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Is the housing crisis taboo?
    #12841071 -

The making homes affordable loan plan was designed
to keep people from defaulting on their home loans.
The government has dumped billions of dollars into the
program but has not put anyone in place to oversee how the money is being used.
There is a 6 month wait for the program then a three month trial period to make sure you can pay your loan on time every month.
Then there is another 6 months of trial period payments.
There was supposed to be an actual set point in time as to where you would actually be put on this program for a long term period.
What the mortgage companies are doing is they are asking for repeated paper work and recent pay stubs over and over again,waiting for the borrower to end up on unemployment.
Once the borrower cant produce a recent pay stub he/she will then be ousted from the homes affordable plan even though the borrower can still make the mortgage payments.
I don't understand how this plan helps the economy.
6 family's that I know have been foreclosed on in this manner.When I look online at Pissed consumer.com under
home loans, I see nothing but the same rants from hundreds of people yet I don't see anything on television or hear anything on the radio about this.
I understand that there were a lot of rich fucks out there that bought beyond their means when the finance rates were low and the interest only loans and arms were available to anyone looking to flip a house and get rich.
The people that I feel for are the ones that were not interested in flipping a home and actually put down 60,000 and have 80,000 in equity.
Do to the fact that times are tough and that person has to seek some short term unemployment does not mean the borrower should get screwed over by a government that is only interested in owning everything.
I cant believe the amount of money that is being laundered today by the government.
When Obama said transparency he meant it!
We are going to do things right in front of your eyes and there isn't shit you can do about it.


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where can I find this picture

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Re: Is the housing crisis taboo? [Re: hitch hiker]
    #12841202 -

If you borrow money and don't pay it back you suck and need to get the fuck out.  If you took out a loan that you knew you were going to have a hard time paying you helped drive up home prices that cost responsible people greater home buying expenses.  You enriched people who cashed out of the market.  Retired people who then moved to Florida and Arizona and lost money on real estate there.  If you took out a home equity loan to buy a vacation and a car and a big screen TV that you couldn't afford and then default on your loan you are a scumbag.  A scumbag, an idiot and you deserve to forever have your credit rating raped into the ground by a T-Rex.

90% of the bum stories I hear involve people cashing equity and getting greedy, thinking that having a positive equity in their property meant they were entitled to something more.  Those people are just 1 inch higher than burglars on the scum chain.


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Re: Is the housing crisis taboo? [Re: zappaisgod]
    #12841298 -

Screw those that have done this shit with their
equity and are fucking our economy.
Piss on the credit cards and California`s mentallity.
I have lived in both Cal and AZ those two states
are the worst for credit,home loan,etc abuse.
As I said I hate to see the people that actually have good intentions going through the ringer.
The governmnet never intended on bailing anyone out
other than those that are geting richer.


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where can I find this picture

Edited by hitch hiker (07/02/10 08:49 PM)

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Re: Is the housing crisis taboo? [Re: hitch hiker]
    #12841371 -

it's companies not the states, california didnt make a home loan, green
tree financial made loans, made many thousands, liked to include balloon
payments kicking their mortgage up from $1200 to $2500 every month after
the first 5 years, but the people were stupid enough to accept the terms

retarded people dealing with crafty bankers means we all lose


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California Has Legalized Child Prostitution

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Re: Is the housing crisis taboo? [Re: Prisoner#1]
    #12841416 -

If there was no Fannie, Freddie or CRA imposed on the market nowhere near enough idiots would lend that many bums that much money.  If the government is going to act like a guaranteed buyer (F-Twins) pushing you to make risky loans (CRA) then what the fuck is a professional money lender supposed to do?  Stand on principle and buy a goat farm?


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Re: Is the housing crisis taboo? [Re: Prisoner#1]
    #12841519 -

I am speaking of the mind set of the people in these locations.
Not the state or legislation (Loan companies) itself but the people in them.
Most all the people in California are charged to the hilt
I`m not saying that they are the only ones that do this,
I`m saying its just their mind set.

Back in 2003 the home loans were so easy to get
almost anyone could get a house with a 650 credit rating
and 4 grand down w/ 2years of recent work history at 12.50 an hr. with an interest only loan and you could throw all the under writing etc. back into the loan.
Hoards of people flooded the state of Arizona and Nevada
in 2004 after selling their properties in California.
People at that time were buying three houses at a time for rental investment properties.
It wasn't all that hard to look into the crystal ball and see where all this was headed.
Those that lived in Arizona scrambled to buy a house before this influx drove the housing market up 100% a square foot.
Shit went nuts back then,a 2bdr apartment immediatly went up to 1000 a month and the locals either had to move out of state or buy a house (this was the problem)!
By the time the Phoenicians were newly settled into their homes the boom was over and the Californians had already sold those homes and made a killing in the market and moved to Texas like a hungry locust.
Not to mention all the MF ers taking out second mortgages and borrowing from equity to buy a degraded thing like a car and a boat.
California mentality.
Sorry I`m writing in broken scentences but I just finished working a 60 hr shift and I need a drink!~


