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The Last Housing Crash Is Not Even Over But Bernanke Is Already Setting The Stag

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Author Topic: The Last Housing Crash Is Not Even Over But Bernanke Is Already Setting The Stag  (Read 633 times)
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« on: October 03, 2012, 06:10:18 am »

The Last Housing Crash Is Not Even Over But Bernanke Is Already Setting The Stage For The Next One

Federal Reserve Chairman Ben Bernanke is determined to push mortgage rates to record low levels and he is encouraging the banks that the Fed regulates to make home loans more freely.  Wait a second - isn't that exactly what caused the last housing bubble?  After 9/11, the Federal Reserve slashed interest rates and this caused mortgage rates to steadily fall.  Financial institutions were urged to help "expand home ownership" in America, and many of them started making home loans to people who never, ever should have gotten home loans.  When mortgage rates started to go back up, millions of families with adjustable rate mortgages discovered that they could not make their monthly payments.  Mortgage delinquencies absolutely soared and large numbers of mortgage-backed securities suddenly turned into garbage.  So what is the Fed doing about it?  The Fed recently announced another round of quantitative easing in which it will buy 40 billion dollars worth of these mortgage-backed securities a month.  Essentially the Fed is clearing the bad financial paper out of the system and is creating the conditions for another housing bubble.  But will we really fix our problems by going back and doing the same things that got us into trouble in the first place?

The following chart shows how interest rates on 30 year conventional mortgages have declined over the past 30 years.  After 9/11, mortgage rates were pushed to ridiculously low levels and that helped create the mess that we are currently in.

So what did the Fed decide to do to fix things?  They decided to push mortgage rates even lower....

rest: http://endoftheamericandream.com/archives/the-last-housing-crash-is-not-even-over-but-bernanke-is-already-setting-the-stage-for-the-next-one
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« Reply #1 on: October 03, 2012, 09:12:55 am »

Over the last year or so, there's been 2 foreclosed homes right next to where I live.

Yes, I've seen foreclosed homes my entire life, but never in my lifetime have I ever seen more than one right by where I live. Sad b/c these were hard-working families that owned them.

BTW - the Fed put out QE4 recently.
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« Reply #2 on: October 03, 2012, 01:35:32 pm »

While not having a home is not good, I must say I have little sympathy for these people that are losing their homes to foreclosure, or at least those who bought in the last 10 years or so. Many of these deals are a result of people being greedy in wanting more carnal stuff, like a shiny new home, so they jumped at the chance when banks started tossing cash at them (sound familiar? All the kingdoms of the earth...if...) to sucker them in to a really bad mortage that the buyer had no business getting into.

Bottom line, most people that are in financial trouble, look at what bills they have, in relation to their incomes. Most are WAY over-extended. And all it takes is for a spouse to get layed off or sick, and they are in serious financial trouble because they have pushed their income to the limit and beyond with credit cards on top of a mortage and a car payment or two, and not to mention trying to keep up with the Jones' and their kids who were designer clothes and shoes.

The whole credit/debt-based economy was a sucker's bet from the begining as we are seeing play out, and it worked because of the greed of people not being content with what they have.

It's been all about, "...the lust of the flesh, and the lust of the eyes, and the pride of life...".
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