Message to Obama
Barry

Owensboro, KY

#815 Jul 29, 2014
Denny CranesPlace wrote:
<quoted text> If you can't read a simple contract you should not be approved for a loan.
A lot of those loans were probably illegal or were just a few years earlier. On the lenders side
Ozzie

Lafayette, CA

#816 Jul 29, 2014
live the minimum wage.

peace..

Oz
Barry

Owensboro, KY

#817 Jul 29, 2014
Denny CranesPlace wrote:
<quoted text> So you went bankrupt because of credit cards and you blame the bank. That explains a lot about your position
No I don't blame the credit card companies because I went bankrupt. I don't feel any sympathy for them because the bankruptcy wiped out my debt either. They are thieves, especially the way they were operating then
Ozzie

Lafayette, CA

#818 Jul 29, 2014
live the minimum wage.

peace..

Oz

children on the border.
Roxie Darling
Level 6

Since: Jan 13

.

#819 Jul 29, 2014
Children in Crises?

Lets be civilized, like the Brits, Mr. President.
Perhaps, a party in The Rose Garden.
I'm sure Michelle can round up some lovely party
supplies and favors at Target.

http://www.childrenincrisis.org/get-involved/...

The event had a theme of Victorian child’s play with(tsk tsk, Brits) ran perfectly throughout the evening. Guests were greeted by Penny Farthings and characters from Oliver Twist whilst young volunteers from the JLD School of Dancing, dressed in Victorian outfits, brought a giant toy cupboard to life and performed for the guests.

It's sad.

:(

“I looked, and behold,”

Level 8

Since: Aug 08

Location hidden

#820 Jul 29, 2014
Hoosier Hillbilly wrote:
Sublime1 why does the truth bother you?
What truth?
Ozzie

Lafayette, CA

#821 Jul 29, 2014
Roxie Darling wrote:
Children in Crises?
Lets be civilized, like the Brits, Mr. President.
Perhaps, a party in The Rose Garden.
I'm sure Michelle can round up some lovely party
supplies and favors at Target.
http://www.childrenincrisis.org/get-involved/...
The event had a theme of Victorian child’s play with(tsk tsk, Brits) ran perfectly throughout the evening. Guests were greeted by Penny Farthings and characters from Oliver Twist whilst young volunteers from the JLD School of Dancing, dressed in Victorian outfits, brought a giant toy cupboard to life and performed for the guests.
It's sad.
:(
hi ms. roxie hope you and yours are doing well..

peace.

~Oz
Ozzie

Lafayette, CA

#822 Jul 29, 2014
Sublime1 wrote:
<quoted text>
What truth?
peace.

~Oz
Barry

Owensboro, KY

#823 Jul 29, 2014
Sublime1 wrote:
<quoted text>
, 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!
Same thing was done in all the wealthy countries. To stimulate the economy and raise money for the war on terror?

Petal Power

“It's a New Dawn”

Since: Feb 14

Location hidden

#825 Jul 29, 2014
Hmmm..EXACTLY what is your Daily Cost Of Living Expense as a President??
Barry

Owensboro, KY

#826 Jul 29, 2014
Independent1 wrote:
<quoted text>
Wait.....what?????
You max out a bunch of credit cards having no intention of paying them, you file bankruptcy, then call THEM thieves???
I intended on paying them off.

They had 100 different tricks raise your interest rate from zero percent to 36 percent some of the probably illegal.
most likely

France

#827 Jul 30, 2014
Barry wrote:
<quoted text>
I intended on paying them off.
They had 100 different tricks raise your interest rate from zero percent to 36 percent some of the probably illegal.
36% used to be usury. I think about the time Reagan came into office they backed off the usury laws so the big banks could get into loansharking.

“I looked, and behold,”

Level 8

Since: Aug 08

Location hidden

#828 Jul 30, 2014
Barry wrote:
<quoted text>
Same thing was done in all the wealthy countries. To stimulate the economy and raise money for the war on terror?
I don't think that was the case. The wars were not connected to the financial crisis, which was brought about by the housing collapse. It was a classic bubble. As the U.S. economy slowed down there was a ripple effect in other countries, but also other countries in Europe for example were spending beyond their means on social programs and financing this with debt.

The more debt they took on, the worse financial shape they were in, which in turn lead to lenders charging them higher rates, because their worsening financial shape increased the risk of default to the lenders, which only made their financial shape even worse, because they were paying more in interest, which in turn lead to even higher rates. It's a vicious circle. That's why it's better for a nation to be financially sound and not live beyond its means, except in a emergency or crisis situation where debt spending can be necessary and beneficial. Making it a way of life and the norm is not good, however. We were much more stronger nation when we were a creditor nation, rather than a debtor nation.

