Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
A house is meant to be lived in, not looked at as an investment or a MAC machine.
Investment properties are investments.
Too many people took unnecessary risks with their homes.
So investors and the banks had nothing to do with the housing bubble???? If I lend money to a friend that I know can't pay it back who's fault is that, my friend or I? It's a two way street. Before you say it's Clinton's fault, Bush was also out there pushing the American dream. It was bubble to keep what economy was left going for a bit longer.
Those two on CNN were at it again lying by saying the many trillions of dollars given to large, and in some cases foreign corporations were repaid which is complete nonsense. CNN is as bad as CNBC.
agree...have you ever seen Velshis sidekick kate boduan... (something like that) . She speaks like she is a 5th grade teacher, and gives new meaning to the commentators who are bubble head bleach blondes...Its really sad that CNN has become nothing more than a mediocre propaganda peddler like every other news channel these days.
Can't sell their current home, and lender will not allow for a short sale. 50% of the homes in the U.S,.have no equity. 50% of all homeowners have credit scores below 620, and can't qualify for a mortgage.
They are also smart buyers, it has become readily apparent that banks and the Fed, by refusing to acknowledge their assets are worth 50 cents on the dollar at best, people are waiting for prices to actuallybottom to match the bloated, massive accumulation of inventory.
Banks backed by the current admin, and now congress, are continuing to give us all the finger as loan modifications,and principle reductions, needed to sell the excess inventory, are considered a joke.
Govt and banks have to acknowledge they are looking for a miracle, the reality is that most banks are insolvent right now, as their inventory, and the Feds inventory, including FNMA is worth 50 cents on the dollar.
Those two on CNN were at it again lying by saying the many trillions of dollars given to large, and in some cases foreign corporations were repaid which is complete nonsense. CNN is as bad as CNBC.
So investors and the banks had nothing to do with the housing bubble???? If I lend money to a friend that I know can't pay it back who's fault is that, my friend or I? It's a two way street. Before you say it's Clinton's fault, Bush was also out there pushing the American dream. It was bubble to keep what economy was left going for a bit longer.
It depends - did your friend lie to you and say they had a good job? Did they sign a legal document saying they would repay the loan according to the conditions of that loan?
Morons, the fact is neither Democrats nor Republicans have any incentive to actually regulate and take control of the growing foreclosure problem, houses are not selling due to simple economics massive inventory bloated prices, as banks and Govt in desperation, refuse to acknowledge that their portfolio of toxic assets is worth at best 50 cents on the dollar. Banks refuse to negotiate with the original borrower, and refuse to offer a reasonable short sale at actual market price. its a desperate illusion, that somehow magically the market will turn around and a mass buying spree will take place.
Government would rather stretch out the problem, for a decade, as FHA, FNMA.VA, The Fed, lose billions in revenue as millions of loans go unpaid for years, banks couldn't care less as the big boys only retain less than 5%, the toxic crap they originated was already sold. Govt is cowering in fear of actual regulating, the fact is most major banks are already insolvent. Only by Ben's fuzzy accounting methods do they show solvency, exclusing non-performing assets until they are sold.
TARP was repaid, yet the fantasy is that it was declared a success, no one is counting the end game, of millions of Toxic loans funnelled to FNMA for example, by all estimates will need a minimum of 300 billion, over the next few years.
When you factor in the carnage, we are trillions in the hole (taxpayers)
Why blame wall street when the federal governamnt created fannnie and freddie to promote homeownership and ways of financing to people who basically coud aforos it. the homeowenrship numbers got way ahead of both historic and those who actaully afford it by making the worse that could happen is you slod at a profit;so so people thought. But mnay didn't think the crash would come intheir building wealth thru homeownership. Governamnt has been promoting this for deacdes thru many program;so why be surprised that people saw profit wealth to be made and blinded themselves to risk.
The bailouts are still ongoing right now and far from being repaid.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
