. Supply and Demand

 

[snax]

View: https://youtu.be/H-XINT-hL5I

Never seen that movie. Wanted to. Never have time. I have about 20 movies on my list. I actually found time for Dunkirk last night. Pretty good.

 

[hminsky]

Never seen that movie. Wanted to. Never have time. I have about 20 movies on my list. I actually found time for Dunkirk last night. Pretty good.

The Big Short movie followed the book pretty closely. It was fun to watch, especially the scenes with Margot Robie.

 

[whatluck]

View: https://www.youtube.com/watch?v=mwdo17GT6sg

 

[mac1911]

I've helped a ton of first time home buyers. I have this spreadsheet that I made that I gave to them with all these expenses they didn't think of. I created it back in 2006/07 when banks were throwing money at people without even considering if they could afford it. The way it calculated, they would enter their monthly net at the top, and all their expenses, I think I had it set to 30% of their pay for mortgage as default, and it would spit out what they could afford. They could change any of the numbers, but at least they could see what it would cost them. Most went over, but never to the number the bank approved them for.
Quite a few went from... I can afford a $350K house (so the bank said) to a $225K house (after I gave them my spreadsheet to punch in numbers)
I have it somewhere on a drive. I shold find it. It even had a tax rate picker of all the towns they would be looking in. In NH this was very important, as some towns could add $750 to their monthly payment. I think I had a few low dollar buyers drop towns like Derry, Windham, Brookline out of the running because the rates were too high at that time.

yeah this is what the bank said to us, the wife and I bursted out laughing so hard we both spit on the poor women when she said we could afford 650,000. We bought for $230,000 and at that time felt like we where being extorted

 

[mac1911]

Yep, you heard me.
Save up for a couple months for a barely decent pre ban, and that's if you have a GOOD job.
What, are we dealing with Prussian Franks? Shit is ridiculous.

Jokes.

eh not much in decent min 25 year old prebans.....they get stupid money all the time. unless you go to free states where its just grandpa's old rifle now

 

[paul73]

I blame Barney Frank, both for previous mortgage fiascos, and the current ammo situation.

Absolutely right, but, he never accepted any responsibility for what had happened. Road to hell is paved with best intentions.

 

[Poxbox]

yeah this is what the bank said to us, the wife and I bursted out laughing so hard we both spit on the poor women when she said we could afford 650,000. We bought for $230,000 and at that time felt like we where being extorted

The banks don't care if you have money left over for food.

 

[Broc]

OP: Guns and ammo are too expensive on NES.
NES: let's talk about mortgages.



NES delivers.

 

[xtry51]

yeah this is what the bank said to us, the wife and I bursted out laughing so hard we both spit on the poor women when she said we could afford 650,000. We bought for $230,000 and at that time felt like we where being extorted

2007 my wife and I were approved for $550k. We bought a house in CT for $234k. We took a giant six figure bath on that house by the time it was all over and we sold it offer moving to NH. There were so many foreclosures in our area we sold 5 years later for $179k and were thankful for that.

 

[Palladin]

Back when everyone was getting approved, there was an article in the Globe about a woman in Roxbury, making $24k as secretary, getting approved for a $400k mortgage on a two family in Roxbury, that was 'valued' at $295k. She cleared $1500/month !! They were f*cking everyone!!