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Mortgage Crisis Newz

Discussion in 'Politics & World News' started by N8 v2.0, Mar 4, 2008.

  1. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    ...tell me why I should make my mortgage payments on time when it looks like falling a few months behind would be a benefit?

    :disgust1:


     
    #1 -   Mar 4, 2008

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  2. jimmydean

    jimmydean The Official Meat of Ridemonkey

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    I'm still waiting for this time next year. Based on the fact that there are about 25% of the homes in my little town for sale, I am guessing they will remain unsold and more will hit the market. If I time it right (or even get close) I can get my McMansion on the CHEAP!

    The house behind me has been for sale for over a year and is on its 3rd real estate firm. It went on the market FSBO to start with.
     
    #2 -   Mar 4, 2008
  3. Westy

    Westy the teste

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    Personal and fiscal responsibility are so old fashioned.
     
    #3 -   Mar 4, 2008
  4. dante

    dante Unabomber

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    Because the government (and the economy) needs the artificial wealth that was created in the last 5 years from the housing boom. When people's houses are worth more they spend more, they take out HELOC's to buy boats and cars and other crap that they don't need, and they pay higher property taxes b/c their homes are "worth more". You have people in their 50s and 60s who aren't saving (saving BAD, spending GOOD!!) b/c they figure they can just use their house for financing their retirement, and you have young people pouring money into the market by taking on speculative (personal) loans and financing all of the people who are getting out of the market to go off and retire, travel the world, etc. It's basically a gigantic pyramid scheme, and the fed is frantically trying to prop it all up.

    but on the flip side, people are going to be P!SSED if the gov'ment bails out a bunch of people. rock, meet hard place.
     
    #4 -   Mar 4, 2008
  5. narlus

    narlus Eastcoast Softcore
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    i'm pretty sure it would still affect yr credit rating, no?
     
    #5 -   Mar 4, 2008
  6. Westy

    Westy the teste

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    I heard an interesting interview with a woman who runs a business cleaning up homes that have been forclosed. She said often times she would find the owners pets dead from thirst or starvation after just being left in the house when they left. Yep responsibility.
     
    #6 -   Mar 4, 2008
  7. BurlyShirley

    BurlyShirley Rex Grossman Will Rise Again

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    I probably am not going to ever be able to sell the house Im in. At least not for profit. Whatever. Could be worse I guess. At least it wont get foreclosed.
     
    #7 -   Mar 4, 2008
  8. Westy

    Westy the teste

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    It might blow up though.
     
    #8 -   Mar 4, 2008
  9. BurlyShirley

    BurlyShirley Rex Grossman Will Rise Again

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    God willing...as long as Im not in it. It's insured for way more than it will sell for.
     
    #9 -   Mar 4, 2008
  10. $tinkle

    $tinkle Expert on blowing

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    it's not so much a mortgage crisis as it is a moral crisis. maybe they should fulfill the definition of the word mortgage & kill people who walk away from their homes. how awesome would it be to land a gig as a real estate agent & be required to have a CCW?

    'til death do you part'
     
  11. manimal

    manimal Ociffer Tackleberry

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    i'm with ya BS, and besides, after all the work i've put into it this past year, i don't think i want to sell it for a long time. where else am i going to find something that big on some land for a sub $1k mortgage :D

    i'll just ride this out for 10 years or so and check the market then.
     
  12. jimmydean

    jimmydean The Official Meat of Ridemonkey

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    It's not too much different than the tech stock crap from 2000.

    Tech Stocks = People put a ton of stupid money into companies that never delivered.
    Sub Prime = Companies put a ton of stupid money into people that never delivered.

    I think the housing market will recover quicker, though. Once all the builders stop building stupid homes and stupid people lose their asses, the market will bottom out, then recover. There are plenty of people who have credit and want a house (like me) but don't want to pay $250k for an apartment.

    If you look at how outrageous house prices got here, it was bound to crash. People don't make the kind of money they are asking.
     
  13. reflux

    reflux Turbo Monkey

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    What we desparately need is deregulation of the entire housing industry, top to bottom.
     
  14. Toshi

    Toshi Harbinger of Doom

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    say what? it was deregulation of the mortgage industry that enabled the powers behind the scene to assemble this particular house of cards.
     
  15. dante

    dante Unabomber

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    :shocked: Buying a house to LIVE IN??!? Not just as another stepping stone to fame and fortune, an eternal ATM machine that just keeps spitting out hundred dollar bills and will turn over several thousand percent profit when you sell it to buy an even bigger McMansion?




