 
     |
| The economy, is it good or bad. (Page 172/181) |
|
Formula88
|
JAN 17, 01:36 PM
|
|
| quote | Originally posted by loafer87gt:
Our stock markets are likewise taking a **** kicking. Tuesday we had a 380 point drop, followed by another 205 yesterday, and a further 179 so far today. But, as the realtors around town keep telling us, the future is ROSY! Get in and buy now before its too late! |
|
Now's the time to start looking for bargains. Foreclosures and distressed sales. Some people will think that's taking advantage of other's bad fortune, but if you do it right, you can help people and yourself at the same time. If someone is in or about to go into foreclosure, and you buy their house at a reasonable price, you not only get a good deal on your real estate, but you help them salavage their credit so they can buy something cheaper.
It really can be a win-win IF you try. Once the foreclosure is done, sure you can pick up some cheap properties and save money. Nothing wrong with that, but if you catch them before foreclosure is completed, you can help someone else out at the same time.
The only downside is if someone overpaid and owes more than their property is worth. But it's still better for them to sell for a loss than lose the house by default.
|
|
|
|
84Bill
|
JAN 17, 01:48 PM
|
|
Be very CAREFUL if you are going to invest in anything right now. Do NOT let anyone talk you into making an investment by the used of words excellent, great timing, guaranteed, now is the time, you can take advantage of, etc. until you are fully satisfied and willing to accept the losses should those "hope words" not pan out.
The "markets" Stocks, Bonds, Housing, Commodities are DESPERATE to sell or have you "invest" anything. I'd be very leery about jumping into anything while this mortgage sh!t storm is blowing at full gale .
Buyer beware!!
Good luck.. you will need it.
http://money.cnn.com/video/...themole.one.moneymag[/QUOTE]
|
|
|
|
Pyrthian
|
JAN 17, 01:53 PM
|
|
| quote | Originally posted by 84Bill:
Be very CAREFUL if you are going to invest in anything right now. Do NOT let anyone talk you into making an investment by the used of words excellent, great timing, guaranteed, now is the time, you can take advantage of, etc. until you are fully satisfied and willing to accept the losses should those "hope words" not pan out.
The "markets" Stocks, Bonds, Housing, Commodities are DESPERATE to sell or have you "invest" anything. I'd be very leery about jumping into anything while this mortgage sh!t storm is blowing at full gale .
Buyer beware!!
Good luck.. you will need it.
http://money.cnn.com/video/...themole.one.moneymag |
|
[/QUOTE]
always.
but, right now, as the dollar drops - foreign investments are niiice.
and, if you have a box which you kept your canadien cash in - now is the time - convert to us funds. I know this dont apply to many folk - but here in Detroit - Windsor is a fun place to go - where many things which are illegal in the USA are just fine. so, many folk here end up with the occasional pocketful of colorful canadien cash.
|
|
|
84Bill
|
JAN 17, 02:02 PM
|
|
| quote | Originally posted by Pyrthian:
always.
but, right now, as the dollar drops - foreign investments are niiice.
and, if you have a box which you kept your canadien cash in - now is the time - convert to us funds. I know this dont apply to many folk - but here in Detroit - Windsor is a fun place to go - where many things which are illegal in the USA are just fine. so, many folk here end up with the occasional pocketful of colorful canadien cash. |
|
Yup.. If you have the money to lose.
Dow decade chart
|
|
|
|
loafer87gt
|
JAN 17, 02:05 PM
|
|
| quote | Originally posted by Formula88:
Now's the time to start looking for bargains. Foreclosures and distressed sales. Some people will think that's taking advantage of other's bad fortune, but if you do it right, you can help people and yourself at the same time. If someone is in or about to go into foreclosure, and you buy their house at a reasonable price, you not only get a good deal on your real estate, but you help them salavage their credit so they can buy something cheaper.
It really can be a win-win IF you try. Once the foreclosure is done, sure you can pick up some cheap properties and save money. Nothing wrong with that, but if you catch them before foreclosure is completed, you can help someone else out at the same time.
