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Old 09-23-2010, 04:24 PM   #15
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Wow! Confusing, or what? Isn't everyone the resident of some state, with an address?
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Old 09-23-2010, 04:25 PM   #16
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Originally Posted by Kountry87Air View Post
...Do all/most/few full timers have a residenticy established as a home base..if even a POB somewhere?...
Everyone is required to have a legal domicile. This is where you get your driver's license, register your vehicles and vote. Most people' legal domicile is where they rent or own a home.

Full-timers generally have the freedom to pick their domicile. Some states make it easy to for you establish your domicile, so these are the states full-timers usually choose.
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Old 09-23-2010, 05:24 PM   #17
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Kinda a good reason to pay cash for things. Glad we own all our old junk and not co-owners with the banks.
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Old 09-24-2010, 08:41 AM   #18
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Here's a link to another article outlining the issue:

New federal regulations to limit loans to full-time RVers > RV Daily Report |
Thank a great deal for this link. IMHO all should follow the link, print it off, and become intimately familiar with the issues. One post here said the Fed doesn't even know full timers exist. This legislation says they do very much know and have targetted not just the full timer but all RVers' for punitive taxes and regulations.
The reference and opinion on Ms. Warren in the article is no longer shocking to me..it is commonplace with all appointees and part of the selection criteria.

I also note the reference of only 5 law firms in the country have a full grasp of the legislation. Might that be because those 5 firms actually wrote or passed review for the admin on the legislation? I would dearly like to know. I expect those 5 firms to soon be reaping some financial benefit from their "expertise"?

In Chicago the next play would be for the RV lobbist to pony up some up front cash to the DNC in order to "work for understanding" with the regulators. Another would be to put one or all of the 5 relevant legal firms on retainer and be prepared to funnel large sums of cash thru them on a regular basis for "services rendered"

Just saying.
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Old 09-24-2010, 10:26 AM   #19
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A quote from the reference article shows how unreliable and politically slanted it is -- note the inconsistency in the references to which law originated these regulations 2003 vs. 2010. So they blame the 2010 law when at the same time they say it was the 2003 law.

Quote:

"Ken Rishell, a principal partner at Captive, a company helping RV and manufactured home dealers develop lending alternatives, told RV Daily Report today than an unintended consequence of the 2010 Financial Reform Bill may be problematic for the RV industry.

The law is nothing new, he explained. Congress passed it in 2003. But it has taken seven years for the federal government to write and implement rules to crack down on the way mortgage loans are managed. New rules for mortgage lending took effect Oct. 1, 2009; and the new rules for chattel loans (those involving movable property) take effect Oct. 1 of this year."

This is another rant by someone at a Lender with a political agenda. Hardly credible. In cleaning up the banking mess brought on by 30 years of deregulation by those demonizing government rules we are going to have a few bumps in the road that will have to be straightened. I doubt this is a real problem. The banks will use it to apply political pressure when they can really make the loan and handle the situation but chose not to in order to scare everyone. These are the guys that brought you the current mess with reckless lending. Now they are trying to manipulate the voters with scare tactics. If they wont make the loan others will fill the void. Don't be suckered into repeating their BS.
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Old 09-24-2010, 11:53 AM   #20
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These are the guys that brought you the current mess with reckless lending.
At the strong-armed insistance of our government. With tactics, if employed in the private sector, that would get most brought up on charges of extortion, our government insisted that banks make loans to those no sensible loan underwriter would otherwise consider, all in the name of putting the 'american dream' in reach of the both the unlucky and the irrisponsible. The resulting artificial 'bubble' of demand resulted, likewise, in an increase of market prices to artificially high levels. When the inevitable came to pass, all those loans start going bad, property values fell inversely to the rate of forclosures going up.

The implication that market forces will find a way is ironic. Had unfettered market forces been left in place it is unlikely this would ever have happened, at least not as catestrophically.

Every time our government makes a legislative effort to make the world more 'fair', the unintended consiquences usually have the opposite effect, and those responsible seem to have an uncanny ability to deflect the blame elsewhere.

Just an 'alternative' opinion.
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Old 09-24-2010, 11:59 AM   #21
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As part of our wonderful new healthcare law, beginning Oct 1 any bank loaning money to a full time RVer must collect a year of property tax and sales tax up front and escrow it. There may be something else in there also. Greg Gerber had it on his report yesterday. Many banks are choosing not to lend to a fulltimer instead of going through all of the hoops. What property tax would we pay and whom to is the question.
It's got nothing to do with Healthcare regulations.

