Guy who recently changed jobs has trouble refinancing his mortgage...

http://www.nytimes.com/2014/10/03/upshot/why-ben-bernanke-cant-refinance-his-mortgage.html?abt=0002&abg=0

I wouldn't loan him money either.

I saw the teaser on the news this morning. I could not be happier.

You know he gets a quarter million dollars per speaking engagement, right? For destroying our economy and bailing.

Dr. Hess wrote: You know he gets a quarter million dollars per speaking engagement, right? For destroying our economy and bailing.

Good

Dr. Hess wrote: You know he gets a quarter million dollars per speaking engagement, right? For destroying our economy and bailing.

Isn't it illegal for criminals to profit from the story rights of their crimes?

In a more perfect world, where local banks and local lenders still met with you and decided on your ability to repay, I'd hope they wouldn't let him refinance because he's Ben Bernanke as a thanks for helping to ruin the nation/world economy. The computer overlords got this one right methinks.

Says something when you have that sort of income and you have not paid off your house at his age and income.

wearymicrobe wrote: Says something when you have that sort of income and you have not paid off your house at his age and income.

For me too, my first thought was something like, "Dave Ramsey would not approve of still carrying a mortgage at this age."

wearymicrobe wrote: Says something when you have that sort of income and you have not paid off your house at his age and income.

Does it though?

With that kind of money, I'd be taking out all the cheap mortgage loan the bank would let me and invest my own money elsewhere. We're talking ~2.5% interest mortgages, that's practically free once factoring in inflation.

If I had that kind of money, I wouldn't owe a dime to anyone.

In reply to novaderrik:

Unfortunately, that's not the attitude that gets you that kind of money.

novaderrik wrote: If I had that kind of money, I.... Hookers and blow man, hookers and blow.

Fixed that...

In reply to HiTempguy:

That's the way I did it. Retired with a nice severance package 6 years ago. I thought it made sense to pay off the rest of my mortgage. My financial guy convinced me not to and we invested the money. It turns out he was very,very right.

and that he is as safe a credit risk as one could imagine

I would argue that Bernanke is not a very safe credit risk, considering that he helped get a credit downgrade for an entire country.

DeadSkunk wrote: In reply to HiTempguy: That's the way I did it. Retired with a nice severance package 6 years ago. I thought it made sense to pay off the rest of my mortgage. My financial guy convinced me not to and we invested the money. It turns out he was very,very right.

"It takes money to make money"

And

"The more money you have, the easier it is to make more"

One thing a lot of people dont realize is that a 2% net return (factoring in inflation) on million plus bucks is still a E36 M3 ton of cash on an annual basis.

Beyond that, I have a friend who has always said "after $75k per year, your annual salary doesn't matter, its what you do with it".

I completely agree, I'm only a couple of years away from that. My current salary covers my needs, my fun, and my retirement savings (set to be about 1.5mil at 55). Once I get to that $75k a year mark, its gravy from there... And the girlfriend doesnt want kids for at least 4 years!

HiTempguy wrote:

wearymicrobe wrote: Says something when you have that sort of income and you have not paid off your house at his age and income.

Does it though? With that kind of money, I'd be taking out all the cheap mortgage loan the bank would let me and invest my own money elsewhere. We're talking ~2.5% interest mortgages, that's practically free once factoring in inflation.

I do the same thing mine you, I have 2+ million in property but with a LTV of 60% and definitely income generating. I pickup almost 2% above interest rate out here just on inflation on the whole shebang to to mention good years a good bit more.

Just do not like the man and wanted to take a stab and him, even though I will make tons and tons of money on his policies.

reply to HiTempguy: People think I'm crazy because I say that if I ever won the lotto, I'd throw the money in the bank and live off the interest alone

In reply to Grizz:

That's because the banks don't currently pay interest :).

Now if you threw it into the stock market...

Kenny_McCormic wrote: In reply to novaderrik: Unfortunately, that's not the attitude that gets you that kind of money.

the only way i'm ever getting that kind of money is if i win the lottery.. and if i win the lottery, i'll have enough money that i won't be worried about making any more... so screw everyone- i'm hoarding my money somewhere (maybe not even in a bank) and not owing anyone anything... also, i'd be moving a state over (South Dakota) for however long it takes to be considered a "resident" there before ever turning in the ticket so as to not have to pay MN income taxes on my winnings, because screw that..

To me this shows one thing.

He wasn't on the take from the S&L community. Laugh all you want, they don't deny loans to their own.

Yeah, with 4% loans, I'd consider getting the biggest loan I could. I sorta did that- was thinking it would be nice to pay it off, but truth is, you'll generally make more in an index fund than you pay in interest with these kind of rates.