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  1. #1
    Percy's Avatar
    Percy is online now Knackered old Knight
    Member Since
    May 2006
    Overlooking the D'Entrecasteaux Channel. The views are magnificent.

    The Great Single Mother Housing Finance Scam

    I was having a bit of a think today.

    The American-produced world financial crisis was based almost wholly on the provision of low interest mortgages to people who could not afford them.

    The first issue is the Rate of mortgage interest.

    In America the Mortgage interest rate at the high end (the non junk rate) is HALF the rate of Australia. The 'low interest' rate for the 'poor people' is virtually negligible in comparison.

    Second issue is the American system of Foreclosure. Default on your payments and you can just walk away. The house gets sold by the Bank. Usually a t a huge loss. The borrower is not responsible for the losses.

    In Oz the borrower is held to their contract and if the house sells below the original mortgage, they have to make up the difference.

    Third issue is the preponderance of single-mother 'families' that have taken out the ludicrously cheap loans. They are supported by the State in the form of payments and pensions and cheap loans themselves (cheaper than one quarter the rate in Oz).

    The forth issue is the growth of the scam of 'taking equity out'. That is, as the 'value' of the house rises, it is made easy to capitaise the added value as a further loan. Say the value rises from $100k to $150k, (and we are talking of a very modest house here) the householder can get the extra $50k to spend on ... whatever. They now have repayments to make based on $150k which they cannot afford, as opposed to the $100k that they could not afford previously.

    Then, $50k cash in hand, they can walk away.

    Now we have the rise of the 'Community' groups that buy the house from the bank - which has to sell at a far lower value - say $75K - and mortgage it at the far lower price to the very same scam artists that took out the mortgage in the first place.

    Those people - predominantly single mothers - have now got the same house and $50k in cash in hand, at a lowered mortgage on $75K. That is they are paying even less than they were at the start.

    The banks of course get squeezed and the Taxpayer has to bail them out. The same taxpayers that pay the single mothers to be single mothers.

    And we think Feminism is madness.

    I know..... to be fair, not all the borrowers are single mothers. Just the majority.
    When in need of a drink to Refresh the soul
    Drop into the Knight & Drummer Free House.
    Always leave a Comment as a tip.

    Cum dilectione hominum et odio vitiorum
    Love the Sinner but not the Sin.
    (St. Augustine)

    For we wrestle not against flesh and blood, but against Principalities, against Powers,
    against the Rulers of the Darkness of this world, against Spiritual Wickedness in high places.
    (and within ourselves)

    A Feminist is a human being who has lost her way and turned vicious. If you meet one on the road as you
    Go your Own Way, offer kindness but keep your sword drawn.

  2. #2
    nivek's Avatar
    nivek is offline Moderator
    Member Since
    Jun 2008

    Re: The Great Single Mother Housing Finance Scam

    The same here as you describe in Aus, whereby you are still responsible for the shortfall upon repossession, that’s why we’ve had a big rise in personal bankruptcies in recent times, not just for mortgages but for all kinds of debt, serve a maximum of four years under the terms of bankruptcy (often less) and then you're in the clear, with an A credit rating and free to do it all over again, the debts you originally owed written off.
    Those who are too smart to engage in politics are punished by being governed by those who are dumber. ~Plato

  3. #3
    shaazam's Avatar
    shaazam is offline Established Member
    Member Since
    Dec 2007
    My Blog Entries:

    Re: The Great Single Mother Housing Finance Scam

    but some how I a male chauvinistic pig managed to pay my house off and stand beholden to no one - now ain't that putting single mothers down ( their only talent it seems is menstruating and bearing bastards at the expense of the community)


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