Financial Crisis - Part Deux
Commercial Real Estate Loans A Growing Problem For Banks
Housing may be starting to turn the corner. But commercial real estate's woes are just beginning.
How Goldman secretly bet on the U.S. housing crash.
In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
Perspective — Greater Fool – The Troubled Future of Real Estate
This is a a reminder that smart, middle-class people in the most developed country in the First World, who follow all the rules and pay their bills with dollars earned from full-time careers can be destroyed by real estate.
Be sure to check out the comments section of the last link posted.
Interested in your feedback - I know I'm going to be a renter for a while longer given the market conditions - no taxes, no maintenance overhead, mobility. Might be wiser to invest in an older model Airstream. What do you think?
Housing may be starting to turn the corner. But commercial real estate's woes are just beginning.
How Goldman secretly bet on the U.S. housing crash.
In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
Perspective — Greater Fool – The Troubled Future of Real Estate
This is a a reminder that smart, middle-class people in the most developed country in the First World, who follow all the rules and pay their bills with dollars earned from full-time careers can be destroyed by real estate.
Be sure to check out the comments section of the last link posted.
Interested in your feedback - I know I'm going to be a renter for a while longer given the market conditions - no taxes, no maintenance overhead, mobility. Might be wiser to invest in an older model Airstream. What do you think?
Tags: banking, commercial, crisis, estate, financial, investments, market, mortgage, real
Replies to This Discussion
-
Permalink Reply by benjis007 on -
Its all a bunch of bs! the banks always win --- i agree with the top comment when I read the last article : who the heck has like 145K in savings as a 29 yr old???!!!
Why don't people quit viewing their freaking home as an investment vehicle and purchase something with their own money (not borrowed) that makes sense for them to live in - as in habitation?
I feel like the "housing market" is something that should not exist. Consider that each time a promissory note is signed (when someone borrows money for a home), that signature is collateral for the money to be lent out, and then, with that note on the banks books, the same bank can turn around and lend ten times as much as the promissory note was signed for. Its all contributing to making the banksters richer.
I for one will continue to rent until it is a reasonable price relative to my income to purchase a home outright (of course I'll still have property taxes, and that'll be part of my considerations). The desire to live above one's station fuels these scams and the "housing market" phenomenon. Back in the day, there were fewer homeowners b/c they had to put the vast majority of the money down, and then the mortgages would be on 7 year balloons -- so they had to pay it off right away... When I quit selling mortgages in '06, the lenders were pushing 50 year loan terms!!! You know how much interest that added to??!!!
NUTZO!!!
Oh, and the Goldman Sachs and Paulson clique are a bunch of criminals!
I'm ready for the artifices and foundations of our society to crumble... Bring it -- those up top have a long way to fall!
Bookmark This Page!
Add this page to your favorite social bookmarking site!
Badge
Video Downloaders
© 2010 Created by Drachnid on Ning. Create a Ning Network!
