- Franks Happy Place
- Mar 15, 2011
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It is by weed alone I set my mind in motion. It is by the dank of Sapho that thoughts acquire speed, the lips acquire stains, stains become a warning. It is by weed alone I set my mind in motion.
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If your LTV is underwater come renewal time (so, for 99% of people, every five years or less), the bank holds out their hand and does that flappy-give-me-money gesture until you cough up the difference.
As an example, 1.5 million people renewed or refinanced in 2013.
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Jun 11, 2014 22:39
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- Adbot
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ADBOT LOVES YOU
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May 26, 2024 22:03
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- namaste friends
- Sep 18, 2004
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by Smythe
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I checked out the OP, but really I'm just wondering about really basic homebuying poo poo. Like, what (in theory) could happen if it all goes down and this bubble bursts or deflates?
Say right now you buy a house for $500k, what would the benefit be to people who waited until after the burst?
I'm basically looking for the broad stroke explanation on how we're screwed, before I get down to the nitty gritty of these scary charts.
Phone postin but I'd love to hear what your social circle is saying about buying real estate.
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Jun 11, 2014 23:16
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- Kalenn Istarion
- Nov 2, 2012
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Maybe Senpai will finally notice me now that I've dropped :fivebux: on this snazzy av
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Huh. There are a few different types of mortgage here in the UK, but the most common are hybrid fixed rate/ARM deals where the interest rate is frozen for the first 2-5 years and then moves to a variable rate set by the lender with reference to the central bank rate; the borrower can refinance whenever, but if they do so before the initial fixed period expires, there will normally be a small penalty fee. It seems very hard to credit that you could take out a 25- or 30-year mortgage that would allow the lender to demand immediate repayment of the balance after only five years.
Well you see, in Canada they are not 25-30 year mortgages. They are 5 year mortgages with a 25 or 30-year amortization. So you are legally getting a brand new mortgage every 5 years (or whenever your term expires).
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Jun 11, 2014 23:19
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- Saltin
- Aug 20, 2003
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Don't touch
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Unless Canadian mortgages are profoundly screwy, there is no way for a bank to "call a loan" - the mortgage agreement will stipulate terms and as long as the buyer abides by them, the bank can't do anything. Also, why on earth would the bank want to do anything if the borrower was still repaying?
gently caress yes they do. For a lot of mortgages if, at any time or for any reason, the value of your house drops to a level which results in your mortgage exceeding 80% of it, the bank can demand you write a cheque to cover the difference. You have a chance to get a second opinion on the value, but I'm not sure what that will accomplish. If you don't pay, you're in default.
Would they do this en-masse? Definitely not - bad for business. Would they do this to an individual? For loving sure. Canadian banks are really friendly until they decide not to be.
Saltin fucked around with this message at 23:55 on Jun 11, 2014
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Jun 11, 2014 23:46
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- ocrumsprug
- Sep 23, 2010
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by LITERALLY AN ADMIN
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If your LTV is underwater come renewal time (so, for 99% of people, every five years or less), the bank holds out their hand and does that flappy-give-me-money gesture until you cough up the difference.
As an example, 1.5 million people renewed or refinanced in 2013.
This is going to be a pretty rude surprise for a lot of people that recently purchased high ratio if/when the market starts to turn.
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Jun 12, 2014 00:54
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- Horseshoe theory
- Mar 7, 2005
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gently caress yes they do. For a lot of mortgages if, at any time or for any reason, the value of your house drops to a level which results in your mortgage exceeding 80% of it, the bank can demand you write a cheque to cover the difference. You have a chance to get a second opinion on the value, but I'm not sure what that will accomplish. If you don't pay, you're in default.
So Canadian mortgages are basically trading on margin.
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Jun 12, 2014 03:06
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- namaste friends
- Sep 18, 2004
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by Smythe
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WHOA WHOA WHOA HOLD THE gently caress UP OECD
https://www.ctvnews.ca/business/cmhc-guarantee-on-mortgage-insurance-putting-taxpayers-at-risk-oecd-1.1863647
quote:
OTTAWA -- The federal government needs to limit the percentage of a mortgage loan it is willing to insure in order to protect taxpayers if the overheated housing market goes bust, according to a new report on Canada by a major international think-tank.
In the first major survey of the Canadian economy in two years, the Organization for Economic Co-Operation and Development takes particular aim at risks in the housing market, while also chiding the country's environmental record, the oilsands and skills training.
