This shouldn't surprise anyone. From what I hear from people who know more about this sort of thing than I do, the way this was done was probably unlawful, and has now been declared so.
But people make laws, and can change them when they want to.
I've also heard that the states, who have to administer this, haven't set up the structures to do so.
I've also heard that tenants and landlords both have to apply. Some tenants haven't because dumb. Some landlords won't, because they don't receive 100% of the back-rent owed (I've heard it's 80%), and accepting the aid puts some limitations on their subsequent actions.
And there's a dark underbelly to this, of course. In 2007-2009, the biggest of the big finance firms made an unbelievable amount of money scooping up foreclosed and defaulted properties at firesale prices, which never even went on the market so you or I might buy them. The Goldman Sachs and Blackstones of the world don't want to own your house, duplex, or apartment building. They want to book the value of the properties as assets, and sell bonds against the asset. They don't want to be landlords. They want the properties empty.
There isn't any large group of prospective tenants who can afford rent who just can't find a place. So if there is a wave of evictions, it will be followed by a wave of landlord bankruptcies, and a flood of vacant abandoned properties. Which will be scooped up by the big finance guys, kept vacant, and sold off into the secondary bond market.
Another key is the owner equity in these properties. That's about to be repossessed on an epic level. As a f'rinstance. Suppose you own a house you rent out, which is worth $250,000. You hold, let's say, $200,000 of the equity. But since COVID hit, you can't collect rent, so you can't make your payments on that house. You may not be able to make payments on your own house, because you may have financed both your houses on the assumption you'd be collecting that rent. Let's pretend that house is also worth $250k, and you hold $100k of the equity.
You're going to lose both your houses. Your lender is going to walk away with $300k in equity, and hold $500k worth of houses. Of course they already collected about $300k in interest, depending on your terms. Gigantic bonus. They don't want to be landlords. That's a lot of work, and requires a lot of money invested. Financiers don't "invest." They buy or sell, or speculate. So they'll dump your houses for, say, $150k each to the likes of Goldman Sachs. Another $300k in their pocket.
GS will sell off the value of the assets to bond-market speculators. Pure profit, for doing nothing.
At this point, the only people interested in your 2 former houses are the neighbors, watching the meth-head squatters stripping out all the copper.
We'll be seeing another "Real Estate Crisis" which really has nothing to do with real estate. The houses are the McGuffin. It's the abstract, imaginary but very real money changing hands that matters.
This sort of thing, happening a mere dozen years after the last time it happened, is a sign of a financial system running on nitro, just before it crashes into a brick wall. We went from about 1934 until about 2000 without this happening; and now it's happening about once a decade.
Tightening spirals, everyone. And what's that drain-like dark spot in the middle, getting nearer and nearer each time around?
There is a reason Ashli fell for Trump's insurrectionist bullshit and people here did not. Ashli was susceptible to Trump's bullshit because of character failings she nurtured in herself.
Maybe we could all fall for this grift or that, but we should aspire to fall for grifts that exploit our decency, not our racism and willingness to engage in violence.
Big Finance gets to scoop up a lot of vacant foreclosed properties for a third, at most, of market value. Then sell off the equity into the secondary bond market, and then sell off the houses themselves.
It's a very good plan. They make hundreds of billions, at no cost to themselves, every decade or so.
2010, you say. I can't identify a single moment from February 2010 thru Biden's inauguration where RBG could have retired and been guaranteed an Obama appointee replacing her.
We got a decade of RBG's decisions, and more importantly, we also kept a Republican out of that seat for those years.
Reid is still the big problem here. If he'd fixed the filibuster correctly, at any point from January 2009 thru January 2015, RBG could have stepped down, and I suspect would have.
ACA entitles eligible Americans to mental health services.
Lawyers.
More SCOTUS fuckery, expect even more in the future, time for an expansion!
I got to do work I believed in, was challenging, and made a difference.
I made more than enough money under those conditions. No amount of money would have lured me away.
Can always find a millionaire to shovel all the coal
Same parent company, but an upgrade in the work I was doing.
This shouldn't surprise anyone. From what I hear from people who know more about this sort of thing than I do, the way this was done was probably unlawful, and has now been declared so.
