American Dream Home Mortgage

The Mortgage Deal In 2009, when we became debt free, my American dream was to buy a house without a mortgage. The goal was to keep the “gazelle intensity” we used to pay off debt and save money like crazy.

My wife on the other hand wasn’t exactly on the same page as me when it came to the house without a mortgage idea. She hates debt like I do, but doesn’t see the harm in getting a mortgage to own a home as long as it’s a responsible one. Fair enough. I’m willing to compromise.

Back in 2009 I made a deal with her. The deal was that we would wait until 2014 to see how much we had saved up. If we had enough to buy a house then we’d buy a house, but if we didn’t, we’d get a stinking mortgage.

With both of us working at the time, I believed we could make great strides but I think I was definitely a bit more ambitious with the timeline than I was realistic. Saving money to buy a house was dependent on us also having a $15, 000 emergency fund. I figured we could probably buy a nice house with some land in the country for roughly 150K but I was also counting on us buying a foreclosure or a short sale for an even deeper discount.

I thought I had it all figured out.

Many things contributed to our failure to even come close to our goal. We lost motivation after a few emergencies and unplanned expenses set us back. We went from two incomes down to one after having our second child. For roughly a year, my wife only worked part-time as a nurse, proving it’s true that when you are debt free you really don’t have to work as hard to live.

Our choices didn’t do much for our lofty savings goals, but it was the choice we made and we do not regret them one bit. The truth is that even with all of those factors to consider, we still could have done much better than we did. We busted budget after budget and spent lots of money eating out. As I’ve said before we lost our way and became complacent.

Our problem of eating out was no secret. On Enemy of Debt, that problem inspired No Restaurants in November — a popular challenge I created for myself to try and reign in our out-of-control eating habits. I compared what we spent in October on food to what we saved in November by not eating out. The results were always jaw-dropping but for some reason, even though we tried many times after the challenge was over, our bad habits of giving in to convenience won the day.


University of California Press Building Home: Howard F. Ahmanson and the Politics of the American Dream
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The "American Dream" caused the meltdown.

2012-05-02 12:35:01 by flaveur

Both parties bought in to the lie that everyone should own a home and mortgages should be easy to obtain.
The fact that people were not asked to show proof of their income to secure a mortgage is the fuel that caused our Great Recession.
"Just state your income, we don't ask for proof," mortgage brokers told countless millions of buyers this, either directly or with a wink and a nod.
This unregulated mortgage origination created sub-prime mortgages; it expanded the use of mortgage-backed securities; it created unsustainable home values.
And please don't fool yourself -- BOTH parties are to blame

The "American Dream" caused the Great Recession.

2012-03-20 11:39:19 by flaveur

Both parties bought in to the lie that everyone should own a home and mortgages should be easy to obtain.
The fact that people were not asked to show proof of their income to secure a mortgage is the fuel that caused our Great Recession.
"Just state your income, we don't ask for proof," mortgage brokers told countless millions of buyers this, either directly or with a wink and a nod.
This unregulated mortgage origination created sub-prime mortgages; it expanded the use of mortgage-backed securities; it created unsustainable home values.
And please don't fool yourself -- BOTH parties are to blame

It ain't gonna happen for most americans

2003-03-13 13:47:55 by sorryaboutth12124at

I think you're an exception to the rule.
Most Americans see going into debt as a way of life. If it's not credit cards, it's a car, or a mortgage, because in this country we've been taught to buy crap and give our kids crap, or we're not living the American dream. Meaning, three bedroom home, a TV in every room, 3 cars in the garage, and two vacations a year.
The average family credit card debt is 8,000. Meaning, one lay off and they're up crap creek. Living pay check to pay check is the American Way Of Life. And god forbid you break a leg or get sick while you're unemployed

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Zuccotti Park Press A Dream Foreclosed: Black America and the Fight for a Place to Call Home (Occupied Media Pamphlet Series)
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