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post #11 of 36 (permalink) Old 10-07-2008, 01:58 PM
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Originally Posted by theonlybiker111 View Post
predatory lending put the poor in the position they are in.
the large majority of the defaulting loans are by speculators. look it up.
yes. both are part of the problem.
there is also a perception problem.
some are defaulting on their loans because they're paying more than the house is worth
.. then walking away.
if it's their primary residence, why not stay?
the house is going to increase in value some day.
it's not like you're going to benefit from it on paper.
my home lost 30% of it's value over the past 3 months. so??
I never had the money.
never saw the increase as a financial asset.
am I going to default on my loan because of it?
no.
please..
both sides of this argument need to calm down and look up three sources for EVERY stat.
this way we're all informed and no one gets duped into believing one source.
thanks,
just my .02
I understand and I feel for you but it wont change the situation as it is

ERIC.

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- George Bernard Shaw to Winston Churchill.

"Cannot possibly attend first night, will attend second ... if there is one."
- Winston Churchill, in response.
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post #12 of 36 (permalink) Old 10-07-2008, 02:02 PM Thread Starter
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You mean you live in your own world and dont see the real world, come on and get a life man.

The real world? according to who, Europe, Asia? Where are you speaking of ?

Liberal spin

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post #13 of 36 (permalink) Old 10-07-2008, 02:04 PM
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true true.
we are in a pickle!!!
the situation was brought about by constant speculation of a housing boom.
flipping houses. and pure unadulterated greed.
I almost got in on it when I started eye balling property in an urban city in N.J.
coulda made 100K per lot.
woulda got in too late..
now they're stuck with houses that they listed for 449K listing them at 299K
whew!
so, we have to ride it out.
if you think about it, 4 yrs ago is where we are now in the market.
if you haven't over extended yourself since then. you're ok.
I lost 39% in the market so far.
it's only money.
when I die, it'll be someones bonus.
if I don't die, it'll be mine someday.
we only "rent" what we have acquired.
no matter how long we live , we don't take it with us.
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post #14 of 36 (permalink) Old 10-07-2008, 02:18 PM
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Originally Posted by theonlybiker111 View Post
true true.
we are in a pickle!!!
the situation was brought about by constant speculation of a housing boom.
flipping houses. and pure unadulterated greed.
I almost got in on it when I started eye balling property in an urban city in N.J.
coulda made 100K per lot.
woulda got in too late..
now they're stuck with houses that they listed for 449K listing them at 299K
whew!
so, we have to ride it out.
if you think about it, 4 yrs ago is where we are now in the market.
if you haven't over extended yourself since then. you're ok.
I lost 39% in the market so far.
it's only money.
when I die, it'll be someones bonus.
if I don't die, it'll be mine someday.
we only "rent" what we have acquired.
no matter how long we live , we don't take it with us.
I have two plastic cards, that I did not want to start with and have never used. I rent my appartment and don't give a shit when I die because it is the end.

Now, to a different reality, I want a house with a nice garden and a mercedes benz in the drive.
Which do you go for?

Of course you would go for the latter but at what price?

ERIC.

___________________________________________
"I am enclosing two tickets to the first night of my new play; bring a friend, if you have one."
- George Bernard Shaw to Winston Churchill.

"Cannot possibly attend first night, will attend second ... if there is one."
- Winston Churchill, in response.
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post #15 of 36 (permalink) Old 10-07-2008, 02:22 PM
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The real world? according to who, Europe, Asia? Where are you speaking of ?

Liberal spin
So what's the real word? The USA only? really, like Eric said, get a life
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post #16 of 36 (permalink) Old 10-07-2008, 02:31 PM
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So what's the real word? The USA only? really, like Eric said, get a life
Thanks Drew, I involve myself in politics that do not concern me? This man or woman needs to realise the affect of the American market on the rest of the WORLD. We are in an era of globilization and must understand the concequences of our action or inaction no matter which country starts or fails in this.

ERIC.

___________________________________________
"I am enclosing two tickets to the first night of my new play; bring a friend, if you have one."
- George Bernard Shaw to Winston Churchill.

"Cannot possibly attend first night, will attend second ... if there is one."
- Winston Churchill, in response.
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post #17 of 36 (permalink) Old 10-07-2008, 02:32 PM Thread Starter
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So what's the real word? The USA only? really, like Eric said, get a life
I guess thats why you choose not to live here...fine by me!

Be responsible
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post #18 of 36 (permalink) Old 10-07-2008, 02:32 PM
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Originally Posted by theonlybiker111 View Post
true true.
we are in a pickle!!!
the situation was brought about by constant speculation of a housing boom.
flipping houses. and pure unadulterated greed.
I almost got in on it when I started eye balling property in an urban city in N.J.
coulda made 100K per lot.
woulda got in too late..
now they're stuck with houses that they listed for 449K listing them at 299K
whew!
so, we have to ride it out.
if you think about it, 4 yrs ago is where we are now in the market.
if you haven't over extended yourself since then. you're ok.
I lost 39% in the market so far.
it's only money.
when I die, it'll be someones bonus.
if I don't die, it'll be mine someday.
we only "rent" what we have acquired.
no matter how long we live , we don't take it with us.


That is pretty much on the money from what our studies are showing. Lots of people got the bum's rush from the banks to take out the ubiqutous "Home Equity Bill-payer Loan", but what they did not know was that in many cases the banks weren't selling the loan, they were either acting as an agent or planning to immediately dump you to an investment house. The collateral for the loan was the rise in the home's value, which under strict banking regulations was only eligible for a percentage of the value and also required the lender to increase it's loan/loss reserves, good banks didn't want that kind of "subprime" crap - so this second mortgage business went to the investment banks, who have none of these requirements. The investment houses then bundled these highly risky loans in securities, somehow (which is the current mystery, how did they do it?) got these securities AAA rated which made them attractive to the Chinese and the Arabs, and sold them by the trillions worth. When housing prices collapsed, the whole thing collapsed. If one was to paint a picture of the average defaulter in this mess, it's not some Acorn client, who generally purchase homes thru Acorn for about 80k and $850 a month, its a New Yorker living in the burbs whose loaded a 200k house with 300k worth of debt, or a Californian who gambled that his house was going to make him a millionaire and lost. The idea this is made up of CRA loans is a load of crap.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #19 of 36 (permalink) Old 10-07-2008, 02:45 PM
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I guess thats why you choose not to live here...fine by me!
Not to live where?
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post #20 of 36 (permalink) Old 10-07-2008, 02:50 PM
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Not to live where?
His confussion is begining to show

ERIC.

___________________________________________
"I am enclosing two tickets to the first night of my new play; bring a friend, if you have one."
- George Bernard Shaw to Winston Churchill.

"Cannot possibly attend first night, will attend second ... if there is one."
- Winston Churchill, in response.
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