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It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal
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I’d love to see the foreclosure stats also.
Personally, I think the government is simply going to give out free money forever. I also believe they should. Call me crazy but if you are forcing people out of work, you must also make them whole.
Expect food riots over flat screen/sneaker riots
G-N-L, Like you I feel it is a damn shame that folks are in this situation. However, I disagree with the free money forever idea. A bad decision can’t be corrected by enabling more of the same. IMO
I’m all for government just getting the fuck out of the way and let everyone make their own decisions but, we are a million miles deep into government control of all things. If the government is in control of all things, then they are responsible for all things.
This is sorta off topic but, how old are you?
54
Oldtimer,
I’m against government intrusion just like everyone else on TBP. It’s too damn late for more reasons than I care to take the time to list. But everything from compulsory education to regulations a man is subject to when building his own home has eviscerated freedom imo. It’s too late. Freedom…true freedom is looooong gone.
Want to know what I think the solution is?
Eliminate the 200,000,000 richest people in the world as well as the 3,000,000,000 poorest/weakest/laziest/lowest IQ people. That would fix a ton of shit.
Any rational person that can contemplate the future beyond tomorrow will eventually arrive at the conclusion that there are too many people on earth for it’s finite resources to sustain. Government know this too, which is why the chaos is being set in motion with food shortages, riots, government lock downs and tests of obedience like forced mask wearing. Just the stress alone will kill many of the morbid milksops.The manufactured civil war will take care of the rest. Coming in November. Good luck.
The crimate clisis will be the death of us all.
I’m dealing with the building permit folks right now. It’s horrible and I wouldn’t wish this on anyone.
G-N-L…the gooberment took control of all things when they came up with property taxes. A perpetual lien that means you NEVER own the property free and clear .
The list is endless.
There are no other options. The criminals masquerading as government who broke the economy either give UBI to the masses or they starve . If they starve, mass riots are assured , which may be the objective. Who knows with Evil Inc.
This^^^
Coming soon. UBI & Section 8 housing for all whose social score is high enough.
All you have to do to collect, is get the vaccine.
Never
If dementia Joe wins in Nov, expect the lockdowns to vanish. If not, the dems will go scorched earth.
I find it difficult to fathom that we’re in such seriously deep shit. Especially here in FL where everyone is purported to be running/ fleeing to.
Then again, all the reports of doubling down in regards to debt post 08 housing crash, this chart could be spot on.
Only the bankers know.
What you say is true regarding the chart. The bankers are a large part of the problem along with mega corporations, political corruption and a long list of other groups. In the end it is the choice of the people to be governed by thugs or be free from it. Time will tell what the people choose.
So, go buy a house and don’t make any house payments. If you do it right you can live in that house for years before the bank will do anything. Remember ’08? We gonna see another Real Big Short in the not too distant future. Lots of people moved to Texas, lots of houses for sale, but not so sure about jobs being available. Many stores going out of business….
What happens if you cannot pay property taxes?
They will keep adding up but it will be awhile before the house hits the auction block…remember, the real owner is the bank and they loaned how much? Bank foreclosures don’t carry well on the books.
Fannie Mae and Freddie mac own most of the loans. The banks….just service the loans and get the profits when it’s profitable.
You’ll get a letter one day from the Feds saying,” Get Outta’ Our House “, Shimeka and her 4 bastards are moving in .
Freddie/Fannie are bankrupt. ‘Shimeka’ and clan ARE the ones already in the house….The CRA never really went away and Freddie/Fannie are now part and parcel of the Federal Reserve.
Fannie and Freddie Will Continue to Take Huge Losses
The portfolio of loans held by Fannie and Freddie are huge, totaling $1.6 trillion and the $400 billion pumped in is a security blanket to cover losses if borrowers continue to default on the loans. Unless major changes are made in the systems used to consider and process loan modifications and if something is not done to improve the unemployment situation in the US, borrowers will continue to default, Fannie and Freddie will continue to take huge losses and the US taxpayers will continue to bear the burden for all this. Based on my first hand experience with homeowners facing impossibility of getting modifications, shorts sales or deed in lieu of foreclosure, I predict we will continue to see massive losses in the residential mortgage market.
They’ve got to be holding more than $1.6 trillion.
Which means muni bonds crashing.
Thank you for the correction as per the bankers. You’re right. It’s Fannie and Freddie that know the true depth of insolvency…maybe, as they’re govt and don’t know shit.
