shindigger Posted June 6, 2011 Share Posted June 6, 2011 http://www.cnbc.com/id/43281199 Prepare the molotovs. Print the Gooogle maps. Its time to start the burning. Not that i would do this obviously... Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted June 6, 2011 Share Posted June 6, 2011 Not surprising, this is a clever way to default. I've been expecting this move for quite awhile. It's going to happen at the national level as well as govts decide to write off a certain % of the debt. Quote Link to comment Share on other sites More sharing options...
exiges Posted June 6, 2011 Share Posted June 6, 2011 But at least in the USA they've experience price-drops to near-acceptable income multipliers. Same can't be said for here. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted June 6, 2011 Share Posted June 6, 2011 Not surprising, this is a clever way to default. I've been expecting this move for quite awhile. It's going to happen at the national level as well as govts decide to write off a certain % of the debt. banks havent declared the losses in capital value anyway...they can cut the capital owed on defaulters and it will have no effect whatsoever. A defaulter is a defaulter is a defaulter. Quote Link to comment Share on other sites More sharing options...
otters Posted June 6, 2011 Share Posted June 6, 2011 Quote "This has been a very, very tough housing market as a result of the fact that we went through a horrible financial crisis," Massad told reporters on the sidelines of a foreclosure prevention event in Washington. Quote And what caused the financial crisis Mr Massad. Quote Link to comment Share on other sites More sharing options...
otters Posted June 6, 2011 Share Posted June 6, 2011 banks havent declared the losses in capital value anyway...they can cut the capital owed on defaulters and it will have no effect whatsoever. Maybe not on the banks balance sheet, but it may start a bit of civil unrest. Quote Link to comment Share on other sites More sharing options...
MC Fur Q Posted June 6, 2011 Share Posted June 6, 2011 Glad we don't have to pay for that. I was talking to someone last week who made a ton of money from BTL. Her opinion was that it was cheaper in the long run for the government to bail out people's losses than to pay for the resulting poverty of joblessness or homelessness. Can't say I agree with her. I don't remember signing on to other people's debts as a guarantor. Quote Link to comment Share on other sites More sharing options...
billybong Posted June 6, 2011 Share Posted June 6, 2011 The Obama administration wants to help more struggling Americans stay in their homes by reducing the amount they owe on their troubled mortgages, a top Treasury official said Saturday. There's nothing quite like getting free stuff. Basically it's all become a total farce but it'll have been announced in a very very loud voice to convince that it's the right thing to do so that's ok then - but there again it's just taxpayers money and there's obviously any amount of that just to give away. Quote Link to comment Share on other sites More sharing options...
Nationalist Posted June 6, 2011 Share Posted June 6, 2011 I was talking to someone last week who made a ton of money from BTL. Her opinion was that it was cheaper in the long run for the government to bail out people's losses than to pay for the resulting poverty of joblessness or homelessness. This is likely true, especially if the family about to be homeless is quite close to being able to pay their bills, eg only lost one of two incomes. Paying people's mortgages makes sense, even for the taxpayers footing the bills. Quote Link to comment Share on other sites More sharing options...
onesmallstep Posted June 6, 2011 Share Posted June 6, 2011 This is likely true, especially if the family about to be homeless is quite close to being able to pay their bills, eg only lost one of two incomes. Paying people's mortgages makes sense, even for the taxpayers footing the bills. no it doesn't because it encourages reckless borrowing and state dependency which is unsustainable. the benefit system is the major cause of our woes, that and a distorted distribution of wealth. Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted June 6, 2011 Share Posted June 6, 2011 This is likely true, especially if the family about to be homeless is quite close to being able to pay their bills, eg only lost one of two incomes. Paying people's mortgages makes sense, even for the taxpayers footing the bills. No! Letting the banks go bust, and capitalising new banks makes sense. Selling off the original mortgages at a discount with a proviso for debt forgiveness makes sense. Piling the cost onto taxpayers is a disaster. Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted June 6, 2011 Share Posted June 6, 2011 So will they be giving some free money to those who aren't over-indebted? I would love to see a class action suit brought by home owners (i.e. those who own their homes outright without any debts against it) against governments for financial discrimination. Quote Link to comment Share on other sites More sharing options...
pl1 Posted June 6, 2011 Share Posted June 6, 2011 I think this could finish off Obama or split America in two. Quote Link to comment Share on other sites More sharing options...
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