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Uriah Heap

Sub Prime And Alt A Crises Now Joined By Prime Mortgages

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http://news.firedoglake.com/2010/07/09/most-mortgages-in-default-held-by-the-wealthy/

The biggest defaulters in the US at the moment are seven figure mortgages. I can't help thinking that the real story here is that people who have lots of money are not any brighter than poorer people. And when the housing market goes bananas, so do they on an even bigger scale.

Still as a society we accord respect to rich people so they get a special term coined for them. Rich people who can't keep up with the payments are 'strategically defaulting'. Whatever.

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http://news.firedoglake.com/2010/07/09/most-mortgages-in-default-held-by-the-wealthy/

The biggest defaulters in the US at the moment are seven figure mortgages. I can't help thinking that the real story here is that people who have lots of money are not any brighter than poorer people. And when the housing market goes bananas, so do they on an even bigger scale.

Still as a society we accord respect to rich people so they get a special term coined for them. Rich people who can't keep up with the payments are 'strategically defaulting'. Whatever.

It's amazing how far the housing bust has gone in the USA, but here it has so far been very mild. The complete reasons remain unclear although much considered. However, the UK and Aussie residential property markets are said to be the last big bubbles left in the Western hemisphere. The pop in the UK is now underway.

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It's amazing how far the housing bust has gone in the USA, but here it has so far been very mild. The complete reasons remain unclear although much considered. However, the UK and Aussie residential property markets are said to be the last big bubbles left in the Western hemisphere. The pop in the UK is now underway.

It can never happen here. We are different.

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http://news.firedoglake.com/2010/07/09/most-mortgages-in-default-held-by-the-wealthy/

The biggest defaulters in the US at the moment are seven figure mortgages. I can't help thinking that the real story here is that people who have lots of money are not any brighter than poorer people. And when the housing market goes bananas, so do they on an even bigger scale.

Still as a society we accord respect to rich people so they get a special term coined for them. Rich people who can't keep up with the payments are 'strategically defaulting'. Whatever.

This was the kind of news story which that would have been seized upon with great gusto on this website when the credit crunch first happened. At the time it would have made for gripping analysis as it meant the thinking lay-persons deepest suspicions that something was terribly amiss were being confirmed in cold hard facts.

Today alas, its importance is overlooked. Bring back CGNAO! :D

I have to confess I thought this was a thread re-emerging from several years back until I saw the time/date stamp on the OP.

I have to admit i thought

Edited by Dave Spart

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This was the kind of news story which that would have been seized upon with great gusto on this website when the credit crunch first happened. ....................../

.........../ Bring back CGNAO! :D

Yeah - !! Where's CGNAO got to?? :huh::unsure:

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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