Recession Creates Legions of Newly Homeless

[Malarky]

Yes. Haven't you checked the mirror or noticed the need for tweezers lately?

 

[Red Whacker]

^So this so called recession really struck you, didn't it?

 

[Lilac]

Is that the best you could come up with? LOL

 

[SaintLucifer]

So much for the American dream, that is after all what they were selling.
I fault the lenders more then their prey. Their prey simply bought into the
dream but found cold hard reality.

The whole world economy is about to face the reset button, good luck too one and all.

You are an idiot. People wanted to borrow, the lenders saw a demand, and loaned the money. Those who borrowed KNEW WHAT THEY WERE GETTING INTO. So, it is therefore the fault of the lenders when the borrowers fuck up? Goddamn but Americans are dumber than fuck. We superior Canadians have far different lending rules. We watch the borrower, and set heavy regulations for the lender to follow. THIS is why our banks are intact, whilst the US has become a fucking commie shithole. Da comrades!

 

[SaintLucifer]

I never said that the outsized ambitions of some investment firms didn't contribute to the current finiancial crisis. Hell, the crux of the problem was caused by brokerage firms. Some of these firms paid the ultimate price; no one five years ago though Bear Stearns or Lehman Bros. would ever be brought down. But they were a victim of their own greed; they did not heed the truism that when something seems too good to be true, it probably is.

The reason this affected the economy so rapidly, and with so much devastation, owes a lot to new trading rules and deregulation, but also to the fact that technology has caused every aspect of the economy to be interconnected in ways it never had been.

Certainly, the spike in oil prices did some harm; however, by the time gasoline prices spiked in 2008, the economy was already completely undermined due to the dearth of bad securitized debt. Rising gas prices didn't cause the economy to collapse, it just sped things up.

Again, I believe that everything that is happening has happened before, and is merely a course correction of sorts. The same exact thing happened to Japan in the late 1990's, we were just too stupid to learn from their mistakes.

I love the irony that the high fuel prices further destroyed the USA, whilst they created a much-stronger Russia. ALL of Russia's oil debts had been repaid in MONTHS, angering some fucking billionaire Jews, especially since this was Putin's plan all along. He is succeeding in destroying the Jewry of Russia. Let us all honour the great Putin!

 

[Red Whacker]

Is that the best you could come up with? LOL

The fact that you're worried about my performance says different.

 

[Big Dick McGee]

Here we go again:

LG and I are buying a house. We decided on new construction, mostly because it's a good value, and we'll get more per square foot than buying a house that's already on the market.

The secondary reason for which we're buying new construction is because the Obammunism $8K tax credit has sparked a huge demand for existing homes. So people who normally wouldn't be able to come up with the cash for a downpayment are borrowing money (most likely at a usurious interest rate), figuring they'll get $8K of it back so long as they close by 12/1. Since the majority of forclosed homes are underwater, and it would take too long for a short sale to be approved, these home buyers are looking to REO's that are easily closeable.

The result is that the properties that are priced about where they should be are commanding $15k-$30K OVER listing price, or the bank won't even consider your offer. Not only that, but some homes have CASH offers on the table. This indicates to me that it's Realtors or brokers trying to flip the properties.

So once again you'll have properties with wildly inflated values (with phony appraisals so the deals go through), bought by people with no money in the bank, and barely qualified. So in two years, you'll get another rash of foreclosures in SoCal. Idiots.

 

[SaintLucifer]

Here we go again:

LG and I are buying a house. We decided on new construction, mostly because it's a good value, and we'll get more per square foot than buying a house that's already on the market.

The secondary reason for which we're buying new construction is because the Obammunism $8K tax credit has sparked a huge demand for existing homes. So people who normally wouldn't be able to come up with the cash for a downpayment are borrowing money (most likely at a usurious interest rate), figuring they'll get $8K of it back so long as they close by 12/1. Since the majority of forclosed homes are underwater, and it would take too long for a short sale to be approved, these home buyers are looking to REO's that are easily closeable.

The result is that the properties that are priced about where they should be are commanding $15k-$30K OVER listing price, or the bank won't even consider your offer. Not only that, but some homes have CASH offers on the table. This indicates to me that it's Realtors or brokers trying to flip the properties.

So once again you'll have properties with wildly inflated values (with phony appraisals so the deals go through), bought by people with no money in the bank, and barely qualified. So in two years, you'll get another rash of foreclosures in SoCal. Idiots.

I would tend to agree. You Americans ARE idiots. Such shit would never be allowed here. This is why our banks are the only banks in the world unaffected by the worldwide mess. Every G8 nation nationalised some of their banks. Canada was the only state not to do so. We didn't need to. Our system is so superior that China is looking at adopting our system. They scoff at the American system. I love the irony. Communists adopting our capitalist practises. 8ROTFLMAO* Canada's banking system is the closest to being FASCIST that there is. Interesting that a fascist system is superior, yes? Even though 'communist' China claims to be communist, they are in fact a fascist economy. Further proof my chose ideology is superior. Fascism has NEVER failed as an economic system. Ever.