The monthly principal payments on a $1M note at 3% is equal to the monthly payments of a $500,000 note at 8%.
Running the numbers through an online mortgage calculator, I’m not seeing it quite that bad. Though, there are more variables than just the interest rate which need to be considered. I’m using the calculator at: www.bankrate.com/mortgages/mortgage-calculator/
for those who want to follow along.
A $1,000,000 mortgage at 3% over 30 years, with no down payment has a Principal and Interest payment of $4,216
A $500,000 mortgage at 8% over 30 years with no down payment has a Principal and Interest payment of $3,668
So, not equal. If we assume a 20% down payment for each loan, leaving all other variables unchanged, we get $3,372 and $2,935 respectively. If we assume a constant $100,000 down payment (10% of the $1M mortgage and 20% of the $500k mortgage), the numbers are $3,794 and $2,935 respectively (there was no change for the $500k loan).
Overall, the claim seems to be incorrect. That said, if you look at the $500k loan, with a 20% down payment and drop the interest rate from 8% to 3%, the monthly payment drops from $2,935 to $1,686 and the total cost of the loan drops from $1,056,687 to $607,202, a rather significant drop.
I miscalculated at 9% which is $4,023. Which is within $200 of the value. Regardless though my statement still stands. 6 interest points yields almost a 50% cut in buying power. Any of the other levers can tweak it but the core of the premise remains the same.
2008 saw the unprecedented approval of loans, but also there were a LOT of adjustable or variable rate mortgages. So as rates increased sharply, people all of a sudden were deep under water. At least here they still have low rates. even if it is on a higher priced house, their payments won’t be getting worse.
But yes housing prices are out of control. People are starting to feel it, and it could very quickly go wrong for people. People even have crazy high loans on used cars. Going to be very interesting how it plays out.
There’s too much red in this picture. They really should use another baseline. If red would start only at 40 Degree Celsius, the globe would look much more welcoming.
Look, I’m just trying to give productive feedback.
Elder abuse to go and trick these poor old ladies and gentlemen. It doesn’t matter they were the ones stupid enough to fall for it, that’s why we have elder abuse laws.
E. I see now that my joke was clunky and misunderstood. What I mean to say is it that these people don’t get excused for being gullible pawns because what they did was criminal, and the people who organized this shit are much more culpable and should receive the more severe punishment. Luckily, these people are the same dumb assholes that made it law in Michigan to charge inmates $48,000 per year to be in prison, real real. So hopefully on the flip side of their sentences they are broke, in addition to being ex cons.
In more than two decades covering the telecom industry, we’ve never heard mention of an issue related to lead in cable sheathing. The WSJ cites a 2010 presentation to AT&T employees as proof that the firm has been aware of the issue, but that is not in dispute. Both the Centers for Disease Control and the National Institutes of Health websites house research conducted in the 1990s around complaints to OSHA from wire strippers who reported elevated blood lead levels, with steps to ensure worker safety. The Environmental Protection Agency has also studied cable sheathing materials, including through a partnership with the University of Massachusetts’ Toxic Use Reduction Institute. Nothing suggests telecom firms failed to follow proper procedures to protect employees when dealing with these cables, which were last deployed in the 1960s.
This isn’t going to accomplish much. The best exploits are the ones that haven’t been discovered yet, so there’s no way to test for them. See also all the counterfeit crap on Amazon that’s somehow “MiFi certified” and “UL listed”. Companies that make sketchy crap will just slap a fake version of this label on their packaging.
Wonder how DeSantis or his successor will spin things when the only option left is to make a government run single payer system for anyone to have coverage.
Unfortunately, Florida already has a socialized insurance "corporation", Citizens Property Insurance Corp. Tens of thousands of policy holders this year were forced to move to other insurance companies if those companies would offer them insurance for up to 20% higher than they would get with Citizens.
You can only get Citizens if you cant get insurance through any other provider. Citizens coverage requires you to get flood insurance regardless of if you're in a flood zone or not (arguably, this is smart for Florida, but does make insurance much more expensive), and the policy doesn't cover nearly as much as you would get with other insurance companies.
As more and more news articles come out about various home owners insurance companies leaving Florida we're seeing more companion articles about how Citizens is completely fucked up. To tl;dr some stuff, basically if Florida sees a bad hurricane and Citizens has to pay out, everyone who's on citizens is royally fucked because they just don't have the money to pay out.
I have all the confidence that if Florida lost all of the free market insurance and was forced to provide a socialized universal insurance scheme that Republicans would continue to run it as competently as they currently are.
Yep they’ll ask for a bailout from the federal government, and when anyone brings up anything about the hypocrisy, the lack of private insurance companies, or the mismanagement of the state run insurance fund, they’ll respond with “How DARE you politicize a disaster such as this!” in their special, concern-trolling sort of way.
Sounds like it would be a good idea to defederate from Florida. Then they can say whatever they want in their own instance while everyone else carries on with their not Florida lives.
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