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I'm 29 Years Old With Nearly $1,000,000 In Debt
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It's not that it is wrong as much as that financial crisis is a broader term for banking crisis."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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Originally posted by scooterscot View PostIt's not that it is wrong as much as that financial crisis is a broader term for banking crisis.Comment
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Originally posted by Jog On View PostI remember those seminars on how to become a property millionaire starting by putting down a deposit on a credit card.....
Probably sitting on £10m worth of property equity.Comment
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Originally posted by GreenMirror View PostIndeed. Teaser rates they could afford. Once that ended they were stuffed.
Also playing a part was mortgage securitization. And the reuniting of retail and investment banks.
I heard of someone at Lehman. £4m house. £4m mortgage. Secured on Lehman shares. So when Lehman went, he ended up with his parents.Comment
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Originally posted by NickFitz View PostAs I recall, it was recently shown that much of the turmoil in the US housing market arose from middle class (in the British sense) people using easily-obtained mortgages to purchase multiple BTL properties, then walking away from their "investment" when things started going pear shaped. Though many people on lower incomes undoubtedly screwed up, they were far from being the crux of the problem.Down with racism. Long live miscegenation!Comment
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The working classes are about to be rogered again. And it's not their fault. Still should provide some nice buying opportunities."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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As I recall, it was recently shown that much of the turmoil in the US housing market arose from middle class (in the British sense) people using easily-obtained mortgages to purchase multiple BTL properties, then walking away from their "investment" when things started going pear shaped. Though many people on lower incomes undoubtedly screwed up, they were far from being the crux of the problem.Comment
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Originally posted by NigelJK View PostWould make for a good subject in the Monday links ...
IndeedAlways forgive your enemies; nothing annoys them so much.Comment
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