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RE: Stats: foreclosures will continue regardless who wi... - 7/7/2008 5:31:56 AM   
boytoy4female


Posts: 103
Joined: 8/10/2006
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I am so sick of the "people don't know what they are getting into" rhetoric. If you are spending large sums of money, it is your responsibility to know what you are getting into. Perhaps there were some predatory practices by some lenders. Those need to be addressed. I did my homework and refinanced my house, to a lower rate. I did not withdraw the equity that was built during the bubble. I did my homework and am sitting pretty. If you speculate, even on your own home, it is your bad business decision. As someone who is involved in real-estate, I saw first hand that the majority of activity was greed. So, now I have to pay for those who did not take personal responsibility? What about rewarding me for my good behaviour?

(in reply to pahunkboy)
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RE: Stats: foreclosures will continue regardless who wi... - 7/7/2008 8:27:31 AM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
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You`re missing the forest through the trees.

It`s not the homeowners that are being bailed-out.

It`s the money lenders who hold the mortgages,that are the beneficiaries of any bail-out.

If they fail on mass,it is believed,it could start a long term economic depression.

Just because you`ve been good and payed your bills and all,doesn`t mean that this huge financial disaster won`t affect you.   


"Perhaps there were some predatory practices by some lenders".


Perhaps? Some?  LOL

Remember the credit card companies camped out at collages,giving cards to any fresh face they could?

Think that ended or got worse?

And who approved of allowing mortgages with no credit checks, income verification or job/reference check?It`s these exotic loans,that are the bulk of the bad/defaulted loans.

If you`re a lender and you give credit to those who can`t handle it,that`s on you.

Did you know that "sub-prime" is another name for predatory?

If a lender gives out a mortgage to someone they know will fail,then it`s their fuck`n fault when the house of cards falls.


An ARM loan.Just another name for a financial time bomb.Who approved those types of loans?

And why shouldn`t they be held responsible when the shit hits the fan?

They knew that most of those people would fail,yet they still gave out the loans.

That isn`t predatory?

< Message edited by Owner59 -- 7/7/2008 8:33:15 AM >

(in reply to boytoy4female)
Profile   Post #: 22
RE: Stats: foreclosures will continue regardless who wi... - 7/7/2008 8:33:38 AM   
meatcleaver


Posts: 9030
Joined: 3/13/2006
Status: offline
quote:

ORIGINAL: boytoy4female

So, now I have to pay for those who did not take personal responsibility? What about rewarding me for my good behaviour?


Owner59 is right, it is the financial industry that is being bailed out. Personally I would say it is the criminals that are getting bailed out because if these guys were wearing trainers, baggy jeans, a baseball cap the wrong way round and were balck, they would eb doing life right now.

_____________________________

There are fascists who consider themselves humanitarians, like cannibals on a health kick, eating only vegetarians.

(in reply to boytoy4female)
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RE: Stats: foreclosures will continue regardless who wi... - 7/7/2008 8:55:44 AM   
Alumbrado


Posts: 5560
Status: offline
Home ownership started climb from a 24 year plateau to the 'the highest home ownership in the country's history'.....1994
http://en.wikipedia.org/wiki/Image:Homeownership_rate_since_1960.jpg
http://www.whitehouse.gov/history/presidents/bc42.html


CRA amended to allow securitization of subprime mortgages....1995
http://en.wikipedia.org/wiki/Community_Reinvestment_Act

Graham Leach Bliley Act (lobbied for by by Citigroup, w/now chairman Robert Rubin)  repealing the Glass-Steagal monopoly protections signed into law.....1999
http://consumerist.com/381032/blame-the-subprime-meltdown-on-the-repeal-of-glass+steagall?mail2=true&sent=true

< Message edited by Alumbrado -- 7/7/2008 9:21:31 AM >

(in reply to Owner59)
Profile   Post #: 24
RE: Stats: foreclosures will continue regardless who wi... - 7/7/2008 12:55:18 PM   
DomAviator


Posts: 1253
Joined: 4/22/2008
Status: offline
Ok first of all what is wrong with being "predatory"? A business exists to make money, not to be kind and benevolent to the populace. Isn't everything "predatory"? All profit is predatory. I can buy a pocket t-shirt at Walmart that says Hanes on the label for $5 or I can go to the mall and buy one for $27 that has a label that says Eddie Bauer, or I can go to the Eddie Bauer website and buy the same $27.00 one for $15. I can go to my local diner and get a cup of coffee for 75 cents or I can go to Starbucks for $4... Its up to me what I choose to buy... Eddie Bauer isnt "preying upon" me... I make the purchase decision.

Caveat Emptor - let the buyer beware!
 
In any business relationship the businesses responsibility is to make money, the consumers responsibility is to make a smart buying decision. If somebody wants to give me their money, I will cheerfully take it. If you are a dumb ass snotty little 250 hour brand spanking new commercial pilot who wants to charge $14,000 on daddys platinum card I will cheerfully train you for a 737 type rating. Its not my problem that no airline will hire you until you have 3000 + hours, you should do your homework. You are going to look especially stupid when you finally get hired - by an airline that flys Airbus A320's or Embraer 145s and then you have to come back and get the right rating. Forget the fact that some airlines will provide the training in their own sim center when they hire you, and technically only the captain needs a formal type rating not the first officer... However, my responsibility isn't to protect you from yourself my responsibility is to make money for the stockholders - who happen to be me, me, and me. So, if you have $14,000 to blow Ill cheerfully accept it and you will get exactly what you paid for. If you have a job offer from Southwest in your hand contingent upon a 737 type rating thats the best money you will ever spend, if you dont oh well your poor decisions dont impact me - but I thank you for the swimming pool in my backyard .  I sincerely hope you enjoy the "B737" added to your license as much as I enjoy the pool...

I say again - caveat emptor. Its up to the buyer to make the right choices because all business is predatory. As soon as you walk into any business the first consideration is "how much does he or she have in their wallet and how can we get the maximum amount of that possible." I mean Jesus Christ, I walk into Circuit City and there is some acne ridden kid on me like a buzzard on carrion... Want to see predators, walk into a chevy dealer and tell the receptionist you want to buy a Corvette - the salesmen go at each other like jackals. When I go to someones business I understand and expect that Im prey and when somebody comes to mine I lick my chops and say "mmmmmmmm feeding time" Instead of being upset by it just accept the natural order of things and be alert to your surroundings. A smart mouse can live a long and happy life in a cattery so long as he knows hes on the menu and remains alert to his actions.

< Message edited by DomAviator -- 7/7/2008 12:57:06 PM >

(in reply to Alumbrado)
Profile   Post #: 25
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