A second wave of mortgage defaults is about to come (2 of 2)
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{ 14 comments… read them below or add one }
stock market up..?? is he crazy with all this..
If Fannie and Freddie are buying and guaranteeing the mortgages from the lender, doesn’t this create moral hazard? I don’t blame the lenders, the government provided the means for them to fuel their greed. It’s like putting a cookie jar in front of a child and telling it not to eat then leaving the room. What did you think was going to happen? The video speaks of low interest rates but why were they so low? It was practically free to borrow, thank the Fed for this mess.
with double the supply, the cost should plummet in a free market. making it affordable for people who did not sign a 30 year loan to buy a house in cash. the banks will never allow that because it would drive down the price of homes that already have loans signed on them, and every one of those people would default as it wouldn’t make sense to pay off the loan. this is why the banks aren’t putting most foreclosed homes up for sale. costs 50 bucks pr square foot 2 build a house approx, rip off
the NINJA loans were REQUIRED after Obama was done with his law suit on behalf of ACORN. Barney Frank refused any regulation though Bush and McCain tried instituting it. Check for yourself.
OK, let me get this right. Loans made in 2004/05/06/07 in MIAMI; were Obama’s and Acorn’s fault. I was a subcontractor on Jade( the condo mentioned in the video) and i didn’t see Obama, Acorn or ANY black people. I DID see ALOT of free market right wing Republicans. As they say, you’re entitled to your own opinions but NOT YOUR OWN FACTS. Stop the historical revisionism.
I am afraid that you never saw who was RESPONSIBLE for the whole fiasco then. It was the deregulation of banks, lending practices and backing that Clinton started, Barney Frank wanted, stopped Bush from curtailing that ACORN and Obama sued for and won that was responsible. It is FACT.
I lost 300K as a subcontractor in the South Florida condo market, NOT by bad investments but by banks, investors and developers.One project (Cynergy) was foreclosed by the bank,paid for by the public.The bank then sued to take our lien rights away.Since we had neither BEEN PAID OR BAILED OUT WE COULDN”T AFFORD LAWYERS.We lost our lien rights and money.THE BANK THEN SUED US (THE SUBCONTRACTORS) FOR ATTORNEYS FEES!I had to leave florida before i killed someone.Greenspan the banks and wall street.
BTW, the whole deregulation frenzy was started by……REAGAN!
BONEHEAD, go to wikpedia and look up barney frank. then look through his most distinguished career of screwing the housing markets. who’s legislation did he oppose to regulate and have better oversight of fanny and freddie? Clue, BUSH!
I hate to educate you, but since you insist. Our discussion is done
Yo, revisionista.REPUBLICANS CONTROLLED THE GOVERNMENT TILL 2006.Standard republican practice, can’t dispute the truth. call people names.Get out of gradeschool.
What about the KARATE and KUNGCHEE loans?
no at the end he said corporate america is on sale meaning bargins in the stock market.
It is also partly the realtors fault that this is happening. They need to go to jail for misrepresentation and greed as well.
These guys are talking about getting the real estate industry back on track presumably so that the game of real estate speculation can start all over again. Sure, in order to do that the supply overhang is going to have to be cleared but all that will happen in about 2026 is another real estate bust. The solution is to prevent it from hapening again and the only way to do that is to shift property taxation completely on to land value which is the only values that go up or down.