3147 Hours

[New Englander]

I agree with that. This is one reason so many people got into trouble with sub prime mortgages. They don't know how to live within their means.
I like some over time but 60 a week is just too much. I would prefer to only work 10hrs a day.

No....most of the sub-prime mortgage problems came from people being lied to and taken advantage of to make a buck.

At the TIME of their mortgage they WERE living within their means. It was when the rates went up that they no longer were.

 

[1989]

No....most of the sub-prime mortgage problems came from people being lied to and taken advantage of to make a buck.

At the TIME of their mortgage they WERE living within their means. It was when the rates went up that they no longer were.

Come on, lied to? They must have been idiots then.

 

[New Englander]

Come on, lied to? They must have been idiots then.

Well duh.....That doesn't mean they were living out side of what they could afford.

You honestly don't remember the Feds investigating everyone for predatory lending practices?????

Hopefully your just being sarcastic and not this removed from everything that happened.

 

[Bad Gas!]

In the new contract it is a violation that UPS allows a bidded vacation employ to work their vacation. I'd be filing on it from this day forward.

Being that I am a utility driver and I have to bid week to week on the rte that I want I don't think it's right a driver that is supposed to be on vacation be allowed to work.

Hey Dill, Where does it say this in the new contract?...I agree with it totally as we need to keep more jobs..

I've done enough 2500-2600 hour years.As long as I get 156 reports and 1801 hours minimum I get to keep all of time off for next years vacations and you get a full year pension credit....Everything else and gravy!

 

[trplnkl]

When you earn less that $100k a year and you buy a million dollar house, regardless of what the payment is at the time knowing that it could go up, you are living outside your means.

 

[New Englander]

When you earn less that $100k a year and you buy a million dollar house, regardless of what the payment is at the time knowing that it could go up, you are living outside your means.

The problem is not the house. It is the interest rates. If they kept the same interest rate most would have kept their house.

The Rates went up causing the mortgage to climb higher then they could afford.

The problems were lenders lending to people who did not have the scores to warrant getting the credit in the first place then the climbing rates.

 

[dilligaf]

Hey Dill, Where does it say this in the new contract?...I agree with it totally as we need to keep more jobs..

It took some digging but I finally found it. It's in my Southwest Package Rider Sect 18 - Vacations

 

[surviv'n_it]

I had 2721. I am glad I read this post, I never really paid any attention to how many hours I work, just how much my paychecks are.

I suppose I really do not care, I am single and plan to retire on my own money long before I am eligible for any pension. Hopefully it will only be 8 more years, then I will be 43 and have my house paid off and should have enough cash on hand to live on, but of course, I will probably go work part time somewhere that I want to.

 

[Re-Raise]

The problem is not the house. It is the interest rates. If they kept the same interest rate most would have kept their house.

The Rates went up causing the mortgage to climb higher then they could afford.

The problems were lenders lending to people who did not have the scores to warrant getting the credit in the first place then the climbing rates.

The only way your rates went up is if you got an adjustable rate mortgage with a lower starting rate so you could afford the initial payments on a house that was TOO EXPENSIVE.

If you were living within your means you would have enough equity and a good enough credit score to get a fixed rate loan at a low rate. I have less than three years left on my mortgage at 5% because I live within my means.

 

[City Driver]

where do u all get this info? im curious how many hours i worked last year.....i put in a good 50 a week most of the year

 

[upsgrunt]

On your paycheck stub under hours worked there is row at the bottom labeled "YTD" (year to date). To get 2008 hours you will have to get your stub from 12-26-08.

 

[City Driver]

oh never payed attention to that part

2517

 

[trplnkl]

The problem is not the house. It is the interest rates. If they kept the same interest rate most would have kept their house.

The Rates went up causing the mortgage to climb higher then they could afford.

The problems were lenders lending to people who did not have the scores to warrant getting the credit in the first place then the climbing rates.

I agree because what you just posted is pretty much the deffinition of living above your means, people shouldn't buy houses they can afford.

The real problem is multi-fold and spread out. First you have people wanting to live in houses they can not afford and apparently are not wise enough to know that the interest rates WILL go UP sooner or later. Then you have mortgage lenders that want to capitalize on the dumba.. laws that allow them to lend on questionable credit scores and don't really care if the borrower can repay the loan or not(because they are going to sell that worthless paper to another bank anyway). I would be willing to bet that the majority of people that have gotten into financial trouble because of this type of mortgage are also in credit card debt up to the wazoo.
Consumer, " I really can't afford this $3,000 stereo....what the heck I'll put it on my Visa card cuz I want it, and I can make that (minimum) card payment. (forever)" then by the time the get the stereo paid for (if they ever do) it cost them 6 grand.

