tag:blogger.com,1999:blog-7306009336680641277.post3815222602461814060..comments2024-02-29T06:48:42.520+08:00Comments on P116: Forced reckless lending: new form of vote buyingresident.wangsamajuhttp://www.blogger.com/profile/12679072482217684577noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7306009336680641277.post-25939809781706168052013-01-05T06:53:41.636+08:002013-01-05T06:53:41.636+08:00Like everything else the government does lately , ...Like everything else the government does lately , these are unsustainable goodies to get the votes. This is very similar to the zero down policies to increase housing demand that eventually led to the subprime disaster in the US. The difference is that these were backed by private companies most of which went belly up because of this. But ours is backed by Cagamas using public funds. Let's see,anybody can qualify for a loan the moment he gets his first job.Obviously he doesn't have much,if any savings for the downpayment.(Looks like it will be Zero down) So what is there to stop a new buyer from quitting his job in one month because he does not like his bosse's face? It has been known to happen with the new generation of choosy spoil brat workers. He's got absolutely nothing to lose. The sub prime meltdown in the US has left large swathes of homes going for pittance with no takers. If the banks go along with this, they are as irresponsible as the government.Anonymoushttps://www.blogger.com/profile/05283054798696065465noreply@blogger.com