Comments on: Is Generation X Responsible for the Real Estate and Mortgage Problems? http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/ Helping a unique generation achieve financial independence. Fri, 20 Nov 2009 23:09:41 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Jane http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-123093 Jane Fri, 20 Nov 2009 23:09:41 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-123093 I think your definition of Gen X is a few years off.... Most of my peers in their late 30s and early 40s are still renting. Buying to flip? You must be kidding - Try 'still paying off student loans'! I think your definition of Gen X is a few years off…. Most of my peers in their late 30s and early 40s are still renting. Buying to flip? You must be kidding – Try ’still paying off student loans’!

]]> By: Jacqueline S. Homan http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-107781 Jacqueline S. Homan Wed, 25 Feb 2009 09:46:34 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-107781 If you want to know where the root of the problem lies, try economic cannibalism in a vulture capitalist society where cheating is considered a sign of "good work ethic" and of "valuing one's education"; where nepotism, not merit, determines who gets the chances for the good jobs and all the money and who doesn't. For clarification, take some time to watch this video clip and the 4 that follow it: <a href="http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoid=52828499" rel="nofollow">Classism Part 1</a> If you want to know where the root of the problem lies, try economic cannibalism in a vulture capitalist society where cheating is considered a sign of “good work ethic” and of “valuing one’s education”; where nepotism, not merit, determines who gets the chances for the good jobs and all the money and who doesn’t. For clarification, take some time to watch this video clip and the 4 that follow it:

Classism Part 1

]]> By: Dale http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-106913 Dale Wed, 18 Feb 2009 21:53:45 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-106913 Let's look at this historically. There's plenty of blame to go around. This all started back in the 1970's with Congress. Certain members felt everyone should own a home no matter their income, etc. They passed the Community Reinvestment Act which was designed to pressure financial institutions into making loans for this purpose. They also pressured Fannie Mae and other central mortgage purchasers to find "ways" to accomplish this mission. Community activists in organizations such as PolicyLink.org (see their website) also pressured banks, etc. to lower underwriting standards to allow more people to buy homes. Since Fannie Mae and others would now purchase these lower underwritten loans, greedy mortgage brokers and bankers jumped in with both feet seeing the opportunity to make a lot of money. Multi-optioned payment mortgages were made with adjustable rates. It was inevitable that this was a house of cards and it started at the top, with Congress. So why are they getting a free pass here while the middle men, the bankers, etc. are the bad guys? They all share in this mess. Let’s look at this historically. There’s plenty of blame to go around. This all started back in the 1970’s with Congress. Certain members felt everyone should own a home no matter their income, etc. They passed the Community Reinvestment Act which was designed to pressure financial institutions into making loans for this purpose. They also pressured Fannie Mae and other central mortgage purchasers to find “ways” to accomplish this mission. Community activists in organizations such as PolicyLink.org (see their website) also pressured banks, etc. to lower underwriting standards to allow more people to buy homes. Since Fannie Mae and others would now purchase these lower underwritten loans, greedy mortgage brokers and bankers jumped in with both feet seeing the opportunity to make a lot of money. Multi-optioned payment mortgages were made with adjustable rates. It was inevitable that this was a house of cards and it started at the top, with Congress. So why are they getting a free pass here while the middle men, the bankers, etc. are the bad guys? They all share in this mess.

]]> By: Private communities http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-102201 Private communities Sat, 17 Jan 2009 17:13:28 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-102201 I completely agree with you. It truely depends on the type of the person or family. We are facing crisis now which was not in 90s everything was booming. I admit few people of this generation are very irresponsible. I completely agree with you. It truely depends on the type of the person or family. We are facing crisis now which was not in 90s everything was booming. I admit few people of this generation are very irresponsible.

]]> By: Chris http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-101951 Chris Fri, 16 Jan 2009 14:56:10 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-101951 To George: Ask you yourself which generation has controlled this country politically over the last two decades and look where the country is today. Here's a hint: the Baby B------. How is Generation X responsible for this mess when we haven't been setting the policy (regulation, spending for wars, growing gov't spending, etc.)? To George:

Ask you yourself which generation has controlled this country politically over the last two decades and look where the country is today. Here’s a hint: the Baby B——.

How is Generation X responsible for this mess when we haven’t been setting the policy (regulation, spending for wars, growing gov’t spending, etc.)?

]]> By: Molly http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-91629 Molly Sat, 25 Oct 2008 16:00:08 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-91629 I have to agree with Jim. I am 30 I have been planning on not getting Social Security since college. I learned many of my financial ideals from rich friends in college and my grandparents. I will be supporting my parents(frankly I already am) I have a rainy day fund, already paid off student loans, a funded Roth and a 401k and insisted on a 30yr fixed mortgage. The last few years all of my friends thought I was crazy. Many of the smartest people I know did no down, interest only, adjustable rate loans and no savings. Some walked away from homes. I don't think it is any one generations fault however, it is everyones personal responsibility or lack there of that has caused this. A college graduate knows what they can afford and shouldn't let someone talk them into something they can't afford. We as Americans need to hold ourselves accountable. Frankly, I teach night class at a junior college(in addition to my day job) and the 17-20 crowd looks like they have even less personal responsibility. This is the real crisis. I have to agree with Jim. I am 30 I have been planning on not getting Social Security since college. I learned many of my financial ideals from rich friends in college and my grandparents. I will be supporting my parents(frankly I already am) I have a rainy day fund, already paid off student loans, a funded Roth and a 401k and insisted on a 30yr fixed mortgage. The last few years all of my friends thought I was crazy. Many of the smartest people I know did no down, interest only, adjustable rate loans and no savings. Some walked away from homes. I don’t think it is any one generations fault however, it is everyones personal responsibility or lack there of that has caused this. A college graduate knows what they can afford and shouldn’t let someone talk them into something they can’t afford. We as Americans need to hold ourselves accountable. Frankly, I teach night class at a junior college(in addition to my day job) and the 17-20 crowd looks like they have even less personal responsibility. This is the real crisis.

