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Old 05-30-2020, 01:54 PM
 
1,130 posts, read 764,948 times
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Seriously, I don't expect the economy to fully recover from pandemic this year, then I am expecting there will be many home owners stay unemployed and miss mortgage payment.

If there are many foreclosures, can major banks survive? I still remember 2008 mortgage crisis.....
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Old 05-30-2020, 03:47 PM
Status: "Trump is orange buffoon" (set 13 days ago)
 
Location: Berkeley, Denver, CO USA
14,925 posts, read 22,237,947 times
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Have you looked at how much free money Jerome Powell has sent to the banks?
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Old 05-30-2020, 04:50 PM
 
1,130 posts, read 764,948 times
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Quote:
Originally Posted by davebarnes View Post
Have you looked at how much free money Jerome Powell has sent to the banks?
Maybe you are correct. Banks are too big to fail. Then I believe there will still be many foreclosures at the second half of this year and next year, unless government allows unemployed home owners to defer mortgage payment for a long time.
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Old 05-30-2020, 04:55 PM
 
548 posts, read 353,442 times
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Fed is running a so far three trillion dollar cash for clunkers program for financial assets so I doubt it.
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Old 05-30-2020, 05:20 PM
 
11,800 posts, read 9,008,832 times
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Quote:
Originally Posted by Baike View Post
Seriously, I don't expect the economy to fully recover from pandemic this year, then I am expecting there will be many home owners stay unemployed and miss mortgage payment.

If there are many foreclosures, can major banks survive? I still remember 2008 mortgage crisis.....
The banks will always be taken care of, it's the homeowners who will be screwed. Stop worrying about the rich banks. They do nothing and add nothing to society and make money for doing nothing.
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Old 05-30-2020, 05:33 PM
 
1,130 posts, read 764,948 times
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Quote:
Originally Posted by LifeIsGood01 View Post
The banks will always be taken care of, it's the homeowners who will be screwed. Stop worrying about the rich banks. They do nothing and add nothing to society and make money for doing nothing.
I am not worrying about banks. Even if my question sounds like "worrying" about bank, the purpose of worrying is not about worrying banks, it is more about worrying financial chain. When financial chain breaks down, it will cause society disruption.
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Old 05-31-2020, 08:07 PM
 
Location: Raleigh NC
15,104 posts, read 9,260,381 times
Reputation: 10751
Quote:
Originally Posted by Baike View Post
Seriously, I don't expect the economy to fully recover from pandemic this year, then I am expecting there will be many home owners stay unemployed and miss mortgage payment.

If there are many foreclosures, can major banks survive? I still remember 2008 mortgage crisis.....
do you know why some of the banks almost went under in 2008?

it wasn't the rate at which folks were making their monthly mortgage payments.
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Old 06-02-2020, 08:05 AM
 
10,547 posts, read 4,580,802 times
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Quote:
Originally Posted by BoBromhal View Post
do you know why some of the banks almost went under in 2008?

it wasn't the rate at which folks were making their monthly mortgage payments.
The Fed can create all the money that it thinks banks need to survive. Similar to the post 2008 crash, when it created a massive amount of temporary money.

https://www.google.com/search?source...4dUDCAg&uact=5
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Old 06-02-2020, 11:28 AM
 
374 posts, read 805,625 times
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Capital One will be the one to watch which is the credit card choice for people who probably shouldn't have any credit.

They set aside 5.4B for loss protection but I think they were modeling the charge off rate using 2009 unemployment numbers.
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Old 06-02-2020, 11:43 AM
 
Location: Washington Park, Denver
8,082 posts, read 7,505,926 times
Reputation: 9105
Quote:
Originally Posted by LifeIsGood01 View Post
The banks will always be taken care of, it's the homeowners who will be screwed. Stop worrying about the rich banks. They do nothing and add nothing to society and make money for doing nothing.
Well there is that whole ‘facilitating the movement of money’ that is a vital part of the economy, but yeah maybe they do nothing.
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