The report -- which contains a dedication to the late finance minister Jim Flaherty from the group's secretary general, Angel Gurria -- is mostly complimentary about the state of the Canadian economy but raises a number of concerns, including growing inequality, the two-speed economy and Canada's environmental record.
It takes special aim at the housing market, particularly increasing unaffordability in certain big cities like Vancouver, and high household debt which leaves families vulnerable to interest rate hikes.
"Almost 40 per cent of the country's population lives in a city where house prices are seriously or severely unaffordable," it states. "A shock to even one segment could have spillover effects to the broader economy if banks respond by tightening credit significantly or if negative wealth effects depress consumption."
Given such risks, the OECD wonders why the government allows Canada Mortgage and Housing Corp. to insure 100 per cent of high-leverage mortgages when most other countries limit potential losses to 10 to 30 per cent of outstanding balances.
"Imposing a deductible on mortgage insurance, as is common in other lines of insurance, would help promote stability by better aligning the interests of the lenders and those of the insurer, thereby reducing moral hazard," it recommends.
"Over the longer run. the insurance activities of CMHC could be privatized, shifting the government's role to one of guaranteeing only against catastrophic losses," it added.
Speaking to reporters at International Economic Forum of the Americas in Montreal, Gurria said he wasn't overly worried about a housing market crash in Canada.
"The concern more than a crash is about affordability," he said.
Former finance minister Flaherty had also speculated about privatizing the Crown corporation, and Ottawa has taken steps to rein in its activities, including the most recent announcement that it would no longer insure condominium construction. It has also dropped insurance on second homes.
One danger of the government-backed safety net is that lending standards are reduced since banks are protected against default.
Finance Minister Joe Oliver has come under pressure to intervene in the market after recent moves by Canadian banks that have taken five-year fixed rates below three per cent. But, speaking in New York, the minister downplayed the danger saying rates had not come down very much.
"We don't believe there is a major problem," he said.
The wide-ranging report analyses most economic and fiscal issues facing the country and expresses concern over the lack of skilled workers for some sectors in some regions, particularly resource-rich Alberta and Saskatchewan.
In a separate paper, the OECD says federal and provincial governments must co-operate with local authorities and schools in educating and training Canadians for the jobs that are in demand.
"Skills shortages in certain fields and regions could limit growth going forward," it warns, adding that the average apprenticeship completion rate was only 50 per cent between 2000 and 2011.
The OECD says some of the problem could be ameliorated by better data on job vacancies -- a point made again Wednesday by economist Don Drummond in a paper for the Institute for Research in Public Policy.
In the Commons, opposition MPs criticized the government for slashing funding on labour information gathering by 20 per cent, saying it shows the government's is not interested in reliable data to guide its Temporary Foreign Workers program.
The OECD was also critical of Canada's environmental record, calling the expansion of the oilsands in Alberta the principal reason the country won't come close to meeting its 2020 target on reduction of greenhouse gas emissions. That's because oilsands expansion is projected to increase oil and gas emissions by 23 per cent by 2020.
It recommends that Canada increase the pricing on carbon emissions, noting that currently it has one of the lowest effective tax rates on carbon among industrialized countries.
"We are on a collision course with nature," Gurria said of the report's findings. "We cannot sustain long-term growth in our economies if we do not protect and preserve our environment."
Generally, the OECD says Canada's economy is doing relatively well with expected growth rates of 2.5 per cent this year and 2.7 per cent in 2015.
But it warns that inequality is rising and that it is increasingly becoming a two-speed economy, as Bank of Canada governor Stephen Poloz has described it, with resource-rich regions doing well at the expense of other regions.
"The emergence of low-cost competitors in emerging economies and exchange-rate appreciation resulted in slower growth in the manufacturing-based economies of Ontario and Quebec," it said.
It didn't limit its criticism only to the federal government. The OECD also chided oil-producing provinces for not taxing its producers sufficiently and for not socking away enough of the revenues from non-renewable resource extraction for future generations, as Norway has done.
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Jun 12, 2014 03:06
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- namaste friends
- Sep 18, 2004
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by Smythe
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Any mortgage, taken out with the intent of buying property for "investment" purposes, is basically trading on the margin.
Wasn't margin trading basically what caused the 1929 crash?
and the circle of life is complete
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Jun 12, 2014 04:58
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- namaste friends
- Sep 18, 2004
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by Smythe
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hey guys, we're all gonna live in houses and the boom isn't gonna bust
http://business.financialpost.com/2014/06/12/why-canadas-housing-boom-could-be-in-for-a-big-echo/?utm_source=dlvr.it&utm_medium=twitter
quote:
A new report suggests the housing market may have stronger legs than anybody thinks because of a massive number of echo boomers in the market.
Bank of Montreal economist Robert Kavcic says the echo boomers may be poised to start buying those detached homes when the boomers finally start retiring and downsizing.
“The Canadian housing market keeps soldiering on and, while much focus is cast on brash calls of overvaluation, mortgage rate wars and mortgage rules, demographics are playing a less-publicized yet important role. The baby boom generation grabs most of the attention on this front, but their children, the echo boomers, pack a heavy economic punch as well, wrote Mr. Kavcic, in a report released Thursday.
Even though there are about 10 million Canadian baby boomers aged 49-67, they are actually outnumbered by those aged 20-38.
“While fertility rates among boomers were lower than for their parents, leaving fewer kids, immigration, which is highly concentrated in this age group, has fully filled the gap,” wrote the economist, noting the group is now moving through its prime first-time home buying years.
While there were other factors that coincided with a housing downturn in 1989, Mr. Kavcic noted there were huge plunge in population growth in the 25-34 age group in the 1990s.
“Interestingly, it was only when this age group began to expand again on a sustained basis (around 2002) that the next bull market really began, in part because of a pickup in immigration, but also helped by the aging of the echo boomers,” he said.
Growth among this age group is expected to cool but there are a few expansion years left with stagnation not occurring until 2018.
“From a strictly demographic perspective, that would place us around the 7th inning of the secular bull market in Canadian housing, before conditions become unfavourable around the turn of the decade,” wrote Mr. Kavcic.
How the gently caress do these idiots find the loving balls to call themselves economists?
http://www.bmonesbittburns.com/economics/profiles/rkavcic/
quote:
Robert holds an Honours Bachelor of Arts degree in Economics from the University of Western Ontario, and a Masters degree in Economics from Carleton University.
loving carleton? Really?
namaste friends fucked around with this message at 14:30 on Jun 12, 2014
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Jun 12, 2014 14:27
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- tagesschau
- Sep 1, 2006
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D&D: HASBARA SQUAD
THE SPEECH SUPPRESSOR
Remember: it's "antisemitic" to protest genocide as long as the targets are brown.
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hey guys, we're all gonna live in houses
Well, I mean, it's possible, just not at these prices (the younger generation doesn't have enough money).
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Jun 12, 2014 14:38
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- namaste friends
- Sep 18, 2004
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by Smythe
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EXOGENOUS ECONOMIC SHOCK HOLLAAAA
https://businessincanada.com/2014/06/12/bank-of-canada-financial-system-review-china-risks-hard-landing/
quote:
The Bank Of Canada Is More Worried About A Chinese Hard Landing Than Ever Before
The risks to financial stability emanating from a downturn have increased in the past six months, the Bank of Canada said in its Financial System Review (FSR).
As Business in Canada expected, the Bank’s report indicated that monetary policymakers have grown less concerned with risks stemming from the euro zone, and more worried about of financial contagion resulting from a hard landing in China. As such, the threat level on China was upgraded from ‘moderate’ to ‘elevated.’
Like Canada, the Chinese economy needs to undergo a rotation of demand. However, unlike Canada, which is looking to transition away from consumer-led growth and towards growth fuelled by export and business investment, China is seeking less credit growth (geared towards investments in infrastructure) and more domestic consumption.
The Chinese financial system is very opaque; the degree of interconnectedness between banking and shadow banking entities is unclear, but immense. Declining real estate values accompanied by an inventory buildup (see right), worsening credit quality, and the growth of trust companies (which have extensive links to riskier parts of the Chinese economy, such as real estate development and infrastructure) offer cause for concern.
And if one domino in the complex system falls, there’s no telling what will happen. When its comes to the Chinese financial sector, uncertainty reigns supreme – and that’s what has monetary policymakers so worried. “The high degree of interconnectedness across the Chinese financial system suggest that a negative event in one area could quickly have sizable and widespread consequences,” the Governing Council wrote.
A popular – and disturbing – development that has come to light recently is the use of certain metals (in particular, copper) as collateralization to secure loans, leading to a stockpiling of inventories at the port of Qingdao. While this development was thought be contained to that one port, it appears to be taking place in at least one other – in Singapore.
The FSR does not reference to this development, suggesting the Bank is not particularly concerned about it. However, the risks to the Canadian economy stemming from a downturn in China are clear. Chinese demand has fuelled the global commodities supercycle, of which Canada has been a beneficiary. If that demand were to deteriorate, Canada could face a housing market correction and financial market stress, according to the FSR.