]]> By: Recent Links Tagged With "mortgage" - JabberTags http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-89988 Recent Links Tagged With "mortgage" - JabberTags Sun, 12 Oct 2008 10:49:14 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-89988 [...] mortgage Anaheim company sues Ed McMahon over mortgage Saved by Teminator863 on Sat 11-10-2008 Comment on Is Generation X Responsible for the Real Estate and ... Saved by Jelloooooo on Fri 10-10-2008 Mortgage Market and Rate Forecast - Week of August 25th [...] [...] mortgage Anaheim company sues Ed McMahon over mortgage Saved by Teminator863 on Sat 11-10-2008 Comment on Is Generation X Responsible for the Real Estate and … Saved by Jelloooooo on Fri 10-10-2008 Mortgage Market and Rate Forecast – Week of August 25th [...]

]]> By: Splaim Chulundruk http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-87261 Splaim Chulundruk Wed, 17 Sep 2008 23:51:12 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-87261 A non-scientific Business Week survey found that 42% of speculative (ie. flip) real estate purchases were made by Generation Xers. Again, those doing the loudest and most caustic finger-pointing at Boomers, Yers, the Government, etc., turn out to be the driving force behind the bubble and crash. Another feather in the stellar cap of America's worst generation ever! A non-scientific Business Week survey found that 42% of speculative (ie. flip) real estate purchases were made by Generation Xers. Again, those doing the loudest and most caustic finger-pointing at Boomers, Yers, the Government, etc., turn out to be the driving force behind the bubble and crash. Another feather in the stellar cap of America’s worst generation ever!

]]> By: George http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-86536 George Tue, 09 Sep 2008 23:09:57 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-86536 It is truly amazing to see the whining rants that this Generation-X engages in. Blame the Boomers, blame Generation-Y, blame the Jonesers. Look in the mirror. The VERY EXISTENCE of Generation-X is a crime! It is truly amazing to see the whining rants that this Generation-X engages in. Blame the Boomers, blame Generation-Y, blame the Jonesers. Look in the mirror.
The VERY EXISTENCE of Generation-X is a crime!

]]> By: Lisa http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-83279 Lisa Mon, 18 Aug 2008 04:14:42 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-83279 I know I'm a little late to this discussion, but I couldn't help myself by the time I found it. The mid to late 1990s weren't wonderful for all of us. After graduating from college with honors, the best job I could find was at a bookstore, which didn't pay me enough to move out of my parents' house. I spent the rest of the 1990s and early 2000s going from AmeriCorps to the Peace Corps to grad school because the job market didn't change for me until I got into education. Now, I'll always have a job. However, my Boomer parents brought me up believing that a college education and home ownership were the pinnacle of the American Dream. Most of my friends were instilled with similar ideas. With that in mind, is it any surprise that GenXers have gone into debt financing college and homes? I may always have a job as a teacher now, but I'll also always have $20,000 in student loans following me. I agree that it's unrealistic to lay blame for the current crisis on GenXers. It's not our fault. The fault lies with credit card companies who set up tables on college campuses all across the country as far back as 1994, promising easy money and a fun prize just for applying. It lies with predatory lenders who approved people for home loans with wacko terms which they knew were unaffordable. And it lies with Boomer parents (yes, I'm going there) for not teaching their kids about credit. I was lucky. I had a Boomer mom who grew up poor and knew the value of a dollar. She taught me about credit and taxes when I got my first job at age 16. Thanks to her, I only have that student loan, and not credit or mortgage debt haunting me. As a generation, I detest the Boomers. They can't die off soon enough. I know I’m a little late to this discussion, but I couldn’t help myself by the time I found it.

The mid to late 1990s weren’t wonderful for all of us. After graduating from college with honors, the best job I could find was at a bookstore, which didn’t pay me enough to move out of my parents’ house. I spent the rest of the 1990s and early 2000s going from AmeriCorps to the Peace Corps to grad school because the job market didn’t change for me until I got into education. Now, I’ll always have a job.

However, my Boomer parents brought me up believing that a college education and home ownership were the pinnacle of the American Dream. Most of my friends were instilled with similar ideas. With that in mind, is it any surprise that GenXers have gone into debt financing college and homes? I may always have a job as a teacher now, but I’ll also always have $20,000 in student loans following me.

I agree that it’s unrealistic to lay blame for the current crisis on GenXers. It’s not our fault. The fault lies with credit card companies who set up tables on college campuses all across the country as far back as 1994, promising easy money and a fun prize just for applying. It lies with predatory lenders who approved people for home loans with wacko terms which they knew were unaffordable. And it lies with Boomer parents (yes, I’m going there) for not teaching their kids about credit. I was lucky. I had a Boomer mom who grew up poor and knew the value of a dollar. She taught me about credit and taxes when I got my first job at age 16. Thanks to her, I only have that student loan, and not credit or mortgage debt haunting me.

As a generation, I detest the Boomers. They can’t die off soon enough.

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