Big Three screwed themselves and America

[dilloduck]

As far as I know, never. Its the company that manages the pension funds.

I remember companies were struggling after 9 11 so bush and the gop congress passed a bill allowing them to dip into their pension funds.

I almost forgot about that one.

Union pensions ? You have never heard of them?

 

[CA95380]

Unemployment is low here in Va., but I am in business for myself.(realtor)

Since you said you are a realtor ... I have a curosity question for you.

What is your opinion of all of those "flippers" that bought houses for a little bit of nothing, put in as little as they could to re-sell them, then tripple the price? That went on quite a bit here in California, and I know a lot of other states too .... now those houses (along with new ones) are sitting vacant and have never had anyone living in them for 2-3 years now. Was it like that in VA?

I am well into my sixties, and have never seen so many houses for sale in our town, with signs that banks/morgage companies now own them .... and are trying to dump them. They have become an eyesore .... people just up and leave and could care less about the lawns or anything else, and the "bank/morgage" company could care less either.

Thanks in advance if you decide to answer.

 

[Charles_Main]

Since you said you are a realtor ... I have a curosity question for you.

What is your opinion of all of those "flippers" that bought houses for a little bit of nothing, put in as little as they could to re-sell them, then tripple the price? That went on quite a bit here in California, and I know a lot of other states too .... now those houses (along with new ones) are sitting vacant and have never had anyone living in them for 2-3 years now. Was it like that in VA?

I am well into my sixties, and have never seen so many houses for sale in our town, with signs that banks/morgage companies now own them .... and are trying to dump them. They have become an eyesore .... people just up and leave and could care less about the lawns or anything else, and the "bank/morgage" company could care less either.

Thanks in advance if you decide to answer.

A lot of those flippers will benifit from the bail out bill. I knew many of them when I was working as a contractor here in Michigan. I also saw a lot of people buy houses that cost way more than they could realistically afford, for way to little down. With these people the blame lies both with them, and the lenders who gave them the loans, and all of them will get bailed out too. Really pisses me off.

 

[Chris]

Since you said you are a realtor ... I have a curosity question for you.

What is your opinion of all of those "flippers" that bought houses for a little bit of nothing, put in as little as they could to re-sell them, then tripple the price? That went on quite a bit here in California, and I know a lot of other states too .... now those houses (along with new ones) are sitting vacant and have never had anyone living in them for 2-3 years now. Was it like that in VA?

I am well into my sixties, and have never seen so many houses for sale in our town, with signs that banks/morgage companies now own them .... and are trying to dump them. They have become an eyesore .... people just up and leave and could care less about the lawns or anything else, and the "bank/morgage" company could care less either.

Thanks in advance if you decide to answer.

There wasn't so much flipping going on here as elsewhere. The people who rehab houses here were mostly hard working small business people. The lack of regulation in the mortgage industry was the real problem. Mortgage companies could make loans and then sell them on the day after closing, so they were not taking any risk at all. What did they care if the borrower could not pay the loan back? They only held the loan a day or so. That is where the system broke down with signature loans with no proof of income. I had one client who insisted on using the mortgage company that I warned him not to use. When we got to closing, he told me he had two 40 year mortgages on the property, and that he planned to sell in a year. I was shocked. If he had told me that before closing, I would have told him not to buy, but to rent instead.