commando1
Old Man with a Hat
Here comes the bubble bursting....
Sub-Division UPDATE
- Thread starter C Body Bob
- Start date
C Body Bob
Old Man with a Hat
Yep I think you’re probably right. Plus a little greed added in.
C Body Bob
Old Man with a Hat
I hope not Stan. I’m thinking just a good & needed market correction.
After the 2008 crash of our economy, that administration put in place the Dodd Frank Act and revisions to the Glass Steagall Act to improve the requirements that had been watered down in the past so banks would have to again cover their risky loans with their own profits, and not the deposit accounts their customers have in the banks . (In 2008, if customers had made runs on their banks to withdraw their money, there wouldn't have been the cash to give and the U.S. economy would have immediately shut down). That is why the banks crashed, and why they were bailed out - otherwise, the whole economy would have tanked. But no one went to jail.
Now the current administration with swamp members from the big banks now in the cabinet and one in particular in charge of the Treasury Department from Goldman Sachs (Steven Mnuchin - Wikipedia), those acts have been greatly watered down again. And the current administration also gutted the Consumer Finance Protection Bureau set up by the previous administration to prevent risky loans primarily in the automobile financing sector, but also others in the private sector so it couldn't nearly as effectively monitor and enforce risky car loans any more (can all the people I see with new cars really afford them?).
Apparently the current administration believes Corporations should not be hampered in obtaining loans to grow their businesses (and build more expensive hotels) so the economy could improve and more jobs be provided (trickle down theory). So these watered down changes are helping make america great again - at least until the next crash comes since we are back on nearly the same path we were on before the last crash.
Those who do not understand or learn from history are bound to repeat it. And we will once again be the ones who get screwed - not the banks or the rich or the corporations nearly as much. That is why the stock market is doing well again and wages for the rest of us are going nowhere. So enjoy all the rallies and victory laps while you can before another scenario of wealth transfer can take place.
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commando1
Old Man with a Hat
These 84 month car loans given with upside down trade-ins began in the Obama era before the regulations got watered down again.
Dodd-Frank was adopted in 2010 over the Republican and dealership's dead bodies and was primarily focused on not allowing unqualified persons (e.g. stated income based loans rather than proof of income) be able to get a car loan (or a home mortgage loan too), or to overcharge them dishonestly due to their ignorance or racial profiling (that precipitated defaults). The 84 month terms were adopted by dealers starting in the 2014 timeframe and Dodd-Frank didn't address extended terms, but rather qualifications and dishonest interest rates and related terms (fine print). Maybe Obama would have addressed the upside down/84 month loan issue but by then he was a lame duck and not much of anything got passed if you recall. This Republican administration surely won't, and their recent efforts take away safeguards that were deemed as strongly contributing to the 2008 collpase. So now we have even more to be worried than before 2016. I'm not clapping.
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C Body Bob
Old Man with a Hat
Wow this morning at 10 minutes till 9 & im driving into town & that Real Estate lady is standing by the side of the road in a church parking lot waving a very big sign that says Parade of Homes. Four miles away from the Sub. Apparently her meeting with the builders didn’t go so well. It’s monday morning & people are headed to work. I felt sorry for her. Yet another sign that things aren’t going so well in the new Sub.
78Brougham
"Chump"
I'd be throwing a party!
C Body Bob
Old Man with a Hat
Yea I’m kinda happy. They need to cool their jets out here.
commando1
Old Man with a Hat
When the developer declares bankruptcy and the property goes back to the bank, you do know who ultimately foots the bill for yet another real estate fiasco, don't you?
rags
Senior Member
living next to a bunch of zombie houses with smack dealers using them as "traps" isn't good either. the trees are gone. the houses are built. better with upscale neighbors than down. have noticed many pictures of members cars are taken in upscale housing developments. nice cars and nice homes.
C Body Bob
Old Man with a Hat
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Wollfen
Old Man with a Hat
Yay?
C Body Bob
Old Man with a Hat
Yea I’m kinda glad. Homeless people will find these houses this winter if they don’t start selling.
65sporty
Old Man with a Hat
That would be some really nice digs for some squatter or homeless person, do they have any security that checks on them beside you?
78Brougham
"Chump"
I know you're pissed about the situation, and there is not much you can do about it, so you may want to look at it from a different way... I would be praying that they sell, then you stand to make a fortune when you sell your property to some idiots that have more money than brains. When you got stuck with lemons... make lemonade.
commando1
Old Man with a Hat
You have homeless there?
They sure as hell ain't gonna hang out up here - it's cold up here half the year. "Forty below keeps the riff-raff out" is the quote, I believe. I've never spent a winter in NC, but I do know Virginia is a good bit less cold than here and I think NC is a little warmer than VA.
C Body Bob
Old Man with a Hat
I had to run some beer drinking teens off once. They have street lights & that helps. Before they got those working I would see headlights all hours of the night back there. And there is another sub down on the other end that it backs up to. I imagine they keep an eye for it too & they have a security camera at the entrance road. I’ve had a sheriff’s deputy twice ride through because they saw me on the camera. Now they recognize me. Old guy with a hat, walking stick & knee brace haha.
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