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Thread: Wall Street's nightmare about to happen

  1. #1
    Diamond Member wynn's Avatar
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    Oct 2006
    east london
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    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??
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  2. #2
    Site Caretaker Dave A's Avatar
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    May 2006
    Durban, South Africa
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    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
    Seeing opportunity changes nothing. Seizing opportunity and running with it changes lives.

  3. #3
    Join Date
    Oct 2007
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    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

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