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where can I find this picture

Edited by hitch hiker (07/02/10 09:45 PM)

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Re: Is the housing crisis taboo? [Re: zappaisgod]
    #12841536 -

that was the encouragement and the reason it's costing us, tax dollars
backed the loans, they eliminate any risk for bankers while allowing
banks to reap the reward on loans that are paid


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California Has Legalized Child Prostitution

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Re: Is the housing crisis taboo? [Re: Prisoner#1]
    #12841644 -

Prisoner#1 said:
that was the encouragement and the reason it's costing us, tax dollars
backed the loans, they eliminate any risk for bankers while allowing
banks to reap the reward on loans that are paid



Absofuckinglutely!
They knew exactly what would happen if they introduced
an easy way to buy a home like an arm.
They knew there was a window of time to do buisness and get out before the metal door of ignorance slammed shut.
The banks would be bailed out because they were too big to fail.
The banks would not only get the property,equity,resale,
but they would get extra billions for the bail out program incentives.
Economists had warned against these types of money loans
from the beginning but they were scilenced by the Master Plan.


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where can I find this picture

Edited by hitch hiker (07/02/10 10:07 PM)

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Re: Is the housing crisis taboo? [Re: hitch hiker]
    #12841651 -

hitch hiker said:
Most all the people in California are charged to the hilt



a lot of people all over the country were, they were taking second
mortgages, equity loans, lines of credit and all sorts of shit to make
themselves look important, my aunt succumbed to it and I even warned her
before hand about the loans


Quote:
Back in 2003 the home loans were so easy to get
almost anyone could get a house with a 650 credit rating
and 4 grand down w/ 2years of recent work history at 12.50 an hr. with an interest only loan and you could throw all the under writing etc. back into the loan.



you didnt even need that, banks are still giving loans to illegals with
TIN numbers and less cash, as zappa mentioned it's responsible for the
inflated housing prices, my mom's appraised at $230k, it sold for $103,
the atlanta area was the fastest growing in the US for 25 years, land
was dirt cheap, the commissioners were easily swayed when it came to
permitting huge developments, in that span it went from 20k people to
nearly a million in a single county... the reason I moved


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California Has Legalized Child Prostitution

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Re: Is the housing crisis taboo? [Re: Prisoner#1]
    #12841712 -

I never really gave much thought to how many other states
had this same problem due to the fact that things are to tough to deal with here in California as it is.
But yea your right it is happening all over and it is real fucking bad!
We havent even hit the true meaning of recession yet.
Im woundering if we can plug up the oil hole with these empty houses.


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where can I find this picture

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Re: Is the housing crisis taboo? [Re: hitch hiker]
    #12844335 -

In the summer of 2006, when I had just moved to San Diego, the wife and I considered buying a house.  A broker actually told us that based on our credit score alone he could write us a note for $650,000 without any income verification.  Granted, our credit score is as good as it gets, but who in their right mind would loan that kind of money without verifying the ability to pay it back?  Even though I was making good money at the time I still couldn't have made those payments, not buy a long shot.  It was at that point that I started to see the writing on the wall and I knew we were all in deep shit.  So I didn't buy a house and instead rented a place on the beach for a couple years.  Then when the bottom dropped out I moved back to Vegas and bought a house for a steal.

Now I'm making about a third of the money I was a couple years ago but I still have a house and I'm surviving fine.  And I couldn't give two shits about all the stupid people out there (both lenders and borrowers) who fucked up the system.  Let'm lose everything because they deserve to.


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You invented the wheel....You push the motherfucker!!

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Re: Is the housing crisis taboo? [Re: ToTheSummit]
    #12844350 -

  Let'm lose everything because they deserve to.

:thumbup:

One kinda gets sick of paying for others mistakes. Especially when one does with less out of personal responsibility while they grabbed everything they could with little regard to anyone else.


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"Don't believe everything you think". -Anom.

" All that lives was born to die"-Anom.

With much wisdom comes much sorrow,
The more knowledge, the more grief.
Ecclesiastes circa 350 BC

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Re: Is the housing crisis taboo? [Re: zappaisgod]
    #12844779 -

Has there been data showing how many of these defaulted loans the companies were coerced into making by the CRA versus those they greedily made based on delusions of grandeur?

I've heard Republicans argue that it's the CRA's fault and Democrats argue that it was the bankers' fault, but I haven't seen a lot but opinion-based assertions from either side. I'm not saying that it hasn't been posted here; just that I haven't seen it if it has been.

