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Welcome to subprime's ghost town
CNN Money ^
| March 28, 2008
| Chris Isidore
Posted on 03/29/2008 7:34:41 PM PDT by Lorianne
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To: Lorianne
The only real victims of this subprime mess are all the people who paid their mortgages on time who have seen their property taxes skyrocket as a result of the inflated values of houses that the subprime loans made possible.
The only real relief would be nothing short of a constitutional amendment that would ban property taxes on a primary residence, and force the tax burden to be shared equally among renters and owners.
21
posted on
03/29/2008 8:33:43 PM PDT
by
pnh102
To: Hawk1976
Borrowing against home property is one of the greatest tools of wealth creation, and pretty much is only known in the West.
Anyways, the important thing is to have an economy where these people can get back in the game. Other place in the world, and the history of man, one chance one time, often for generations. Not good.
Most people come good and come through. Loans and debts are good things.
22
posted on
03/29/2008 8:34:18 PM PDT
by
Leisler
To: elkfersupper
You mean we’re NOT all gonna die?? How are all the doom-pimps gonna make a living?
23
posted on
03/29/2008 8:34:34 PM PDT
by
Larry Lucido
(Still looking for UART at FX1050)
To: Leisler
True in a sense, Leisler, but...we the taxpayers are paying up the kazoo for not only the bailout of Bear but for the economic downturn exacerbated by the greed/sub-prime.
24
posted on
03/29/2008 8:35:11 PM PDT
by
levotb
To: Lorianne; All
the venue of Irvine in this mess is no accident
in terms of per-capita ratios (# of sub-prime mortagages per each 1,000 homes sold in last five years)
the tri-county region - Orange (where Irvine is located), and adjacent Riverside and San Bernardino counties in Mexifornia - represents one of the major centers of the sub-prime mess
25
posted on
03/29/2008 8:35:41 PM PDT
by
Wuli
To: Leisler
Don’t wish too hard for more population, Leisler! The illegals will be flooding to MASS if they aren’t already...
26
posted on
03/29/2008 8:36:56 PM PDT
by
levotb
To: Proud_USA_Republican
In the woods of New Hampshire, in North Carolina, the mountains of southwest Colorado, and in Nevada, I have seen the ruins of entire towns that are no more. It happens. Nothing special about it.
27
posted on
03/29/2008 8:37:48 PM PDT
by
Leisler
To: Leisler
28
posted on
03/29/2008 8:38:20 PM PDT
by
mojo114
To: Proud_USA_Republican
But when times where good, it was staggering how much money they were making and how quickly the deals were coming in. But all based on liars loans aka alt-a and subprime toxic waste. What percentage of alt-a loans are still good? How about subprime?
29
posted on
03/29/2008 8:38:44 PM PDT
by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: levotb
They are here, and in the decayed, dying towns. It is one of the things that are fluffing up the demographics. We are losing young, educated young people and getting uneducated, social service eating illegals. And yet the State gov says everything is fine and the bond marked loves us. Ah, yeah, right. Much like an AIDS person says they are on a diet and being fat is bad.
30
posted on
03/29/2008 8:41:06 PM PDT
by
Leisler
To: Wuli
The people I feel sorry for are the ones who bought houses in CA at a much inflated price, make their mortgage payments on time, do all the right things, and see the value of their homes declining rapidly. It’s really bad for people who have to sell their homes right now, due to a change or transfer in their jobs. These people will have to go to the closing (if they’re able to sell their houses) with their checkbooks in hand.
31
posted on
03/29/2008 8:48:59 PM PDT
by
basil
(Support the Second Amendment--buy another gun today!)
To: Leisler
Most people...except Americans who have no business buying a home and illegal aliens who leave their homes in the middle of the night, leaving taxpayers to pick up the tab...
32
posted on
03/29/2008 8:57:17 PM PDT
by
levotb
To: basil
If you look into what people pay for houses as investments, add payments, taxes, upkeep. Throw in wear and tear and style/fashion changes.....It is ugly. A lot of people I don't even bother educating them as they are believing they are making a fortune. It is kind of like what is the point in telling them you saw their daughter working a street lamp when all the time they thought she was going to business school.
33
posted on
03/29/2008 8:58:41 PM PDT
by
Leisler
To: Leisler
Sorry to hear that (that “They are here” already), but I already know that. And it’s 40 million-plus, not 12 million you hear the open borders a**holes quote so often. At least 18 million alone in CA, another 10 million in Texas...
34
posted on
03/29/2008 9:00:31 PM PDT
by
levotb
To: Leisler
Seems like it’d be hard to finance a house over five years.
35
posted on
03/29/2008 9:00:52 PM PDT
by
Xenalyte
("A cat can give birth to kittens in the oven. That don't make 'em biscuits." - Quanell X)
To: levotb
Only government can force the failures of other parties upon us, as we all know. Since failures will always occur, and since we have socialist government into the future, we should just kind of expect to smell of the dumpings. Maybe smile, or clank our chains.
36
posted on
03/29/2008 9:01:47 PM PDT
by
Leisler
To: Xenalyte
Um, it would be expensive, but by and large, I don't think the finance companies would care.
37
posted on
03/29/2008 9:04:12 PM PDT
by
Leisler
To: Leisler
But the buyers would, if the terms were five years at $10K a month. That’s a bit (like, say, seven large) beyond the average Houstonian homeowner.
38
posted on
03/29/2008 9:07:09 PM PDT
by
Xenalyte
("A cat can give birth to kittens in the oven. That don't make 'em biscuits." - Quanell X)
To: Leisler
I have seen the ruins of entire towns that are no more. It happens. Nothing special about it. Stockton, Ca will be one such ghost town.
To: Lorianne
Remember the dot-com boom? Get in, you can't lose, the stock price will triple in a year. It's a no-brainer.
Forward to the so-called mortgage crisis.
Buy it. So what if you can't afford it. It will be worth twice as much in a year, then you can flip it and get rich. It's a no-brainer.
The no-brainer part was right on.
I have little sympathy for a greedy fool who commits to a contract to buy something he can't afford in the hope that he will be able to sell it for a fat profit before the day of reckoning.
Since 95% of people with mortgages are servicing them satisfactorily,the 5% who aren't hardly rises to the level of a crisis.
No matter how much the MSM pumps it.
Boo Hoo
40
posted on
03/29/2008 9:11:32 PM PDT
by
Octar
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