I dont see whats wrong with wanting the American Dream of Home Ownership.. People got in over their heads (something im sure youve never done cuz you are perfect) and the BANKS NEW IT, BUT GREED PUSHED THEM TO CLOSE THE LOANS... So you The BANKS CRY POOR, and ur here to Bail them Out... Are you a Republican or a Socialist?
Let the LYING GREEDY BANKS OFF BECAUSE THEY ARE POOR RIGHT??? WTF??? LOL :nohead: :nohead: :nohead:Give them a free ride??? That we are PAYING FOR???
Lot of these people borrowing werent poor...they were greedy/stupid/wanted immediate gratification. They wanted more than they could afford and they wanted it now. They wanted to buy a home and put 0% down. They took the ARM because the rate was low and they KNEW it would go up in 3 or 5 years but they did it anyway. I'll just refi out when the rate adjusts because real estate always goes up.
Screw saving until I have 20% or more to put down on a house. That means I have to live in an apartment? Screw that...I'm better than that. Plus, real estate always goes up...leverage is the only way to get ahead.
Always double down on 11.
Nixon, for officially closing the gold window.
The Fed, for fiat, 'money as debt', and interest rates below market.
Borrowers and lenders for being dumb, greedy fucks.
Voters, for their partisan idiocy and subsequent blindness.
Paris Hilton. Just 'cause.
But, mostly, the Rockefellers, Rothschilds, Morgans, et al, for their sheer evil.
The Fed, for fiat, 'money as debt', and interest rates below market.
Borrowers and lenders for being dumb, greedy fucks.
Voters, for their partisan idiocy and subsequent blindness.
Paris Hilton. Just 'cause.
But, mostly, the Rockefellers, Rothschilds, Morgans, et al, for their sheer evil.
and a lot of them thought their homes were Money trees because of the continuous uprising of home values..and refi'd and refi'd some people %110-120 of the value of their homes... fucking nuts... I agree its the borrowers fault too but a lot should be put on the banks as well for making these idiotic loans too.
Nobody said the Banks weren't at fault... but if the masses of people didn't come to the banks for loans, the banks wouldn't have given them loans.
The level of wealth of the borrowers has nothing to do with it either. There were middle class and rich people over buying house just like there were poor people buying more than they can afford as well.
many of the mortgage writers lied for them on their applications
tiz said this
absolutely true i got my mortgage no income verifier and the guy new i had the money and jammed it through........i paid it off is the difference..........for every one of me is ten folks who cant...i feel it is the responsibility of the lenders more than the borrowers..........fuk anyone will take money.........if you're giving it out at least take care of it
tiz said this
absolutely true i got my mortgage no income verifier and the guy new i had the money and jammed it through........i paid it off is the difference..........for every one of me is ten folks who cant...i feel it is the responsibility of the lenders more than the borrowers..........fuk anyone will take money.........if you're giving it out at least take care of it
But if the borrowers didn't go to the bank and lie, the mortgage writers would have never lied also. The reason houses were being bought and sold, is because there were purchasers... demand.
YES, I agree a lot of the mortgage writers F-ed up, but the heart of the problem was people buying more house than they can afford.
We had 4 point point the blame at the mortgage industry, but not 1 single person blamed the person that promised and signed the dotted line.
disagree ...policies of the lenders.......what person isnt going to take a 250k loan no money down and live in a house.....so what if it blows up it is basically rent until 10 years have passed......anyone will take a shot........they loaned money to people greedily thinking real estate would keep climbing.....
Nowbody was "giving away" money... They were LENDING it. They fucked up, just like the borrowers fucked up.
BUT
If there weren't people with eyes bigger than their damn wallet... nobody would have lent them the money.
The reason I didn't buy a house today... is because I didn't WANT or TRY to buy a house today.... Nobody was trying to lend me money because I wasn't trying to buy a fucking house.
BUT
If there weren't people with eyes bigger than their damn wallet... nobody would have lent them the money.
The reason I didn't buy a house today... is because I didn't WANT or TRY to buy a house today.... Nobody was trying to lend me money because I wasn't trying to buy a fucking house.
today ya....2000-2003 you could've bought the taj majal on credit even if your fica was 600......dont give me that i have many friends that WERE in the loan business and are now doing anything to get by........they gave money to anyone........people shouldn't have taken it....but it is free money if you think about it.......human nature
Free money? There might have been some damn ignint people out there, but I don't know anybody that thought of it as free money.
Most people wanted the lowest possible int rate ( even if it was an ARM) because their dumb greedy asses were hoping to flip that house to a bigger fool. Once the system crashed, they were left holding the bag.
The only money they thought was free, was not the loan, but the profit they would obtain from flipping to another fool.
Most people wanted the lowest possible int rate ( even if it was an ARM) because their dumb greedy asses were hoping to flip that house to a bigger fool. Once the system crashed, they were left holding the bag.
The only money they thought was free, was not the loan, but the profit they would obtain from flipping to another fool.
i didnt say they had no fault(fyi not a lib but you wouldnt know or care because you dont read peoples posts),,,,the BRUNT of the problem was the lenders not the borrowers.......and yes it was free money you basically had ten years to go before it was your house money and not rent on a 30 year loan..........so pay rent hoping you can keep your home you cant afford at a later date........why should the lenders be bailed out by people like me that make money kept my homes and pay taxes?
