Auto repossessions going up ! Almost 18% higher .

[demarpaint]

Let's think this through. Say I'm CEO of a big, publicly held bank, and in fall 2023 we have (per the hypothesis of this thread) a whole bunch of borrowers delinquent on their car loans and mortgages due to a recession. But (in conspiracy with the board of directors?) I've decided to recommend that the bank disregard standard business practices and defer any repossessions or foreclosures until December 2024. Why, exactly, would we do that when quarterly profits, share price, and executive salaries are literally all I care about?

I don't know. Ponder this: if you did go against standard practices, lied to shareholders by holding off on foreclosures, which in turn would make losses for the bank greater, it might be time for another CEO and board of directors. For some odd reason SVB comes to mind.

 

[pbm]

Gov programs to save people from poor choices only makes things worse.

Yes....like the governments latest plan to charge those with good credit a higher mortgage rate in order to charge those with poor credit a lower one...Hopefully the Courts throw this out but it's not surprising that this administration would penalize 'personal responsibility' while rewarding poor decision makers.

 

[hrv]

Yes....like the governments latest plan to charge those with good credit a higher mortgage rate in order to charge those with poor credit a lower one...Hopefully the Courts throw this out but it's not surprising that this administration would penalize 'personal responsibility' while rewarding poor decision makers.

Same with the student loan mess too...You took the loan out...you pay it back...simple...

 

[pbm]

Same with the student loan mess too...You took the loan out...you pay it back...simple...

It's called 'buying votes'.....using the taxpayers money.

 

[hrv]

It's called 'buying votes'.....using the taxpayers money.

You are right and WE all have to pay for it....at least most of us have to pay for it...

 

[Dave Hess]

Same with the student loan mess too...You took the loan out...you pay it back...simple...

Yep, very easy concept.

 

[slo town]

There are no programs that pay you (an able bodied person) indefinitely (a living wage) for sitting in your parents basement playing video games. Every time this is inferred to on here I have asked for proof and NO ONE has been able to provide it.

What about welfare and housing programs for abled bodied people?

Some municipalities are giving people MMI, a Minimum Monthly Income.

Scott

https://www.forbes.com/advisor/personal-finance/universal-basic-income-programs/

 

[CKN]

What about welfare and housing programs for abled bodied people?

Scott

Please explain, provide links

 

[CKN]

delete

 

[slo town]

Please explain, provide links

https://www.forbes.com/advisor/personal-finance/universal-basic-income-programs/

 

[CKN]

https://www.forbes.com/advisor/personal-finance/universal-basic-income-programs/

Look at the monthly stipend. It's not a living wage. You can't sit at home for those amounts and survive. Like I said. You can't have a monthly car payment of $500.00 a month on those stipends. That's why I said "A LIVING WAGE". There is not a program which pays a living wage for you (an able bodied person-who isn't "gaming the system") to sit home and do nothing. There just isn't.

 

[philipp10]

I have been predicting this for quite some time, but it's taken a lot longer than I had thought. This will finally break the back of the new car bubble.

 

[Shel_B]

like the governments latest plan to charge those with good credit a higher mortgage rate in order to charge those with poor credit a lower one.Yes......Hopefully the Courts throw this out but it's not surprising that this administration would penalize 'personal responsibility' while rewarding poor decision makers.

WHAT!? I've not heard this before now. I'd like to know more about this. I'll poke around, but if you can provide a link or two I'd appreciate it.

 

[philipp10]

Hmm yes but poorly maintained. If they can’t make their payment do you think they’re having it serviced on time and correctly? And once out of warranty prices for parts and repairs are nuts now. So more likely to be driven with issues. It’s easy to ignore the check engine light and drive it like that for months when you know the repo man is picking it up soon anyway.

These are cars less than 4-5 years old. If they needed any service at that age, I wouldn't be buying them anyway. Just oil changes are necessary.

 

[odie]

This should be a serious subject . It impacts everything . Wish we were taught this in grades 7 > 12 . Could of avoided many worries from poor decisions . Took around 20 years to wise up . No loans for about 3+1/2 years . Bank accounts have been gaining during this time .

From 2018 , but still applies . Especially these days .

https://www.edweek.org/teaching-lea...nomics-and-personal-finance-education/2018/02

 

[philipp10]

Look at the monthly stipend. It's not a living wage. You can't sit at home for those amounts and survive. Like I said. You can't have a monthly car payment of $500.00 a month on those stipends. That's why I said "A LIVING WAGE". There is not a program which pays a living wage for you (an able bodied person-who isn't "gaming the system") to sit home and do nothing. There just isn't.

I know of a family where two single brothers and a sister and her husband are all on SSI disability and no, they don't work. The brothers did it for about 15 years, then the mother finally died and left them some inheritance. So no, people can and do live off of these types of programs. The one brother and sister/husband did pick up sporadic work. It cannot be a comfortable life but it is done. And as fas as their disabilities? Trust me they both would be working if the program didn't exist.

 

[IndyIan]

I think also kids need more financial education, with emphasis on how not to get stuck on the debt train, and the harsh reality that they are being groomed, by billions of dollars spent on marketing. to feel inadequate unless they are buying new stuff... And every year there is going to be more new stuff...

And almost every business is trying to seperate them from as much of their money as possible, while giving them as little as possible. That many sales people will try to get you to sign your financial freedom away with little to no ethical considerations, for a few hundred bucks in their pocket...

I don't know what the economy would look like if most people actually made financial decisions with the goal of building long term financial freedom?

 

[odie]

I think also kids need more financial education, with emphasis on how not to get stuck on the debt train, and the harsh reality that they are being groomed, by billions of dollars spent on marketing. to feel inadequate unless they are buying new stuff... And every year there is going to be more new stuff...

And almost every business is trying to seperate them from as much of their money as possible, while giving them as little as possible. That many sales people will try to get you to sign your financial freedom away with little to no ethical considerations, for a few hundred bucks in their pocket...

I don't know what the economy would look like if most people actually made financial decisions with the goal of building long term financial freedom?

 

[dishdude]

Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.

The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federally backed home mortgage companies Fannie Mae and Freddie Mac will enact the loan-level price adjustments, or LLPAs.


Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who make down payments of 15% to 20% will get socked with the largest fees.

The new fees will apply only to Americans buying houses or refinancing after May 1.

Lenders and real estate agents say the changes will frustrate homebuyers with high credit scores and homeowners seeking to refinance because the rule punishes them for their relatively strong financial positions.

That's nothing but a politically slanted opinion piece. Here's the raw data.

https://singlefamily.fanniemae.com/media/9391/display

 

[CKN]

I know of a family where two single brothers and a sister and her husband are all on SSI disability and no, they don't work. The brothers did it for about 15 years, then the mother finally died and left them some inheritance. So no, people can and do live off of these types of programs. The one brother and sister/husband did pick up sporadic work. It cannot be a comfortable life but it is done. And as fas as their disabilities? Trust me they both would be working if the program didn't exist.

There are always people who game the system and are dishonest-that is true. But there isn't a system that pays an able bodied person a living wage to sit home in their parents basement-who isn't faking a disability.