Those with funds invested in Canadian equities would likely get slammed as well, monetary policymakers said. “Canadian equity markets would likely decline by more than global markets, given the significant weight of the commodity sector in the TSX,” they wrote. “Feedback between adverse financial system and economic events would then develop.”
Looking back, there were hints that the Bank has growing more concerned with the evolution of Chinese economy. April’s Monetary Report deemed the possibility of severe tightening of credit conditions in China as a risk to inflation outlook, something that was not mentioned in January’s MPR.
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Jun 12, 2014 15:54
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- VERTiG0
- Jul 11, 2001
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go move over bro
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Stephen Poloz is live on CBC (and CBC.ca) now doing a press conference about the economy, and he just said the risk of any housing fuckup is "very low." And now he's dodging questions on the OECD report.
edit: there is very loud duck quacking coming from the press conference as well, what the gently caress
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Jun 12, 2014 16:26
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- namaste friends
- Sep 18, 2004
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by Smythe
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Lol. There IMF is sounding the global housing alarm. Canada is leading the pack in terms of house price to rent ratio.
Yay Canada
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Jun 12, 2014 17:30
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- Blade_of_tyshalle
- Jul 12, 2009
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If you think that, along the way, you're not going to fail... you're blind.
There's no one I've ever met, no matter how successful they are, who hasn't said they had their failures along the way.
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quote:“The baby boom generation grabs most of the attention on this front, but their children, the echo boomers, pack a heavy economic punch as well, wrote Mr. Kavcic, in a report released Thursday.
Even though there are about 10 million Canadian baby boomers aged 49-67, they are actually outnumbered by those aged 20-38.
“While fertility rates among boomers were lower than for their parents, leaving fewer kids, immigration, which is highly concentrated in this age group, has fully filled the gap,” wrote the economist, noting the group is now moving through its prime first-time home buying years.
Am I correct in interpreting this as the fellow claiming people born up to 1994 are echo boomers? Because, holy poo poo, that's really stretching definitions, I think 
fe: ahaha, by this dude's age bracketing, my father is a baby boomer? He's gonna be furious when I tell him he's the same generation as his own father 
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Jun 12, 2014 18:38
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- Rime
- Nov 2, 2011
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by Games Forum
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No no, they are coming to save us and our housing market. That isn't fear mongering. Fear mongering is talking about how the Chinese financial system is pulling a Wile E. Coyote at the moment, and will likely take down every economy that is touching it when it finally does it's black swan dive into oblivion.
The trick is to know which is more likely.
My bad, I thought he had posted this article from the Globe & Mail, which goes:
quote:A crash of China’s shadow banking system would quickly send shockwaves through the Canadian economy, depressing commodity prices and triggering a housing market correction, the Bank of Canada warns in a new report.
The joke works a bit better there.
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Jun 12, 2014 19:18
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- namaste friends
- Sep 18, 2004
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by Smythe
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http://www.cbc.ca/news/business/stephen-poloz-sees-high-home-prices-as-economic-risk-1.2673273
quote:
Bank of Canada governor Stephen Poloz says the Canadian housing sector is vulnerable because of high housing prices and high levels of household debt, but says he continues to believe it is on course for a soft landing.
Speaking in Ottawa Thursday, Poloz said Canada’s financial system is vulnerable to a sharp correction in housing prices.
“The most important domestic risk is a sharp reduction in house prices,” he said at a news conference following the release of the central bank’s semi-annual review of the financial system.
“If it were to happen, its impact on the economy and financial system would be severe,” Poloz said.
His statement comes a day after the Organization for Economic Co-operation and Development told Canada it was concerned that rising home prices were widening inequality and the International Monetary Fund warned that high house prices might be a threat to global growth.
Poloz said the probability of a sharp correction is small and, if it comes, it will be caused by external factors, such as a sudden failure of the economic recovery that seems to be underway in the world economy.
“If something else happened outside, the risks inside [Canada] might be magnified by this indebtedness and high housing prices,” Poloz said.
He refused to comment on a suggestion by the OECD that the government end its practice of insuring high-risk mortgages through Canada Mortgage and Housing Corp. Poloz said that question would be better answered by the federal government or CMHC.
Low rates were tool in downturn
Poloz said the lower mortgage rates put forward recently by some Canadian banks were an inevitable consequence of the low bank rate currently in effect. The Bank of Canada has not changed its key interest rate since 2010.
