Financial turmoil

Old Sep 15th 2008, 10:50 am
  #1  
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Default Financial turmoil

About three weeks ago I read some documents written by a senior retired US economist that predicted the worst of the credit crisis was still to come.

The papers predicted the step in of the federal government to prop up Fannie Mae and Mac and the potential closure of a major bank.....

It went on to suggest that FMae or Mac may well continue to struggle on before more trouble about 6 months after the support from the US government at which point a large portion of the US mortgage business will fail triggering a world wide credit crisis multiple times worse than we've seen to date.....

The first two stages have happened and i wonder if the remainder wil come true?

BBC news

I have to say that renting here in NZ with some cash in a bank rather than a mortgage is looking so much more appealing every day. The more i hear about the housing and mortgage market in the UK i can't help but feel we sold and got out at just the right time!!!!!
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Old Sep 16th 2008, 7:35 pm
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Default Re: Financial turmoil

Originally Posted by teambwr47
I have to say that renting here in NZ with some cash in a bank rather than a mortgage is looking so much more appealing every day. The more i hear about the housing and mortgage market in the UK i can't help but feel we sold and got out at just the right time!!!!!
Yes, this crisis will get worse, unfortunately. I am in a similar position to you. One strong recommendation, though: remember that unlike the UK, there is no depositor insurance in NZ. You should spread your savings between a few of the safest banks (such as Raboplus, ASB/Bankdirect, Kiwibank). Avoid finance companies like the plague! Make use of a cash PIE if you're a higher-rate taxpayer.
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