Was this their plan all along: BUY TO RENT?

Originally posted by samkent
reply to post by qwerty12345

 

the only thing the average person owns is debt

Because the average person can't wait until they can afford an item.
Don't blame the banks for loaning money.
Blame the person for borrowing what they can't repay.

This is the MANTRA of those who seemingly do no wrong... "Blame the person for borrowing what they can't repay." This judgement of others is terribly worn out. When it comes to the average guy that caught up in the last crash, I do not think their intention was to go broke, lose a home, declare bankruptcy and walk away brushing the dust off themselves and carry on. Most of the people I know that went broke were hard working and honest people, albeit gullible, that made mistakes and in many cases just plainly got screwed. The banking industry does not need any more shills to back them; they have the government and unwittingly, the backs of American taxpayers to bail them out in their time of need. Ya, ya some repaid the debt...but the fact is help was there for those "too big to fail..." that did fail and were propped up by OUR money.

People like you must really think the millions who fell victim to the bubble burst had planned it all along? Really??? YA Think???

In seems laughable that anyone would bash anyone about debt in an economic system that is based on it, and then, in a country that has debt into the TRILLIONS of dollars. Lead by example, as they say; the ducklings are in line with mama duck.

reply to post by etombo


Well BRAVO to you! Geez, a medal for this couple Holmes!

SO let me get this straight... the PEOPLE that borrowed and failed are to blame because they borrowed too much with the BANKERS cheering them on YOU CAN DO IT---YOU CAN DO IT, and the BETTER PEOPLE pointed their fingers and let them FAIL (whilst stroking their own egos for surviving the "bubble bursting"), while simultaneously the too big to fail BANKS FAILED (in the SAME CRISIS mind you), yet the greasy bastards slid right through on a WELFARE handout while being cheered on by the RICH and the ALL too ignorant to see the sleight of hand...

Lather, rinse, repeat...

reply to post by odd1out


Just to put this story about taking mortgages out without ever intending to repay them -

I read a story from a 20 - something year old from PA here recently that said many of the young people going to college were signing up for school and then when their "student loan" came through - just took the money and stopped going to school - with no intention of repaying the "gov't loan".

Had a hard time believing people would go through that much trouble to not attend college - brought the story up to the 20-somethings I work with - Yea, they all knew a bunch of people that have done that - with absolutely no intention of going to school, or paying the money back.

Studen loan Bubble - next on the horizon.

reply to post by Happy1


Yes of course, there are always those that will abuse a liberal lending system...20 somethings...if they really wanted to stop this kind of abuse they easily could by creating "obstacles" like enrollment and performance requirements. BUT THEY DON'T...and it's seemingly a calculated method of enslaving people in debt because they do NONE OF THAT. But this is another thread, another time.

reply to post by odd1out


But, can you see the corralation I was making to having gov't loans given to people who stupidly thought they could afford a $250,000 house on $30,000 of income a year?

Because the average person can't wait until they can afford an item

Yeah, people should never buy a house and car until they have $200,000 in the bank.
Forget that 99% of people in this world couldn't save that much even if they wanted to.

Yes these bankers are scammers and schemers, if not outright criminals. They are destroying our society.

Too bad Americans are too worried about assault rifles and flag pins to worry about anything actually important.

reply to post by etombo


No friend, I don't in fact wish that upon anyone whatsoever. I'm quite well adjusted and accepting of the way things are. Simply stating that it's beyond our power to undo the slippery slope for the "poor" in a rich-get-richer world. The "elite" will always find a way to take advantage of every situation.. such as this.

Back to the topic at hand... this situation doesn't scream 'preplanned' to me. Just the elite using their resources to increase their wealth/influence/power. That's the name of the game.

reply to post by CB328


Or gay marriage, or abortion.

hmm....

people who got "scammed" out of their money and assets?
gay marriage?
abortion?

how are these all linked in the same way..?


..here is the "clue"

because they "borrowed too much" with the (INSERT LABEL HERE) cheering them on YOU CAN DO IT---YOU CAN DO IT, and the "BETTER PEOPLE" pointed their fingers and let them "FAIL"

..it's a lonely world when you know too much

reply to post by odd1out


So would you say that most people are incapable of making fiscally responsible decisions? I'm putting more faith in people to make the right decisions here rather than lean on an institution to make those decisions for me. I want to keep some accountability in the consumer, you want to remove it? There is nothin wrong with what I said, we were looking out for ourselves, then I'm a bad guy for pointing out that fact?

Originally posted by highfreq
Its examples like these that further my opinion that a complete system reset is in order......As long as we continue with the status quo, there will always be evil and devious people ready with a new plan to profit off of someone else's loss and demise.

Exactly why all this "violence is bad" stuff came about.
It was never about normal victims but about saving THEMSELVES from becoming potential victims in the process.

Now the only option is to "vote them out" LOL. yeah because evil people sure love to listen to reason right?

Originally posted by samkent
reply to post by qwerty12345

 

the only thing the average person owns is debt

Because the average person can't wait until they can afford an item.