“It’s important to keep the context, which is that we went through a sizeable global downturn. When you put interest rates down as low as you can, you expect to have a reaction somewhere and it won’t come from businesses facing less demand, but from the banking sector,” he said.
“Stronger housing and stronger consumption was exactly what we were hoping to achieve.”
Poloz said the central bank is "comfortable" with the current trends in the housing market and believes Canada's house prices will have a soft landing.
He said there had been a "fundamental shift in people’s behaviour" because of rules that require them to qualify for a mortgage at the equivalent of a five-year rate.
"People are choosing a smaller house and less of a mortgage than they would otherwise qualify for, because everyone knows rates might rise," he said.
But the purpose of the bank's financial system review is to pinpoint areas of potential concern to the banking sector and the economy and so housing remains an area of vulnerability.
Particularly vulnerable to a housing correction may be smaller financial entities, such as credit unions, which may not have the resources of big banks to withstand a reversal, the Bank of Canada said in its report.
Risks from Chinese, U.S. economy
"Many smaller entities, including some mortgage investment corporations and smaller credit unions, cater specifically to borrowers who do not qualify for insured mortgages. These may include low-income individuals, recent immigrants, rural residents whose income tends to be more volatile."
The other key areas of vulnerability come from outside the country, including a sharp increase in long-term interest rates emanating from the U.S., stress from China and other emerging markets, and weakness in Europe.
Poloz said he believes the U.S. is on course for recovery, but its poor first-quarter performance, including housing and investment figures lower than anticipated lead to the U.S. economy being flagged as a risk factor.
The Bank of Canada sees risks from China growing due to concerns about the less regulated shadow banking activities, noting that a hard landing in China would be felt globally and in Canada's resource sector. The risks from the eurozone have lessened, however, it said.
The Bank of Canada has changed framework for the review by clearly defining vulnerabilities and risks in its new Enhanced Risk-Assessment Framework. This is the first time it has offered a media lock-up and press conference to discuss the contents of the report.
I read this is as 'soooo we're hosed but I'm not allowed to actually say so'.
And yeah everyone totally knows that interest rates are going to rise and are buying less house. 
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Jun 12, 2014 19:31
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- FrozenVent
- May 1, 2009
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The Boeing 737-200QC is the undisputed workhorse of the skies.
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Ahahaha where the gently caress is that guy hanging out that people buying houses even understand that interest rates aren't a totally immovable constant factor that have been around 1% forever and will forever be that way?
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Jun 12, 2014 19:36
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- Wasting
- Apr 25, 2013
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The next to go
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Yeah guys, everything's fine. That's why we can't raise interest rates by 1% without destroying the country.
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Jun 12, 2014 19:42
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- Franks Happy Place
- Mar 15, 2011
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It is by weed alone I set my mind in motion. It is by the dank of Sapho that thoughts acquire speed, the lips acquire stains, stains become a warning. It is by weed alone I set my mind in motion.
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Guys, if you think the OECD is smarter than Cameron Muir... well, you'd be right.
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Jun 12, 2014 19:43
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- namaste friends
- Sep 18, 2004
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by Smythe
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Yeah guys, everything's fine. That's why we can't raise interest rates by 1% without destroying the country.
Well salaries are rising and
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Jun 12, 2014 19:51
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- Mexplosivo
- Mar 8, 2007
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The monetary system is not ratified by society yet it shapes and dictates our entire existence...
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Yeah guys, everything's fine. That's why we can't raise interest rates by 1% without destroying the country.
- or have house prices go down any meaningful amount
- or do anything about debt levels going up, hell even slowing down the rate at which debt must pile on will bring the whole thing crashing down.
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Jun 12, 2014 23:27
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- namaste friends
- Sep 18, 2004
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by Smythe
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http://www.richmondreview.com/business/262625261.html?mobile=true
quote:
Many condo buildings in B.C. are believed to be opting out of a provincial government directive to get a depreciation report that gives owners and prospective buyers a warts-and-all assessment of deficiencies and expected long-term expenses.
Industry insiders believe many strata councils voted by a required 75 per cent margin to exempt themselves from the requirement, which was passed by the province in 2011 and took effect last December.
Mike Laporte, a partner with property appraisal firm NLD Consulting-Reserve Fund Advisors, estimated just 20 to 25 per cent of condo buildings have commissioned depreciation reports.
"That's a guess," he said, but added he's heard similar estimates from competitors.
