Results 1 to 3 of 3

Thread: Wall Street's nightmare about to happen

  1. #1
    Diamond Member wynn's Avatar
    Join Date
    Oct 2006
    east london
    Thanked 625 Times in 524 Posts

    Wall Street's nightmare about to happen

    Long story short

    In the USA local governments are exploring buying properties that are overvalued due to toxic loans
    and foreclosures through the use of eminent domain.
    Under the proposal, towns would essentially be seizing and condemning the man-made mess resulting from the housing bubble.
    Then, the idea goes, The county would help homeowners essentially buy back his own house, only at a current market price. This would cut the mortgages to the current value of the homes and would allow homeowners to lower their (home loan thereby lowering their) monthly payments and hang onto their property.

    Good for the local County, Bad for Wall Street.

    Read more:

    Wall Street have thrown all their toys out the cot and are holding their breath until they turn blue because if this happens the loss of value will be passed on to investors who in turn will turn on and sue Wall Street.

    Looks like chickens are about to come in and roost.

    Now if the ANC were awake they would consider the same strategy as far as purchasing farms go?? or what??
    "Nobody who has succeeded has not failed along the way"
    Arianna Huffington

    Read the first 10% of my books "Didymus" and "The BEAST of BIKO BRIDGE" for free
    You can also read and download 100% free my short stories "A Real Surprise" and "Pieces of Eight" at

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Durban, South Africa
    Thanked 2,476 Times in 2,080 Posts
    Blog Entries
    Why is Wall Street getting in a tizz about this? When it comes to defaults, the finance houses can't really object unless they're still over-valuing their toxic debt...

    Maybe it's because of the poor slobs who are still paying and haven't defaulted yet! That cow is still producing milk at full debt value - who wants to reduce that flow...

    One of the other suggestions I've seen is flattening the empty houses to remove the oversupply of accomodation. Law of supply and demand kicks in and hey presto, property values climb again.

    Crazy ideas for a crazy mess
    The trouble with opportunity is it normally comes dressed up as work.

    Alcocks Electrical Services | Alcocks Pest Control & Entomological Services

  3. #3
    Join Date
    Oct 2007
    Thanked 254 Times in 209 Posts
    i am amazed at how many vacant houses there are in certain suburbs...which are causing huge theft problems for neighbours...they are nailing one of my customers daily...they use the pan handle to gain access and just to hang out and watch movement on my customers soon as everyones leaves they distract the big dogs jump over the 8 foot electric fence and walla they rob the house...just recently all the elctrical cables have been removed...the copper pipes were taken a while back already and where replaced with plastic

Similar Threads

  1. Street Names
    By Mike C in forum Labour Relations and Legislation Forum
    Replies: 7
    Last Post: 18-May-12, 09:48 PM
  2. Are you on Google Street View?
    By SilverNodashi in forum General Chat Forum
    Replies: 3
    Last Post: 01-Dec-10, 09:11 PM
  3. [Article] When Bad Things Happen to Good Business Owners and Entrepreneurs
    By BBBEE_CompSpec in forum General Business Forum
    Replies: 0
    Last Post: 07-Dec-09, 10:10 PM
  4. Durban street name changes come under fire.
    By Dave A in forum General Chat Forum
    Replies: 12
    Last Post: 25-Aug-09, 10:29 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts