Hi plunderer,
How are you? Hope this letter finds you in the poorest of health. I often wonder what makes your community worse than the British who plundered and robbed India of its wealth and possession of precious antiques. The British lived luxurious and lavish lives in their home land, but explored uncharted territory and robbed the things which they didn’t have in their kitty. No one can forget the unreasonable confiscation of the precious peacock throne by those whites. But your community is no different from those obnoxious creatures my brother! Oh I am sorry, you are not my brother. At least not till you vote for republicans or democrats and pay income tax in dollars. You study in expensive and high quality schools during the days in your native land where character and the ability to learn are embodied in you. I always feel education not only makes us learn, but also teach us how to learn. You utilize the nation’s best schooling and college resources to the maximum and acquire colossal knowledge about all the technologies possible on this earth. Then one fine day you write an exam which consists of few juvenile math’s problems or should I say math; and synonyms of few complex unheard words in English which are seldom used in life. You get admits from various mediocre universities across the globe which claim to be the best, but the fact is there is nothing unique about them other than the bizarre names that they possess. Needless to say, you have a blast in your college life which revolves around parties and girls. Don’t think I am being jealous here! In fact don’t have that doubt in your mind, because I am extremely jealous and I am fuming right now as I write these words on paper. You experience all sorts of physical comforts that a foreign culture can offer you (all sorts of physical comfort which make you stand up and applaud).but suddenly, seriousness strikes your mind which has made it numb like anesthesia does. You decide to get married and be a committed guy in future. You seek for traditional homely goddesses after having dated women worse than sex workers. Good for you mate! Bravo! But suddenly you do something strikingly similar to the white (bad words in English) did few centuries ago, only difference being the gender of the product being robbed. You strip away the peahen from its native land and fly away with happiness. Firstly, you send pictures of sight seeing places in USA where you give the same pose in different postures. Then, you impress the peahen by chatting with her online and bragging about the life in USA , being how cool it is to be mocked about and ridiculed by Americans, how awesome it is to have mortgages five times your pay check etc . you don’t have to impress the peahen’s family as they are on cloud nine in the first place , as soon as they know that their son in outlaw! Sorry son in law is an American by birth in India. It is really ironical that you turn to your native land for some thing that you need badly, but turn your backs to it when the land needs you (does it need you? I don’t think so. Just added the line for some cheesy statements). It is really annoying that your community keeps snatching away our property. There is a concept called sons of the soil, I guess you would have heard about it; which has certain quota for the natives. I guess we have come to a situation where we have to instill quota system in our matrimonial network which is bigger than any other enterprise in the world. It is extremely disheartening to see pretty girls in Anna international airports. I would prefer seeing them in railway stations filled with stink and dirt. But we are humans, we will never curse you . we will never wish for the plane in which the couple travel to crash. We will not wish for a divorce between the pair before the first night (for the girl! mind you). We will just hope you find someone very traditional in USA.(maybe an afro Brahmin or something like that ).
Don’t take care.
Hopefully never yours,
Piteous peacock
Monday, October 12, 2009
Eternal Product Of The Senseless Mind?
I have always wondered whether statements quoted by great men make any sense in times of hardship. Not many people would have the grit and tenacity to mortgage properties in these adverse times; however mortgages with bad credit are the last resort for some who are taking frantic steps for their redemption. The disturbing fact is that bad credit mortgages have interest rates that are far more bloated than their conventional counterparts. The entire brain child of the concept of bad credit mortgages was born due to the competition amongst lenders which forced them to diminish the rates in order to acquire customers. The financial crisis has not only annihilated the eco-chain, it has also made a severe bump in the credit rating of the borrowers.
Credit rating is a measuring scale which checks the reliability of the lender making note of the past history. Credit rating examination is a litmus test for the borrower which he ought to get through. It is crucial that the borrower survives the intense scanning as every time he is turned down, the credit rating takes a beating which eventually reduces the chances of getting a mortgage. In the scanning process, the lender will analyze the source of the capital, relevance and sensibility of the investment and past records of bad credit.
The financial slump has given a black mark in almost each and every person’s credit history. This is where the quandary starts for both the borrower as well as the lender.
The lenders are very strict in rejecting deals due to bad credit history of people in the same family. A victory can be called a flash in a pan but one defeat often gives people a dire impression to the lender. Investors are mislabeled and in some cases even ostracized from the mortgaging world.
But as always, there is hope and light in the form of a concept known as bad credit remortgages (i.e. borrowing against equity in your home). It acts as a savior by washing off other debts and being abreast with the payments of your remortgage. The common mistake that investors do is decreasing the amount of down payment and in turn escalating the interest rates. It is healthier to make a heavy down payment and reduce the interest rates. Even here, credit rating numbers play a pivotal role in prevaricating the value of the down payment.
The entire concept of bad credit mortgages is a product of the senseless and hasty minds of the various components existing in the system of mortgaging. The pricking query lies in the fact that whether it will be eternally successful or not. We are not Nostradamus and hence it is better we wait for time to give an answer!
