Debt Ceiling
So I am attempting to raise my debt ceiling. I have excellent credit--I'm a very responsible person. I have lots of equity in my house even though no one wants to buy it for what I consider to be a fair market price. The house could fall down and the land would still be worth more than I want to borrow on it.
First the bank said that my income was not enough. That didn't make any sense, because the monthly payment would actually be less (refinancing to a much lower rate and restarting that 30 year clock). They said that they figure out the very highest payment that I would have to pay after the rate is adjustable and assuming that I have to pay penalties, etc. Ok, how much am I too low? Before they can answer that question, they change their mind. Hmmm.
Next they said that there was a problem with the appraisal. I thought, ok, my house didn't sell, the appraisal is really low, but no, the appraisal shows that my loan to value ratio is 35-65. It only needs to be 20-80 and they advertise that they will loan as much as 10-90. So I'm confused. What's wrong with the appraisal. The house needs a new roof and a heater in the living room, they say. I know, I say--that's why I need a loan. Well those things have to be fixed. Well I can't fix them until you loan me money. Hmmm.
The next day, the bank calls and says, good news, just give us estimates for the work and we'll give you the loan. Estimates, I say, what's to stop me from just keeping the money? Hmmm. We just need to see the estimates. Ok. I ask the roofer to give me an estimate. He gave me one two years ago and told me that my roof still had two more years in it. He'd be happy to come out next wednesday. Don't you have anything sooner I ask? How about tuesday. Ok.
The heating guy said that someone from the office would call me to set up a time.
The roofer's secretary is on vacation. He doesn't know how to send me a fax. He put it in upside down, so I never got the blank piece of paper he sent.
The heating guy's secretary never called me so I called her on Wednesday. They couldn't come until next week sometime. I'm trying not to care. The bank said even with the estimates, it's going to take three weeks to close. This is already three weeks after I put in the application. I had to wait three weeks to put in the application so that my listing agreement would expire first.
The bank called me on friday. My loan is ready to close now as soon as I have the estimates. I knew they should want to loan me money. I am like the poster child of good risk--guarenteed return. I call the roofer and explain how to send a fax. After a few tries he gets it. I call a different heating guy and luckily they can come out the same day. He wouldn't write an estimate on the spot, so I expect it Monday. It is Wednesday and I don't have it yet.
I listen to the news about America's debt ceiling. I think that if it doesn't get raised and bad things happen, my mild annoyance at tea party conservatives is going to escalate exponetially. I wonder if they feel the same way about me. This is how civil wars get started. An expert from Harvard advised the President to simply take the matter away from congress like Lincoln did. I'm not the first person to have this idea.
When I first saw the price tag from the Iraq and Afganistan wars, I thought--this is not in the budget, we cannot afford this. When my taxes did not rise to help pay for WAR, I thought, this is not good. This is not fiscally sound. If I have a huge expense, I make some new provision to take care of it. I understood the stimulus program (presented by Bush). A soft landing and not mass starvation. What I don't understand is how we can expect to pay out these huge amounts (past tense--the money is already spent) and not expect to pay for it. Conservatives are opposed to closing tax loopholes? [Realtors in my City all drive Hummers because they get a very large tax incentive for owning a vehicle with an axil the size of a tractor--it is cheaper for them to buy a Hummer (with its horrible gas mileage), then to buy a more responsible vehicle--that's an example of a tax loop hole.] The every person is supposed to be opposed to raising income taxes on the super rich? If I am willing to pay my bills (my country really did spend the money--I owe it and so do you), then why are we being held hostage by an angry few?
I am all for a balance budget (except for emergencies--I need a new roof and I can afford to pay for it over time--that is the balance for me being a home owner which adds stability to the neighborhood,etc.--otherwise, I can't afford a house and we will all live in Potterville.) But I am opposed to head in the sand, no compromise politics. I see people who have lost their jobs and can no longer pay their bills. It is scary. I don't want that to be my country. Is the tea party conservative plan to implode the government? Because that seems like the plan.
God Bless America and God Bless, President Obama.
