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alstry (35.44)

How to SOLVE the Housing Crisis-Step One

Recs

9

September 15, 2008 – Comments (3)

Force Public Homebuilders to STOP building homes and dumping them at a loss destroying value for millions of homeowners around where they build. 

We sue foreign countries for inventory dumping....what the heck do you think our publicly traded homebuilders are doing as they managements suck in millions in bonuses while destroying our economy.

Those builders that can sell a home for an economic profit....that is one thing....but when executives are taking public money and using it to destroy the public....that is a whole different story.

3 Comments – Post Your Own

#1) On September 15, 2008 at 2:40 PM, BradAllenton (31.46) wrote:

Or you could let the prices come down until the money comes in. That is how it was intended to work. Home prices really haven't come off much if you consider where the came from. In an area I own a property the homes that went for 89,000 in 1998 went for 220,000 by 2005. Now they are about 150,000 Still 60K above 10yrs ago. A person who bought at 89 would still be looking at a 68% profit in 10yrs, NOT BAD...... Oh wait I forgot the solution has to save the retards that bought in 2005, My Bad.

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#2) On September 15, 2008 at 3:29 PM, EScroogeJr (< 20) wrote:

Is there the opposite of a rec?

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#3) On September 15, 2008 at 4:26 PM, jegr5347 (< 20) wrote:

Folks,

This problem was not created by homebuilders. This problem was created by easy credit and a lapse in underwriting judgement. The term debt service coverage or debt as a percentage of household income was effectively taken out of the dictionary after the dot com bubble. The apparent recovery from the dot com bust made financial institutions more risk averse as most came out okay form that bust.

Wall street is getting what it deserves. Today is a day for reflecting on the amount of GREED and CHICANERY that has finally driven Wall Street over the edge. Honestly, the credit crunch will take care of the housing bubble all by itself IMHO. Unfortunately, a lot of other unrelated industries are getting hammered in the process.

By the way, don't believe the hype about Goldman and Morgan. Take a look at their level 3 assets on their latest quarterly reports. 

 

 

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