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Thread: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by USA-1 View Post
    So they could afford the home when they purchased it. The number one reason for foreclosure is loss of job or change in employment. That's what got the foreclosure ball rolling.
    Incorrect. As someone mentioned before, it was that housing prices stopped going up. Many people were buying homes as a speculation, rather than as a long term place to live. They got caught and it is easier to blame wall street fat cats rather than greedy voters, many middle income or lower that made a bet that went wrong.

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    and they're still there

    they're living in houses bigger, better and newer than YOURS

    and YOU'RE paying for it

    Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg.com

    thanks, bush

    thanks, pieface

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by washunut View Post
    Incorrect. As someone mentioned before, it was that housing prices stopped going up. Many people were buying homes as a speculation, rather than as a long term place to live. They got caught and it is easier to blame wall street fat cats rather than greedy voters, many middle income or lower that made a bet that went wrong.
    No, first time buyers were buying houses because they could buy one for about the same amount of money they were paying for rent thanks to low interest rates.. Building equity instead of throwing money away on rent. Sounded like a smart move at the time. Now it doesn't seem so smart. They were not greedy and it wasn't speculating. They were reaching for the American dream....Home ownership. People that already owned homes were buying bigger and better homes, their dream homes, because the low interest rates let them move up with almost the same payment. Then the economy went sour, outsourcing became the norm and people lost their high paying jobs. Remember when the DOTcom bubble burst? Most foreclosures were due to loss of a job or change in the employment situation. Expect a lot more, for the more jobs that are lost the more foreclosures are in our future.
    Last edited by USA_1; 04-18-10 at 10:25 PM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    what's subprime mean?

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by The Prof View Post
    what's subprime mean?
    The riskiest loans.
    According to Greenspan subprimes did not cause the financial collapse:
    http://insurancenewsnet.com/article....type=financial

    "In my judgment, the origination of subprime mortgages -- as opposed to the rise in global demand for securitized subprime-mortgage interests -- was not a significant cause of the financial crisis," Greenspan told the Financial Crisis Inquiry Commission, which is conducting a series of hearings and investigations into what brought the economy to the brink in September 2008.
    Last edited by USA_1; 04-18-10 at 10:48 PM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by USA-1 View Post
    No, first time buyers were buying houses because they could buy one for about the same amount of money they were paying for rent thanks to low interest rates.. Building equity instead of throwing money away on rent. Sounded like a smart move at the time. Now it doesn't seem so smart. They were not greedy and it wasn't speculating. They were reaching for the American dream....Home ownership. People that already owned homes were buying bigger and better homes, their dream homes, because the low interest rates let them move up with almost the same payment. Then the economy went sour, outsourcing became the norm and people lost their high paying jobs. Remember when the DOTcom bubble burst? Most foreclosures were due to loss of a job or change in the employment situation. Expect a lot more, for the more jobs that are lost the more foreclosures are in our future.
    You just are not correct on a lot of levels. First, it was not only the rash of first time home buyers who defaulted. Next the housing market collapsed then the economy went into the tank. Next most foreclosures are on houses where the mortgages are underwater. Therefore for people with no ethics it is better to walk away from their mistake then continue paying for a house that they paid too much for. The rest of us do not get to walk away from the risks we take that do not work out.

    People put no money down on houses. I remember seeing someone on TV, he made something like $40K and bought a house that cost $800K. There was no way a person like that could afford that house. I don't believe anyone he was so stupid as to think he could. He said he thought he would own the house for a year or two then move to a cheaper state. This on a show blaming the banks!

    Nothing good can come out of an entitlement society that allows this kind of crap and then blame the " system". No wonder other nations are eating our lunch economically.

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    greenspan---LOL!

    subprime may not have caused the financial collapse (LOL!), but it certainly didn't help the real estate market

    [ame=http://en.wikipedia.org/wiki/Subprime_mortgage_crisis]Subprime mortgage crisis - Wikipedia, the free encyclopedia[/ame]


    IT ALL STARTED WITH HOUSING
    Last edited by The Prof; 04-18-10 at 11:02 PM.

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by washunut View Post
    You just are not correct on a lot of levels. First, it was not only the rash of first time home buyers who defaulted. Next the housing market collapsed then the economy went into the tank. Next most foreclosures are on houses where the mortgages are underwater. Therefore for people with no ethics it is better to walk away from their mistake then continue paying for a house that they paid too much for. The rest of us do not get to walk away from the risks we take that do not work out.

    People put no money down on houses. I remember seeing someone on TV, he made something like $40K and bought a house that cost $800K. There was no way a person like that could afford that house. I don't believe anyone he was so stupid as to think he could. He said he thought he would own the house for a year or two then move to a cheaper state. This on a show blaming the banks!

    Nothing good can come out of an entitlement society that allows this kind of crap and then blame the " system". No wonder other nations are eating our lunch economically.
    absolutely

    no down, low down, negative down, no qual, low qual, weak fico's, balloons, adjustables, negative amortizations...

    subprime---a far-flung, steadfast effort to front folks in flats they frankly can't afford
    Last edited by The Prof; 04-18-10 at 11:14 PM.

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    absolutely

    just how do you think the mortgage became UPSIDE DOWN?

    cuz the "homeowner" LOST HIS JOB?

    LOL!

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by USA-1 View Post
    The housing boom could not have happened without low interest rates and Bush pushing homes for everyone. Were you awake the last decade? Didn't you notice all the houses being built and everyone you knew buying a house? It was a feeding frenzy. Everyone wanted to get into a home before interest rates went up.
    As your boy Greenspan said subprime did not cause the collapse of the housing sector.
    "In my judgment, the origination of subprime mortgages -- as opposed to the rise in global demand for securitized subprime-mortgage interests -- was not a significant cause of the financial crisis,"
    Allan Greenspan 2008
    lol so it's your assertion that it was GWB telling people to buy homes in speeches rather than the low-no interest no down payment subprime mortgage loans, that was the catalyst for more people buying homes? Seriously?


    The recession began half way through 2001, not during Clinton's term. You guys really do make up your own history, don't you. I suppose 9/11 occurred during Clinton's term, too.
    Try again sport, the unemployment rate bottomed out at 3.8% in 2000 and started dropping from there, and according to the National Bureau of Economic Research, GDP growth plummeted in the 3rd quarter of 2000 to 1.3% and the revised data says it actually plummeted to an astounding negative .5%.

    Greenspan and Bush tried to use the housing sector to pull us out of the recession and it had disasterous results. We may never recover.
    They had to drop the interest rate in an emergency move brought on by the steep reduction in sales and production during the Clinton administration.

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