I am an American, I enjoy your post's addressing the Sub Prime problem which has spread around the world. I agree with almost everything that has been said regarding the belief of Americans that they can buy now and pay later, when in fact most homes never get paid off anymore. I purchased one home in my lifetime, I paid 50% down and it took me 20 years to pay it off. Americans who got burned by the sub prime fiasco, forgot one thing, a home is a necessity, it is not an investment. In America homes were promoted as investments when in fact, a home has never been something one could classify as an investment unless you were a real estate speculator. Many of the subprime, and other mortgages were made to speculators in Florida, Arizona, and California hoping to flip the property and make a quick profit; they never expected to be the holder of a house that they could not get rid of. I think that homes are necessities and should not be equated with investments which are bought and sold. Have a great day. I am glad to see that somewhere in the world, common sense still exists. John
RE:Sub Prime and India
by suryakant agrawal on Feb 09, 2008 06:52 PM Permalink
The one way to overcome this crisis in no time is to allow Indian to buy propoerties in USA and allow them to migrate. In six months you will see the trend has reversed.
I am Indian, I am happy that you have come out with such real mindsets about what Americans think of Homeloans. But I am very upset to say that how come such big banking giants where not aware of the situation long back and let the country's economy fell into recession. Because of this banks the country is facing a severe financial crisis. This has not only affected US but the entire world.
My opinion would be that each and every american has to think about the country and do something to avoid the country to fell into recession and also save the world from such financial crisis.
RE:Sub Prime and India
by Sunil Kumar on Feb 09, 2008 06:07 PM Permalink
Do not worry buddy. Some measures will certainly pull off the problem. I think the banks as a policy should forget that part of the money that has been lost. If all the people involved think the similar way and never very much, things will start afresh and pick up in a more better way. At least, as a layman, I feel this way. The more intelligent people have a differente perspective altogether
