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Updated over 16 years ago, 04/30/2008
Sub Prime
There are alot of private lender hedgefunds bear sterns etc that have invested over the last 13 years or so in sub prime and thet dont plan on loseing as far as the banks bailing people out i just dont beleve it thats a smoke screen to make the look sincere what they do is take there down payment and home and get the next guy in and take theres to if they dont man up and pay for it its not something for nothing in this but anymore you almost have to have a degree in economics to understand it confusion is there trick of the trade every business has them theres no crystal ball that says you will have your business/job/same income for the next 30years there finacials change and credit only the strong servive there is psychology within life/money please dont get me wrong a mortgage can work for you if you understand the loan witch is 2 inches thick and only a 3 day recision period but statistics say that you will refi every 5- 10 years need a new car college tuition new born etc and many many other things happen funeral and you need to consolidate and back to 30 years again they have all or most of the angles figured out or at least the important ones what you like is your fault .
There are some that believe that it is good government policy to have your population living in fear, particularly financial fear. To have a population trapped in employment that they don't like, doing jobs they don't like or that conflict with their values - all because they have to pay the mortgage is a way to pacify even the most independently minded population.
There will be winners out of sub-prime and it won't generally be the ordinary citizen!
Clearly, a new model is required in the US and/or to start in another country first. We in Australia are suffering now from your sub-prime meltdown and it is starting to cause a lot of pain, but from what I read not quite as much as in your country.
As property investors we are conflicted aren't we? We look for the foreclosure for the great deal, but unless we can do some good then really we are simply part of the problem.
We are starting to do deals in Australia that have been around since Adam was a boy and they don't involve bank finance but offer a means of structuring a sale and a purchase to give the seller what they desperately need, while at the same time giving a buyer what they need and can't get - a house!
ahhhhh welcome to a presidential election year!!! My friend i think you have hit the nail square on the head. And it is politicians that need to be driven into the ground.
Originally posted by "builda":
There will be winners out of sub-prime and it won't generally be the ordinary citizen!
Clearly, a new model is required in the US and/or to start in another country first. We in Australia are suffering now from your sub-prime meltdown and it is starting to cause a lot of pain, but from what I read not quite as much as in your country.
As property investors we are conflicted aren't we? We look for the foreclosure for the great deal, but unless we can do some good then really we are simply part of the problem.
We are starting to do deals in Australia that have been around since Adam was a boy and they don't involve bank finance but offer a means of structuring a sale and a purchase to give the seller what they desperately need, while at the same time giving a buyer what they need and can't get - a house!
Understand you sentiments but we need polititians, we just don't need crappy ones!
If there was a politician, State, Federal or anywhere in your current National election cycle that you felt had the personal integrity and ethical leadership values to take control of the ship - who would it be and why?
i do not think there is a politician that has the intestinal fortitude to do what it takes.... One that is not afraid to buck his party. McCain, does buck his party but i still dont think he has the gonads to get the job done
Originally posted by "builda":
If there was a politician, State, Federal or anywhere in your current National election cycle that you felt had the personal integrity and ethical leadership values to take control of the ship - who would it be and why?
I believe that right now its a matter of picking the person who will do the least amount of damage... I've been listening to Hillary/Obama debates, and to be perfectly honest, no matter what people say, (the obamakins or the hillary addicts) they're straight up just politicians with no idea what to do. Both have idealistic views that have changed multiple times during the entire primaries run. And I will put money on those so called "policies" that they back to keep changing as they try to get more voters on their side. And as far as the republican side... its McCain... come on. He might be older, but more experienced? More gutsy? The only thing I can see with him, is an ability to be as bull headed as previous presidents, even when the decision may be wrong.
That being said, McCain does have the guts to "buck his party". And I do agree with his previous statements that these banks and lenders shouldn't get a bailout with taxpayer money because they made bad decisions in the past. However, that being said, if the banks fall, so will the "average joe" who is either trying to buy a house or take out a loan. Even if they are "qualified"... eh I can't predict the future, if any one can... please give me a call, i'd like to discuss future investments =P jk jk jk.