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Old 10-12-2011, 02:03 AM
 
Location: Old Mother Idaho
21,232 posts, read 14,251,947 times
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Thanks for your perspectives, BruSan.

Yours is the best answer of all to this topic's question. I particularly appreciate your last paragraph.
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Old 10-12-2011, 06:28 AM
Status: ""a mind that understands science"" (set 7 days ago)
 
18,792 posts, read 12,116,788 times
Reputation: 10232
Quote:
Originally Posted by fibonacci View Post
OH wait that's right, it's because they refused to deregulate their financial system at the request of big banks....
1. balanced budgets due to marked cuts in spending intiated in the early 80s. Keep in mind that the "loony" was considered the "peso of North America" 25 years ago.

2. Lack of mandate to a "Freddie" and "Fannie" to make loans to unqualified buyers. Thus no toxic mortgage based assets.

3. Very strong sources of natural resources

4. Net exporter of goods and raw materials

5. Educated demographic


We need to emulate Canada and markedly cut federal spending. It worked for them, and they were in similar straights 20 years ago.
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Old 10-12-2011, 06:37 AM
 
Location: The Republic of Texas
66,146 posts, read 33,571,533 times
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Quote:
Originally Posted by fibonacci View Post
OH wait that's right, it's because they refused to deregulate their financial system at the request of big banks....


Their Parliament made a big shift to a more Conservative view.
They didn't have Bill Clinton sign the repeal of banking regulation, so everyone could afford a home, for a little while, to get a taste.

Canada doesn't believe it is a human right, to have a piece of property to call your own.
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Old 10-12-2011, 07:08 AM
 
Location: San Diego California
6,797 posts, read 6,302,400 times
Reputation: 5175
Oil Sands.
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Old 10-12-2011, 10:06 AM
 
11,943 posts, read 17,441,020 times
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Quote:
Originally Posted by ovcatto View Post
Or the banks that gave them the mortgages and please spare me the canard about the government putting a gun to the head of Countrywide nor did the government have the rating agencies score these subprime loans as being AAA when they were sliced and diced into millions of derivatives which no one gave a frack about because they were gambling that if they failed their hedge funds would cover the collective capitalist asses.
Pshaw.....

I bought my first house during this mess. I told them flat out that I wanted nothing to do with ARMS or the like. Any fool should have done the same.

I looked at over 50 houses and finally picked a small one in a good school district. I did not go for some big, overpriced McMansion like all the 23 year old, $50,000 millionaires did.

I read the papers over and over and over. I procured books to explain the jargon. And when I had to, I called the realtor, settlement company, and anybody else who could answer my questions.

Did I mention that the wife and I also put down a bit, fat downpayment?

I dislike tooting my own horn, but that is how you are supposed to do it. Its called making sound decisions. Its called personal responsibility. Its called being prudent. Most of all, its called being an ADULT.

Countrywide? Screw Countrywide. Late night ads, ambulence chasers, used car dealers, etc. The landscape is infested with rip off artists. @#%$!& them all.

I have no sympathy for the legions of greedy, materialistic, ADD-ridden morons who bought houses they could not afford. And if you are one of them, well, you got what you deserve.

Caveat Emptor, Ovcatto! Caveat Emptor!
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Old 10-13-2011, 01:39 PM
 
Location: Old Mother Idaho
21,232 posts, read 14,251,947 times
Reputation: 15724
Quote:
Originally Posted by Moth View Post
Pshaw.....

I bought my first house during this mess. I told them flat out that I wanted nothing to do with ARMS or the like. Any fool should have done the same.

I looked at over 50 houses and finally picked a small one in a good school district. I did not go for some big, overpriced McMansion like all the 23 year old, $50,000 millionaires did.

I read the papers over and over and over. I procured books to explain the jargon. And when I had to, I called the realtor, settlement company, and anybody else who could answer my questions.

Did I mention that the wife and I also put down a bit, fat downpayment?

I dislike tooting my own horn, but that is how you are supposed to do it. Its called making sound decisions. Its called personal responsibility. Its called being prudent. Most of all, its called being an ADULT.

Countrywide? Screw Countrywide. Late night ads, ambulence chasers, used car dealers, etc. The landscape is infested with rip off artists. @#%$!& them all.

I have no sympathy for the legions of greedy, materialistic, ADD-ridden morons who bought houses they could not afford. And if you are one of them, well, you got what you deserve.

Caveat Emptor, Ovcatto! Caveat Emptor!
I bought bought 2 houses in the middle of all that madness, and I agree with you. I'm not weathy; saving up the money for a down payment on a conventional loan was a hard thing to do, and required a lot of penny pinching and doing without a lot of eating out, going to the movies, buying lots of clothes, driving the same car for over 10 years, and making constant decisions as to whether anything I looked at buying was worth it or not.

And once I bought a house, I never thought it as being a piggy bank I could raid whenever I needed a few bucks. It was both my castle and a long-term investment.

While all those ARMS mortgages made it look easy to get into a home, I learned the same things you did and wanted no part of them. I think the fact is, some folks right now just aren't cut out to be homeowners. It's a lot easier to rent and use the rest of a paycheck on the optional and luxury stuff than it is to tough it out and bite the bullet.

Saving takes discipline and has to become a habit to gather enough to make a home's down payment.
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Old 10-13-2011, 02:03 PM
 
Location: Portland, OR
8,803 posts, read 7,557,443 times
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Quote:
Originally Posted by fibonacci View Post
OH wait that's right, it's because they refused to deregulate their financial system at the request of big banks....
Government intervention actually caused the financial crisis.
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Old 10-14-2011, 09:26 AM
 
Location: Chandler, AZ
5,802 posts, read 5,444,785 times
Reputation: 3113
The post by sanspeur on the previous page nailed it; mortgages are issued on the basis of one little bitty thing called MERIT!!!!!

And of course the other reason is also pretty simple---Barney Frank Ain't No Canadian!!!!!!!
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