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#829 Jul 30, 2014
Barry wrote:
<quoted text>
A lot of those loans were probably illegal or were just a few years earlier. On the lenders side
I sell homes and the loans were not illegal. At that time we had very low fixed rat loans and we had adjustable rate loans too. The adjustable rate has a lower first year rate and you know the rat can go up. People often want an adjustable rate to qualify for the loan. It was their choice and no one else. They were not force or tricked in any way

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#830 Jul 30, 2014
People want to blame others for their bad decisions. It was the banks fault. It was the credit card companies fault. No it is your fault for living above your means because you have no self control!

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#832 Jul 30, 2014
liar loans wrote:
<quoted text>I thought the poor people tricked the lenders into loaning them money? Or the government forced the lenders to give unqualified poor people (democrats) houses they didn't deserve/couldn't afford? Is it legal to lie on loans? Please explain. Use magic if it helps.
The community reinvestment act started under Carter but was really expanded under Clinton. The loan standards were lowered so more minorities would qualify for a loan. Lenders were afraid they would be sued for discrimination in making loans. This is a very regulated industry. There are laws against red lining already. The up side for lenders was they could bundle these bad loans and they became mortgage back securities and they could be leveraged by a back at 10 to 1. This was much higher than a normal mortgage which could be leveraged at 3 to1. When the bad loans started defaulting the bank were trapped by their bad decisions to over leverage and we had a real financial crisis in the economy. The fact that they could not afford what they bought is self evident :)

“I looked, and behold,”

Level 8

Since: Aug 08

Location hidden

#833 Jul 30, 2014
Barry wrote:
<quoted text>
A lot of those people probably didn't know what that were signing just wanted to own a house
Only a complete moron, who I have zero sympathy for, commits to a 6 figure investment and just signs stuff without understanding what this all entails.

If you don't know what you are signing, then you shouldn't sign it. If you don't understand what you are doing, then you need to take the time to educate yourself (there's lots of info on the internet and in books) or if you don't want to do that then you need to pay someone with expertise to explain things to you, and you also need to act like you care and ask questions if you have any. If you don't do these things and you get screwed, then you are at least as equally at fault.

You can't just go through life with your blinders on. At some point, when you are an adult and doing adult things like buying a house, you should be expected to act like an adult, not a helpless child.
Bill

Owensboro, KY

#834 Jul 30, 2014
Sublime1 wrote:
<quoted text>
I don't think that was the case. The wars were not connected to the financial crisis, which was brought about by the housing collapse..
The economic policy of the George W. Bush administration was a combination of tax cuts, expenditures for fighting two wars, and a free-market ideology intended to de-emphasize the role of government in the private sector. He advocated the ownership society, Critics have argued this contributed to the subprime mortgage crisis, by encouraging home ownership for those unable to afford them and insufficient regulation of financial institutions

A significant driver of economic growth during the Bush administration was home equity extraction, in essence borrowing against the value of the home to finance personal consumption.
Bill

Owensboro, KY

#835 Jul 30, 2014
Denny CranesPlace wrote:
<quoted text> I sell homes and the loans were not illegal. At that time we had very low fixed rat loans and we had adjustable rate loans too. The adjustable rate has a lower first year rate and you know the rat can go up. People often want an adjustable rate to qualify for the loan. It was their choice and no one else. They were not force or tricked in any way
Examples of mortgage loan fraud or predatory mortgage lending include:

Encouraging applicants to include false information and/or lie about their income, expenses, or cash available for down-payments in order to get a loan, thereby lending much more money than a borrower can afford to repay.

Asking borrowers to leave contract signature lines blank.

Failing to include Good Faith Estimates, Special Information Booklet, Truth in Lending and Hud-1 Settlement statements.

Convincing a borrower to refinance a loan several times, each time increasing monthly payments or amounts owed thereby "stripping" any equity accrued.

Charging fees for excessive cost or loan terms and/or for nonexistent products and services. This can include inserting hidden clauses into contracts in which a borrower will unknowingly promise to pay a broker or lender to find a mortgage whether or not the mortgage is closed.

Aggressively pressuring borrowers to accept higher-risk loans such as balloon loans, interest-only payments and steep pre-payment penalties.

Targeting borrowers to cash-out refinance offers when borrowers are knowingly in need of cash due to medical, unemployment or debt problems.

Brokers selling properties for much more than they are worth using false appraisals.

“"*" Always Thinking "*"”

Level 8

Since: Nov 12

Location hidden

#836 Jul 30, 2014
Thread topic_
Message to Obama

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Weird Discussions

Title Updated Last By Comments
Last Post Wins! (Aug '08) 22 min -Sprocket- 150,656
Denny Crain's Place (May '10) 28 min 8541 MARINE 31,022
What song are you listening to right now? (Apr '08) 51 min Wolverine33 225,388
News Evolution vs. Creation (Jul '11) 52 min Science 223,032
Two words only please! (Aug '08) 1 hr andet1987 41,876
'Double Letter S' (Dec '12) 2 hr andet1987 1,116
What is your weakness? (Jan '14) 2 hr andet1987 490
Anonymous - Message to Hillary Clinton 2 hr Dumbing down of A... 35
Poll What are you thinking right now? (May '08) 3 hr Camilla 6,569
More from around the web