Credit rating is a measuring scale which checks the reliability of the lender making note of the past history. Credit rating examination is a litmus test for the borrower which he ought to get through. It is crucial that the borrower survives the intense scanning as every time he is turned down, the credit rating takes a beating which eventually reduces the chances of getting a mortgage. In the scanning process, the lender will analyze the source of the capital, relevance and sensibility of the investment and past records of bad credit.
The financial slump has given a black mark in almost each and every person’s credit history. This is where the quandary starts for both the borrower as well as the lender.
The lenders are very strict in rejecting deals due to bad credit history of people in the same family. A victory can be called a flash in a pan but one defeat often gives people a dire impression to the lender. Investors are mislabeled and in some cases even ostracized from the mortgaging world.
But as always, there is hope and light in the form of a concept known as bad credit remortgages (i.e. borrowing against equity in your home). It acts as a savior by washing off other debts and being abreast with the payments of your remortgage. The common mistake that investors do is decreasing the amount of down payment and in turn escalating the interest rates. It is healthier to make a heavy down payment and reduce the interest rates. Even here, credit rating numbers play a pivotal role in prevaricating the value of the down payment.
The entire concept of bad credit mortgages is a product of the senseless and hasty minds of the various components existing in the system of mortgaging. The pricking query lies in the fact that whether it will be eternally successful or not. We are not Nostradamus and hence it is better we wait for time to give an answer!
Castles In Vacuum
There is an idiom that was probably framed centuries ago, but was it said anticipating a cataclysmic disaster which was to occur way into the 21st century? The phrase “ don’t build castles in air “ was quoted by some one who had no idea of what sub prime loans could do to the entire economical chain of the world. But, it had greater relevance in the early stages of the millennium. Mortgages with bad credit have been instrumental in disrupting the entire eco- chain (economical chain) of the globe. The crisis was an after math of various factor’s lethal combination.
Buyer’s mortgaged property without waiting for the prices to slide; which dug a grave exactly to their body dimensions .It requires a lot of patience and wit to do things exactly opposite to your other counterparts. Being greedy when others are reluctant and waiting for the storm to abate instead of pressing the panic button are a few postulates which are imperative for an investor to make profit at a colossal level. However, none followed the right path. Every investor wanted a short cut which led to a ruinous consequences eventually leading to massive mayhem. People forgot the basic essence that a home was a place to live and enjoy rather than a place which would enhance your status of self esteem in the society. The troubling statistics annoy us even more as in the previous recession of the 20th century; the reason for the fall was because of first time buyers who invested when the market was at its peak of ductility. If this was not enough; this time 2 out of ten mortgages were for more than 5 times annual income of the borrower. This is where the predicament started and the doors for hell were opened for the borrower.
The lenders were an equal partner in crime. Initially, Lenders were skeptical in giving a deal for the self employed. However things changed with time and lending mortgages to people with terribly turbulent economic status was considered innovative actions. But all actions have effects and this action had adverse ones. Every business has its shares of ups and downs but the high mortgage levels made sure that the borrower culminated with bad credit history. The problem lies in the method in which borrowers are scrutinized. A source of the capital is a vital criterion in choosing your borrower. Unconventional sources of income must ring the alarm for lenders as the stability of those sources are bound to be tentative.
The crisis could be an appalling amalgamation of slip-ups by lender and borrower, but the phrase still holds good “don’t build castles in air “for the borrower. In fact the phrase has attained new dimensions this time round as a reason of the greed of the borrower. It would not be wrong if it is rephrased to “don’t build castles in vacuum”
Buyer’s mortgaged property without waiting for the prices to slide; which dug a grave exactly to their body dimensions .It requires a lot of patience and wit to do things exactly opposite to your other counterparts. Being greedy when others are reluctant and waiting for the storm to abate instead of pressing the panic button are a few postulates which are imperative for an investor to make profit at a colossal level. However, none followed the right path. Every investor wanted a short cut which led to a ruinous consequences eventually leading to massive mayhem. People forgot the basic essence that a home was a place to live and enjoy rather than a place which would enhance your status of self esteem in the society. The troubling statistics annoy us even more as in the previous recession of the 20th century; the reason for the fall was because of first time buyers who invested when the market was at its peak of ductility. If this was not enough; this time 2 out of ten mortgages were for more than 5 times annual income of the borrower. This is where the predicament started and the doors for hell were opened for the borrower.
The lenders were an equal partner in crime. Initially, Lenders were skeptical in giving a deal for the self employed. However things changed with time and lending mortgages to people with terribly turbulent economic status was considered innovative actions. But all actions have effects and this action had adverse ones. Every business has its shares of ups and downs but the high mortgage levels made sure that the borrower culminated with bad credit history. The problem lies in the method in which borrowers are scrutinized. A source of the capital is a vital criterion in choosing your borrower. Unconventional sources of income must ring the alarm for lenders as the stability of those sources are bound to be tentative.
The crisis could be an appalling amalgamation of slip-ups by lender and borrower, but the phrase still holds good “don’t build castles in air “for the borrower. In fact the phrase has attained new dimensions this time round as a reason of the greed of the borrower. It would not be wrong if it is rephrased to “don’t build castles in vacuum”
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