Buildings that have opted out must conduct new exemption votes every 18 months.
Laporte expects subsequent votes will result in more buildings eventually getting depreciation reports, putting additional pressure on holdout condo buildings to follow.
"Without the report it may appear there's something undue to hide," Laporte said.
He said some stratas think their building is in great condition so they don't need a depreciation report, but don't realize a good report can give them an edge over others when unit owners wish to sell.
The province amended the rules in the wake of the leaky condo crisis to shed more light on the physical condition of aging buildings and the preparations of their strata councils to cover the eventual cost of major repairs.
Laporte said some stratas initially worried about the cost of getting a report due to the high demand for them or that too few professionals were qualified to perform them.
Tony Gioventu, executive director of theCondominium Homeowners Association of B.C., is more optimistic about strata uptake, estimating 30 to 50 per cent of condo buildings now have at least commissioned a depreciation report.
He said the association is getting a few complaints each day from condo owners who can't sell their units because their strata doesn't yet have one.
Gioventu predicts the fallout for buildings without a report will extend to more stringent and costly terms – if not refusals – for prospective unit buyers from lenders and insurers.
While many strata councils fear bad news from the reports, he said the regulation change is good because it brings better protection for buyers and more certainty about future costs for owners.
"What we have is a rapidly aging housing stock coupled with low cash reserves, so we are seeing older buildings that have significant unanticipated special levies," Gioventu said.
A 35-year-old Burnaby condo complex he visited last month is facing a $27,000-a-unit special levy to replace its decking and siding.
"It's because they've ignored their building. They simply haven't done maintenance in the last 15 years."
A strata may not be on financial track to cover a $100,000 elevator replacement in 10 years time, he said, but at least a depreciation report will lay out what residents can expect.
"Everybody wants the same thing when it comes to real estate and that's certainty," Gioventu said. "The leaky condo issue was really about being the victim of a failure or an emergency. Depreciation reports help to eliminate that risk."
He said he believes the number of stratas actually voting to exempt themselves from the new rules is less than five per cent.
Some others stratas are on a wait list for a report, he said, or plan to get one but haven't yet raised the money.
James Balderson, a long-time advocate for leaky condo owners, said prospective condo buyers should insist on seeing a depreciation report if it exists.
The absence of a report should be a red flag, he said.
"If they don't have one and they don't want to know what the score is, why should you as a purchaser assume those risks without knowing what the risks are?" Balderson asked.
The provincial government provided more than $670 million in interest-free loans to help owners finance repairs to 16,000 leaky condos during the 2000s.
As for suggestions a second wave of leaky condos is on the way as depreciation reports expose unfunded building problems, he said the issue never really went away.
"There was only one primary wave from about 1980 to 2000, but the problem is only maybe half of them are properly fixed," Balderson said. "There are plenty of problems you can still buy into."
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Jun 13, 2014 06:01
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- namaste friends
- Sep 18, 2004
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by Smythe
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https://twitter.com/RedDogFinancial/status/477075737724194817
quote:
1st and 2nd #mortgage
Good or bad credit
New emigrants program
5% and zero down payments
Best rates in #Canada
@RedDogFinancial
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Jun 13, 2014 06:03
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- Rime
- Nov 2, 2011
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by Games Forum
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I see no reason to subsidize corner cutting developers, and bail out buyers too stupid to be trusted with large sums of money, in a province with the highest child poverty rates in the country (among all our other incredibly ill-funded social issues).
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Jun 13, 2014 07:03
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- Adbot
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ADBOT LOVES YOU
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May 26, 2024 22:03
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- PT6A
- Jan 5, 2006
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Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane
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I agree that this could encourage future corner-cutting in developers which is lamentable. However, allowing homeowners to keep owning a home rather than be drowned under debt is hardly deplorable behavior, even if there are more pressing issues that both you and I would rather see the money go towards. Creating more homelessness and debt issues would hardly help the latter in any event.
But they are bad people who made stupid decisions (like most people do from time to time), and they had the unbelievable gall to have more money than SA Forums poster Rime. Surely they deserve to suffer, no?
Suck it up. If we start going down the road of, "well, they should've known better," when it comes to providing social programs, we're going to end up in a weird, dark place. I can see why any reasonable person would look at the housing bubble as a potentially destructive, bad thing, but there seems to be a huge amount of animosity and bitterness towards those people who committed the (apparently) cardinal sin of wanting to own property.
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Jun 13, 2014 07:38
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Jun 11, 2014 22:39
