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Old 01-18-2014, 09:54 AM
 
Location: Barrington
63,919 posts, read 46,514,480 times
Reputation: 20674

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Quote:
Originally Posted by EdwardA View Post
Your government leverages their revenue (your taxes) by borrowing money from Wall Street. Wall Street is your ultimate landlord. Just ask to good people in Detroit, Stockton and eventually Puerto Rico about that.
Local governments issue municipal bonds to borrow and live beyond their means.

In doing so millions of people are employed building new municipal stuff.

Debt makes the world go around.

It's been going on forever.
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Old 01-18-2014, 10:04 AM
 
8,483 posts, read 6,906,215 times
Reputation: 1119
Quote:
Originally Posted by jmking View Post
How would "Bitcoin" fit into all of this? Because when it comes down to finance, I'm a bit confused. My understanding of Bitcoin is that it is akin to bypassing RIAA when downloading MP3s, for example. In this case it is bypassing wallstreet banks.

Bitcoin - Wikipedia, the free encyclopedia
Bitcoin is interesting. Currently it is volatile, but they have been working with the govt. To get it more widely accepted. It has beat out others. Probably, fine to experiment, but need to read up on it. It is decentralized with minimum fees. Even the Fed finds it interesting. More places accepting it also, but currently you would have to convert it and really applies to small things. Not rent and mortgages.

I should clarify, the conversion applies to places that don't take bitcoin, of course. More places are all the time, but it is still niche.

Last edited by CDusr; 01-18-2014 at 10:13 AM..
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Old 01-18-2014, 10:08 AM
 
Location: Barrington
63,919 posts, read 46,514,480 times
Reputation: 20674
Quote:
Originally Posted by CDusr View Post
This kind of thing is acceptable to you? There are numerous fees "claimed" to be owed to a govt agency that entitle them to take one's so-called property. I don't recall any grapes either. That isn't even including some of the other ways property can be taken, if someone has plans for it.

$140 sewer bill turns into foreclosure notice and $50000 tab for ...

How Does Someone Lose Their House Over A $474 Water Bill?

The Other Foreclosure Menace
All is determined at the state, county and local level. No two states have the same laws. Those states that do not mandate judicial foreclosures make it easier and faster to foreclose.

If you don't pay your rent sooner or later you will be evicted. If the amount owed is substantial enough the landlord may file a civil suit for amounts owed after eviction.
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Old 01-18-2014, 10:26 AM
 
8,483 posts, read 6,906,215 times
Reputation: 1119
Quote:
Originally Posted by middle-aged mom View Post
All is determined at the state, county and local level. No two states have the same laws. Those states that do not mandate judicial foreclosures make it easier and faster to foreclose.

If you don't pay your rent sooner or later you will be evicted. If the amount owed is substantial enough the landlord may file a civil suit for amounts owed after eviction.
Many states have similar statutes. However, what does that have to do with anything? Are you suggesting there is no homogeneity?

Yes non-judicial foreclosure states are faster. Yes, if you don't pay your rent sooner or later you are likely to be evicted. Did you have a point?
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Old 01-18-2014, 10:45 AM
 
11,086 posts, read 8,507,529 times
Reputation: 6392
Quote:
Originally Posted by CDusr View Post
This kind of thing is acceptable to you? There are numerous fees "claimed" to be owed to a govt agency that entitle them to take one's so-called property. I don't recall any grapes either. That isn't even including some of the other ways property can be taken, if someone has plans for it.

$140 sewer bill turns into foreclosure notice and $50000 tab for ...

How Does Someone Lose Their House Over A $474 Water Bill?

The Other Foreclosure Menace
Liens can be placed against homes for any number of reasons.

It still isn't 'rent'.
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Old 01-18-2014, 10:50 AM
 
8,483 posts, read 6,906,215 times
Reputation: 1119
Quote:
Originally Posted by Goinback2011 View Post
Liens can be placed against homes for any number of reasons.

It still isn't 'rent'.
I was being a bit tongue in cheek, however, I don't call that ownership either. Govt is a major investor in debt. The whole planet didn't accidentally become debt-based. It has become big business.
How Does Someone Lose Their House Over A $474 Water Bill?
From the How does link above:
We recently told you about the woman in Georgia who has spent years fighting eviction because her county wrongfully placed a tax lien on her property more than a decade ago. But a new report from the National Consumer Law Center claims that tax lien sales are a growing problem for U.S. homeowners, especially the elderly.
Say you fall behind on your property taxes, or choose to make your car payment instead of the water bill. It doesn’t take much for some municipalities to file a tax lien against a homeowner, often a debt of only a few hundred dollars, says the NCLC.
Those liens are often sold to companies that tack on substantial interest rates starting in the 18% range, and upwards of 50%. These lien buyers also charge huge fees to redeem the liens and avoid foreclosure. According to the NCLC, redemption penalties in Georgia, Iowa, Mississippi, New Jersey, and Texas all exceed 20%.
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Old 01-18-2014, 11:02 AM
 
11,086 posts, read 8,507,529 times
Reputation: 6392
Governments have become rapacious, no doubt.

Birmingham's sewer project is noteworthy.

It pays to be an informed local voter.

The alternative is to move to a foreign country, but I doubt there are fewer thieves in most of those places either.
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Old 01-18-2014, 11:23 AM
 
8,483 posts, read 6,906,215 times
Reputation: 1119
Quote:
Originally Posted by Goinback2011 View Post
Governments have become rapacious, no doubt.

Birmingham's sewer project is noteworthy.

It pays to be an informed local voter.

The alternative is to move to a foreign country, but I doubt there are fewer thieves in most of those places either.
This article has a bit different take on the new securities. Bundle them up ready for slicing and dicing.
Rental home rents bundled as securities by Blackstone - Orlando Sentinel
quote:
Nationally, Orlando ranked 12th for investor purchases of residential property during the past 21/2 years. Equity funds, institutional buyers and other investors bought 16,501 properties, paying cash with almost every deal. Miami was first in the country, with 39,970 investor-driven housing purchases, the RealtyTrac report showed.Florida as a whole led the nation for investor home purchases from January 2011 through September, with 115,167 sales. With investors selling off only about a quarter of their newly acquired properties, the majority have become rental properties, according to the RealtyTrac report. Investment groups affiliated with Blackstone have held all but six of the homes they have purchased in the Orlando area since January 2011.
Daren Blomquist, vice president of RealtyTrac, said selling securities backed by rents can be problematic for housing markets. Home prices, Blomquist noted, are likely to inflate in markets where growing pools of cash buyers drive up prices by competing to buy properties.

"The securitization piece is the most dangerous piece of this buy-to-rent trend in the short term because it means the investors have a potentially insatiable appetite for more properties and are willing to bid more to successfully acquire them, which can inflate home prices," he said.
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Old 01-18-2014, 12:37 PM
 
Location: Maryland
18,630 posts, read 19,354,453 times
Reputation: 6461
Quote:
Originally Posted by middle-aged mom View Post
Local governments issue municipal bonds to borrow and live beyond their means.

In doing so millions of people are employed building new municipal stuff.

Debt makes the world go around.

It's been going on forever.
Yes and governments that issue municipal bonds that don't manage their finances prudently end up having to raise taxes, cut spending or declare bankruptcy. All of these things affect the property values and the quality of life for a homeowner.
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Old 01-18-2014, 12:43 PM
 
Location: Maryland
18,630 posts, read 19,354,453 times
Reputation: 6461
Squeezing out the working class through higher rents: 11.3 million Americans spend more than half their income on rent in 2011, a jump of 28 percent from 2007. » Dr. Housing Bubble Blog
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