Home foreclosures

[Flying Scotsman]

This is a a really sad state of affairs the banks lent money to people who should have not been given the loan in the first place their lives are now in tatters. The banks no problem....bailed out...their employees still earn a living and the idiots at the top of the chain, all the so called expert finnancial experts...where is my cheque. I am lucky no debts at all. ... the Canadian banks are strong, in th USA??? A Douggie rant

Douggie

[drwayne]

Oz generally survived the latest GFC with what felt like a speed bump.
Those who invested overseas lost the most.
Au Govt jumped in when US $ fell over and did a grand job of guiding us through the mess of broken piggy banks.
We're still a rock solid economy ( small rock )

I saw on TV last week where 100,000+ house loans were being foreclosed in US due loan defaults.
Nasty.
Understandable, not admirable.

Here in Au during late 80's when yet another GFC circled the Earth, we had mortgage repayments upwards of 18% !!!!!!!!!!!
Property market had collapsed.. worth less than 10years before.

My folks lost their house when ~10% of value outstanding.. ( debt now larger than asset )
Thanks for the 15 years regularly paying us money, now flock off, you have no equity as you've defaulted.. .ONCE
I scurried home and attended auction and bought it for F'all.. cash.
Now freehold, I gave keys to parents.

Property has again skyrocketed in price.. cheapass housing repayments now exceed a std income
Investors paradise when common folk unable to buy their own homes.. rent subsidizes mortgage of landlord


W

[Flying Scotsman]

Wayne, on the button and I remember the days of 19% mortgage fees and was able to survive those days by tightening a lot of belts...House prices are crazy high in Vancouver and that is why I am happy I own my home with no mortgage and no other debts.

Douggie

[tharmer]

We'll own our home in 5 years, although fotunately we could pay it off any time.
-t

[Xzessperated]

Oz generally survived the latest GFC with what felt like a speed bump.
Those who invested overseas lost the most.
Au Govt jumped in when US $ fell over and did a grand job of guiding us through the mess of broken piggy banks.
We're still a rock solid economy ( small rock )

I saw on TV last week where 100,000+ house loans were being foreclosed in US due loan defaults.
Nasty.
Understandable, not admirable.

Here in Au during late 80's when yet another GFC circled the Earth, we had mortgage repayments upwards of 18% !!!!!!!!!!!
Property market had collapsed.. worth less than 10years before.

My folks lost their house when ~10% of value outstanding.. ( debt now larger than asset )
Thanks for the 15 years regularly paying us money, now flock off, you have no equity as you've defaulted.. .ONCE
I scurried home and attended auction and bought it for F'all.. cash.
Now freehold, I gave keys to parents.

Property has again skyrocketed in price.. cheapass housing repayments now exceed a std income
Investors paradise when common folk unable to buy their own homes.. rent subsidizes mortgage of landlord


W

An admirable thing to do Wayne. You have more than a sense of humor and a pretty face obviously.

[Flying Scotsman]

The interesting fact is that Canadian banks will only offer very short term mortgage years. The USA offers very long terms and that was a part of their demise and the profileration of many banks with dubious assets added to the problem. China owns the USA lock stock and barrel as your debt is huge and they hold the cards to your debt problem.

Douggie

[domwilson]

If we defaulted on our loans with China. What would or could they do?
Just a question. Like to hear some answers.

[Flying Scotsman]

Take over the assets that were part of the loan procedures

Douggie

[Flying Scotsman]

Another thought most goverments run in the red, where do they get revenue TAXES...reducing taxes only exarsberates the problem. Tell the morons in government enough is enough and you spend millions of dollars to get elected ....Piss off. This message was approved by the Flying Scotsman

Douggie

[drwayne]

If we defaulted on our loans with China. What would or could they do?
Just a question. Like to hear some answers.

China increases ~10% in gross wealth every 12 months .. much higher than Korea or Japan during their boom years .. and there is no endpoint in sight.
We Westerner consumer economies demand products, Chinese companies are quick to comply our wishes.
Many name brand products once made in our own homelands are now manufactured overseas due cheap labor/materials... sending our money overseas means none here gain profit from the imports.
Plagiarisms, clones and new novelty gadgets flood the markets.
If we no longer manufacture product to match demand, higher unemployment.. how long can we continue to purchase product when we have no income.?
Debt accrual.
If US defaulted on payments, China could soon be declared as World's leading economy.. Id assume the world money markets allocate the Yuan as basis for all trading .. forgetting the failed USD.

To appease the IMF and Chinese lenders, the US may be forced to relax it's immigration policy.
Its people are China's largest export.

Au exports food and natural resources to China in an overwhelming continuous supply to a insatiable market.... yet our demands for trinkets and cheap electronics near matches that fiscal quantity.

Im doing my bit for the local economy.. I always check the product I buy is labeled 'made local'
Products not available local are weighted against need/want .. I am after all a wasteful consumer.

I frequently sell into China.. technology and application expertise is a marketable portfolio.


But what would I know, a sun bronzed, beer drinkin Aussie. ?

regs
W

[drwayne]

An admirable thing to do Wayne. You have more than a sense of humor and a pretty face obviously.

Aww shucks.My best pix are from a distance ( check the avatar..that's me ! )