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Old 07-04-2018, 10:08 AM
 
Location: Olympus Mons, Mars
5,000 posts, read 8,037,827 times
Reputation: 4925

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https://www.bloomberg.com/news/featu...es-to-the-poor

And now the government is backstopping all these loans while these fraudsters get rich.. where is our government in all of this? I get it, just like last time they are asleep at the wheel and will wake up only when the financial system collapses again and then it will be time to bail out using taxpayer money QE6..7..8..9 etc. at the expense of future generations.
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Old 07-05-2018, 08:49 AM
 
Location: New York
693 posts, read 520,418 times
Reputation: 1192
Hmmm, Govt. asleep like last time?? I was under the impression the Govt. was coercing banks to give more loans last time?
Not sure if true or not, but that was the impression I had.
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Old 07-05-2018, 09:12 AM
 
Location: California
1,134 posts, read 962,649 times
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No. Not even comparable. A few anecdotes here and there is very different from the scale it was in 2007.
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Old 07-05-2018, 09:25 AM
 
Location: Oceanside, CA
1,744 posts, read 830,591 times
Reputation: 3904
Quote:
Originally Posted by HappyinCali View Post
No. Not even comparable. A few anecdotes here and there is very different from the scale it was in 2007.
But 2007 was led up to be years where there were "just a few anecdotes", but everyone knew that this time was totally different and couldn't be compared to the last time.

Ding, ding, ding, folks... the warning bell is sounding.
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Old 07-05-2018, 09:26 AM
 
Location: California
1,134 posts, read 962,649 times
Reputation: 2056
Quote:
Originally Posted by jnojr View Post
But 2007 was led up to be years where there were "just a few anecdotes", but everyone knew that this time was totally different and couldn't be compared to the last time.

Ding, ding, ding, folks... the warning bell is sounding.
Right. the fact that we might be starting on the same path is very different from "back in full force"
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Old 07-05-2018, 09:43 AM
 
Location: NC
6,081 posts, read 7,035,284 times
Reputation: 12054
We had a big problem pre 2009, then it was eliminated and cured by the new administration with regulations put in place to prevent it happening again. Then in 2017 an even newer government thought it wise to get rid of those annoying regulations. So history tries to repeat itself since there are beaucoup bucks to be made by the unscrupulous.
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Old 07-05-2018, 10:17 AM
 
736 posts, read 400,517 times
Reputation: 1092
American housing market has been turned into a Casino Game. Real Estate is number one scam in desert cities like Las Vegas, Phoenix, majority parts of Florida, Sacramento and etc. Housing prices are detached from reality everywhere in America and Americans have stopped buying homes long time ago. Americans are renting now because buying is unaffordable and out of reach for many American families.

In order to sell overinflated and overpriced real estate in America our government lowered the bar for its taxpayer-backed mortgage programs every year since 2014. It lowered the down payment requirement, broadened the definition of what constitutes a down payment (as an example, seller concessions can be counted as part of a down payment), thereby reducing even further the amount of cash required from a buyer's bank account at closing, it cut mortgage insurance fees and it lowered income and credit score restrictions. After all this, the government and NAR CRIMINALS are running out of people into whom they can stuff 0-3% down payment and 50% DTI mortgages in order to keep the housing market propped up.

Very high prices, rising mortgage rates and stagnant wages are like poison darts being thrown at the housing bubble 2.0 that is bigger now than housing bubble 1.0. Stay far away from toxic real estate in America!!!

Last edited by C2BP; 07-05-2018 at 10:31 AM..
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Old 07-05-2018, 10:37 AM
 
Location: Boston
5,097 posts, read 1,458,847 times
Reputation: 3735
a lot of Chicken Little logic going on here.
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Old 07-05-2018, 11:13 AM
 
8,293 posts, read 3,458,668 times
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Quote:
Originally Posted by k374 View Post
https://www.bloomberg.com/news/featu...es-to-the-poor

And now the government is backstopping all these loans while these fraudsters get rich.. where is our government in all of this? I get it, just like last time they are asleep at the wheel and will wake up only when the financial system collapses again and then it will be time to bail out using taxpayer money QE6..7..8..9 etc. at the expense of future generations.
QE's were not taxpayer money or related to national debt. QE's were moneys created by the Fed out of thin air and then swapped for banks debt paper of equal value. Treasuries and mortgage securities. Yes it helped bail the banks. But essentially all the returns are swept back to the Treasury. As the QE's are unwound, over time they will disappear into essentially nothingness. Having had little impact on our current general economy, most likely even less affect moving forward to the next generation.
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Old 07-05-2018, 11:46 AM
 
Location: Olympus Mons, Mars
5,000 posts, read 8,037,827 times
Reputation: 4925
Quote:
Originally Posted by Hoonose View Post
QE's were not taxpayer money or related to national debt.
technicalities... when the Fed creates cheap money out of thin air the taxpayer is indeed on the hook for the risk via debasing of the currency. Yeah it's not a direct liability and debt undertaken by the Treasury but when you think about it the detrimental effects to the average citizen is the same and when the Fed buys toxic assets and those do not perform the losses, again in the form of currency debasing, are real.

The Fed claims it made billions in profits on the last bunch of QEs but who knows the real truth.
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