It's the fall-out from legislation passed in 2003 regarding primary residence financing. It's supposed to be a consumer protection law, requiring banks to escrow property taxes and insurance for any primary residence. If you're a fulltimer, and your RV is your primary residence, then any loan on that RV falls under this legislation. For S&B homes, property tax and insurance is easy to deal with. Not so for RVs. The thrust of the articles is that the banks don't want to get into figuring out the property tax angle for RVs, so they just won't do the loans.

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Old 09-25-2010, 06:50 AM   #22
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At the strong-armed insistance of our government.
After having over 25 years of experience as a Federal Govt. banking attorney in the FHLBB, FSLIC, RTC and FDIC I can say with certainty that there is no truth to your statement that the reckless lending was at the insistence of our government. All the right wing arguments to deflect blame from their holy grail of deregulation don't hold water from a factual standpoint. Here is a general overview of the crisis that might be of interest Subprime mortgage crisis - Wikipedia, the free encyclopedia

The fact (been there saw it up close and personal) is deregulation of lending and the ability to package a pool of loans and resell them without retaining any risk of loss coupled with corporate greed was the primary cause. It led to making as many loans as possible without regard to loan quality and credit ratings. The bubble in house values and subsequent burst followed. The bankers will always try to deflect blame from themselves. This whole thread is based on quotes from a banker doing essentially that. IMHO
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Old 09-25-2010, 07:04 PM   #23
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Thanks for posting that article, Alan. Much clearer than the innuendo in the other piece.
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Old 09-26-2010, 04:12 AM   #24
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All - Its longer than 30 years. It goes back to 1913 (I Think) when congress deceided to create the federal reserve banking system. Ever since then, the banking system has screwed the little guy, and made the fat cats fatter. Remember all those house forclosures, nice folks, paying those notes all fine, and one day, all that worthless paper the banks floated came due, they could not pay, so we get to do it for them. Remember, banks are not your friend, use a credit union instead.
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Old 09-26-2010, 08:17 PM   #25
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I understand the deregulation was a part of the problem but how is Fannie and Freddie so far in debt and still falling to the abis? The government doesn't own them? Who will pay for the banks to Help us hold our taxes and insurance in escrow? WE will.
This topic is too much for this blogger.
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Old 09-27-2010, 12:34 PM   #26
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Wow! A 30 year government bureaucrat defending the govt - what a surprise.

For the truth read the Community Reinvestment Act, or better yet, read Thomas Sowell's book "The Housing Boom and Bust" and get a real idea of what happened.

Nick
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Old 09-27-2010, 03:42 PM   #27
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Originally Posted by traveler of california View Post
Wow! A 30 year government bureaucrat defending the govt - what a surprise.

For the truth read the Community Reinvestment Act, or better yet, read Thomas Sowell's book "The Housing Boom and Bust" and get a real idea of what happened.

Nick
I believe gbs posted he was a governemnt bureaucrat for "over 25 years"..not 30 years.
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Old 09-27-2010, 04:55 PM   #28
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Originally Posted by traveler of california View Post
Wow! A 30 year government bureaucrat defending the govt - what a surprise.

For the truth read the Community Reinvestment Act, or better yet, read Thomas Sowell's book "The Housing Boom and Bust" and get a real idea of what happened.

Nick
Another hater from the right. The reference to bureaucrat is clearly a very negative reference. I was a government employee which made me a servant of the people and proudly so. It is important to remember that the agencies are run by political appointees not career government employees. Remember Brownie who ran FEMA during the Katrina crisis. Remember his prior experience was an official with the sport horse association. Great credentials right? If people did not demonize government so much perhaps legislators and political appointees would not be so afraid to regulate before a disaster rather than only after. Of course without meaningful campaign finance reform we are all at the mercy of special interests like the mortgage bankers who wanted to originate and resell as many loans as possible for the fees regardless of the loan quality and resulting economic consequences. The reference to the CRA etc is also by those from the right hoping to deflect blame. See the following for a more balance look at the CRA issue. Community Reinvestment Act - Wikipedia, the free encyclopedia. The fact is both sides share the blame and we can thank special interests and the lack of meaningful campaign finance laws for that. Of course now the right got the little we had governing that overturned and now wont even vote for a weak law that simply requires advertisements to disclose who paid for them.
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