Message to Obama

“I looked, and behold,”

Level 8

Since: Aug 08

Location hidden

#795 Jul 29, 2014
I can tell by your posting style that you aren't very informed or educated.

I'm guessing you probably graduated at the bottom half of your high school class (I'm right, aren't I), which makes it all the more amusing that you feel you are so much more knowledgeable than economics professors, who actually spent years longer than you going to school and acquiring expertise in the field and who actually study these things for a living.

“If it ain't broke don't fix it”

Level 9

Since: Jul 09

Arcadia, LA.

#796 Jul 29, 2014
roun n roun wrote:
<quoted text>Created so that minorities could get ownership? Spin it son! It was a money making bonanza and a cause and effect of Bush policy. I'd have more respect for you if you didn't try and lie about every bad thing that happens in this country and how it can be attributed to democrats. Your statement is a bold face lie and you can't produce any document other than from possibly a right wing wacko news outlet that will substantiate it. In other words you're uckingf nuts
Fannie Mae and Freddie Mac had a big hand in the housing collapse through it's derivitives policy. Bush tried to get congress to reform F&F's policies, of which Oblunder was an outspoken critic against reform as absentee senator.

“I looked, and behold,”

Level 8

Since: Aug 08

Location hidden

#797 Jul 29, 2014
Maybe you should try and rebut my articles with an article by an real expert on the banking system and economy, like a house painter.

:)

“If it ain't broke don't fix it”

Level 9

Since: Jul 09

Arcadia, LA.

#798 Jul 29, 2014
Sublime1 wrote:
I can tell by your posting style that you aren't very informed or educated.
I'm guessing you probably graduated at the bottom half of your high school class (I'm right, aren't I), which makes it all the more amusing that you feel you are so much more knowledgeable than economics professors, who actually spent years longer than you going to school and acquiring expertise in the field and who actually study these things for a living.
At least you got him talking about something other than Ferrerman's genitals. LoL.
round n roun

Smarr, GA

#799 Jul 29, 2014
Sublime1 wrote:
I can tell by your posting style that you aren't very informed or educated.
I'm guessing you probably graduated at the bottom half of your high school class (I'm right, aren't I), which makes it all the more amusing that you feel you are so much more knowledgeable than economics professors, who actually spent years longer than you going to school and acquiring expertise in the field and who actually study these things for a living.
I can tell by your posting style you're not a lawyer :-)

Did you even finish the first year at Chippewa Valley Tech?
round n roun

Smarr, GA

#800 Jul 29, 2014
dragoon70056 wrote:
<quoted text>
At least you got him talking about something other than Ferrerman's genitals. LoL.
lets hope his posts do the same for you

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#801 Jul 29, 2014
Simply_Red wrote:
<quoted text>Agree, among other reasons. Some folks, and I'm being polite, didn't think/plan ahead when making major purchases. When interest rates were so low, many banks, etc., approved too big of loans to way too many borrowers that should of reconsidered. I am aware of many people who, when purchasing a home, locked into a variable rate loan. Then when the sh!t hit the fan their payments doubled or tripled. Many business too made bad choices on high amounts borrowed, then filed for bankruptcy after going deeper into debt trying to stay afloat.
For a time it seemed to feel like everything just fell into a black hole practically overnight. I think that may have been because so many people tried their damnedest to pay a loosing battle for too long. Living in a State that really took a beating, and still hasn't recovered, many were facing a very bleak outlook. So many other issues can be addressed but I've already passed my typing quota. I expanded on your reply, and thank you for that.
I have sold homes since 1973 and this is not the first time the house market crashed. We had the S$L crash in the early 90's but young home buyers in 2007 were little kids the last time this happened. By using a lower interest rate variable loan they qualified at the low rate and not the market rate. People bought homes for the wrong reason. They bought a home they could barely afford and planned to sell in 2 years and make a ton of profit the way homes were going up in cost. When the market went bust they found their home was worth a great deal less that what they paid. They could still make the payment but they just walked away from the home because they saw their pipe dream fade and they had no skin in the game

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#802 Jul 29, 2014
A big part of the bank crisis is the Mortgage backed security. A bank can only leverage a mortgage at about 3 to 1 but if they bundle these loans they become mortgage backed securities and can be leveraged at 10 to 1. To many of these bad loans went south and the bank was over leveraged which nearly put them under.
Barry

Owensboro, KY

#803 Jul 29, 2014
Simply_Red wrote:
<quoted text>Agree, among other reasons. Some folks, and I'm being polite, didn't think/plan ahead when making major purchases. When interest rates were so low, many banks, etc., approved too big of loans to way too many borrowers that should of reconsidered. I am aware of many people who, when purchasing a home, locked into a variable rate loan. Then when the sh!t hit the fan their payments doubled or tripled. Many business too made bad choices on high amounts borrowed, then filed for bankruptcy after going deeper into debt trying to stay afloat.
For a time it seemed to feel like everything just fell into a black hole practically overnight. I think that may have been because so many people tried their damnedest to pay a loosing battle for too long. Living in a State that really took a beating, and still hasn't recovered, many were facing a very bleak outlook. So many other issues can be addressed but I've already passed my typing quota. I expanded on your reply, and thank you for that.
I agree they made loans too easy and not just housing. I feel it was done to show economic growth and keep Mr. Bush in office but I don't want to spend hours googling news articles trying to prove that. I do know that from 2001 to about 2005 I got letters every day begging me to take the money- zero percent interest for a year. I racked up about 26k in credit cards and filed bankruptcy. I didn't have to borrow the money but the credit card companies didn't have to make it so easy either
Barry

