Posted on 08/10/2007 8:03:53 AM PDT by Hydroshock
Aug. 9: Growing problems in the housing and mortgage markets are putting pressure on borrowers who are trying to sell before losing their homes. Some are even walking away from mortgages. NBC's Josh Mankiewicz reports. Full story
(Excerpt) Read more at msnbc.msn.com ...
Many of the superstar investors are saying we WILL be in a credit crunch due to sub prime loan disasters and reseting mortgages. Jim Rogers even has been quoted that the Fed Reserve System is going to fail. And I wonder why he moved to China with his family...
Make no mistake about it, the next President will probably have to use taxpayers funds to bail out the banks who made ridiculous loans. And if it is President Hillary -- bet your booties she is gonna blame all this on Bush...
The blame should lie with Greenspan... he left the short term interest rates too low for too long and induced this massive credit binge...
You are absolutely right -- rare gold coins and rare stamps is the way to go right now...
Ammunition has been another excellent investment over the past year and a half.
Long-term money...big money...can be made in real estate during market downturns, provided you have liquidity to invest. Now’s a great time to get a good deal on your next house, provided you can afford to wait for a market upswing to sell your old one.
These people will lose their houses.....meanwhile, because of their STUPIDITY, we will lose HUNDREDS of THOUSANDS of DOLLARS, which is the equivalent of a house, and we didn’t do anything to deserve this.
"Home ownership is a civil right. Especially in minority communities, where we must work to redress the legacy of past discrimination. If it weren't for racist attitudes on the part of major banks, people wouldn't have been forced to take out these subprime loans. Therefore, in the interest of social justice the government must extend a hand up to these victims of corporate greed, who are being systematically denied their piece of the American Dream."
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Did I hit all the Democrat talking points? ;)
Damn. You sound just like Edwards. Excellent!
Is that hundreds of thousands of depreciation - of an asset that appreciated hundreds of thousands of dollars during the housing boom? Easy come, easy go.
I am talking about stock market money....not appreciation in a house.
A lot of the reason the stock market went up is because US consumers made large equity withdrawls from their houses (as a result of the housing bubble) and supported the US economy, driving up earnings and therefore stock prices. Now that that particular ATM has dried up, people aren’t buying plasma TVs and SUVs with quite the same abandon. You can lay both the bubble and the bust on Greenspan’s feet.
Right....all I’m saying is that it’s not ONLY the people who will lose their HOUSES that are going to suffer....we ALL will suffer and lose HUNDREDS of THOUSANDS of dollars.
I agree. Everybody gets covered with a thin, soapy film when a giant bubble pops - not just the person who blew it. And Greenspan sure blew it!
Um, the reason theres a problem is because the equity is no longer there. In many cases the property is worth less than
the note, ergo the reason why people are walking away.
That depends where you are located. I know the prices are "sticky" in Florida. Real Estate still has a way to go down in the overheated markets.
BTW, did you know they are still building 20,000 condos in Miami? Unbelievable!!!
If any FReepers are having trouble, FReepmail me. My specialty for 30 years has been real estate exchanging, consulting, and problem-solving. I taught real estate law, finance, practice, and economics at the college level for 10 years. This is not a solicitation. If you have problems, I will be glad to give you some free advice.
You hit the nail on the head.
Any bailout that happens (and there will be some type), won’t be to help J6P and his wife and 2 kids.
They don’t give a rats behind about them.
It’ll be to save the banks. And their stockholders. And all the billions of gummint pension fund dollars invested in bank equities.
The gummint needs the banks. They are the ones that cash all the gummint checks that buy the votes...
Thank you, I am sadly sure some will need it. I have looked at the markets as tehy are and have decided to cut expeditures adn boost savings.
“Perhaps wiser standards such as 20% down on mortgages and a payment no more than about 30% of your monthly income will return to favor as a result of the tears.”
So people can be locked out of the market?...
The only thing that "locks people out" of the housing market is the same thing which locks any would-be buyer out of any other market: He can't afford it.
Are you suggesting that the market somehow owes everyone a house, whether he can afford one or not?
love your keywords!
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