DISQUS

ChangeForge | Ken Stewart · 1 year ago

Think how attractive a mortgage loan is to that 70 trillion dollar pool of money. Remember, they’re desperate to get any kind of interest return. They want to beat that miserable 1 percent interest Greenspan is offering them. And here are these homeowners, they’re paying 5, 7, 9 percent to borrow money from some bank. So what if the global pool could get in on that action? There are problems. Individual mortgages are too big a hassle for the global pool of money. They don’t wanna get mixed up with actual people and their catastrophic health problems or debilitating divorces, and all the reasons which might stop them from paying their mortgages. So what Mike and his peers on Wall Street did, was to figure out how to give the global pool of money all the benefits of a mortgage – basically higher yield - without the hassle or the risk.

ChangeForge | Ken Stewart · 1 year ago

There are lots of technical differences between this crisis and Jimmy Carter's malaise. But for the average person, it could feel the same. It's not an out-and-out depression. Everything's just kind of crappy. And not just in housing or banking but for the economy as a whole. It’s barely growing. There aren't a lot of new businesses, new jobs. Unemployment keeps creeping up. We're just sort of stuck, in neutral, for a while.

Douglas Karr · 1 year ago

I don't often agree with Trump but he said over and over again he was pushed to borrow more money than he needed because the brokers would get a better commission. Those commissions aren't retractable now that the loans are defaulted.

ChangeForge | Ken Stewart · 1 year ago

Douglas, I hadn't heard Trump ever say that in interviews... That is amazing... This article was simply mind-blowing for me... that people could make so much money off of predatory lending practices is amazing.

Douglas Karr · 1 year ago

Even worse is that there will be no punishment for them - we'll foot the bill. If you or I stole $10 from a gas station, we'd be in jail. These folks stole that money... and they get to keep it. This may sound excessive, but I believe this is a significant step towards communism (in its literal sense).

ChangeForge | Ken Stewart · 1 year ago

Douglas, when you say, "this may sound excessive, but I believe this is a significant step towards communism (in its literal sense)," what do you mean by "THIS is a ... step...?"

Douglas Karr · 1 year ago

When the government can invest in the private sector with no requirement of the people to vote, any right to interfere, and no consequences to the government for making poor investment decisions... it opens a huge door for abuse.

There were financial checks and balances that were lost in today's vote. A line was crossed between the State and Commerce that's never been crossed before.

http://blog.wired.com/27bstroke6/ has some alternative coverage that's pretty good... and scary!

accepted online casinos · 9 months ago

At the time of financial crises we need to come together united and try to solve the problems which are responsible for such a hazard. We need to overcome it. It is meant to bring calm to the population and markets and display government strength and stability.
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Realtor · 6 months ago

Nowadays, it’s really hard to bring back our old ways of standard living. We still are facing up all this economic downturns that result into too much poverty, starvation and unemployment to some of our people. But on the other hand some jobs still exist even in times of hard life. One of this is a Realtor. It is said being Realtor is a good career. A Realtor during a housing boom can rake in the cash, especially if they’re able to work in an expensive market. Take Marin County for instance – Marin County is the county of the North Bay Area around San Francisco. Unfortunately, it is also close to Oakland. However, with the housing market being what it is, you can't get a house for really cheap in California with poor credit, even with a payday loan to help out with a deposit. Still, some in the Realtor trade are resorting to installment loans to keep afloat. Just try to save more and always keep in mind that too many expenses is unwanted at this time of recession.

Live Lead Transfer · 5 months ago

they are doing all that they can to be above heir other competitors well nice one, competition between companies nowadays is very tight

Catherine · 4 months ago

The broker said during the housing boom, which could ignite criticism, especially if they are able to work in the market are more expensive. Take in the town of Marin, for example - the Marin County town towards the north to the Gulf of San Francisco.
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Financial consultant Rochester · 2 months ago

Very interesting transcript. The facts it showed us are just too serious to ignore. But it's always up to us if we act on it and strive hard, change begins in ourselves.

real estate marketing · 2 months ago

All of the companies are really competing to get into the top.. It is always healthy to have a competition between the biggest name into their industry..

juliemann · 2 months ago

I moved into my new home about one year ago. The house next to me is new construction and was listed @ $699,000. Builder is now asking $499,000.

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credit cards · 1 month ago

Great article. Very informative and well written. Hope to see more post from from you.

Citibank credit card · 1 month ago

The financial crisis of the US economy is not uncovered since then. A lot of banks do offer loans but unfortunately people wasn't able to pay for it that's why almost all financial institution were experience crisis.

Personal loan · 1 month ago

With the current economic climate less people are spending. Banks are desperate to offer mortgage loans for hope that consumers will consume (as we all know, consumption is one of the most important factors needed by our economy to stay afloat). But to really help alleviate the credit crunch, i think banks also offer lower interest rate to encourage borrowers to pay-off debt or to apply for a loan.

Tax Foreclosures · 1 month ago

Very interesting transcript. The facts it showed us are just too serious to ignore. But it's always up to us if we act on it and strive hard, change begins in ourselves.

Bendigo Bank · 1 month ago

Interesting post though I think that the financial crisis that we are experiencing right now is due to something that cannot be explained if we look deeper.

Real Estate System · 1 month ago

All of the companies are really competing to get into the top.. It is always healthy to have a competition between the biggest name into their industry..