The only downside is if someone overpaid and owes more than their property is worth. But it's still better for them to sell for a loss than lose the house by default. |
|
I'm still going to wait a bit longer and hope that housing prices correct somewhat. Right now, they are still climbing, having already risen 86% over the last year. To be quite honest, I do feel some pity for those who got in over their heads and ended up taking out way too much of mortgage then they could afford. There is an incredible amount of pressure telling people to ginore what is happening down in the states, that it is just a bump in the road, and that the more "robust resource rich" Canadian economy will never suffer from such ills. They say prices will continue to grow at record rates, and the various lenders, Canada Mortgage and Housing included, are becoming very aggressive in their campaign to keep this real estate boom continuing. The thing is, thats exactly what it is, a real estate boom. Wages haven't increased, rather they have decreased over the years, homeless levels are at an all time high, but all the god damn politicians, lenders, realtors, and everyone else benfiting from this rapid housing price increase are touting this as the be all and end all economic boom we have been looking for.
In the perfect world, when the **** hits the fan, and I feel it will, I hope it is these same people; realtors, lenders, and speculative buyers / flippers that fueled this crisis, are the ones suffer the worst economic hardship.[This message has been edited by loafer87gt (edited 01-17-2008).]
|
|
|
|
84Bill
|
JAN 17, 02:08 PM
|
|
Next Job Growth Indicator... Feb 1
Lehman Brothers to shrink mortgage business
The investment bank will take a $40 million charge as it shortens its home mortgage-lending arm and lays off about 1,300 people.
NEW YORK (AP) -- Lehman Brothers Holdings, the nation's fourth-largest investment bank, on Thursday said it will "substantially" reduce its U.S. residential-mortgage lending business and cut 1,300 jobs.
The investment house said the move will mostly affect its Aurora Loan Services business, which acts as its primary mortgage unit. Lehman will take a $40 million charge as part of the plan.
Lehman has already cut about 2,500 jobs after sustaining massive losses amid the collapse of the subprime mortgage market. Aurora will still continue providing mortgage loans to consumers, and servicing them.
|
|
|
84Bill
|
JAN 17, 04:56 PM
|
|
|
I'm not even going to post it.
|
|
|
|
ditch
|
JAN 17, 09:14 PM
|
|
| quote | Originally posted by 84Bill:
Convince me the banks didn't alter their lending practices to include people with less than stellar credit.
|
|
convince me they violated anti trust laws in doing so. Altering your practices isn't necessarily illegal. If you alter them to a practice that is illegal then yeah.
again, did they violate anti trust laws? I don't see the wave of lawsuits against them on that one....hmmm, wonder why 
If they actually did then everyone in a crappy mortgage would have a case against their bank to have the contract dissolved. Don't see that one happening, hmmm [This message has been edited by ditch (edited 01-17-2008).]
|
|
|
|
84Bill
|
JAN 17, 09:20 PM
|
|
| quote | Originally posted by ditch:
I don't see the wave of lawsuits against them on that one....hmmm, wonder why
|
|
WaMu accused of appraisal fraud
Lawsuit claims the lender insisted she offer rosier housing outlook so risky mortgages could get approved. From Money Magazine's Stephen Gandel
NEW YORK (Money) -- A former real estate appraiser for Washington Mutual is suing the bank, claiming she was blacklisted last year for providing a housing market forecast that was too gloomy.
|
|
|
|
ditch
|
JAN 17, 09:20 PM
|
|
| quote | Originally posted by 84Bill:
WaMu accused of appraisal fraud
Lawsuit claims the lender insisted she offer rosier housing outlook so risky mortgages could get approved. From Money Magazine's Stephen Gandel
NEW YORK (Money) -- A former real estate appraiser for Washington Mutual is suing the bank, claiming she was blacklisted last year for providing a housing market forecast that was too gloomy.
"Consumers are not mindless drones." you called that right...
|
|
Difference between you and me is that I'm not going to let one or a few stories convince me that all the banks out there are crooks.
|
|
|
|