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Re: Is the housing crisis taboo? [Re: Redstorm]
    #12844884 -

Redstorm said:
Has there been data showing how many of these defaulted loans the companies were coerced into making by the CRA versus those they greedily made based on delusions of grandeur?


How could that be possible?  Market pressure impels every deal.
Quote:
I've heard Republicans argue that it's the CRA's fault and Democrats argue that it was the bankers' fault, but I haven't seen a lot but opinion-based assertions from either side. I'm not saying that it hasn't been posted here; just that I haven't seen it if it has been.


Just let's get the government out of the business entirely.  Either coercing or encouraging is a destructive influence.


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Re: Is the housing crisis taboo? [Re: zappaisgod]
    #12851496 -

Quote:
if you borrow money and don't pay it back you suck and need to get the fuck out.  If you took out a loan that you knew you were going to have a hard time paying you helped drive up home prices that cost responsible people greater home buying expenses


the banks are at least partially responsible for giving out the loans in the first place.
Quote:
Just let's get the government out of the business entirely.  Either coercing or encouraging is a destructive influence.


even regulating banks? what about the credit default swaps and all other crooked schemes? are you against subsidies or against regulation?

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Re: Is the housing crisis taboo? [Re: communeart]
    #12851565 -

communeart said:
Quote:
if you borrow money and don't pay it back you suck and need to get the fuck out.  If you took out a loan that you knew you were going to have a hard time paying you helped drive up home prices that cost responsible people greater home buying expenses


the banks are at least partially responsible for giving out the loans in the first place.


people have the option to read the contract, many choose not to, the
terms of the contract are normally reviewed and the parties signing do
so to indicate their agreement to the terms. if the people rejected the
deals the banks wouldnt have the ability to push it, they'd change the
terms to something people agreed to.

fault rests solely on the consumer for not looking at what they're
getting themselves into, it lies with the citizens for not correcting
their government when bad legislation is passed allowing them to pick
up the tab for private debt


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California Has Legalized Child Prostitution

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Re: Is the housing crisis taboo? [Re: communeart]
    #12851652 -

communeart said:
Quote:
if you borrow money and don't pay it back you suck and need to get the fuck out.  If you took out a loan that you knew you were going to have a hard time paying you helped drive up home prices that cost responsible people greater home buying expenses


the banks are at least partially responsible for giving out the loans in the first place.


No.  Of all three parties they are by far the least culpable.  The most culpable are the bums who borrowed money and didn't pay it back.  Then there are the assholes in government who promised the banks that they would buy their paper no matter how shitty it was.  Fucking morons.  It would help in your understanding to remember that there is not a bank cabal that acts unanimously.  Each bank is beholden to their shareholders and depositors and have a fiduciary duty to provide the greatest possible return.  What do you suppose would happen to a bank that foreswore the returns that were being made in the artificially stimulated (by Fanny and Freddie) housing market from the late nineties to mid oughts?  Their shareholders and depositors would have screamed bloody murder.
Quote:
Quote:
Just let's get the government out of the business entirely.  Either coercing or encouraging is a destructive influence.


even regulating banks? what about the credit default swaps and all other crooked schemes? are you against subsidies or against regulation?


"Regulating banks how?" is the question, not mindless useless pointless bullshit.  They should definitely be required to maintain a certain level of reserves.  There is not one thing wrong with credit default swaps.  They are simply insurance.  What is wrong is fraud, which is what the bums who borrowed money perpetrated and which is what the government encouraged.  In the name of social justice.


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Re: Is the housing crisis taboo? [Re: zappaisgod] * 1
    #12851738 -

You gotta give it to Democrats/Socialists: they fuck the market up so that their base can have free stuff and when it leads to all kinds of shit they just blame it on capitalism and request more power :thumbup:

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Re: Is the housing crisis taboo? [Re: AlexD]
    #12851790 -

AlexD said:
You gotta give it to Democrats/Socialists: they fuck the market up so that their base can have free stuff and when it leads to all kinds of shit they just blame it on capitalism and request more power :thumbup:


:thumbup:


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Re: Is the housing crisis taboo? [Re: zappaisgod]
    #12897003 -

zappaisgod said:
AlexD said:
You gotta give it to Democrats/Socialists: they fuck the market up so that their base can have free stuff and when it leads to all kinds of shit they just blame it on capitalism and request more power :thumbup:


:thumbup:



Why were interest rates so low for so long?

That was the cause of the housing bubble.

When speculation is far more profitable than production there are reasons why.  The main reason here is the easy credit with absurdly low interest rates.  This could not occur without the federal reserve.


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Ludwig von Mises Institute,Campaign for Liberty.,The Oath Keeper's

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