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RE: Is G d condemning developers? - 7/19/2008 8:58:10 PM
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colliefan
Posts: 2524
Joined: 4/12/2005
From: Raleigh, NC
Status: offline
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quote:
What about the easy process of writing a bad mortgage?
Define "bad mortgage." If one has such a poor credit rating the only way to write one for the individual is one with high interest rates, does one need to hold gun to the head of buyer to make him sign the loan? Or does one encourage the individual to get his financial house in order before making such a large purchase?
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RE: Is G d condemning developers? - 7/19/2008 9:01:32 PM
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colliefan
Posts: 2524
Joined: 4/12/2005
From: Raleigh, NC
Status: offline
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quote:
We can get over with all of the pain, uncertainty, and suffering if we simply make bankruptcy easy for a few months.
NO!. In bankrupcy someone has to eat the costs. There is a reason bankrupcy stays on one's credit report for seven years. It's not as if one is playing a game of Monopoly with play money.
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RE: Is G d condemning developers? - 7/19/2008 9:20:11 PM
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blessedinnyc
Posts: 1672
Joined: 10/12/2007
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quote:
ORIGINAL: colliefan
NO!. In bankrupcy someone has to eat the costs.
True. Investors are uncertain about who's costs are who's. I should know. I work for a company where investors are trying to understand how many costs we will have to eat.
If everyone declared BK now and got it over with, the market could move on. In all likelihood, the market would get back to normal and start creating value for legitimate borrowers and lenders, rather than keeping everyone up at night.
quote:
There is a reason bankrupcy stays on one's credit report for seven years. It's not as if one is playing a game of Monopoly with play money.
That's true, but in the same way that most people, when they're losing monopoly, would like to lose faster, the same thing generally happens with the market. Making BK slightly easier will get us to the bottom of the market faster- without changing the bottom of the market. This simply means that whoever is going to lose money will lose it faster, and the market will be able to start going back up sooner.
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RE: Is G d condemning developers? - 7/20/2008 1:16:16 AM
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Dragonnie
Posts: 221
Joined: 10/16/2007
From: CA
Status: offline
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i guess ppl can easily guesstimate what they can afford. look at the house; if it's too big, pretty & shiny, then maybe they should go for a smaller, older uglier house.
1 Tim6 But godliness with contentment is great gain.
7 For we brought nothing into this world, and it is certain we can carry nothing out.
8 And having food and raiment let us be therewith content.
Ex 20:17 Thou shalt not covet
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