Owensboro, KY

#804 Jul 29, 2014
Simply_Red wrote:
<quoted text>Agree, among other reasons. Some folks, and I'm being polite, didn't think/plan ahead when making major purchases. When interest rates were so low, many banks, etc., approved too big of loans to way too many borrowers that should of reconsidered. I am aware of many people who, when purchasing a home, locked into a variable rate loan. Then when the sh!t hit the fan their payments doubled or tripled.
A lot of those people probably didn't know what that were signing just wanted to own a house

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#805 Jul 29, 2014
Barry wrote:
<quoted text>
I agree they made loans too easy and not just housing. I feel it was done to show economic growth and keep Mr. Bush in office but I don't want to spend hours googling news articles trying to prove that. I do know that from 2001 to about 2005 I got letters every day begging me to take the money- zero percent interest for a year. I racked up about 26k in credit cards and filed bankruptcy. I didn't have to borrow the money but the credit card companies didn't have to make it so easy either
So you went bankrupt because of credit cards and you blame the bank. That explains a lot about your position

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#806 Jul 29, 2014
Barry wrote:
<quoted text>
A lot of those people probably didn't know what that were signing just wanted to own a house
If you can't read a simple contract you should not be approved for a loan.
perspective

UK

#807 Jul 29, 2014
Sublime1 wrote:
<quoted text>
The economy crashed because of the defaults. These exotic loans were created as a way to increase ownership by minorities, as demanded by Democrats. Because many of them couldn't meet the traditional loan requirements (which were intended to limit risk to the banks and ultimately the economy), banks created exotic loans that were higher risk, in terms of default.
Before long, many people who could meet the traditional loan requirements and get fixed 30 year mortgages were also taking out exotic loans because adjustable rates were lower than fixed rates and this allowed them to pay less in interest in the short term, but with the risk that their interest rate could go up by a great deal in the future. People didn't care. Before shyte hit the fan, I could have gotten a lower interest rate adjustable rate, but I said eff that I want the certainty of a fixed rate. Many other people were far less responsible ... then they wanted to blame someone else when their adjustable rate sky rocketed, which is a risk they should have known was there all along.
It was basically greed at an individual level and people taking on too much risk that caused the whole collapse. There was some underhandedness by the banks, but it was really a whole bunch of stupid individuals who made poor decision making that caused the whole crisis. There was also short sightedness in Congress with allowing these more high risk loans in the first place. While encouraging greater home ownership by minorities is a noble cause the only way this could be done was with added risk and danger to the economy, because it necessarily required loosening of the lending standards that had by and large prevented housing collapses since the Great Depression.
Oh. So, Wall Streeters aren't smart enough or greedy enough to perpetrate such a scam and make billions on it? They just had to luck into the greed of minorities?

That other poster says you claim to be a lawyer? I think I heard an ambulance go by....

“I looked, and behold,”

Level 8

Since: Aug 08

Location hidden

#808 Jul 29, 2014
perspective wrote:
<quoted text>Oh. So, Wall Streeters aren't smart enough or greedy enough to perpetrate such a scam and make billions on it? They just had to luck into the greed of minorities?
I suppose it's possible they were greedy enough. For your grand conspiracy theory to be true, however, Democrats would have had to either be in on it or dumb enough to get duped into pressing for the lowering of lending standards, which is what enabled it all to happen. Take your pick are Democrat politicians crooks or stupid or more likely, both.

Zing!

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#809 Jul 29, 2014
perspective wrote:
<quoted text>Oh. So, Wall Streeters aren't smart enough or greedy enough to perpetrate such a scam and make billions on it? They just had to luck into the greed of minorities?
That other poster says you claim to be a lawyer? I think I heard an ambulance go by....
What scam was that? Mortgage companies were forced to make loans to minorities by the law. Community reinvestment act. If they did not make those bad loans they could be sued for discrimination. No surprise the loans were bad. Wall street had nothing to do with the real estate bubble busting
perspective

UK

#810 Jul 29, 2014
Denny CranesPlace wrote:
<quoted text> What scam was that? Mortgage companies were forced to make loans to minorities by the law. Community reinvestment act. If they did not make those bad loans they could be sued for discrimination. No surprise the loans were bad. Wall street had nothing to do with the real estate bubble busting
I bet your a "lawyer" too!

Nothing, huh? Those poor little investment bankers.... If they had really been greedy (and guilty) they would have made trillions....

Level 7

Since: Oct 12

Location hidden

#811 Jul 29, 2014
Denny CranesPlace wrote:
<quoted text> What scam was that? Mortgage companies were forced to make loans to minorities by the law. Community reinvestment act. If they did not make those bad loans they could be sued for discrimination. No surprise the loans were bad. Wall street had nothing to do with the real estate bubble busting
Can you show us, some of these numerous suits for discrimination?

“"*" Always Thinking "*"”

Level 8

Since: Nov 12

Greensburg, IN

#812 Jul 29, 2014
Denny CranesPlace wrote:
<quoted text> Wall street had nothing to do with the real estate bubble busting
BULLSHIT!!!

WOPS! Denny ... who made money off selling these mortgages to other finance companies making money as they went?= "The "BIG" player's!=
The -stock market- is no longer a game for amateurs, it's a "BIG" boy's game - and that's all it is a game - you think it's not going to fold - think again - and the "BIG" boys will make millions while
the average investor will loose his ass again!!
*=* GUARANTEE YOU!!!*=*

PS: And tax payers will bail them out again - ain't it a great country?

“I looked, and behold,”

Level 8

Since: Aug 08

Location hidden

#813 Jul 29, 2014
Message to Obama, stop deceiving and lying to women by claiming they only make 77% on the dollar as men:

http://www.cbsnews.com/news/the-gender-pay-ga...

“"*" Always Thinking "*"”

Level 8

Since: Nov 12

Greensburg, IN

#814 Jul 29, 2014
Sublime1 why does the truth bother you?

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