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patientrenter
Participant[quote=threadkiller]Can the banks/institutions really absorb all the foreclosures that are coming down the road? I think not! Without some way to extend the pain we are headed for Depression for sure! I myself am ok, it’s my fellow man I’m worried about, which will eventually affect us all. If it makes sense for all parties involved and helps avoid a Depression then I say it’s worth a look.[/quote]
When prices are dropped to the point when demand matches supply, then the market can handle all the foreclosures. The problem most people have is that they want a big chunk of the massive gains in RE prices since 1996 to stick around until they cash in. That’s not a fundamental economic problem, it’s simply one group anxious to use political power to manipulate prices their way.
Participant[quote=threadkiller]Can the banks/institutions really absorb all the foreclosures that are coming down the road? I think not! Without some way to extend the pain we are headed for Depression for sure! I myself am ok, it’s my fellow man I’m worried about, which will eventually affect us all. If it makes sense for all parties involved and helps avoid a Depression then I say it’s worth a look.[/quote]
When prices are dropped to the point when demand matches supply, then the market can handle all the foreclosures. The problem most people have is that they want a big chunk of the massive gains in RE prices since 1996 to stick around until they cash in. That’s not a fundamental economic problem, it’s simply one group anxious to use political power to manipulate prices their way.
Participant[quote=threadkiller]Can the banks/institutions really absorb all the foreclosures that are coming down the road? I think not! Without some way to extend the pain we are headed for Depression for sure! I myself am ok, it’s my fellow man I’m worried about, which will eventually affect us all. If it makes sense for all parties involved and helps avoid a Depression then I say it’s worth a look.[/quote]
When prices are dropped to the point when demand matches supply, then the market can handle all the foreclosures. The problem most people have is that they want a big chunk of the massive gains in RE prices since 1996 to stick around until they cash in. That’s not a fundamental economic problem, it’s simply one group anxious to use political power to manipulate prices their way.
Participant[quote=UCGal]I agree that things worked much better when larger downpayments were the norm. But just instituting that rule, going forward, won’t fix the current mess. The current mess needs to be unwound before we’ll be out of it. Unfortunately, the loan mods and other “fixes” for current underwater mortgagees is just an attempt to kick the can down the road.[/quote]
There’s no ‘fixing’ the current mess. We just have to take the losses and get on with it. Unfortunately, a lot of people with political power are trying to use that power to get someone else to take their losses.
Participant[quote=UCGal]I agree that things worked much better when larger downpayments were the norm. But just instituting that rule, going forward, won’t fix the current mess. The current mess needs to be unwound before we’ll be out of it. Unfortunately, the loan mods and other “fixes” for current underwater mortgagees is just an attempt to kick the can down the road.[/quote]
There’s no ‘fixing’ the current mess. We just have to take the losses and get on with it. Unfortunately, a lot of people with political power are trying to use that power to get someone else to take their losses.
Participant[quote=UCGal]I agree that things worked much better when larger downpayments were the norm. But just instituting that rule, going forward, won’t fix the current mess. The current mess needs to be unwound before we’ll be out of it. Unfortunately, the loan mods and other “fixes” for current underwater mortgagees is just an attempt to kick the can down the road.[/quote]
There’s no ‘fixing’ the current mess. We just have to take the losses and get on with it. Unfortunately, a lot of people with political power are trying to use that power to get someone else to take their losses.
Participant[quote=UCGal]I agree that things worked much better when larger downpayments were the norm. But just instituting that rule, going forward, won’t fix the current mess. The current mess needs to be unwound before we’ll be out of it. Unfortunately, the loan mods and other “fixes” for current underwater mortgagees is just an attempt to kick the can down the road.[/quote]
There’s no ‘fixing’ the current mess. We just have to take the losses and get on with it. Unfortunately, a lot of people with political power are trying to use that power to get someone else to take their losses.
Participant[quote=UCGal]I agree that things worked much better when larger downpayments were the norm. But just instituting that rule, going forward, won’t fix the current mess. The current mess needs to be unwound before we’ll be out of it. Unfortunately, the loan mods and other “fixes” for current underwater mortgagees is just an attempt to kick the can down the road.[/quote]
There’s no ‘fixing’ the current mess. We just have to take the losses and get on with it. Unfortunately, a lot of people with political power are trying to use that power to get someone else to take their losses.
ParticipantI wish some MSM journalists would start blowing the top off this kind of behavior. As others have pointed out, this is just picking the pockets of taxpayers. I am getting tired of people saying that it’s fine because it’s legal, and screw the ethics. I’d like to live in a country that was more ethical.
ParticipantI wish some MSM journalists would start blowing the top off this kind of behavior. As others have pointed out, this is just picking the pockets of taxpayers. I am getting tired of people saying that it’s fine because it’s legal, and screw the ethics. I’d like to live in a country that was more ethical.
ParticipantI wish some MSM journalists would start blowing the top off this kind of behavior. As others have pointed out, this is just picking the pockets of taxpayers. I am getting tired of people saying that it’s fine because it’s legal, and screw the ethics. I’d like to live in a country that was more ethical.
ParticipantI wish some MSM journalists would start blowing the top off this kind of behavior. As others have pointed out, this is just picking the pockets of taxpayers. I am getting tired of people saying that it’s fine because it’s legal, and screw the ethics. I’d like to live in a country that was more ethical.
ParticipantI wish some MSM journalists would start blowing the top off this kind of behavior. As others have pointed out, this is just picking the pockets of taxpayers. I am getting tired of people saying that it’s fine because it’s legal, and screw the ethics. I’d like to live in a country that was more ethical.
ParticipantI agree that it ain’t gonna happen, brian, but I do hear people claim that fixing what caused our current problems is very complicated and will take lots of time, and probably can’t work all that well etc. That’s all bunk. It would be quite easy to fix most of the problem through tough downpayment rules – the people (mostly in Congress) who could do so just don’t want to.
As for the gullible being taken to the cleaners, I disagree. In this case, the people who will be taken to the cleaners are
1. taxpayers, who will have to come up with the money to support all the debt we are incurring to keep the inflated asset price shell game going
2. net savers, who will lose to inflation as people in debt push every button to avoid repayment in full value of what they have borrowed.
Being in those two groups doesn’t require being gullible. Those of us in the first group are there without much of a choice. I am in the second group, too, and I can see how that makes me an easy mark. But if we have created a society where being financially responsible is punished, I think we need to change before other societies without this defect eat our lunch.
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