Latest Coronavirus - Yikes

#17,377
#17,377
allvol123 said:
The naivete here is the belief government and or banks can just magically control the economics of this.
Click to expand...
We can't control it but we can certainly do things better this time around. Last big crash banks wouldn't let you refinance if your were underwater on your home. I saw people with 6.5% mortgages that could have dropped to 2.75% and keep their home but because the appraisal on the new loan would come in below the balance they wouldn't do it. The HARP program helped with that but it took too long to create it.

I'm already seeing banks working on forbearance programs for business owners and they haven't even missed a payment yet.

It'll be rough but we learned some hard lessons 12 years ago
 
#17,379
#17,379
MurphyVol said:
We can't control it but we can certainly do things better this time around. Last big crash banks wouldn't let you refinance if your were underwater on your home. I saw people with 6.5% mortgages that could have dropped to 2.75% and keep their home but because the appraisal on the new loan would come in below the balance they wouldn't do it. The HARP program helped with that but it took too long to create it.

I'm already seeing banks working on forbearance programs for business owners and they haven't even missed a payment yet.

It'll be rough but we learned some hard lessons 12 years ago
Click to expand...

I am weak at banking knowledge.

Do you see banks lending to small businesses to meet payrolls and such when the small business already has outstanding loans they cant pay?
 
#17,384
#17,384
MurphyVol said:
We can't control it but we can certainly do things better this time around. Last big crash banks wouldn't let you refinance if your were underwater on your home. I saw people with 6.5% mortgages that could have dropped to 2.75% and keep their home but because the appraisal on the new loan would come in below the balance they wouldn't do it. The HARP program helped with that but it took too long to create it.

I'm already seeing banks working on forbearance programs for business owners and they haven't even missed a payment yet.

It'll be rough but we learned some hard lessons 12 years ago
Click to expand...
So you're saying that the banks have mercy on our souls and they are going to make things easy on the worker bees? yeah right.
 
  • Like
Reactions: 508mikey and Rasputin_Vol
#17,386
#17,386
allvol123 said:
United States Coronavirus: 24,137 Cases and 288 Deaths - Worldometer
Click to expand...

So out of 32 deaths today, 8 of those (25%) were older people (if you consider 50 older) with pre-existing conditions.

March 21 (GMT)
  • 4754 new cases and 32 new deaths in the United States
    New deaths include:

    • 1 new death in Oregon, first in Marion County [source]
    • 1st death in Tennessee: a 73-year old man with underlying health conditions in Nashville [source]
    • 1st death in Arizona: a Maricopa County man in his 50s with underlying health conditions [source]
    • 1 death in Ohio: an 85-year-old man was an Erie County [source]
    • 2 new deaths in South Carolina: elderly people suffering from underlying health conditions [source]
    • 1 death in California: the first death in Contra Costa County: a patient in their 70s [source]
    • 1 death in Maryland: a Baltimore County resident in his 60s who suffered from underlying medical conditions [source] D.C. schools will be closed until April 27
    • 1 death in Missouri: a woman in her 60s, who suffered from multiple health problems prior to being diagnosed with COVID-19 [source]
 
#17,387
#17,387
allvol123 said:
As a business owner I find it difficult to understand how people think we are just going be able to hit the freeze button on everything.
Click to expand...
they are in for a very unpleasant surprise - banks are ruthless -- I used to be in banking long ago and got out when the merger mania was going on
 
#17,390
#17,390
allvol123 said:
I am weak at banking knowledge.

Do you see banks lending to small businesses to meet payrolls and such when the small business already has outstanding loans they cant pay?
Click to expand...
No I don't. Unemployment will explode. We just hope it's short term. What is see happening is the banks pushing the business owner's loan payments out for a couple months (without reporting on their credit).

If this is short term, then hopefully there will be businesses to come back to work in instead of a bunch of foreclosed commercial properties. Hopefully unemployment and stimulus checks can help some people get buy until things get moving again.
I'm not sugar coating anything. It'll be rough but manageable if we're talking about a 6-8 week ordeal.

Something like 12 million people work in restaurants. If the bank will allow the restaurant owners to do a couple of "skip-a-payments" then there will be a restaurant to come back to. Same for factories, etc.

I think this will bleed over to the consumer side as well with things like mortgages and car payments. It's better to let someone defer a car payment for 60 days than the banks owning a fleet of autos.

Yeah the banks and the government have done some really stupid things in the past but not everything has been bad. People generally have no idea how much money the government/taxpayer's profited on the TARP bailout. It was in the neighborhood of 30 billion. I smell a government investment in Boeing coming and if the gov becomes a shareholder they'll make a huge profit when things get back to normal. They'll probably triple their investment
 
  • Like
Reactions: allvol123
#17,391
#17,391
VolStrom said:
So you're saying that the banks have mercy on our souls and they are going to make things easy on the worker bees? yeah right.
Click to expand...
Banks are going to make it easy on themselves. Do you have any idea what it costs the bank to foreclose on a home? If you think they're licking their chops to take your home back or your 2018 Kia Rodeo that you're $5000 upside down on you're wrong
 
  • Like
Reactions: Rickyvol77
#17,392
#17,392
DynaLo said:
Are the newbs heading in as front line staff or being used to free up the trained nurses. The only safe benefit I see would be the minor things, intake questions, charting vitals, answering the room dings, but only for non cv-19 type patients.
Click to expand...
I believe they would be used in the step down capacity, non critical pts and assigned to a preceptor or mentor.
 
  • Like
Reactions: Big Al Orange and DynaLo
#17,393
#17,393
Well I gave everybody down here 2 weeks..turns out it was less than a week...ppl everywhere Target was packed...went in there because there were rumors they had TP..paper towels and hand sanitizer....had none of the above....Tractor Supply was also busy...scored a great deal on wild bird seed...Chik Fila wrapped around the building....ppl down at the bay walking their dogs riding bikes...I overpaid for a couple of pounds of shrimp and fish..gonna just stay in for the rest of the weekend and watch a few movies Knives Out...Ford vs Ferrari...Parasite
 
New posts
You must log in or register to reply here.
Advertisement

Back
Top