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What do we do about renters' debt?

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Comments

  • Pitchfork51
    Pitchfork51 Member Posts: 27,662

    The snark answer is start your own bank but we? are better than that here. I agree with most of what creepy said.

    The access to capital for the little guy is why home ownership and business start ups are possible in America. But it isn't free and banks are in fact profit making business who answer to shareholders which is the excuse for all sorts of bad behavior. I once knew a guy that had come here from Holland and I asked him how he liked it and he said he bought a home which never would have been possible back in the old country

    Capital also allows upward mobility rather than blood like the still royal infested Euros.

    Downside is you have to live up to your terms and if you don't you lose your home or business. But you don't get your legs broken or go to debtors prison so there's that.

    Life is about risk and a lot of folks went bankrupt a few times before they got it right. It takes a mindset not to freak out about it. In my repo days I met a guy who just shrugged and told me - I could pay but its a bad investment now and gave me the keys. I also met families losing the family home and they were not shrugging.

    In a perfect world bailouts would go direct to the person not through the institution. Banks could be "made whole" by having the mortgage holder be able to pay and keep the home. You do run into I paid my rent or mortgage and it wasn't easy so why should he get free money because he didn't type stuff.

    Banks are too big to fail allegedly and so their risk is covered. I am not too big to fail so I'm told hey you took the risk and lost so fuck off. That seems to be the crux of the issue.

    Creep is right it's not morality its business but having a corrupt congress with access to trillions of dollars skews the field. A true both sides situation

    Agree with all that, especially the highlight.

    Plus, this is a strong candidate for the Club's "fine people on both sides" POTD. Yes, it sucks that we had to bail out the banks, and yes, I'm talking out of both sides of my mouth when I say "fuck off" to student loan bailouts. But like I said, nobody has explained to me how we function if the banks suddenly fold. People would see very clearly then what it takes to get other people to loan you money or invest in your bidness.

    I remember 3 CEOs ago in my career going on a road show. He left dinner early to go prep. for the next day. I said, "I would have guessed by now you'd have that pitch down by memory." He said, "Yeah, but keep this in mind Creepycoug: you need to be at your very best, no mistakes, no misimpressions, when you are asking people to trust you with their money. And don't wear that shirt tomorrow."

    That is a direct quote. No board malarkey. That's what he said. And if my shoes had needed shinning, he would have said that too.
    So you greased back your hair, fluffed your mustache, and busted out the gucci loafers right
  • Tequilla
    Tequilla Member Posts: 20,101
    Simplest path is to have the stimulus be distributed to as few places as possible to cut down on administrative costs

    Renters aren’t paying rents and we want to give a pass to forgive

    Owners aren’t getting paid so they aren’t paying their mortgages ... so banks aren’t getting paid

    Easiest solution is give the banks the $$$ and use that $$$ to make owners while by forgiving their being behind in mortgages

    Of course, that would never play publicly because it’d get spun in a nanosecond
  • BleachedAnusDawg
    BleachedAnusDawg Member Posts: 13,246 Standard Supporter
    Tequilla said:

    Simplest path is to have the stimulus be distributed to as few places as possible to cut down on administrative costs

    Renters aren’t paying rents and we want to give a pass to forgive

    Owners aren’t getting paid so they aren’t paying their mortgages ... so banks aren’t getting paid

    Easiest solution is give the banks the $$$ and use that $$$ to make owners while by forgiving their being behind in mortgages

    Of course, that would never play publicly because it’d get spun in a nanosecond

    The percentage of landlords defaulting is still relatively low, all things considered. Not many chose to do forbearance. The money would be better going directly to the landlords' pockets to resolve all of the non-payment evictions that are waiting to happen.