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  • #16
    Originally posted by The Exorcist View Post
    Bingo.
    THAT is the big one, and last I heard about 40% of the borrowers have no way to pay it back.
    When that bubble bursts, there will be hell to pay. Obama might even get his chance to Nationalize the Banks this year.
    The problem with student loans is two fold:

    1. They are backed by the government so they will never default on the lender, the government will eventually pay off if no one else does.

    2. They cannot be erased by bankruptcy. That means you are stuck with them for life if you can't pay them off.

    What it is creating is a class of well-educated working poor who almost indentured to the government for their student debt.

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    • #17
      Originally posted by T. A. Gardner View Post
      The problem with student loans is two fold:

      1. They are backed by the government so they will never default on the lender, the government will eventually pay off if no one else does.

      2. They cannot be erased by bankruptcy. That means you are stuck with them for life if you can't pay them off.

      What it is creating is a class of well-educated working poor who almost indentured to the government for their student debt.
      Slowly build a up a stockpile of credit cards with cash advance capabilities and other credit lines. Use them all at once to pay of the student loans, then go bankrupt.
      Flag: USA / Location: West Coast

      Prayers.

      BoRG

      http://img204.imageshack.us/img204/8757/snap1ws8.jpg

      https://www.youtube.com/watch?v=5PtsX_Z3CMU

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      • #18
        Originally posted by 101combatvet View Post
        Don't know, but with all the unrest in St. Louis I would think that the smart people pulled pitch and got out of there. Maybe, those home owners that left have sold their homes for less than market value and those properties were bought up making it look all like a great market. Maybe great for some but poor for others which equals out to nothing.
        Well, I live out in mostly white St. Charles County which is in the “Metropolitian Area” and we are booming I think. Most of the unrest in the St Louis area was in North St. Louis City and North St. Louis County, which was pretty depressed to begin with, but I have white friends who still live there and are not unhappy with their situation. The South City and County are in pretty good shape. Across the Mississippi in Illinois a few miles east of East St. Louis it’s booming also—lots of development and it’s in the “Metropolitan Area” also.

        St. Louis just landed the National Geospatial-Intelligence Agency Contract for a new center which will be built in North St. Louis. That essentially means that some of North St. Louis will be cleared of substandard housing and cleaned up a bit. Whether the workers will live in the immediate area or will commute is another question. It will be pretty easy access via I-70 from our county and even from Illinois.

        http://www.stltoday.com/news/local/g...1572061c1.html
        Homo homini lupus

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        • #19
          Originally posted by G David Bock View Post
          The Office of the Comptroller of the Currency recently warned that mortgage underwriting standards have slipped and now reflect “broad trends similar to those experienced from 2005 through 2007, before the most recent financial crisis.”
          "Mortgage Performance Improves Through Fourth Quarter of 2015, OCC Reports"

          http://www.occ.gov/news-issuances/ne...c-2016-36.html

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          • #20
            Originally posted by Metryll View Post
            "Mortgage Performance Improves Through Fourth Quarter of 2015, OCC Reports"

            http://www.occ.gov/news-issuances/ne...c-2016-36.html
            Which is the performance of existing mortgages and this is good to see. The OP is citing an article claiming that standards and qualifications on future mortgages may be decreased regarding borrowers, thereby increasing the risk of default, etc.

            Apple versus Orange ...
            TANSTAAFL = There Ain't No Such Thing As A Free Lunch

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            • #21
              Originally posted by Jannie View Post
              Well, our county is doing very well. Lots of building, lot of Help Wanted signs out. We are at 4.5 unemployment. And they recently had a job fair out here where a company wanted to hire 200 people and they only had 20 or 30 show up.

              The thing that I would worry about is the Student loan thing. Kids are borrowing 50 thousand to 100,000 or more to go to school and those loans are being sold like the housing loans were pre-2008, with people consolidating them and selling them as investment vehicles. Go see the movie "The Big Short" to understand how this happens.
              Something of sorts on that front already, putting we taxpayers up to pay the tab;
              Why Obama is forgiving the student loans of nearly 400,000 people

              http://www.msn.com/en-us/money/marke...tTs?li=BBnbfcL
              TANSTAAFL = There Ain't No Such Thing As A Free Lunch

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              • #22
                Originally posted by G David Bock View Post
                Something of sorts on that front already, putting we taxpayers up to pay the tab;
                Why Obama is forgiving the student loans of nearly 400,000 people

                http://www.msn.com/en-us/money/marke...tTs?li=BBnbfcL
                400,000 disabled people have student loans? Were they disabled before or after college?
                “I do not wish to have the slave emancipated because I love him, but because I hate his master."
                --Salmon P. Chase

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                • #23
                  Originally posted by The Exorcist View Post
                  Bingo.
                  THAT is the big one, and last I heard about 40% of the borrowers have no way to pay it back.
                  When that bubble bursts, there will be hell to pay. Obama might even get his chance to Nationalize the Banks this year.
                  Why do you think that Bernie is so popular with the college age set?

                  Hell, even Shillary is getting on that bandwagon! (Trying to pick up a few votes, she really doesn't give a rats butt about the kids.)

                  GG
                  "The will of a section rooted in self interest, should not outweigh the vital interests of a whole people." -Joshua Lawrence Chamberlain-

                  "Fanatics of any sort are dangerous." -GG-

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                  • #24
                    Originally posted by Savez View Post
                    400,000 disabled people have student loans? Were they disabled before or after college?
                    If you can go to school you can work, school is work. Looks like yet another Obama brain fart.
                    My worst jump story:
                    My 13th jump was on the 13th day of the month, aircraft number 013.
                    As recorded on my DA Form 1307 Individual Jump Log.
                    No lie.

                    ~
                    "Everything looks all right. Have a good jump, eh."
                    -2 Commando Jumpmaster

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                    • #25
                      Originally posted by Savez View Post
                      400,000 disabled people have student loans? Were they disabled before or after college?
                      It would have to be after. Earning a degree will remove one's disabled status.

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