First the bank said that my income was not enough. That didn't make any sense, because the monthly payment would actually be less (refinancing to a much lower rate and restarting that 30 year clock). They said that they figure out the very highest payment that I would have to pay after the rate is adjustable and assuming that I have to pay penalties, etc. Ok, how much am I too low? Before they can answer that question, they change their mind. Hmmm.
Next they said that there was a problem with the appraisal. I thought, ok, my house didn't sell, the appraisal is really low, but no, the appraisal shows that my loan to value ratio is 35-65. It only needs to be 20-80 and they advertise that they will loan as much as 10-90. So I'm confused. What's wrong with the appraisal. The house needs a new roof and a heater in the living room, they say. I know, I say--that's why I need a loan. Well those things have to be fixed. Well I can't fix them until you loan me money. Hmmm.
The next day, the bank calls and says, good news, just give us estimates for the work and we'll give you the loan. Estimates, I say, what's to stop me from just keeping the money? Hmmm. We just need to see the estimates. Ok. I ask the roofer to give me an estimate. He gave me one two years ago and told me that my roof still had two more years in it. He'd be happy to come out next wednesday. Don't you have anything sooner I ask? How about tuesday. Ok.
The heating guy said that someone from the office would call me to set up a time.
The roofer's secretary is on vacation. He doesn't know how to send me a fax. He put it in upside down, so I never got the blank piece of paper he sent.
The heating guy's secretary never called me so I called her on Wednesday. They couldn't come until next week sometime. I'm trying not to care. The bank said even with the estimates, it's going to take three weeks to close. This is already three weeks after I put in the application. I had to wait three weeks to put in the application so that my listing agreement would expire first.
The bank called me on friday. My loan is ready to close now as soon as I have the estimates. I knew they should want to loan me money. I am like the poster child of good risk--guarenteed return. I call the roofer and explain how to send a fax. After a few tries he gets it. I call a different heating guy and luckily they can come out the same day. He wouldn't write an estimate on the spot, so I expect it Monday. It is Wednesday and I don't have it yet.
I listen to the news about America's debt ceiling. I think that if it doesn't get raised and bad things happen, my mild annoyance at tea party conservatives is going to escalate exponetially. I wonder if they feel the same way about me. This is how civil wars get started. An expert from Harvard advised the President to simply take the matter away from congress like Lincoln did. I'm not the first person to have this idea.
When I first saw the price tag from the Iraq and Afganistan wars, I thought--this is not in the budget, we cannot afford this. When my taxes did not rise to help pay for WAR, I thought, this is not good. This is not fiscally sound. If I have a huge expense, I make some new provision to take care of it. I understood the stimulus program (presented by Bush). A soft landing and not mass starvation. What I don't understand is how we can expect to pay out these huge amounts (past tense--the money is already spent) and not expect to pay for it. Conservatives are opposed to closing tax loopholes? [Realtors in my City all drive Hummers because they get a very large tax incentive for owning a vehicle with an axil the size of a tractor--it is cheaper for them to buy a Hummer (with its horrible gas mileage), then to buy a more responsible vehicle--that's an example of a tax loop hole.] The every person is supposed to be opposed to raising income taxes on the super rich? If I am willing to pay my bills (my country really did spend the money--I owe it and so do you), then why are we being held hostage by an angry few?
I am all for a balance budget (except for emergencies--I need a new roof and I can afford to pay for it over time--that is the balance for me being a home owner which adds stability to the neighborhood,etc.--otherwise, I can't afford a house and we will all live in Potterville.) But I am opposed to head in the sand, no compromise politics. I see people who have lost their jobs and can no longer pay their bills. It is scary. I don't want that to be my country. Is the tea party conservative plan to implode the government? Because that seems like the plan.
God Bless America and God Bless, President Obama.
posted by KathrynVH @ 9:39 AM
1 Comments:
At August 1, 2011 at 8:58 AM,
Anonymous said…
It seems to be the way of politics right now to wait until we have some impending dooms day sort of threat then force some crazy plan to bail us out. What's with that? I think they are first creating a crisis and then taking advantage of the crisis they created. Both sides equally guilty of this tactic in my opinion.
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