Another Ticking Bomb

Discussion in 'Survival Discussions' started by ka5siw, Oct 21, 2020.

  1. ka5siw

    ka5siw G&G Evangelist

    According to news sources approximately 6 million American households are about to be foreclosed. This is secondary effects of the COVID economic downturn. Interesting thing I heard months ago, if you are behind in your mortgage payments most economic intuitions will not grant you a home equity loan. Talk about rubbing salt in a wound. Foreclosures are now starting to be processed. As people are turned out into the street, this will be a major economic force and issue in the first quarter on 2021. Americans think of home ownership as a major economic anchor of society.
     
  2. noelekal

    noelekal G&G Evangelist

    Banks aren't service organizations as is frequently supposed, or simply government agencies for handing out largesse, much as government would like to have them that way, but rather are "for profit" business entities. Banks holding large residential real estate portfolios having numbers of mortgages in distress will also become a major economic force and issue of even more epic proportions in 2021 if mortgage payments are not forthcoming.

    What are banks suppose to do? Just suck it up? Same as landlords currently being castigated in the press for evicting those who don't pay rent are suppose to just suck it up?

    The Declaration of Independence makes the following statement:

    We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.

    That's the pursuit of happiness and not the government guarantee of happiness. We have the right to life and the right to liberty, but not the right to happiness and no such thing as the "American dream" may be found to be enshrined in the Constitution. Life itself as well as liberty is more important to the human race than is government guaranteed happiness. One may pursue happiness and indeed attain it, but than again one may not attain happiness.

    I would suggest that government itself and its intrusive policies and regulations is a major factor if 6 million households are about to be foreclosed. Well, that and the fact that a goodly portion of those 6 million households behaved irresponsibly in their handling of their personal financial matters.
     
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  3. PaleHawkDown

    PaleHawkDown G&G Evangelist

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    While I agree with most of your sentiment, there are two ways to think about it.
    They are "for profit" entities that the government funds, bails out, regulates, and insures. They can make mountains of mistakes, safe in the knowledge that Uncle Sam has their back.

    Banks are now neither for-profit or governmental, but a horrible Frankenstein's monster of the worst aspects of both. They take money out of our pockets with both hands.
     
  4. Dutch

    Dutch G&G Evangelist

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    I’m counting on it. We are working feverishly to be ready to move into a MUCH nicer home as soon as it starts. Money in the bank, zero debt, and high credit will allow us to upgrade in a most excellent manner.
     
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  5. runfiverun

    runfiverun G&G Evangelist

    I'm seeing some empty places around town already.
    I can't afford any of them, and they think prices here need to catch up to prices elsewhere where the median income is about 50% more.
     
  6. noelekal

    noelekal G&G Evangelist


    While I would agree that banks are currently reduced to being a Frankenstein monster, that monster is governmentally caused. Banks are not the monster here, but rather our government is. Banking is strangled by government. Banks do not take money out of our pockets with both hands. Our government does though.

    Government doesn't create wealth, but they sure do take it from us. How in the world does the government fund banks? The government doesn't possess all this money that would be required to fund bands, to bail out banks, or to insure banks for there isn't enough money for all that. Government can regulate banks into the ground though, something they've effectively done to the detriment of the American people.

    FDIC insurance? Smoke and mirrors devised to "keep the natives from getting restless." FDIC is the illusion of a safety net. Banks are required by regulation to have FDIC insurance and banks are required by regulation to pay assessments to FDIC to maintain the insurance.

    FDIC would choke at bailing out a regional bank, much less resolving a national economic catastrophe. FDIC could not make Americans whole in the event of a disaster. $250,000 per depositor? Think pennies on the dollar at best.
     
  7. Jim Bridger

    Jim Bridger G&G Evangelist Forum Contributor

    Our Nation is falling into a Socialist state. Private homes will be divided into multi family dwellings. The foreclosures will render the private homes government property.
     
  8. I have a friend who bought 3 foreclosures as an investment; he fixed them up and rented them out to families..he has not been paid rent since March all three of his renters haven't paid, the state hasn't helped landlords yet he still has to pay taxes, mortgage and insurance on 3 properties plus his main dwelling..his main dwelling is paid off. He says he is going to try and sell them all as winter is quickly approaching and you cannot evict or have services shut off November through April...he was doing well and making $$; the shutdown is having consequences that I refuse to say are unintended...
     
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  9. Ten Man

    Ten Man G&G Evangelist

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  10. chris l2018

    chris l2018 G&G Evangelist

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    I agree; during the last economic crisis, one bank here was described as 'too big to be allowed to fail'

    Scary
     
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  11. BigEd63

    BigEd63 G&G Evangelist

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    It gets like that people need to take a que from Howard Rourke in Ayn Rand's The Fountain Head. It's a really explosive idea he had, just saying.
     
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  12. draftingmonkey

    draftingmonkey G&G Evangelist

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    I doubt that very much. What will happen is that the Socialist State will use Eminent Domain to take all the home in cities and suburbs, bulldoze them to the ground and erect row after row of Soviet Era block style apartment buildings. This will allow the State to better control the masses and keep us under their thumb.
     
  13. Jim Bridger

    Jim Bridger G&G Evangelist Forum Contributor

    Rental investments are always risky. With this Flu Scam it is dangerously at risk. Any family with children can not be evicted. Another Flu Scam.
     
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  14. neophyte

    neophyte Wonderment :) Forum Contributor

    information: Reading keeps oneself fresh with understanding information

    https://www.ushistory.org/declaration/document/

    We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed.
     
  15. runfiverun

    runfiverun G&G Evangelist

    the problem we got here Craig is that the other side sees it the same way.

    they are doing their best to make that change, and not back to the original intent.
     
  16. rando

    rando G&G Evangelist Forum Contributor

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    Where Ii live there are rental homes in some areas. These are not single family homes like most of us have. These are brick row homes I call them. Well that is not politically correct anymore as they call them town homes. These are older homes and tenants not paying rent as they are getting away with it because of the Government protecting them. I have seen more and more up for online auction in the last month. No rent so they are selling them at auction. Thing is you as a buyer are stuck with the existing tenants and cant evict them or collect rent from them yet.
     
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  17. big shrek

    big shrek G&G Evangelist

    They have to be paying at least partial rent to not be evicted...per the rules.
    Local housing complexes are still evicting non-payees...
    but those who at least pay some rent get to stay.

    He can legally evict if they've not kept up on partial payments.
    He needs to go back and read the fine print on the act.
     
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  18. poltiregist

    poltiregist G&G Evangelist

    I had a house that I moved from and to my survival retreat . I never rented it out as I didn't want tenant problems . I certainly had people wanting to rent it . About six months ago I had it burned to the ground . I will not have the problem of having free loaders that I can not get rid of . --- Like the house I had burned down my survival retreat is fully paid for . We now have three houses on the survival retreat and have cleared and prepped for a forth house and with plans for a fifth house .
     
    Last edited: Oct 22, 2020
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