US taxpayers have to bear few trillions more debts
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Few of us know US gavaman bears half of US mortgages.
If anyone say subprime crisis is near over,i invite him to read
http://www.nytimes.com/2008/07/11/business/11fannie.html?partner=MARKETWATCH
http://online.wsj.com/article/SB121573360015444221.html?mod=mktw
US tax payers may have to bear few trillions dollars Federal debts,
thanks to Fannie Mae and Freddie Mac,the two companies
guranteed by US gavaman.
http://www.sgforums.com/forums/10/topics/303285
US govt created subprime crisis 30 yrs ago
i think in the past one or two decades,US gavaman have over
lent money to home buyers,to create a rosy economy pictures
and high growth.
Gavaman allows Zero down payment and even over 100% loan!!
To me,any loan over 80% of price is sub-prime.
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read my expired posting.
u will surprised that US banks ,as at branch level,had a target
to lend!!Thats why Tom,Dick and Harry can buy a home.
If a family cannot save a down payment of say 20%,
how can they have discpline and ability to pay long term instalments?
Since they have not paid any down payment or very low down
payment,there is high incentive for them just mail back
the keys to the banks!!The instalments they have paid just treat
as rentals.
The companies are by far the biggest providers of financing for domestic home loans. If they are unable to borrow, they will not be able to buy mortgages from commercial lenders. In turn, that would make it more expensive and difficult, if not impossible, for home buyers to obtain credit, freezing the United States housing market. Even healthy banks are reluctant to tie up scarce capital by offering mortgages to low-risk home buyers without Fannie and Freddie taking the loans off their books.
Together the two companies touch more than half of the nation’s $12 trillion in mortgages by either owning them or backing them. They hold more than $1.5 trillion of the mortgages as securities. Others are sold to investors in the form of mortgage-backed bonds.
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The two ginats drops 40 to 45 % on early Friday trading!!
http://www.marketwatch.com/news/story/fannie-mae-freddie-mac-shares/story.aspx?guid={FBD22BF7-DC93-405D-A1AE-4C3DF8A5712F}&dist=TNMostRead
Freddie Mac as at 11 july 2008 morning US ET.
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Are you happy about all this?
Do you seriously think this is good news for Singapore?
Our own government has said this year, if the US economy goes down, we go down with it.
Is it possible for you not to shoot yourself in the foot with each new topic you make?
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Lionverynoisy,
Are you sure you are Singaporean anot har ?
If you are.. you are really making us look very stupid leh. Can you please stop embarrassing us anot har ?
My American friends, if they ever see this post.. they will be laughing at us ok ? You sibeh xia suay us leh !!
The two companies stock go down .. so WHAT ?
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True true... it is bad news for singapore
It just shows a democratic country like US have problems as well.
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Originally posted by stupidissmart:
True true... it is bad news for singapore
It just shows a democratic country like US have problems as well.
Yah got many problems.
My rich friends are now going on a shopping spree to buy up more cheap cheap properties.
Only poor and ignorant chaps like you think the world is coming to an end.
Singapore got the Great Singapore sale .. USA is now also big sale going on.
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right.... I believe u.....
claiming is always easy ma
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Originally posted by stupidissmart:
right.... I believe u.....
claiming is always easy ma
Ofcors. You no believe me.. you come USA and see yourself lor.
My brother also looking at 3 properties .. now is super cheap.
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good for u... bad for the americans... buy more while u still have the chance
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Excwees me ? Why bad for the Americans ?
Americans with cash are soaking up the market now. What talking you ?
This subprime crisis will not likely to happen again. The Americans have learnt their lessons.
Now they are tightening the loan requirements. You know what will happen after this ?
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If the US politicians tax the people like the despots tax silliporeans, they would be richest people in the world. They are the richest government in the world, but the money is not in government hands but in the hands of each and every American.
For example, probably a tax of 50 US cents would wipe out all the government debt.
Honorable politicians leave the money with the citizens, despots take the money from the citizens.
