Quotes About Mortgage

What is a permanent loan but a mortgage upon the wealth and industry of the country? It is the only form of indebtedness, as experience has shown, by which heavy and durable encumbrance can be laid upon the community.

Bad debt is debt that makes you poorer. I count the mortgage on my home as bad debt, because I'm the one paying on it. Other forms of bad debt are car payments, credit card balances, or other consumer loans.

When you read that UBS did not even view parts of its mortgage portfolio as having market risk, it becomes very obvious that a number of firms were not dotting the i's and crossing the t's when it comes to risk management.

There is no better way to quickly buoy hard-pressed homeowners than helping them take advantage of the currently record low fixed mortgage rates and significantly reduce their monthly mortgage payments.

The only time I've ever taken out a loan is for the building work I had done at our house and I did that by extending the mortgage.

The FHA was particularly concerned with preventing school desegregation. Its manual warned that if children "are compelled to attend school where the majority or a considerable number of the pupils represent a far lower level of society or an incompatible racial element, the neighborhood under consideration will prove far less stable and desirable than if this condition did not exist," and mortgage lending in such neighborhoods would be risky.

Because the FHA's appraisal standards included a whites-only requirement, racial segregation now became an official requirement of the federal mortgage insurance program. The FHA judged that properties would probably be too risky for insurance if they were in racially mixed neighborhoods or even in white neighborhoods near black ones that might possibly integrate in the future.

What if one were up there, drifting about among suns and feeling the tails of comets fan one's forehead! How small the earth was and how puny the people; a Norway of two million provincial souls and a mortgage bank to help feed them! What was life worth at such a rate? You elbowed yourself ahead in the sweat of your face for a few mortal years, only to perish all the same, all the same!

We have seen the big loan servicers drag their feet in the Obama administration's well-intentioned mortgage modification program.

If there were not derivatives, there would be no bank loans at all today, because people want to get fixed-rate 30-year loans, but banks don't want to keep 30-year loans on their books.

I thought that there would never again be an opportunity to be involved with an industry as socially destructive and morally bankrupt as the subprime mortgage industry. I was wrong. The for-profit education industry has proven equal to the task.

Remember the Tea Party movement didn't get started in September of 2008 when the bank bailout was passed. It really began on Feb. 19th, 2009 when a television commentator named Rick Santelli stood up and said what the hell are we doing bailing out people who couldn't afford a mortgage by taking money from people like me who are prudent?

I became a professor myself, teaching bankruptcy and consumer protection. I conducted a national study of mortgage companies in bankruptcy. And what I found was that big banks routinely broke the law.

Described by his biographer as an "overweight, rheumatic, vain, pompous, gluttonous inebriate," he had run through several fortunes totaling almost £100,000 with his spendthrift ways and aristocratic pretensions, including expenditures for a heavily mortgaged, thousand-acre New Jersey estate with piazzas, a deer park, painted drawing rooms, a wardrobe holding thirty-one coats and fifty-eight vests, and carriages embossed with the coat of arms he claimed as his patrimony.

Homeowners can't use bankruptcy to reorganize their mortgage loans, because the banks have engineered the bankruptcy laws to prohibit this. Young people can't use bankruptcy to reorganize their student loans, because the banks have barred it. But big businesses now routinely use bankruptcy to renege on contracts with their workers.

Is that why you say, "Your house is not an asset?" For most homeowners, their house is taking money out of their pockets. A: Yes. Even if your house is debt free, cash is still flowing out of your pocket for taxes, maintenance, insurance, and utilities.

Even though people receive a tax deduction for interest on mortgage payments, they pay for all their other expenses with after-tax dollars, even after they pay off their mortgage.

there were other ways to finance a property rather than through the bank.

My house is a liability, and if your house is your largest investment, you're in trouble.

mortgage interest is a tax deduction.

You work for the bank. After taxes, your next largest expense is usually your mortgage and credit card debt.

your money is tied up in your house

The previous chapter presented diagrams illustrating that most people work for everyone but themselves. They work first for the owners of the company, then for the government through taxes, and finally for the bank that owns their mortgage.

YOUR HOUSE IS NOT AN ASSET The 2008 housing market crash was a clear message that your personal residence is not an asset. Not only does it not put money in your pocket, but we cannot count on the fact that it will go up in value. Many houses in 2017 are still worth less than they were in 2007.