A fading middle-class perk: lower mortgage rates

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  • worf Mcallen, TX
    April 26, 2014 3:37 p.m.

    You vote for Obama.

    You live by Obama!

  • RBB Sandy, UT
    April 26, 2014 10:21 a.m.

    @ Ordinaryfolks

    If you were a bank who would you rather lend to. Someone who has money to pay you back or someone who does not. Someone with plenty of assets is a lower risk and should get a lower rate.

    As for the people who complain about inequality, most people's financial positions are the consequence of their own behavior. I am not one of the 1%, but I should be a lot closer than I am. Instead of saving and investing in assets which grow, I invested in vacations, cars and TVs. I know people who have made far less than I have who are far wealthier because they saved instead of spent. They bought mutual funds and investment property instead of restaurant meals, movie tickets and houses with extra bedrooms. Should I be mad at them or vilify them for having the willpower I lacked?

    There is an easy way to become wealthy, spend less than you make. The more assets you have, the faster they grow. Our grandparents knew this. The average size of a home has more than doubled since the 1950s. Why do we blame others because we lack the discipline to save.

  • ordinaryfolks seattle, WA
    April 26, 2014 8:08 a.m.

    My parents bought their first home on the GI bill. Subsidized mortgage, smacks of socialism right?

    Flash forward to today. The already well-off get the cheap-o mortgage rate, and a rather substantial tax benefit (you get to write off your mortgage interest). And you can do this for a second home. People of modest means have trouble finding something they can afford, must less the down payment and the monthly mortgage costs.

    Seems to me we were better off in the 50's when "socialism" helped my struggling parents buy their first home.

  • My2Cents Taylorsville, UT
    April 26, 2014 5:08 a.m.

    Perks for who? If the wealthy means the top 1% then this myth is still a myth becasue the 1% don't pay interest or fees or taxes or governemnt for anything, its a cash and carry tax write off world for them.

    The middle class is the other 99% who are making less than $250,000 each per year.

    These so called lower interest rate perks are in the form of subsidized funding so banks collect the same percentage rates as the wealthy are charged. The kicker is that the middle class and poverty stricken are funding and paying the subsidized compensation offset because of a poor class population (middle-class) workers.

    There are no perks for the poor, we pay the difference in taxes or loans the federal reserve borrows in our future generations for the next 60 years. Dreams of prosperity to own a home and swimming pool is a myth without prosperity to pay for it. As long as "share the wealth" and "equality of pay" is controlled by government, dreams are 6 generations of kicking the can with $18 Trillion dollar debts down the road.

  • The Real Maverick Orem, UT
    April 26, 2014 2:07 a.m.

    Yeah, let's blame Obama for Reaganomics not working. Sheesh

  • U-tar Woodland Hills, UT
    April 25, 2014 9:59 p.m.

    The fact of the matter is: we have horrible leaders in our nation.

  • Kings Court Alpine, UT
    April 25, 2014 8:17 p.m.

    Thanks, Obama, for making the financial system crash and the subsequent bailout before you were elected.

  • Liberal Ted Salt Lake City, UT
    April 25, 2014 2:48 p.m.

    Yes we can! Yes we can! Yes we can!

    Those eerie echoes of years long passed, still ring through the hallway of time and history. Remember how excited people were? Do you remember how proud you were? Do you recall that you casted a vote for the first African American president; you were so proud to be a part of history.

    Now you once again, get to step up and be part of history again. You now live in a declining economy, in a country that even Putin thumbs his nose at. Few countries have respect for us. Our freedoms have eroded, healthcare costs are still going up, division among the population is as divisive as ever, the rich keep getting richer and the poor poorer.

    So much for you savior. The man who walked on water. Who can smoothly read a teleprompter, but, is inept in every other possible way. Your defense then was, "If you're against him then you're racists and a bigot". What is the defense for him now? Oh, yes. If you oppose him you still are those things and it's everyone else's fault but his.