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Hippiekinkster -> RE: Today seems to be... (9/21/2008 12:00:35 AM)
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quote:
ORIGINAL: slaveboyforyou
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Yeah, sb4u.... let's all blame the victims who are guilty of just wanting a home of their own. Not the sleezebags who saddled them with sub prime loans, leading them on to believe that the bubble would never ever burst... then selling those loans off as fast as they could package them.
No, it's all the fault of those families who just wanted their slice of the American dream.
Bipolar, if you make $40K a year, and you go out and get a loan on a $400K home, than you are an idiot. Where in the hell did the values of frugality and thrift go? I was taught that from the time I was born. You save your money, you read the fine print, and you don't place yourself in situations you can't get out of. How fucking hard is that? I have never been in debt in my life. I've always paid as I went. I haven't bought anything on credit since the mid 90's. I save every extra dime that I have. When the shit hits the fan, I am prepared. The morons that go out and spend money they don't have on shit they don't need are fools. I don't have the slightest bit of sympathy for them. The American Dream requires intelligence, patience, and wisdom. You don't grab the first shiny thing that someone waves in your face.
I was told to my face three times that I recall that "I shouldn't worry about that interest rate bump after 3 years, because by then housing prices will have gone up and we can get you out of that mortgage and into a fixed. I'm what they call a "sophisticated investor", and I knew that I wouldn't even have those properties then; I was going for cash flow alone. Once was at (now defunct, duh) American Freedom Mortgage (lots of lawsuits going on there). I was looking at re-fying properties. The VP and 3 other minions came out and did everything except give me a pedicure to get that deal done. They were pushing this wonderful new product, Flex-loans, where the borrower had a choice to pay (each month) one of options: Like a 15 yr., like a 30 yr., like an ARM, and a minimum payment (which was invariably NEGATIVE AMORTIZATION). They REALLY pushed the latter. I recall TV ads from Quicken and Ditech for those. And buyers relied on the mortgage people to be honest and above-board.
You have NO idea the lengths those swine would go to to get a body at the closing table.
You can blame the borrower all you want, but it's the lenders and their fraudulent practices that got us here. Borrowers think that when they give all those documents to the mortgage banker/broker/agent/slimeball, that they are being scrutinized by people who actually KNOW WHAT THEY ARE DOING. They trust that there are real systems in place to make sure that only people who are solvent, credit-worthy, and have good incomes can get loans. They had NO idea that the orders to get EVERY American in a house, whether they could afford it or not, came from the Smirking Chimp himself. They had NO idea that the process of "underwriting" had nothing to do with the ability to pay, and everything to do with whether there were investors <cough hack> willing to buy the loan.
The homebuyers didn't have a chance. If it weren't real estate scum agents steering buyers to lenders and closers for a kickback, it was crooked appraisers and underwriters. The "appraisals" were sometimes so crooked that buyers could get cash back at the table with "no money down" (hmmm, where have we heard THAT phrase before?) Then you had the housewives who went to a John Adams seminar and bought into how easy real estate was; just slap some paint and lay a new carpet and make millions! "Flip That House!" Right. Sheer greed, on the part of ALL parties, but the blame is to the financing side of the deal. They were they biggest crooks. THEY were the ones who targetted unsophisticated low-income elderly people to refinance and take that dream vacation, or add on that sunroom, or buy that Cadillac. They PREYED on people. These are the same worthless scum who try and push penny stocks from a boiler room, or con people into home "repairs" when nothing is wrong.
But, hey, the Repub mantra is "NO regulation is good regulation", right? Caveat Emptor. It's OK for these people to target you, and if they con you, it's too fucking bad. You should have been smart enough to understand the contract, and you should have known that everyone else involved was a lying sleazeball. Yep, you 80 year old half-blind weheelchair bound chump, you should have done your due diligence.
I am so disgusted when righties try and blame the victims. But they always do that, right?
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