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Bush's plan for struggling homeowners

Discussion in 'Sports and News' started by Point of Order, Dec 6, 2007.

  1. Ace

    Ace Well-Known Member

    Some of these people did ask questions and were assured that all was find and dandy by their lying, cheating mortgage broker.

    It's in all the papers.
     
  2. Point of Order

    Point of Order Active Member

    BINGO!
     
  3. poindexter

    poindexter Well-Known Member

    If lenders committed fraud (what you are implying in that post), they should be prosecuted to the full extent of the law. I don't see that happening in any sort of material way.

    I've been pretty heavily involved in this subprime thing. I don't think its an oversimplification to say that people, driven mainly by greed or stupidity, got in over their head by signing up for mortgages that any person with common sense would have seen as having a risk of being a possible disaster. If your experience is something different, I will bow to your experience.
     
  4. Ace

    Ace Well-Known Member

    So where is the common sense on behalf of the people extending the loan to someone who clearly wouldn't be able to pay it?

    Were they not being greedy or stupid?
     
  5. Ashy Larry

    Ashy Larry Active Member

    Last year I got a bonus.....enough for a down payment on an Audi S8,....it was a great deal, zero interest for 1 year. Well, the sales guy never told me that in month 13 what my payment would look like.....and I need the government to bail me out. Seriously, should I be expected to read an entire contract, know what I can and can't afford?
     
  6. Point of Order

    Point of Order Active Member

    Ace,
    Common sense is not required when you are an industry subsidized by the government.
     
  7. ATLienCP

    ATLienCP Member

    Why is all the responsibility always put on the fucked rather than the fuckers?

    The fucked shouldn't have let themselves get fucked thats a given but its not like the fuckers didn't play a part in this whole mess.

    Tired of seeing all the blame put on fucked while the fuckers get bailed out with no talk of their role in the fucking.

    The fucker always wins but it would be nice if we could apply some moral responsibility to their fucking.
     
  8. Dangerous_K

    Dangerous_K Active Member

    Fuckin' eh, sir. Fuckin' eh.
     
  9. trifectarich

    trifectarich Well-Known Member

    I've purchased four homes during my lifetime and in every instance, including those where I had an adjustable rate mortgage, it was spelled out for me that here's much I was going to owe for each of the 360 months. I was fully aware that if the rate went up by the maximum percentage, I knew precisely how my mortgage payment would be impacted. I'm no genius; I just have a sufficient amount of common sense.

    Having said that, this problem has been compounded by mortgage brokers who've sold loans to customers who have no business getting them in the first place or, worse yet, didn't even go so far as to verify an income. Those kind of practices have disaster written all over them. How many times would you loan $20 to a friend who doesn't pay you back?
     
  10. Ace

    Ace Well-Known Member

    If I could get another buddy to buy the loan for $22, I'd never stop. Why?
     
  11. Point of Order

    Point of Order Active Member

    Poin,
    What do you mean by "heavily involved"?

    My experience is that I was considering purchasing a house, but the only places nicer than the apartment I was living in were WAY above my price range, like about 6.5 times my annual salary. But I was told not to worry because the value of my home would continue to increase and in the case that I could always re-fi when the ARM was about to reset and get another great low payment. Also, I was assured that even if I was having trouble making the payments my house value would increase at such a rate I could sell it and still come out WAY ahead.

    Everyone I knew was purchasing a house and it seemed like a great idea. The lenders all said there was NOTHING to worry about. Now my education level is much higher than the average person that was getting this pitch, but it all sounded pretty good to me.

    Problem is, the lender who sold millions of people the same bill of goods turned right around and sold the loan to a hedge fund. Ergo, the lenders had NO REASON to shoot straight with the lendee, and no reason to scrutinize the lendees credit, income and ability to repay. Garbage in, garbage out!
     
  12. poindexter

    poindexter Well-Known Member

    Lenders have been securitizing and selling loans for eons, that is nothing new.

    I think we can see the battle lines being drawn here, I don't think anybody is going to change anybody else's mind.

    I'll save my fights for a different day and different thread.
     
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