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Thread: wanna read crazy??

  1. #25
    Join Date
    Oct 2004
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    747

    Re: wanna read crazy??

    spoiled brats? haha...

    who lives in their parents basement and who pays taxes?

  2. #26
    Join Date
    Feb 1999
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    3,516

    Post Re: wanna read crazy??

    Quote Originally Posted by alexc View Post
    those mortgages neveer should have been approved or offered, however, they were largely because the house banking committee, led by barney frank demanded that the banks do so. They also threatened banks who would not offer them as discriminatory as the goal was to get low income individuals into home ownership. One HAD a choice as to whether they took the mortgage as well. its called personal responsibility. The middle class overspent...LIKE our gov't and now they just want to pass blame and tax people to make up for their mistakes. Banks and corporations will spend when there is an incentive to do so...like a sound fiscal and energy policy that will permit economic growth. its not a tough premise to understand...
    So it's the family's faults who trusted the banks with mortgage loans?

    When the mortgage company says one can qualify for a loan of X amount of dollars for a loan... that's the number one thinks they can handle.

    This is nothing new and has been for decades. People have done this for as long as I can remember and although it may be an unrealistic number for some... if it's 1/4 or 1/3 ...sonme 1/2 of net income... it's what some believe after they give their income to buy a house think.

    It may have been unrealistic for some, but it has been the rule for many for a long time.

  3. #27
    Join Date
    Feb 1999
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    3,516

    Post Re: wanna read crazy??

    Quote Originally Posted by alexc View Post
    spoiled brats? haha...

    who lives in their parents basement and who pays taxes?
    What's that mean? Hinky attitude wins no favors to gain support of others to join this board.

    I've often wondered why I bother either... I used to enjoy fair minded, friendly political debate here.

  4. #28
    Join Date
    Dec 1997
    Posts
    3,033

    Re: wanna read crazy??

    There's probably lots of people living with thier parents nowadays. Between the unemployment problem, the mortgage problem, and the economy in general, it's probably not a surprise that more and more Americans have moved back with thier parents because of it.

    But those two will probably continue on like Sarah Palin and Herman Cain. Judgemental and ignorant of the "have nots", give excuse after excuse to the "haves" for thier greed laziness and corruption, while at the same time spewing thier general stupidity.

  5. #29
    Join Date
    Oct 2004
    Posts
    747

    Re: wanna read crazy??

    banks were put on a quota system to provide these products. Its fact. that said, no one was forced to get one of these loans. personal greed and an inability to face responsibility caused this. if you spend 50% of your income on housing with zero down, what did you expect? now you want a bailout from me. the "have nots" are not ignored...the policies of the left do not work to help them out. Look at what obama did for his first 2 yrs with total power, yet they are WORSE off. at some point, all you liberal need to take responsibility. cat...if you want fair-minded debate...take a gander at the post of a certain insignificant, depressed cry baby who lives in the parents basement first..likes to dish, but whines when its thrown back. When there is no data to backup an opinion and its nothing but insults thrown forward what does one expect back? typical liberals bash and then whine when they get it back...

  6. #30
    Join Date
    Dec 1997
    Posts
    3,033

    Re: wanna read crazy??

    Wouldn't that be a call for MORE regulations on the Banks, not LESS?

    Are you sure that the banks granted these loans out of the "kindness" of their hearts, or were there's another piece to this puzzle?
    Like the fact that banks' main source of income is interest from loans, credit cards, etc.
    It's basic economics, when something is perceived as "cheaper", demand goes up. People of lower income levels see some sort of "deal" they'll go for it.
    In the mean time, granting these loans and these people only paying the interest would have all but ensured the banks a steady source of income for essentially the rest of these peoples' lives.
    But what happened? The price of living went up, people found it harder and harder to pay off these loans, they try to crimp and save but eventually even with all that saving and cutting their personal spending (decreasing demand for essentially everything), they couldn't even afford the interest until they're foreclosed.
    The more foreclosures, the less income the banks were getting.

    Why add data to back up my opinions on this board when you two won't listen anyway? Catstrack, MTJ, and myself are pretty much tired of your attitudes.
    Just because I have a humble living situation doesn't make my opinions insignificant, because there are lots of people that have similar opinions as myself. They're protesting on Wall Street and other places across the country as we speak.
    Given this economic situation that we are in right now, there are lots of people also living with their parents.
    People are losing homes and jobs, where do you think some of them go?
    Last edited by jolau; 10.25.11 at 1:50 AM.

  7. #31
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    Re: wanna read crazy??


  8. #32
    Join Date
    Jun 2003
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    3,781

    Post Re: wanna read crazy??

    regulations CAUSED the bad lending policies... so..uhh..maybe no to more government? maybe NO to more fannie and freddie?...maybe NO to more CRA? ya think?

    much of the risk was removed from the banks by fannie and freddie.. therefore scrutinized and common sense underwriting went away.. banks were getting 3.5 to 4% on each loan... in other words, they would underwrite the file according to the LOOSE guidelines of fannie and freddie and then fannie and freddie would buy say a $200,000 loan for $207,000...instant profit for the bank then the bank would service the loan for a monthly fee...

    the piece to the puzzle is the govt and banks getting together and making deals... put a govt program together to where the banks have less risk because the loan is being bought and the investments are spread around... things exploded and the whole world was investing in this stuff.. it was all working ok until things exploded to the point that we were making $300,000 loans on houses that had sold for $200,000 just 7 or 8 years earlier...

    that's when bush and 17 other repub senators tried to reign this stuff end but barney frank and chris dodd had taken control by then and they accused the repubs of wanting to deny homeownership to those without down payments and income docs... we were against non whites and other poor people... (typical repubs...no?)

    I now deal with modifications... most of the people could afford the payments but because their new neighbors have a payment 1/2 theirs, they just let the house go and then go rent somewhere for the same payment but a much nicer home...

    banks are not "taking" homes from people... the people have decided not to honor their contracts and are not paying back the money they previously agreed to... the banks and investors got screwed...not somebody who doesn't pay back money they borrowed...

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