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moneymaker.
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March 2, 2010 at 10:17 AM #17133March 2, 2010 at 10:52 AM #519739
blahblahblah
ParticipantWhen this is appearing in the WSJ, we are about to move into phase 3 of this operation. In phase 3, the institutions holding MBSes are threatened with extinction when mortgage holders stop making payments. The well-connected of these institutions will soon receive bailouts, they’ll retain ownership of the properties, and either rent them back to the previous “owners” (who were really tenants all along) or sell them and pocket the cash. In effect, the US government will have paid to construct lots of housing, and then given it free of charge to financial institutions. Those same institutions will then collect rent in perpetuity or just sell the houses. It’s a win-win, just as long as you’re in the loop (which none of us are).
March 2, 2010 at 10:52 AM #519879blahblahblah
ParticipantWhen this is appearing in the WSJ, we are about to move into phase 3 of this operation. In phase 3, the institutions holding MBSes are threatened with extinction when mortgage holders stop making payments. The well-connected of these institutions will soon receive bailouts, they’ll retain ownership of the properties, and either rent them back to the previous “owners” (who were really tenants all along) or sell them and pocket the cash. In effect, the US government will have paid to construct lots of housing, and then given it free of charge to financial institutions. Those same institutions will then collect rent in perpetuity or just sell the houses. It’s a win-win, just as long as you’re in the loop (which none of us are).
March 2, 2010 at 10:52 AM #520313blahblahblah
ParticipantWhen this is appearing in the WSJ, we are about to move into phase 3 of this operation. In phase 3, the institutions holding MBSes are threatened with extinction when mortgage holders stop making payments. The well-connected of these institutions will soon receive bailouts, they’ll retain ownership of the properties, and either rent them back to the previous “owners” (who were really tenants all along) or sell them and pocket the cash. In effect, the US government will have paid to construct lots of housing, and then given it free of charge to financial institutions. Those same institutions will then collect rent in perpetuity or just sell the houses. It’s a win-win, just as long as you’re in the loop (which none of us are).
March 2, 2010 at 10:52 AM #520404blahblahblah
ParticipantWhen this is appearing in the WSJ, we are about to move into phase 3 of this operation. In phase 3, the institutions holding MBSes are threatened with extinction when mortgage holders stop making payments. The well-connected of these institutions will soon receive bailouts, they’ll retain ownership of the properties, and either rent them back to the previous “owners” (who were really tenants all along) or sell them and pocket the cash. In effect, the US government will have paid to construct lots of housing, and then given it free of charge to financial institutions. Those same institutions will then collect rent in perpetuity or just sell the houses. It’s a win-win, just as long as you’re in the loop (which none of us are).
March 2, 2010 at 10:52 AM #520661blahblahblah
ParticipantWhen this is appearing in the WSJ, we are about to move into phase 3 of this operation. In phase 3, the institutions holding MBSes are threatened with extinction when mortgage holders stop making payments. The well-connected of these institutions will soon receive bailouts, they’ll retain ownership of the properties, and either rent them back to the previous “owners” (who were really tenants all along) or sell them and pocket the cash. In effect, the US government will have paid to construct lots of housing, and then given it free of charge to financial institutions. Those same institutions will then collect rent in perpetuity or just sell the houses. It’s a win-win, just as long as you’re in the loop (which none of us are).
March 2, 2010 at 1:34 PM #519802Rich Toscano
KeymasterI liked Ramsey’s version (from 1/09) better:
“Why Be a Nation of Mortgage Slaves”
http://online.wsj.com/article/SB123336541474235541.htmlRich
March 2, 2010 at 1:34 PM #519943Rich Toscano
KeymasterI liked Ramsey’s version (from 1/09) better:
“Why Be a Nation of Mortgage Slaves”
http://online.wsj.com/article/SB123336541474235541.htmlRich
March 2, 2010 at 1:34 PM #520376Rich Toscano
KeymasterI liked Ramsey’s version (from 1/09) better:
“Why Be a Nation of Mortgage Slaves”
http://online.wsj.com/article/SB123336541474235541.htmlRich
March 2, 2010 at 1:34 PM #520467Rich Toscano
KeymasterI liked Ramsey’s version (from 1/09) better:
“Why Be a Nation of Mortgage Slaves”
http://online.wsj.com/article/SB123336541474235541.htmlRich
March 2, 2010 at 1:34 PM #520724Rich Toscano
KeymasterI liked Ramsey’s version (from 1/09) better:
“Why Be a Nation of Mortgage Slaves”
http://online.wsj.com/article/SB123336541474235541.htmlRich
March 2, 2010 at 3:49 PM #519729Nor-LA-SD-guy
ParticipantNot every situation is the same,
I would say that depending on the location and amount under water and the financial position of the owner, this could possibly be the worst advice I have ever heard (but to each their own).
For other locations (say Palmdale or maybe Phoenix AZ, possibly Denver Co) anywhere there is almost unlimited flat build-able land it may even make a little sense.
For instance I know of a Guy in L.A. who is a 100K under water on his home (he still can easily afford it currently), he ask if it would be a good Idea to walk away.
I said are you planning to live the north L.A. area for the next 10 years ???
He said yes.
I said why ruin your credit (possibly your employability) when in ten years it will all be water under the bridge most likely.
But what ever you want to believe.
March 2, 2010 at 3:49 PM #519869Nor-LA-SD-guy
ParticipantNot every situation is the same,
I would say that depending on the location and amount under water and the financial position of the owner, this could possibly be the worst advice I have ever heard (but to each their own).
For other locations (say Palmdale or maybe Phoenix AZ, possibly Denver Co) anywhere there is almost unlimited flat build-able land it may even make a little sense.
For instance I know of a Guy in L.A. who is a 100K under water on his home (he still can easily afford it currently), he ask if it would be a good Idea to walk away.
I said are you planning to live the north L.A. area for the next 10 years ???
He said yes.
I said why ruin your credit (possibly your employability) when in ten years it will all be water under the bridge most likely.
But what ever you want to believe.
March 2, 2010 at 3:49 PM #520303Nor-LA-SD-guy
ParticipantNot every situation is the same,
I would say that depending on the location and amount under water and the financial position of the owner, this could possibly be the worst advice I have ever heard (but to each their own).
For other locations (say Palmdale or maybe Phoenix AZ, possibly Denver Co) anywhere there is almost unlimited flat build-able land it may even make a little sense.
For instance I know of a Guy in L.A. who is a 100K under water on his home (he still can easily afford it currently), he ask if it would be a good Idea to walk away.
I said are you planning to live the north L.A. area for the next 10 years ???
He said yes.
I said why ruin your credit (possibly your employability) when in ten years it will all be water under the bridge most likely.
But what ever you want to believe.
March 2, 2010 at 3:49 PM #520394Nor-LA-SD-guy
ParticipantNot every situation is the same,
I would say that depending on the location and amount under water and the financial position of the owner, this could possibly be the worst advice I have ever heard (but to each their own).
For other locations (say Palmdale or maybe Phoenix AZ, possibly Denver Co) anywhere there is almost unlimited flat build-able land it may even make a little sense.
For instance I know of a Guy in L.A. who is a 100K under water on his home (he still can easily afford it currently), he ask if it would be a good Idea to walk away.
I said are you planning to live the north L.A. area for the next 10 years ???
He said yes.
I said why ruin your credit (possibly your employability) when in ten years it will all be water under the bridge most likely.
But what ever you want to believe.
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