Don't blame the banks for loaning money.
Blame the person for borrowing what they can't repay.

I agree to a point, though some people are financially responsible, and might even have a down payment, but still cannot get approved. When renting an apartment/home is more than actually owning a home (including taxes and insurance), yet no one will lend money for mortgages, you can no longer blame the average person. When does the housing system start working for people who SHOULD be able to get a loan.

This is your typical who came first discussion, was it the bankers who lend money to people who couldn't afford it, or was it the people lending money for something they could afford.

IF by now people still can't see, this crisis is manmade, and only for one purpose. WE OWN TO MUCH. and by own I mean land, a house a car, something they have no control over.

They are losing the leverage, even your average joe is getting smarter and productivity i going downhill. Look at Greece, spain, the southern country's of the EU soon to be replaced by your country ( or mine ). They are selling history/land/ monuments to the highest bidder just to survive.

A big problem that caused this is the fact the people can't let go of wealth ( artificial but who cares right ). Trying to compete with your neighbor by have X inch bigger rims.

The world needs a reset and expect it within the next two years. Those who live by comfort will lose their mind. Those who got mind over matter? will have a hard time but survive.

reply to post by 1curiousmama


Home prices are increasing and interest rates are at historic lows.

Originally posted by etombo
reply to post by 1curiousmama

 

Home prices are increasing and interest rates are at historic lows.

Sounds like a commercial I heard 2 hours ago.

It also sounds like a commercial I heard 7 years ago.

But it isn't really a surprise. Low interest rates mean easy money, easy money means investors (Wall Street, pension funds, insurance companies, blahblah) get to borrow easy money to speculate on future returns, which means a rise in equities(such as real estate). 7-12 years ago people and investors, I guess you can say they are all investors, were borrowing money to buy homes as rental income. History repeats but dang the cycle seems to be going faster.

The fishy part is that 7-12 years ago, the unemployment rate was rather low. I don't know why investors are getting into the rental income game and purchasing properties at strangely high prices when unemployment is high and wages are stagnant. I have a feeling that the screwing is going high and deep this time around, i just can't put my finger on it.

reply to post by Senduko

The world needs a reset and expect it within the next two years.

This is another one of those 'end of the world' predictions.
Not gonna happen.

reply to post by odd1out

SO let me get this straight... the PEOPLE that borrowed and failed are to blame because they borrowed too much with the BANKERS cheering them on

Yes.
Banker: Your first year payments are $500 per month. Then it jumps to $1000.
Borrower: Ok Where do I sign? (thinking: I can't really swing $1000.)

Who's fault is that?
Do you really want some entity telling you "You can't buy that house'?

"I'm sorry sir. Your driving record won't allow you to purchase this Mustang."
"I'm sorry sir. Your medical stats won't allow you to buy a 32 oz cola."

People are stupid. You cannot save them from themselves.
Payday loans? Do you blame the mom & pop mini bankers?

Fiscal responsibility starts young. People feel entitled.

I am reviving this 2013 discussion, with new and relevant information:

gulfnews.com...

GULF NEWS REPORT: UK PROPERTY IS CONDUIT FOR ILL-GOTTEN WEALTH
Around 40,000 properties in London alone are held by foreign firms - of which 90% are incorporated as tax havens. The suspicion now is that "high-value purchases are becoming an increasingly attractive way to park illegal money before re-injecting it into the legal market."

London is popular with corrupt money-launderers, since it has a resilient property market offering a safe investment. And London can provide "reputational laundering", where a upscale home can buy the corrupt launderers access to social circles - and sometimes even into political circles.

More on dubious foreign investors, "buying into" our country with Investor Visas:

www.seattletimes.com...
MONEY FROM "INVESTOR VISAS" FLOODS U.S. - BUT DOESN'T REACH POOR AREAS MEANT TO BENEFIT
An obscure federal program, EB-5, gives out 10,000 green cards a year to wealthy foreigners who invest at least $1 Million in a U.S. enterprise that creates at least 10 permanent, full-time jobs.

Most don't pay that much, due to a loophole that lets the foreign investor pay only $500,000 IF they invest in a rural area or urban area with high unemployment. The idea is to create jobs in depressed areas. Instead, unscrupulous developers string together several wealthy areas with one low-income area - then build in only wealthy areas.

So no one, from the Brookings Institution to Dept. of Homeland Security's IG, can figure out how well EB-5 works in creating jobs, with all the underhanded gerrymandering around depressed/high unemployment areas by unscrupulous developers.

Well done!
Sometimes, reviving old threads really makes the point of how long this is all going on for, rather than opening a new thread which some may think makes the revelations and practices recent.

Loopholes are not usually there by accident. You only need to look at the legislation that is passed, and how it is made up of hundreds of pages of legalese speak that would make a normal persons head explode. The loopholes are inserted to circumvent all that, without the abusers of the law having to actually search for them. That's why the people passing them, rarely, if ever, actually read what they are signing into law.
I mean, the lawyers have compiled it and they are an honest bunch of guys.... aren't they?