    (hushed voice) Are you a commie?
     
  16. reflux

    reflux Turbo Monkey

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    But the Republicans tell me that deregulation is best for me, the consumer.
     
  17. ohio

    ohio The Fresno Kid

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    God, would I love for the bottom to fall out from under this market. The fact that I, with a good income and good savings, can't buy **** because jackasses are overbidding for houses with money they don't have pisses me off to no end. I know it'll hit the rest of the economy, but this whole country needs a hard lesson in fiscal responsibility.
     
  18. Toshi

    Toshi Harbinger of Doom

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    personally i'm relishing the prospect of all manner of SUVs on dubs being repossessed as we type :D
     
  19. manimal

    manimal Ociffer Tackleberry

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    :clapping:
    must spread rep
     
  20. reflux

    reflux Turbo Monkey

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    You'll be happy to know that I had some rep to share.
     
  21. Toshi

    Toshi Harbinger of Doom

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    why, thank you. the answer is yes to both questions btw :D
     
  22. ohio

    ohio The Fresno Kid

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    That leaves behind the 82' cutlass cieras with dub-deuce spinners unfortunately. I love it when the wheels cost more than the car...
     
  23. $tinkle

    $tinkle Expert on blowing

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    you think with a harsh lesson in fiscal responsibility there's an outside chance they'd also take the opportunity to learn to PARK BETWEEN THE ****ING LINES?

    just askin if it's possible
     
  24. dante

    dante Unabomber

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    well, there's quite a few opportunities out there right now....

    :busted:
     
  25. BurlyShirley

    BurlyShirley Rex Grossman Will Rise Again

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    Holy crap! Ive been looking for a new headquarters for my dog fighting business. Those houses are awesome for the price.
     
  26. $tinkle

    $tinkle Expert on blowing

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    i was hoping to land a short-term sw development gig this month for GM project in detroit, but, well...you know the rest.
     
  27. dante

    dante Unabomber

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    you figured out that there was more money in stripping out wiring from abandoned houses to sell for scrap? :clapping:
     
  28. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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  29. reflux

    reflux Turbo Monkey

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    I'm thinking that I would remove every inside wall and create Detroit's finest toilet establishment. Picture this, a toilet situated against the rear wall with a 30' projection screen against the inside front wall of the house.

    Heaven.
     
  30. ohio

    ohio The Fresno Kid

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    New pedals...
    House...
    New pedals...
    House...

    Gosh, I just can't decide.
     
  31. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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  32. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    so, if someone, with bad credit, bought a house using a ARM, gambling that the value of the house would increase so they could sell before the rate adjusted UP, but instead lost the gamble, who cares?

    why should the gov bail them out and why should the gov bail out the company that lent them the money (gambling the borrowers would pay the high interest once the super-cheap introductry rate expired and knowing the borrowers credit sucked ass)?
     
  33. LordOpie

    LordOpie MOTHER HEN

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    Are you really asking so you can get an answer or are you going to gloss over like normal?

    Short answer: bailing them out isn't for their benefit in the govt's eyes, the bail out is for the benefit of the economy as a whole.
     
  34. jimmydean

    jimmydean The Official Meat of Ridemonkey

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    Wait, n8 might actually have a point.

    It was a 2 sided gamble that lost on both sides. I'm not a fan of the bailout either, but the fact that the large banks lost a lot of money has a bad trickle down.
     
  35. LordOpie

    LordOpie MOTHER HEN

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    riiiiight, that's what I'm saying.

    :confused:
     
  36. jimmydean

    jimmydean The Official Meat of Ridemonkey

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    Sorry, I was shocked n8 posted a complete thought sans copy/paste that had context.
     
  37. LordOpie

    LordOpie MOTHER HEN

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    ha! too true!

    rep+ :D
     
  38. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    why is it a bad thing to have this ripple thru the economy for a couple years on its own? wouldnt the effects be over and done with then and the banks/borrowers learn not to do that instead of artificially propping up the lenders/borrowers thereby teaching them that the gov (taxpayers) will cover their gambling losses..
     
  39. LordOpie

    LordOpie MOTHER HEN

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    ^ It's not that simple.
     
  40. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    Best time to buy in four years...

    http://finance.yahoo.com/real-estate/article/104536/Housing:-Best-Time-to-Buy-in-Four-Years