Sheng-Ji Yang posted:

36% of renters could not pay rent also. a third of america homeless in a few months.

Mozi posted:

question: if it's so easy to do these things, why is the person writing the columns/headlines about this method still working there instead of becoming a multimillionaire?

Penisaurus Sex posted:

It's going to gently caress over a lot of seemingly well-off boomers too.

The bargain made for that generation from the 70's on was that wages weren't going to go up anymore, but in exchange housing prices would. So if you bought a home in 1975 you never really cared that your wage actually had less earning power when you paid off your mortgage than when you got it, you could pocket the difference and more from the sale of your home.

Reverse mortgages staved that particularly grenade's explosion off a bit but we're going to hit a point within this crisis where this person can't cash out the 'value' of their home without taking a massive bath on selling it, and they can't afford to stay in it. Banks don't care about owning property, they care about the financialization possibilities and income streams from loan agreements.

Fish of hemp posted:

What caught my eye is that 15% of the 100k earners didn't pay anything?

How is that possible?

FAUXTON posted:

some people with high income also carry huge credit balances and getting laid off/furloughed means all their poo poo falls down goes boom

Tunicate posted:

landlords care more about power tripping than thy do about getting paid


there was an irish pub I used to go to that got locked up and closed for late rent the day before st paddy's day. And like, if they were actually trying to get money, they'd let the restaurant be open on the single most profitable day of the year.

Tunicate posted:

landlords care more about power tripping than thy do about getting paid


there was an irish pub I used to go to that got locked up and closed for late rent the day before st paddy's day. And like, if they were actually trying to get money, they'd let the restaurant be open on the single most profitable day of the year.

Nonsense posted:

win the lottery and live with your parents

uncop posted:

What kind of third rate landlord hasn't been taking advantage of the low interest environment to get leveraged up to their gills? Buy housing on credit, make tenant pay the debt down. I'm not sure if landlords losing units to banks makes a huge difference in people's lives though.

Fish of hemp posted:

What caught my eye is that 15% of the 100k earners didn't pay anything?

How is that possible?

Lacrosse posted:

Is it good I've paid off all my credit cards or should I be up to my eyeballs in debt like everyone else?

It's amazing how I see so many people around me with brand new cars and boats and RVs and I'm like 'wow I make the same money as you but I barely can afford a $4k used car to replace my beater with. How are you all doing it?' I feel like I'm missing out by being responsible since apparently money means nothing anymore.

Lacrosse posted:

Is it good I've paid off all my credit cards or should I be up to my eyeballs in debt like everyone else?

It's amazing how I see so many people around me with brand new cars and boats and RVs and I'm like 'wow I make the same money as you but I barely can afford a $4k used car to replace my beater with. How are you all doing it?' I feel like I'm missing out by being responsible since apparently money means nothing anymore.

Sheng-Ji Yang posted:

Penisaurus Sex posted:

It's going to gently caress over a lot of seemingly well-off boomers too.

The bargain made for that generation from the 70's on was that wages weren't going to go up anymore, but in exchange housing prices would. So if you bought a home in 1975 you never really cared that your wage actually had less earning power when you paid off your mortgage than when you got it, you could pocket the difference and more from the sale of your home.

Reverse mortgages staved that particularly grenade's explosion off a bit but we're going to hit a point within this crisis where this person can't cash out the 'value' of their home without taking a massive bath on selling it, and they can't afford to stay in it. Banks don't care about owning property, they care about the financialization possibilities and income streams from loan agreements.

Lacrosse posted:

Is it good I've paid off all my credit cards or should I be up to my eyeballs in debt like everyone else?

It's amazing how I see so many people around me with brand new cars and boats and RVs and I'm like 'wow I make the same money as you but I barely can afford a $4k used car to replace my beater with. How are you all doing it?' I feel like I'm missing out by being responsible since apparently money means nothing anymore.

Fish of hemp posted:

What caught my eye is that 15% of the 100k earners didn't pay anything?

How is that possible?

mastershakeman posted:

I can't remember the goons name but he's posted in here about working in part of the foreclosure industry so he can probably correct me, but there absolutely has to be weird asset price things banks do where they absolutely want empty houses to sit for years that they took back after a foreclosure and never mark down. Somehow it's better to pay tens of thousands on property tax for each house than it is to sell at a loss , it's wild.

I assume it's partly fear of creating more strategic defaults but also something about all the weird CDOs and other instruments based on all of this.

To be clear on how little banks want short term revenue, they evict every person they can who's in the banks houses post foreclosure. They'd rather winterize and leave it empty for 5 years than be a landlord , at any price

Penisaurus Sex posted:

To my knowledge, this is because you can collateralize the real estate based on expected future growth in valuation (and rents, because the two are symbiotic) to leverage yourself into financial instruments.

I am probably wrong though.

euphemism posted:

euphemism posted:

Chomp8645 posted:

I'm the normal state of affairs in which approximately 20% of people can't pay their rent.

fanfic insert posted:

Sounds real dumb so youre probably correct

Dustcat posted:

wait what, a fifth of renters regularly fail to pay their rent on a regular month in a regular year?

that's actually pretty amazing

mastershakeman posted:

I can't remember the goons name but he's posted in here about working in part of the foreclosure industry so he can probably correct me, but there absolutely has to be weird asset price things banks do where they absolutely want empty houses to sit for years that they took back after a foreclosure and never mark down. Somehow it's better to pay tens of thousands on property tax for each house than it is to sell at a loss , it's wild.

I assume it's partly fear of creating more strategic defaults but also something about all the weird CDOs and other instruments based on all of this.

To be clear on how little banks want short term revenue, they evict every person they can who's in the banks houses post foreclosure. They'd rather winterize and leave it empty for 5 years than be a landlord , at any price

Fish of hemp posted:

What caught my eye is that 15% of the 100k earners didn't pay anything?

How is that possible?

Squizzle posted:

also ubi supports the arts in ways that a job guarantee doesnt

Squizzle posted:

that honestly shouldnt matter insofar as a good system would be structured to care for everyone and not wonder if they can. some people cant, some people cant do any work they would find satisfying, some people just wanna sit at home all day and read reviews of other peoples fan-fiction. all of those people deserve decent lives and the essentials of dignity. even the fan-fiction review reader is gaining some sorta fourth-derivative understanding of something about humanity, and that has value in the world

bag em and tag em posted:

I loving hate how everything in finance is "it's actually strategically better to collapse, killing hundreds of people below while the banks hang glide into the sunset, high fiving amidst the wails of the dying below." Success is all about failing in the good way to get rich and it loving blows