Edited "probably a tax of 50 US cents" to " probably a petrol tax of 50 US cents would wipe out all the US government debt."
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Apathetic silliporeans let the despots screw them and yet continue to praise them.
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Strange maxims you have there.
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The despots take the money and lose it to foreigners.
Intra-day chart
BARCLAYS (BARC.L)At 4:35PM : 267.75 p
16.75 (5.89%)Yearly chart below, no prizes for guessing where the despots gave the foreigners Singaporeans hard earned money...
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obviously the subprime crisis had made a lot of people in america to be poorer and even bankrupt. A lot of borrowers r forced to become bankrupt because they cannot return the money. A lot of bankers and loaners have closed down and lost their jobs and a lot of banks with good potential have been sieged by this crisis. Gov have spent a lot of money trying to solve tis problem. It is a surprise tat people feel tis is good for america. If it is good, then they should come out with more crisis on a regular basis.
And it is debatable on whether is USA taxing lesser from the people. To clear the debt, each american have to use 31,100
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Originally posted by stupidissmart:
obviously the subprime crisis had made a lot of people in america to be poorer and even bankrupt. A lot of borrowers r forced to become bankrupt because they cannot return the money. A lot of bankers and loaners have closed down and lost their jobs and a lot of banks with good potential have been sieged by this crisis. Gov have spent a lot of money trying to solve tis problem. It is a surprise tat people feel tis is good for america. If it is good, then they should come out with more crisis on a regular basis.
And it is debatable on whether is USA taxing lesser from the people. To clear the debt, each american have to use 31,100
Define ALOT of people. Who are these people. And why are they involved in the subprime crisis in the beginning.
And why are you siding with the banks and loaners? You think they are saints ? LOL. You think those institutions are charities ? No.. they made TONS of money from commoners.
It is out of greed those banks are now suffering.. and because of their greed.. commoners are suffering. You go kiss the bankers ass some more lor.
You cannot even differentiate who are the good guys from the bad guys !!
Obviously the schools in SG are still not encouraging critical thinkings eh ? SAD
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yes i believe money shoud be in the hands of citizens....at least the government do away with the burden..
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Originally posted by AndrewPKYap:
If the US politicians tax the people like the despots tax silliporeans, they would be richest people in the world. They are the richest government in the world, but the money is not in government hands but in the hands of each and every American.
For example, probably a tax of 50 US cents would wipe out all the government debt.
Honorable politicians leave the money with the citizens, despots take the money from the citizens.
Edited "probably a tax of 50 US cents" to " probably a petrol tax of 50 US cents would wipe out all the US government debt."
Andrew,i think your English is much better than mine.
But it seem you dunt understand US Federal debts fully.
EACH US citizen currently bears US$31,230.70 of Federal debt,
before any subprime liability,eg
Fannie Mae and Freddie Mac
and the
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Unlike SG where each citizen has a stake in US$100 to 300 billions
net assets!!
http://www.brillig.com/debt_clock/
www.marketwatch.com
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Define ALOT of people. Who are these people. And why are they involved in the subprime crisis in the beginning.
Do u know wat is the subprime crisis ? They buy a house, they borrow loan with a high interest, they cannot pay back and they r declared bankrupts. And there r a lot of people so much so tat few hundred billions of bad debt cannot be recovered.
And why are you siding with the banks and loaners? You think they are saints ? LOL. You think those institutions are charities ? No.. they made TONS of money from commoners.
U must be joking. U think bankers r the devils and deserve to die ? They help the society ! When u borrow money, u know all the terms and condition and u sign it willingly. Why blame them ? Without banks, probably the companies u see around will be reduced by a lot since they do not have the startup capital. If there is no bank, everybody is poorer since the money is locked in saving and not circulating in the economy. Without banks, many people cannot afford housing and the poor rich divides widens. It is not a surprise why all countres in the world have banks becaue they play a vital role in the economy
It is out of greed those banks are now suffering.. and because of their greed.. commoners are suffering. You go kiss the bankers ass some more lor.
You cannot even differentiate who are the good guys from the bad guys !!
