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thedebtisreal

Jim Cramer Tells Americans

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:D

the bears are expecting 50%

he is expecting 100% defaults on the 2 & 28's. :o:o

reseting between Oct 2007 & Feb 2008.

our's start in Sept don't they ?

The big difference is Americans can post the keys back to their home and the whole mortgage debt is forgiven. Even if you are rich, you should just default and let the bank carry the can of trying to flog the house to cover the mortgage.

In Britain the banks can hound you for the remain debt until you die.

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Maybe he's changed his tone because he's sold up?

Or maybe the clue is in the last bit "If the fed dropped rates by 1% this would reverse - it's just a stroke of the pen for the fed"

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The big difference is Americans can post the keys back to their home and the whole mortgage debt is forgiven. Even if you are rich, you should just default and let the bank carry the can of trying to flog the house to cover the mortgage.

In Britain the banks can hound you for the remain debt until you die.

Well that's partly true. Tax on the amount of debt not recovered by the foreclosure sale is required to be paid to the IRS.

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So although you can find 3 bed detached houses with pools in Florida less than 10 minutes from the beach for <GBP 100K, perhaps it would be better to wait, providing the pound stays up, for another 9-12 months before the pain really sets in.

I suspect a few GBP 50K properties in Florida would be a good way of protecting your wealth.

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So although you can find 3 bed detached houses with pools in Florida less than 10 minutes from the beach for <GBP 100K, perhaps it would be better to wait, providing the pound stays up, for another 9-12 months before the pain really sets in.

I suspect a few GBP 50K properties in Florida would be a good way of protecting your wealth.

[/quote

The taxes and insurance on your pad in Florida will crush you. Realtors in Florida prey on Brits because they are the most stupid when it comes to property.

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Guest Bart of Darkness
Walk away. Tomorrow's another day.

Walk away. Why not let it fade away?

Walk away. Tomorrow's another day.

Walk away. The problem will go away.

Sometimes it gets so tough

with my head buried in the sand.

And everyday more people die,

walk away, avert their eyes.

As the death clock ticks, the trigger clicks

beaten with a crucifix.

Bullet proof lies, family ties.

Which one's right, no one's wise.

In a world that lies.

[chorus]

Walk away. Tomorrow's another day.

Walk away. Why not let it fade away?

Walk away. Tomorrow's another day.

Walk away. The problem will go away.

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He was the guy who boasted on TV about how he manipulates stocks to make profit. Has a reputation of being something of an idiot/asshole.

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He was the guy who boasted on TV about how he manipulates stocks to make profit. Has a reputation of being something of an idiot/asshole.

I believe the generally accepted term is "personality". :rolleyes:

Actually I think Jim Cramer's quite funny, and he is certainly on the ball. However, in this case he does seem to be flip-flopping somewhat, as the comments below that article show!

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He was the guy who boasted on TV about how he manipulates stocks to make profit. Has a reputation of being something of an idiot/asshole.

Cramer is the typical muppet guru... make 1000 calls, only highlight the winners.

A true w@nker.

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Cramer can move the stockmarket on his comments

Anyhow the interesting thing that struck me was the 100% default maybe the same thing could happen in the UK

100% of max new mortgages taken out in the last 2-3 years will default regardless of peoples income.

Everyone seems to be 1 paycheque away from default anyway !

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Guest grumpy-old-man
The big difference is Americans can post the keys back to their home and the whole mortgage debt is forgiven. Even if you are rich, you should just default and let the bank carry the can of trying to flog the house to cover the mortgage.

In Britain the banks can hound you for the remain debt until you die.

I wasn't aware of that.

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The big difference is Americans can post the keys back to their home and the whole mortgage debt is forgiven. Even if you are rich, you should just default and let the bank carry the can of trying to flog the house to cover the mortgage.

In Britain the banks can hound you for the remain debt until you die.

That's why it's so hard to understand, why UK prices are so much higher now, than US prices were before they were before the US prices started to fall. People simply don't think on these matters. If you lived in the US you could just get a house loan at 125%, no money down, using false income statements 25% cash... Then you could buy the house of someone you knew, by using an overinflated report of the market value, and get another 25%, these things happened because so many accepted the free money.

The smart thing for those in the US with equity left, would be to refinance for buying a Mercedes using a inflated valuation form on the house, be sure to get a little under water, then buy the car, sell it again, and walk away from the house with the cash safely stored away.

Edited by carseller

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In Britain the banks can hound you for the remain debt until you die.

Well, that's a bit of an exaggeration. :)

However, the statue of limitations on a mortgage is considerably longer than a normal unsecured loan (12 years, as opposed to 6). So, they've got 12 years to chivvy you into paying up, or force you to declare bankruptcy. Many people with significant negative equity may find bankruptcy a better option, especially with the 'devaluation' of bankruptcy in recent years.

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So although you can find 3 bed detached houses with pools in Florida less than 10 minutes from the beach for <GBP 100K, perhaps it would be better to wait, providing the pound stays up, for another 9-12 months before the pain really sets in.

I suspect a few GBP 50K properties in Florida would be a good way of protecting your wealth.

- providing they're not built in the swamp areas.

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