 

[chev]

No....most of the sub-prime mortgage problems came from people being lied to and taken advantage of to make a buck.

At the TIME of their mortgage they WERE living within their means. It was when the rates went up that they no longer were.

Actually they should have been smart enough to not gamble on their rate not going up. Still, their own foolish greed bit them in the butt. It is irresponsible to borrow money like it was a bet on the ponies. Signing a contract without reading is foolish. Granted, some where lied to, but it's not that hard to get independent, sound financial advice.
Too many fools went and bought 300k homes on a 100k budget. We are living in a "gotta have it now now now" time, but when it comes time to pay the piper they have to rob Peter to pay Paul.
If you don't have the score to buy the house, you can't afford it.

 

[longlunchguy]

Top Ten reasons why this UPSER works so many hours:

1) Wife wears Prada and shops at SAK's
2) Lives with "mother-in-law"
3) Henpecked with "Honey Do's" at home
4) Owns stock with Red Bull
5) Wife left him for a "six" figure man
6) Mngmt's promotional "hazing" hiring procedures
7) His lover lives on route and is last stop of the day
8) Wants honorable mention in The UPS Guiness book of world records
9) He married my Ex...
10) UPS clone experiment born and bred in a lab

That's hilarious. Diesel, you should do a top ten every week.

 

[Re-Raise]

Consumer, " I really can't afford this $3,000 stereo....what the heck I'll put it on my Visa card cuz I want it, and I can make that (minimum) card payment. (forever)" then by the time the get the stereo paid for (if they ever do) it cost them 6 grand.

Absolutely right and the credit card defaults will be the next shoe to fall on the economy.

Like everyone else I have taken a beating on my investments in the last year. Diversifying doesn't help much when everything drops. I am disgusted by people who borrow money for any reason and then think they can just walk away from it. The price for bankruptcy filing should be a sentence of hard labor working on the roads or something.

It is like buying a new car and getting a 72 month loan. Are you kidding me! If it takes you 72 months to pay for an automobile you should look for a cheaper one !

 

[New Englander]

Again....at the time they were within the guidelines of their means.

The interest rates went up and their payments went up as well. IF they were in a non-adjustable loan most would have no problems.

I'm not defending their stupidity - only that they were within their means when they originally purchased. Obviously the banks agree with me as credit was given to them. I'm not talking credit scores I'm talking DEBT to INCOME ratio's for what they were buying.

 

[BigBrownSanta]

I may be completely wrong on this, but my understanding of an ARM is that it allows someone to purchase a house that is more expensive than a person could normally afford by having a lower intial interest rate. The purchaser chooses this type loan to get a more affordable payment believing that their financial position will improve in the near future. At that point, they will sell the home or refinance with a more more conventional type loan with a standard interest rate. Many people get ARM loans because they do not plan to stay in the home for more than 3-5 years.

I think the part everyone is forgetting is the drop in property values. These people couldn't sell their homes for what they needed to pay off their loans, then the interest rates adjusted which put them upside down on their loan. You can't refinance a $300,000 loan with a $250,000 house.

 

[Re-Raise]

I may be completely wrong on this, but my understanding of an ARM is that it allows someone to purchase a house that is more expensive than a person could normally afford by having a lower intial interest rate. The purchaser chooses this type loan to get a more affordable payment believing that their financial position will improve in the near future. At that point, they will sell the home or refinance with a more more conventional type loan with a standard interest rate. Many people get ARM loans because they do not plan to stay in the home for more than 3-5 years.

I think the part everyone is forgetting is the drop in property values. These people couldn't sell their homes for what they needed to pay off their loans, then the interest rates adjusted which put them upside down on their loan. You can't refinance a $300,000 loan with a $250,000 house.

All true Santa. I would add to this little or no down payment. That meant no acquired equity leaving you completely dependent upon rising property values.

All too easy to just walk away from. My wife watches some show called property virgins where these first time home buyers buy $300,000 homes with $10,000 down payments. If you were only able to save $10,000 you can't afford a $300,000 home. My opinion.

When my wife and I built our home we had over 1/4 the value of the home in liquid savings.

 

[City Driver]

When my wife and I built our home we had over 1/4 the value of the home in liquid savings.

you had $30,000 worth of beer stockpiled in your garage?