What if a debt rebellion was also happening in the US, but few of us knew it was happening?
https://debtcollective.org/
https://www.orbooks.com/catalog/creditocracy/
China mortgage boycott data erased by censors as crisis spreads
121–130 of 320 posts
Re: China mortgage boycott data erased by censors as crisis spreads
#122Earlier quoted context omitted.
30 year mortgage are normal in New Zealand and Australia, as well as the UK and at least some parts of Europe.
You are confusing a “30 year mortgage” with a “30 year mortgage”. They sound the same, because they have the same term to repay the principal, but they are completely different because in the USA you usually know your repayments for the next 30 years, but in many other countries the repayments can go up a lot if interest rates rise. In the USA, the usual mortgage has a fixed interest rate for the term of the mortgage…
All the new mortgages in China have floating interest rates.
Re: China mortgage boycott data erased by censors as crisis spreads
#123Re: China mortgage boycott data erased by censors as crisis spreads
#124I first heard this story from sources that were not so friendly to China, so I didn't put a lot of credence into the sources, but now its coming from bloomberg.
I hope the people ultimately get the houses they paid for. What a terrible thing it would be to put 20-40% down for a home and to never have it delivered. I would assume there is going to be some sort of bailout?
Re: China mortgage boycott data erased by censors as crisis spreads
#125Let's assume, there is no censorship and anyone can join the boycott. What is the intended successful outcome of the boycott? If noone would do anything (no boycott), some customers would have to pay mortgage for apartments that won't be finished ever. With boycott, the blast radius will be bigger, possibly affecting the banking system. What options do authorities have?
Pretty common situation that happens in a lot of countries. If the market is OK the developer takes deposit and the apartments and sells them to someone else. If the no one wants to buy the developer goes bankrupt and people who bought lose everything they've paid so far - bank forecloses on the apt which isn't worth much if anything.
It's happening right now in Australia, big builders are going bust leaving homes half finished or not built. Input costs have risen so much on fixed price contracts that there's really no other recourse for them.
Buying off-plan is common worldwide despite what others are saying in here.
Re: China mortgage boycott data erased by censors as crisis spreads
#126I first heard this story from sources that were not so friendly to China, so I didn't put a lot of credence into the sources, but now its coming from bloomberg. I hope the people ultimately get the houses they paid for. What a terrible thing it would be to put 20-40% down for a home and to never have it delivered. I would assume there is going to be some sort of bailout?
> I first heard this story from sources that were not so friendly to China, so I didn't put a lot of credence into the sources, but now its coming from bloomberg.
You should reexamine your assumptions about these sources. Sounds like they deserve credit for reporting it earlier.
Re: China mortgage boycott data erased by censors as crisis spreads
#127Earlier quoted context omitted.
Off-topic, but their “pretty” design is surely an anti-pattern for attracting developers. (Then I looked at https://github.com/ and it has an inane graphical world that looks like a designer’s folio project too!) Gitee also put the site language choice in the footer - odd choice. Plus some UI bugs on the page. Yuck.
I'm not sure the choice in the footer is that odd here. It appears as another code collaboration service to me and I assume it defaults to Chinese in China. I would likely not realise it's a project under Chinese protection if it wasn't mentioned here in context.
Ypu would if you didn't just read the homepage. There is Chinese all over it.
Re: China mortgage boycott data erased by censors as crisis spreads
#128I first heard this story from sources that were not so friendly to China, so I didn't put a lot of credence into the sources, but now its coming from bloomberg. I hope the people ultimately get the houses they paid for. What a terrible thing it would be to put 20-40% down for a home and to never have it delivered. I would assume there is going to be some sort of bailout?
> I first heard this story from sources that were not so friendly to China, so I didn't put a lot of credence into the sources, but now its coming from bloomberg. You should reexamine your assumptions about these sources. Sounds like they deserve credit for reporting it earlier.
sorry, I should have said earlier, but I didnt want to get in a rabbit hole. I pay attention to lots of sources, to see what they say, and sometimes they can end up in the penalty box. This particular source makes a lot of grandiose claims that I cannot verify, so trust--. I don't completely discount them but my baysean trust for them was lower.
Re: China mortgage boycott data erased by censors as crisis spreads
#129The US mortgage delinquency rate was 2.13% in Q1 2022 ( https://fred.stlouisfed.org/series/DRSFRMACBS ). It was 4% in 2016, 3% in 2018. Why should an observer/investor be worried that "Non-performing loans [...] could reach as much as [...] 1.4% of the outstanding mortgage balance"?
What are you trying to say here?
Re: China mortgage boycott data erased by censors as crisis spreads
#130The US mortgage delinquency rate was 2.13% in Q1 2022 ( https://fred.stlouisfed.org/series/DRSFRMACBS ). It was 4% in 2016, 3% in 2018. Why should an observer/investor be worried that "Non-performing loans [...] could reach as much as [...] 1.4% of the outstanding mortgage balance"?
The situation is a bit different. It's common in China to pay for unfinished apartments. So the bank has nothing to foreclose on, and the property development company becomes even less likely to finish the property. The fear is that more people will protest by stopping payment in a downward spiral.