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Additional Details
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ppena1977 | Did the banks conspire the housing boom? |
Perhaps in order to seize the assets of the middle-income Americans involved in the lending practices. The banks get a government bailout and they will soon own all the property involved. What happens next? |
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djkolbe
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Most of your banks that make the mortgage loans are not going to impacted too bad from the loans they made in the past. The reason there was a housing boom was because banks were offering different types of loans than ever before to consumers that would have qualified otherwise. The banks then in turn sold a "bundle" of these loans to investment firms who then allowed investors to purchase shares of the bundled securities. I see the investment firms as responsible as the commercial banks because they were not doing enough research into the people taking these loans out. The banks didn't care too much that these people were borderline qualified or not qualified at all because they were selling off the loans as quick as they were making them, therefore ridding themselves of any liabilities when the consumer defaults. So no, I do not think the banks conspired. I think they went crazy trying to make a dollar by processing as many loans as possible despite being extremely risky loans. Since the banks sold a majority of the loans they made they would have no right to the property. |
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TriSec
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Yeah, sure blame the banks.......The real ones to blame are the idiots trying to make a fast buck and getting suckered into interest only loans or ARMS and buying WAY MORE HOME than they can afford. I don't feel sorry for dumb people. |
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Christiane
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No the banks did not conspire together to seize homes. They are in the money lending business not the home owning business. The large amount of foreclosures actually hurts the banks ability to borrow money from the Federal Reserve.
The banks are not being "bailed out". Some homeowners are getting assistance but the majority are not.
What happens next? We wait for the buyers to absorb the huge inventory of homes that are for sale and hopefully some better supervision will be implemented. |
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proactiveindy
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My two cents. "The world tends toward chaos". The stock market drives much in America. Large funds want better income for their investors. It starts innocently enough, with real estate mortgage "securitized" and sold as investments on wall street. Then, the fund manager's say I want a portfolio which has higher interest rate loans and so the banks respond with subprime loans at a higher rate offering a better yield, and so it continues. the rating companies say the mortgages are A- or B+, which is not so true, and the fund managers buy the security. Things escalate and soon get out of control with 50% default rates on some portfolios. People get foreclosed, banks lose money, and then after a time the lenders tighten up lending because wall street refuses to buy the subrime loans. We are now in the tightened time. When things calm down and people realize they are not making money in the market, things will loosen up. A new crop of people will come into the market and not understand the past and things will get out of control again. History tells the same story again and again. Be in the right position and you can capitilize on the next real estate bonanza. |
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Monika Wilson
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I like your question, it is an interesting thought. But i don't think that the banks conspired the housing boom, they did jump on it and got good business out of it but now they are suffering as well. Banks don't want to own houses, that is not their business.
However I personally think that housing boom and housing slump is somewhat caused by the Media. The Real Estate Market is sensitive and depends on buyers and investors confidence Just before the big housing boom all Media were reporting how great investment in Real Estate is and how much money can be made. The Buyer's confidence in the Market was high. The same Media are reporting now about how bad the housing Market is and buyer's confidence is low, that causes people trying to get out of their Real Estate investment, that causes the prices to drop, that causes bank foreclosures and so on.
Question is, who is behind the Media?
Point is, Real Estate always was and still is a very good investment and safer than a lot of other investments. Real Estate is an investment you can see, stand on, live in, enjoy, retire and it will be there regardless what the economy is doing. Real Estate will always be in need. Population is growing and people have to always live somewhere.
By the way, the goverment can not own all the properties, they can not afford all the property taxes and insurance (: (kidding) |
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mcmufin
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It's a nice theory, except for the part where the banks loaned out $500,000.00 (which was actually paid to developers) for homes they are now foreclosing on that are only worth $300,000.00 - a $200,000.00 loss, and just for one home. Now imagine a 450 home subdivision with 20% of the homes in foreclosure. Which is a real event where I live.
Now realize many mortgages issued were "non-recourse," which means the bank cannot go after the borrower for shortfalls between the values of the mortgaged property and the loan amount.
Still think it was a planned scam? Then why are so many lenders in bankruptcy or about to enter it? |
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Terry S
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Nobody conspired. The INVESTORS got caught up in groupthink, and pure and simple greed!
Here's what happened.
The lenders always looking for the easy bucks saw sub-prime loans as the most lucrative.
Why? Risky borrowers will ALWAYS pay:
1. Higher fees to get a mortgage.
2. Higher interest rates.
3. Pre-payment penalties because they don't really understand what a pre-payment penalty is.
The banks really could care less if the homeowner could make the payments on the re-adjusted rate.
Why?
Because as soon as they made the loan, the bundled them into CDO's Collateralized Debt Obligations and sold them off to investors.
The investors (I.E. Insurance companies, pension funds) were left with garbage loans that were rated AAA.
Greed did a lot of these investors in.
Now that the piper is suppose to be paid, the investors are screaming bloody murder for the government to bail them out.
That's why the Fed lowered the interest rates in September. To bail out the people who BOUGHT not made, but BOUGHT these stupid loans.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com |
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Deborah C
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i blame appraisers.... how else could someone get a loan for such a high amount... it begins with the appraisers! Period.. they set the market prices. such a small group of people have hurt our economy... but its true.. and they didn't even get that much money.. unless maybe kick backs... but it all starts with them... |
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Dennis B
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They are only a portion of the problem. Insurance companies have got a fist in it. Housing tax bills are being mailed out, to be paid. Depending on your area, and how much they paid out, floods, fires, etc, they inflat the price of the value of your home, according to the defficit paid out in your area. Fact, a house in Springfield, Mo., just bought for $117,500, overnight quickly appraises to $134,000. That area had a flood plain, and homes were damged. Yours survived?? You need to pay a much higher preminum, to pay us back for the others who lost?? You don't think it comes out of our profits, do you?? We're in this for a profit. Loss is made up, by you home owners. Oh, by the way, your car was damaged severly. We booked it out at $500. We'll pay that, and you pay the $3000 balance. (My wealthy neighbor, with Mercedes Benz, is the bank Manager). Scientists are claiming, there's a slight chance of an earthquake in the next 100 years. News of this impending disaster, allows all companies to discontinue any form of that insurance. What happens next?? We're just like UG the Caveman. We're living back in the caves. Thank goodness UG was really qualified. He knew what he was doing. He drug his spouse around by the hair. HE WASN'T ABUSIVE!! He was intelligent. If he drug them around by the FEET, they"d FILL UP WITH DIRT!!! Whose turn to invent fire??? Peace. |
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