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They're going to pay it back.....

Discussion in 'Uncategorized Threads' started by halfmile, Sep 19, 2008.

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  1. halfmile

    halfmile Well-Known Member

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    That's what he said. Yup. they're going to take taxpayer money and bail out all the biggies, and they're going to pay it back.

    That makes me so happy. The problem is solved now.

    HM
     
  2. ricks1

    ricks1 TS Member

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    I knew we could count on the feds to HELP US just looking forward to the end of the year so I can help too [income tax] ricks
     
  3. jimsw

    jimsw Member

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    Did you ever wonder who the first guy in some bank was who promoted the idea of lending someone who probably couldn't afford it , more money than the house he was buying was worth? The whole thing was facilitated by investment banking firms stepping up and saying, don't worry we'll take those loans off your hands, package them and sell them to large investors such as pension funds. Greed won over common sense, what a mess.
     
  4. shannon391

    shannon391 Active Member

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    To me it keeps going back to loss of good paying manufacturing jobs. Were are losing our base of worker bees and keep trying to prop it up with paper.
     
  5. bigdogtx

    bigdogtx Well-Known Member

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    jimsw,

    You are wrong on this one, it was congress and Clinton. Back in 1993 he said no more "redlining". "You have to make loans to the inner city and to those less fortunate, so they also can have the American dream". If you wanted access to fed funds you had to make these type of loans. So the bankers with the help of Fannie and Freddie, came up with the scheme to do interest only and no money down loans. Then with F & F reporting to congress, there was no oversight. That is what you get with a bunch of attorneys trying to run a business. Greed then took over from mortgage brokers and ..... You get the picture.

    Just put the blame where it BELONGS!!!
     
  6. Paladin

    Paladin Well-Known Member

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    2stupid asked; "Tell me where the bank regulators were. Who is responsible for this?"

    Ask your people. ASK THEM!!!

    2stupid; Where was ANY,,ANY corrective legislation from your 8% liberal pukes???????

    Sounds like the liberals run congress like you run a business,,all whine and no work!!!

    What party holds the oversite committee chairmanships,,what party FAILED to react,,2stupid. Your people,,the dumocrats. Your people FAILED to write the legislation 2stupid.

    Your a dishonest joke.
     
  7. Paladin

    Paladin Well-Known Member

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    You are wrong 2stupid. Your people hold the committee chairmanships. The banking industry has to live within the means of the law,,and your people dropped the ball.
     
  8. halfmile

    halfmile Well-Known Member

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    Mike, good.........but I have a stronger view. LIke bodies swinging from the lamp posts in a certain large Eastern metro area.

    HM
     
  9. Savage99Stan

    Savage99Stan Active Member

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    Had a case in Peoria a year or so ago where a bank gave an eighty-something guy a 30 year mortgage for a home....(I guess they thought he'd live to 110 or so). Duh. He died soon after and his daughter is now stuck with paying it off. One more brilliant move by the lenders.
     
  10. David Knapp

    David Knapp TS Member

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    Savage
    While that may seem stupid to give an 80 year old man a mortgage, what do you think would happen to the bank if they turned him down for being old. The old man would own the bank.

    David Knapp
     
  11. Bvr Tail

    Bvr Tail Well-Known Member

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    Lots of good sensible comments here, so let me tell you my Son's example.

    He has a good steady job, only makes about $14.00 per hr., has a 2007 auto he is into for 60 mos., and applied for a house loan.

    With almost no background checks, the bank OK'd a loan for $86,000, so he started looking.

    When he found a house for $66,000.00, signed all the paper work, and closed on it, the bottom line was he had ZERO out of pocket expenses. The bank also gave him back every penny he paid for insurance, realtor's fees, and even utility deposits. All this with no down payment or co-signer! Sounded good to a 24 year old, huh?

    I am really afraid for him, and warned him of this practice. Like many younger folks, he blew me off.

    Now, he is a very responsible young man, but was in such a hurry to buy a home that he didn't use common sense.

    When he received his final papers, the bank had raised his payment by $150.00 per month!!!!!!

    He is struggling, and took in a roommate to help with expenses. I think he can make it, but it is very tight for him, and one little hic-cup with his health, or an emergency, and he is in deep doo-doo!

    Just our experience.

    Danny
     
  12. maclellan1911

    maclellan1911 TS Member

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    I was told I could afford 625,000.00 ahhhh what. My dad made it simple. 25% of what you make is what you can afford to own a house, that includes taxes insurance etc etc. I have friends that make 50k or less and are buying 400,000 homes. Interest only As deferred payments,,,,,man I personal blame the one that signs the agreement both sides. can you say attorney!!!! The bank had one did you.
     
  13. Little Dog

    Little Dog TS Member

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    There was no fraud here, just piss poor judgement. Last I heard, stupidity isn't illegal. If it were, 2str8 would be serving a life sentence.
     
  14. halfmile

    halfmile Well-Known Member

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    Little dog, there was a shitload of greed and rapacious trashing of normal procedure, in additon to fraud.

    I would like a nickel for every little trick that was used to dress up all the applications for those crap loans.

    You have to remember, a mortgage broker gets a grand or so for every one he writes. There were eager buyers for all this paper, and lots of people did not understand the ARM trap. Some thought there interest would go down when it reset.

    It doesn't matter much since the feces is in the rotary oscillator anyway now.

    HM
     
  15. AJ100

    AJ100 TS Member

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    notsostr8, 45 days.

    Sorry to tell you that in 45 days we will have to let you go. The job of "Village Idiot" is being phased out.

    This is in no way a reflection on the job you have done. You are the perfect "Village Idiot". We could not be more pleased with the way you have conducted yourself. You have blamed the President for EVERYTHING that has happened in this country, and around the world for that matter, and have done it without fail.

    You will be sorely missed on this site. If you need any help in finding a new place of employment as the "Village Idiot", please feel free to use this site as a reference.

    AJ100
     
  16. Little Dog

    Little Dog TS Member

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    Last I heard, greed isn't illegal either and neither is "rapacious trashing of normal procedure", whatever that is. Breaking a law is the only thing that's illegal unless there has been a law passed that pissing off the public is now illegal.
     
  17. Little Dog

    Little Dog TS Member

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    Hey flincher, you really should try to use your brain for more than filling up the dead air space between your ears.
     
  18. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Deplorable Bitter Clinger in Liberal La La Land
    How many here drive a Dodge, Chrysler or Plymouth? Come on, raise your hands.<br>
    <br>
    How many here remember when the government bailed them out?<br>
    <br>
    How many remember when Lee Iococca not only paid the government back, but paid them back early? In full.<br>
    <br>
    It CAN happen.
     
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