reply to post by Game_Over
Thank you for sharing your experiance.
Back in 1998 a "Friend" told me all the great stuff about Interest only loans and ARM loans trying to get me one. I passed up on that and didn't
buy property until Oct 2005. Something valued at a third of what everyone would say I could afford, on seller financing.
I felt the same pressure as you, from everyone. Especially my boss who would constantly ask when I was going to buy a house. My feeling was he
wanted me to be trapped to a house payment so I would need his job more. I didn't buy a house, I didn't get married and I don't have kids. I quit
my job and went into business for myself and have been happy and in better control of my own future ever since.
My opinion is this is the start of something more
Alan Greenspan said we have not seen the bottom of the realestate market yet.
By design or not (I believe it's by design) the corrupt/predatory lending practices created the realestate bubble. The bubble is bursting affecting
the rest of the economy. The debt based economy slows and the stock market plummets. Fear grips the baby boomers so close to retirement as their
401k's are cut 30-40% in a month. 1 1/2 trillion tax dollars are stolen by our government and given to the chosen ones, Americans let them do it
because their scared. We say "OK we'll sell out our values, just save our 401k's and jobs."
But the "Bailout" hasn't saved our 401k's, has it? It's not making it easier to stay in the home they can't afford, is it?
It's not over.
Layoffs on a large scale are coming.
Want to know how they get us next?
Reverse Mortgages (RM's). (77% increase in one year)
401k's aren't coming back up. Baby boomers are retiring, the largest group of 401k contributors will no longer contribute and the younger work
force cannot and will not make up the difference.
Baby Boomers will outlive the 401k money and be forced to reverse mortage the home (at a diminished value) to supplement their SS checks.
Gone will be the days of leaving an estate to your children. The reality will be the children will inherit the debt of a reverse mortgage or be
forced to let their parents estate be taken to settle this debt.
What am I doing about it?
I'm investing in companies doing RM's. Real crappy of me right? Profiting off the the corrupt system causing people so much pain is immoral? I'm
a survivor, this is modern day survivalism for me. I'm warning everyone I know about this and I call on everyone to do the same. I hope we can
defeat this corrupt system but until then I will try to grow stronger the same way our oppressors do.
As you probably know, you can tell most people this info until you are blue in the face and they won't listen. But if the right talking head on TV
tells them, they'll repeat it like it's gospel.
I encourage everyone to avoid the "crowd", as hard as it is sometimes. Following the crowd has led many to their own demise, I guess they can take
comfort in not being Alone though.
Case your interested
Metlife (MET): Snoopy getting into Reverse Mortgages (brilliant! Cute dog on his little doghouse is gonna take your home in the end!) How could I not
buy stock in that?
Genworth Financial (GNW): bought a reverse mortage co. last year. Analysts negative on it but never mention they're into RM's and the explosive
growth in that area. Downgraded a credit rating even though company is well capitalized. Stock 95% institution owned. I bought at $5 and $4.75, if
it drops to $2 Nov 6 (earnings report) I would buy as much as I could but, that's me.) I think it's a $12 stock in 2 years. But, what do I know,
except I bought IndyMac after the FDIC took it over @ .08 and sold it 2 months later @ .18
Probably against some kind of T&C rules here to mention stock buys but, I really do consider this survival.