[quote]joedirt wrote:
[quote]Giles Corey wrote:
If you were or are in favor of the economic shutdowns instituted by world leaders due to the coronavirus, ...of course I wasn't.
[quote]joedirt wrote:
[quote]Giles Corey wrote:
If you were or are in favor of the economic shutdowns instituted by world leaders due to the coronavirus, ...of course I wasn't.
Giles Corey wrote:
joedirt wrote:
If this is your belief, then play the market accordingly. Do some research into the past and this could turn into a golden investment opportunity for you.
That's your reply?
Millions to be added to the homeless population, many will die...and you talk about a golden investment opportunity?
Sick SOB
Why dont poor people sell some of their stocks or mutual funds, instead of whining?
[quote]Precious Roy wrote:
There are big differences between today and 2008. The Fed has given banks massive amounts of liquidity before any crisis hit the mortgage industry. Bank should be able to ride out some missed payments or offer refinancing to spread missed payments out over time
Yikes.
You think the banks will actually do this?
Did they in 2008-2009? Hell no. They got bailed out "bigly" and still tossed 8 million folks out of their houses.
Will be worse this time with so many Americans unable to make mortgage payments given the massive un-employment
SocialInjusticeWarrior wrote:
Giles Corey wrote:
That's your reply?
Millions to be added to the homeless population, many will die...and you talk about a golden investment opportunity?
Sick SOB
Why dont poor people sell some of their stocks or mutual funds, instead of whining?
Exactly. Sell a few of their homes and cash-out some stocks.
SocialInjusticeWarrior wrote:
Why dont poor people sell some of their stocks or mutual funds, instead of whining?
You are either poor or have stocks and mutual funds.
Precious Roy wrote:
There are big differences between today and 2008. The Fed has given banks massive amounts of liquidity before any crisis hit the mortgage industry. Bank should be able to ride out some missed payments or offer refinancing to spread missed payments out over time instead of going into a foreclosure death spiral like what happened in 2008. Borrowers are in trouble because they are out of work. In 2008, borrowers were in trouble because they had loans that they could not afford to begin with. Also, the supply side of the housing market has been very tight compared to 2008. That will keep prices from diving. There will be big losses and significant pain, but if lenders act rationally and give their borrowers a chance to recover from the shutdowns, the impact of this crisis should not be anything like 2008.
Another big difference between today and 2008 is that this is starting with massive unemployment.
In 2008 the loan defaults (as a result of bad loans given) lead to lost jobs.
Today the lost jobs will lead to loan defaults.
The massive liquidity from the Fed may not keep up with the lost income from workers.
But at least they are trying to get ahead of it instead of reacting after the fact.
Two things that will slow foreclosures is the help from the Fed and lenders choosing to hold onto the assets in default instead of foreclosing and risking a quick loss.
But they can only go that route for so long.