Conquer Club

Mark your opinions on this popular topic here. I think if it's not stopped, USA would fall into a deep economic depression.

Honibaz wrote:Mark your opinions on this popular topic here. I think if it's not stopped, USA would fall into a deep economic depression.

Very good topic and if it wasn't almost 5am here then I would gladly comment, but I promise to return at the later time and voice my opinion.

Thank you, you can comment anytime you want.

Is it Mortage, or Mortgage?

Skittles! wrote:Is it Mortage, or Mortgage?

That's a hard choice there!

Sorry for the spelling mistake!

Uh, now I can comment. Just wanting to make sure.

I was reading the front page (why something in America be on the front page of an Australian newspaper is beyond me) and I only scanned it, but it said something about something like this. I didn't really get it so I just left it.

When interest rates were low, companies such as Country Wide were giving people some ridiculous mortgages to the subprime clients. As interest rates increases, alot of these clients were unable to payoff their monthly mortgages and defaulted on their loans and put these companies in huge debt, even bankrupting some smaller firms.

As more defaults occurred, this put a crunch on the credit market as both people's and companies credits got effected. So people started panicking and selling off all their stocks expecting a recession, I can't remember what day it was but the Dow dropped like 500 points an it was a record for the most shares sold in a day/week (I could check the details but I am lazy).

So all this combined as created a shit storm in the US financial market, as credit market and subprime market disasters effect everything else, i.e. if you just lost your house, you are less welling to go out and buy a car and if the credit market is down, banks are less welling to give out loans.

The Fed also has not cut rates yet, I think if I saw correctly today they did cut the overnight lending rate.

All in all it was expected, maybe not so much for Countrywide (I don't think people realized how much they had invested in the subprime market). Everyone was waiting for the housing market bubble to burst and it did. Now that it did, the market will go into a small recession and eventually come back. Just part of the usual business cycle.

If you have no idea what I am talking about, don't worry the US market will be fine. Just look at a simple chart, you don't have to be a financial guru to see the trend:

I have nothing to say really, except I hope my two endowment policies and pension policy don't go through yet another year of low growth.

But really, the only reason why I'm posting in this thread is - and I know this is very immature, and frankly a bit late in the day - because I just wanted to end one of my posts, (just once, and I won't ever do it again), with the word





Honibaz

The problem is and was as simple as this: loans were being given to people who should have never qualified for one in the first place it is the Mortgage Industry's problem they created it. I mean come on people with mediocre incomes like mine 35-50k range were getting mortgages for 200k+ dollar homes. I make 42500 and my mortgage almost tips the scales for me and it is 1175 per month (and most of that is New York States horrendous taxes) jay_a2j knows what I'm talking about with that . It is also the dumb ass people in this country that signed on the dotted line of an ARM loan (adjustable rate mortgage) why on earth would you get a loan like this? My loan is 7.25%. Started at that rate and ends at that rate. People really need to read the fine print when they are doing a major transaction like this! They were figuring what people could afford on the teaser 3 and 4 percent rates and then bam your three years are up and now your mortgage went up 300 bucks a month. There is no excuse for what these lenders did. They all deserve to go bankrupt, as my mom always told me You made your bed now go lie in it.

boogiesadda wrote:The problem is and was as simple as this: loans were being given to people who should have never qualified for one in the first place it is the Mortgage Industry's problem they created it. I mean come on people with mediocre incomes like mine 35-50k range were getting mortgages for 200k+ dollar homes. I make 42500 and my mortgage almost tips the scales for me and it is 1175 per month (and most of that is New York States horrendous taxes) jay_a2j knows what I'm talking about with that . It is also the dumb ass people in this country that signed on the dotted line of an ARM loan (adjustable rate mortgage) why on earth would you get a loan like this? My loan is 7.25%. Started at that rate and ends at that rate. People really need to read the fine print when they are doing a major transaction like this! They were figuring what people could afford on the teaser 3 and 4 percent rates and then bam your three years are up and now your mortgage went up 300 bucks a month. There is no excuse for what these lenders did. They all deserve to go bankrupt, as my mom always told me You made your bed now go lie in it.

1) You're right about NY, which is one reason I left (and I live in Mass now, shows you how bad NY is)
2) 7.25%? ouch. I'm fixed at 5.125%.
3) It takes 2 to tango. A lender and a borrower. Without ignorance (or stupidity) on the latter, you wouldn't have corruption with the former.