But people make laws, and can change them when they want to.
I've also heard that the states, who have to administer this, haven't set up the structures to do so.
I've also heard that tenants and landlords both have to apply. Some tenants haven't because dumb. Some landlords won't, because they don't receive 100% of the back-rent owed (I've heard it's 80%), and accepting the aid puts some limitations on their subsequent actions.
And there's a dark underbelly to this, of course. In 2007-2009, the biggest of the big finance firms made an unbelievable amount of money scooping up foreclosed and defaulted properties at firesale prices, which never even went on the market so you or I might buy them. The Goldman Sachs and Blackstones of the world don't want to own your house, duplex, or apartment building. They want to book the value of the properties as assets, and sell bonds against the asset. They don't want to be landlords. They want the properties empty.
There isn't any large group of prospective tenants who can afford rent who just can't find a place. So if there is a wave of evictions, it will be followed by a wave of landlord bankruptcies, and a flood of vacant abandoned properties. Which will be scooped up by the big finance guys, kept vacant, and sold off into the secondary bond market.
Another key is the owner equity in these properties. That's about to be repossessed on an epic level. As a f'rinstance. Suppose you own a house you rent out, which is worth $250,000. You hold, let's say, $200,000 of the equity. But since COVID hit, you can't collect rent, so you can't make your payments on that house. You may not be able to make payments on your own house, because you may have financed both your houses on the assumption you'd be collecting that rent. Let's pretend that house is also worth $250k, and you hold $100k of the equity.
You're going to lose both your houses. Your lender is going to walk away with $300k in equity, and hold $500k worth of houses. Of course they already collected about $300k in interest, depending on your terms. Gigantic bonus. They don't want to be landlords. That's a lot of work, and requires a lot of money invested. Financiers don't "invest." They buy or sell, or speculate. So they'll dump your houses for, say, $150k each to the likes of Goldman Sachs. Another $300k in their pocket.
GS will sell off the value of the assets to bond-market speculators. Pure profit, for doing nothing.
At this point, the only people interested in your 2 former houses are the neighbors, watching the meth-head squatters stripping out all the copper.
We'll be seeing another "Real Estate Crisis" which really has nothing to do with real estate. The houses are the McGuffin. It's the abstract, imaginary but very real money changing hands that matters.
This sort of thing, happening a mere dozen years after the last time it happened, is a sign of a financial system running on nitro, just before it crashes into a brick wall. We went from about 1934 until about 2000 without this happening; and now it's happening about once a decade.
Tightening spirals, everyone. And what's that drain-like dark spot in the middle, getting nearer and nearer each time around?
There is a reason Ashli fell for Trump's insurrectionist bullshit and people here did not. Ashli was susceptible to Trump's bullshit because of character failings she nurtured in herself.
Maybe we could all fall for this grift or that, but we should aspire to fall for grifts that exploit our decency, not our racism and willingness to engage in violence.
Exactly. Being ruled by a rump SCROTUS is not going to end well for the vast majority of us. It’s been 20 years, way past time to fix this.
So what exactly is your motivation for your endless peddling of this dishonest bullshit?
Big Finance gets to scoop up a lot of vacant foreclosed properties for a third, at most, of market value. Then sell off the equity into the secondary bond market, and then sell off the houses themselves.
It's a very good plan. They make hundreds of billions, at no cost to themselves, every decade or so.
Yawn
Many do, actually. Not everyone wants to hear loud ugly barrages of cursing. Go figure.
Me my own self, for instance, and I’m at home and not even working. That damn thing made me almost jump out of my skin when I clicked on it.
2010, you say. I can't identify a single moment from February 2010 thru Biden's inauguration where RBG could have retired and been guaranteed an Obama appointee replacing her.
We got a decade of RBG's decisions, and more importantly, we also kept a Republican out of that seat for those years.
Reid is still the big problem here. If he'd fixed the filibuster correctly, at any point from January 2009 thru January 2015, RBG could have stepped down, and I suspect would have.
Now you’re changing the argument. Why are you trying to provoke a fight?
They probably don't pay on suicide though.