So in this economy, how are your holdings?

Congito ergo sum

Either way. Rent and taxes are expenses, like cashflow. What are your assets.
 
Well I'd say people forced to squat in their own homes otherwise they face homelessness are pretty fucked. People who have worked in firms for 30 years and have been made redundant and have little hope of finding another job are pretty fucked.

I think it's fairly obvious that people are pretty fucked, how can you contest that?
 
The economy has been worse in the past 30 years. If you remember the doom and gloom around the dot com bust... 1986 was insanely worse. The list goes on.

Savings and Loans in the late '80s.

So no, the first recession in your adult life isnt the worst.
 
You don't even remember 86 you silly. You were probably 0 years old, right? :lol:

The economy was worse in the great depression, so what? I'm not saying it's the worst, does that mean people aren't fucked? People whose homes are repossessed are probably a little more upset by this recession than the one where they managed to keep their home.
 
Mortgages get foreclosed, loans get repossessed. :p Either way, getting like... You dont just 'lose everything' unless you live outside your means. Yes, things happen, but it takes a lot of screwing up in addition to everything else to lose everything.

Bankruptcy protection. Cutting back. I'm like, you know Im not fortunate :p
 
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And I don't see how it's your fault when interest rates go so high that your mortage repayments double in a short amount of time, people live to their means, when the stakes double, how exactly can they keep their houses? :wtf: I know people whose mortgages doubled in the past year from £450 a month to £900, you tell me it's their fault for living above their means when global market forces fuck them in the ass.

Seriuosly.
 
You know why? Because ARM (adjustable rate) mortgages are RISKY. Regular mortgages, are FIXED, you pay the market price for them. The rate does change, but it's secure, if you can afford then, then you can afford it as long as you make money.

If you LOSE YOUR JOB. You file for BANKRUPTCY. Guess what. You get to keep your house. That's why it's called 'protection.' It is more expensive for a bank to repossess a house than it is for them to work it out in most cases.

The recent problem was caused by having A LOT of money sunk into high risk debtors. People with ARM mortgages who couldnt afford them once the rates go up. So then you have no choice but to foreclose and then it snowballs and banks start bleeding money and so on.

Bottom line. If you are greedy and get a Balloon or ARM mortgage you are setting yourself up for failure because interest rates do double. If they didnt, I couldnt get new computer parts by cashing bonds kek.
 
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