Iz Man wrote:

boogiesadda wrote:The problem is and was as simple as this: loans were being given to people who should have never qualified for one in the first place it is the Mortgage Industry's problem they created it. I mean come on people with mediocre incomes like mine 35-50k range were getting mortgages for 200k+ dollar homes. I make 42500 and my mortgage almost tips the scales for me and it is 1175 per month (and most of that is New York States horrendous taxes) jay_a2j knows what I'm talking about with that . It is also the dumb ass people in this country that signed on the dotted line of an ARM loan (adjustable rate mortgage) why on earth would you get a loan like this? My loan is 7.25%. Started at that rate and ends at that rate. People really need to read the fine print when they are doing a major transaction like this! They were figuring what people could afford on the teaser 3 and 4 percent rates and then bam your three years are up and now your mortgage went up 300 bucks a month. There is no excuse for what these lenders did. They all deserve to go bankrupt, as my mom always told me You made your bed now go lie in it.

1) You're right about NY, which is one reason I left (and I live in Mass now, shows you how bad NY is)
2) 7.25%? ouch. I'm fixed at 5.125%.
3) It takes 2 to tango. A lender and a borrower. Without ignorance (or stupidity) on the latter, you wouldn't have corruption with the former.

yeah the consequence of getting a credit card when your 18 and broke (10 years ago) and not having a large downpayment but another year or two and i can refinance it with my CU.

and #3 you are 100% correct

boogiesadda wrote:yeah the consequence of getting a credit card when your 18 and broke (10 years ago) and not having a large downpayment but another year or two and i can refinance it with my CU.

and #3 you are 100% correct

I hear ya.
We actually refinanced about 3 years ago to get from roughly your rate to what we have now.
We got real lucky actually.
After refinancing our mortgage payment went from ~$1100 to ~$850 per month. After the housing boom last year, our home is now assessed at over $100k of what we payed for it.
Of course that also means our property taxes went up......

A lot of the housing market is just timing. If it's not there for you now, just sit it out. It will come back to where it'll be beneficial to you in time.

High Guard wrote:

Honibaz wrote:Mark your opinions on this popular topic here. I think if it's not stopped, USA would fall into a deep economic depression.

Very good topic and if it wasn't almost 5am here then I would gladly comment, but I promise to return at the later time and voice my opinion.

Honispaz wrote:Thank you, you can comment anytime you want

These are the 2 most pointless posts ever.

BTW...you know that this subprime lending is going to end in a world war...

This is the beginning of the end.

This is the begining of puberty for




Honibaz

The UK stock market was also badly affected on Thursday, as a result of the U.S' crisis. Worst tumble in a decade apparently. So SORT IT OUT!!!

WE ALL GONNA DIE!

Russia and china are going to join forces, and rape our white virgin ass holes.

Minister Masket wrote:The UK stock market was also badly affected on Thursday, as a result of the U.S' crisis. Worst tumble in a decade apparently. So SORT IT OUT!!!

You know the FTSE ended the week higher then it began...

Titanic wrote:

Minister Masket wrote:The UK stock market was also badly affected on Thursday, as a result of the U.S' crisis. Worst tumble in a decade apparently. So SORT IT OUT!!!

You know the FTSE ended the week higher then it began...

That t'is not the point!
The point t'is:

WHEN AMERICA SNEEZE, EUROPE CATCH COLD

u get 100$ for mortgaging boardwalk

Dancing Mustard wrote:This is the begining of puberty for




Honibaz

Look here. You are only 12. How do you expect yourself to reach puberty?

Honibaz wrote:

Dancing Mustard wrote:This is the begining of puberty for




Honibaz

Look here. You are only 12. How do you expect yourself to reach puberty?

Any comeback starting with 'Look here' is bloody genius in my opinion.




Honibaz

Guiscard, do you have anything to say about the subprime mortgage "crisis" in USA?

Honibaz wrote:

Dancing Mustard wrote:This is the begining of puberty for




Honibaz

Look here. You are only 12. How do you expect yourself to reach puberty?

Where? I can't see anything. Is puberty somewhere close? Do you think we'll be able to reach it by nightfall? I don't understand why being 12 will prevent me from getting there; is there an age limit like at bars?