Banks still ‘securitize’ mortgages by selling them to investor pools (MBS’s – mortgage backed securities, by way of CDO’s – collateralized debt obligations). Same with car loans and credit card debt. After offloading them (they make their money on fees) they could care less if the borrower defaults.
Big banks bailed on the traditional mortgages business after the savings and loan niche was eviscerated (thank you, Senator Keating) and Slick Willey, with GS Robber Ruben, raped the 1933 ‘Glass Steagall Act’. Now they gamble with our money and we pay if they lose.
Good news is that it is harder for an investor pool to foreclose (unless the foreclosure is rubber-stamped by an ‘official’, like in ’08).
You’ve given good advice to those who can squeak into a house with minimal down payment.
Not that there aren’t millions who are unable to make their payments, but I can’t help but wonder just how many are simply NOT paying because they know they can, banking the payments instead, and will simply walk away with several free months of rent when they are finally kicked out (only to then apply for whatever “assistance” is being offered). Free shit attracts flies…always has.
Nailed it.
I have an acquaintance with rental homes and apartments. He started his working career as a mechanic working in someone else’s garage and eventually opened his own shop with employees. He started buying rentals a long time ago and has used them much like a 401k.
Recently he said he had 23 rentals and had put his shop up for sale last November. Then WuFlu came.
The shop hasn’t sold and he continues to work. But, even worse, the governor banned evictions. Now, a large percentage of his renters refuse to pay their rent. Just refused. They are still working and living life as normal but the governor decreed that they don’t have to pay him what they owe.
The deadbeats will be homeless 30 days after that decree ends. I wonder if people like that, working the system, are included in the chart numbers?
And what will be the condition of his units when it is all over, and what chance will he have of having the police or other government folks on his side trying to recover losses?
The chartists consulted a crystal ball to divine your friend’s intentions, or has your friend stopped paying 23 mortgages?
I’m waiting on the sidelines until I can squat in some really nice limestone townhouse.
Get out of the city, I implore you.
Free money won’t and can’t work. UBI won’t work much longer because the world is tired of support 330 million welfare bums. This fiat they are giving away will not keep pace with the prices and already is not keeping pace.
For as long as we held a gun to the worlds leaders and forced them to use the greenback for international trade we were able to live high on the hog.
Now the punchbowl is being filled with water. The wedding guests are drunk so the cheap wine has been brought out and nobody notices.
If free money worked the whole world would try it and indeed did try it. S. Europe tried it. That’s what the Greek mess was all about. Their free money came home to roost early because they didn’t have the bullets to force it on others. same with Zimbabwe and Japan. We stopped the hemoraging in Japan because we need them to project power in order to force everyone to take greenbacks.
Printed notes with no labour behind them always fail. Had Zimbabwe offered up future tangibles for their money like diamonds, someone would have gambled on their money because they could do the labor of mining and refining the diamonds. That’s sound currency as long as the government can guarantee safe mining.
Food is money because someone labored to produce it.
When the buck is soon replaced we will have to nuke someone or starve because we only produce overpriced weaponry. Everything else can and is being stolen or copied that we could have used for money like info tech.
These riots have noting to do with raceial discrimination of minorities. They are to divert our attention and energy from the collapse of the economy and our dollar.
Then we will have Zimbabwe bucks because
THERE AIN’T NO SUCH THING AS A FREE LUNCH.
That’s why I like my solution above.
Interesting, though, how free shit for banks and corporations “work”.
It doesn’t work. It’s an illusion. They are mining the future because they worship Satan and want to destroy Gods creations. All of them. When they vaporize the petro dollar it will be nothing to them because they will have title to everything on the planet and the means to enforce the new rules. We (Those alive) will be put on strict diets and controlled in every way.
We have a small window left to revolt and salvage something but we refuse.
To and for “Them” it does work. We are in agreeance.
https://www.zerohedge.com/markets/imminent-eviction-waves-could-be-seen-these-states
“The Trump administration doesn’t have the tools to solve the crisis – fiscal and monetary policy can only delay round two of the economic crash until after the elections. Meanwhile chaos and disagreement on Capitol Hill means that there is still no deal on a rent moratorium extension, which means that the coming weeks could see the largest ever US rent crisis, one which would make 2008 look like child’s play”.
Trump and Congress have no intention of solving this crisis until Fanny/Freddy own everything not already owned by the .1% and until everyone has been put on the dole. Anyone who fails the credit score and vaccinne compliance will be booted into the homeless shelters without their kids. Land owners will be taxed and regulated out of existance.
There is a solution but we’re too cowed to take it.