U mean the people who borrow money they cannot return r angels while the people who loan them money and lose them r the bad guys ? I think u cannot differentiate who r the good guys and bad guys. Critical thinking ? I agree with u kids these days really have none.
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Originally posted by stupidissmart:
Do u know wat is the subprime crisis ? They buy a house, they borrow loan with a high interest, they cannot pay back and they r declared bankrupts. And there r a lot of people so much so tat few hundred billions of bad debt cannot be recovered.
U must be joking. U think bankers r the devils and deserve to die ? They help the society ! When u borrow money, u know all the terms and condition and u sign it willingly. Why blame them ? Without banks, probably the companies u see around will be reduced by a lot since they do not have the startup capital. If there is no bank, everybody is poorer since the money is locked in saving and not circulating in the economy. Without banks, many people cannot afford housing and the poor rich divides widens. It is not a surprise why all countres in the world have banks becaue they play a vital role in the economy
U mean the people who borrow money they cannot return r angels while the people who loan them money and lose them r the bad guys ? I think u cannot differentiate who r the good guys and bad guys. Critical thinking ? I agree with u kids these days really have none.
hur hur hur... so naive your thinking.
No lah they not devils.. they are saints mah.
So yah lor.. the bankers are saints lorrr... then now what happens ? Why subprime borrowers can no longer afford the payments ? You got ask why or not?
What is the purpose of credit ratings ?
Why the bank don't say no to people who has bad credit ratings ? WHY ? Because they gian.. very greedy !!!
Since they are saints.. why they chase the customers out of their house ? Why foreclosures ?
Why so many people lost their homes ???
You think the people don need to spend money in renovating their homes meh ? You think the banks are going to return the money ? NO.
After the banks sells the home under foreclosure at below market rates..the borrowers still have to pay back the balance to the banks PLUS interest ok ?
Saints ?..ahhahahahh... my ass.
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Why the bank don't say no to people who has bad credit ratings ? WHY ? Because they gian.. very greedy !!!
Tat practise has been in existence for a long time. It is indeed greed tat spur tis trend but it is overconfidence of the consumer themselves tat did them in. Since u know so many people got chased from their house, declared bankrupts and become poor, then it again reflect on my original points tat a democratic country like USA has severe problems of its own.
If u feel the bankers r devil, then u don't use the bank. Put your money in little tin boxes and not borrow a single cent from them or use their ATM machines or credit cards. Ask your company to give u straight cash and not giro or use cheque. Don't borrow a single cent to renovate your house, start a business or buy a house/car.
Don't u see responsible use of the banks is very helpful and important for society.
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Originally posted by stupidissmart:
Tat practise has been in existence for a long time. It is indeed greed tat spur tis trend but it is overconfidence of the consumer themselves tat did them in. Since u know so many people got chased from their house, declared bankrupts and become poor, then it again reflect on my original points tat a democratic country like USA has severe problems of its own.
If u feel the bankers r devil, then u don't use the bank. Put your money in little tin boxes and not borrow a single cent from them or use their ATM machines or credit cards. Ask your company to give u straight cash and not giro or use cheque. Don't borrow a single cent to renovate your house, start a business or buy a house/car.
Don't u see responsible use of the banks is very helpful and important for society.
HUH ??? So democracy is to be blamed for the banks bad tactic ??
HAHHAHAHHH... oh gawd.
No lah.. banks are the evil genius.. very good.
Actually the loan sharks also very important for our society mah.. right ?
Poor people no marnee.. get easy loan lor.... life is great , isn't it ?
Since you believe in those banks so much.. go lah.. go loan more money lor.. go swipe your cards and max it out lor... pay interest only mah.
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The country is not monitoring the situation and the situation has exists for many years and they just turn a blind eye to it.
Again I say, responisble use of the bank is the wise thing to do. Swiping and wiping your saving is a stupid thing to do and it has nothing to do with the bank but your own stupidity. Almost everybody in the world now uses bank in some form or another. Can u go without using any services provided by the bank. I don't think it is possible.