Message to Obama
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

Hoosierville

#836 Jul 30, 2014
Thread topic_
Message to Obama

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#837 Jul 30, 2014
Bill wrote:
<quoted text>
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.
I have sold homes since 1973 and been a real estate broker since 1994. I go to closings and a title company give the buyer and the agent and the seller a HUD 1. They have no interest in the sale and are a neutral third party. You don't know what you are talking about. To get a loan you need to produce tax returns and check stubs to verify employment. This is a very regulated industry and know one is going to loose their license over a deal. The standards for approval were lowered because of the federal government pressure to put minorities in homes. Fanny and Fredie set those standards . Dodd and Frank were part of this push
Bill

Owensboro, KY

#840 Jul 30, 2014
Hoosier Hillbilly wrote:
Thread topic_
Message to Obama
The Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into federal law by President Barack Obama on July 21, 2010 . Passed as a response to the Great Recession, it brought the most significant changes to financial regulation in the United States since the regulatory reform that followed the Great Depression. It made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry

“Rope Swingin'”

Level 8

Since: Aug 08

Location hidden

#842 Jul 30, 2014
Bill wrote:
<quoted text>
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.
The laws changes that loosened the standards occurred during the Clinton years. The bubble developed during the Bush years.
Bill

Owensboro, KY

#843 Jul 30, 2014
Sublime1 wrote:
<quoted text>
The laws changes that loosened the standards occurred during the Clinton years. The bubble developed during the Bush years.
December 2003
President Bush Signs American Dream Downpayment Act of 2003

THE PRESIDENT: I am here today because we are taking action to bring many thousands of Americans closer to owning a home. Our government is supporting homeownership because it is good for America, it is good for our families, it is good for our economy.

"One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream."
Bill

Owensboro, KY

#844 Jul 30, 2014
1/20/2004
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.

Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.

Nothing-down options are available on the private mortgage market, but, in general, they require the borrower to have pristine credit. Bush's proposed change would extend the nothing-down option to borrowers with blemished credit.
Bill

Owensboro, KY

#845 Jul 30, 2014
George W. Bush 2000 On The Issues
Homeownership

Governor Bush believes homeownership is at the heart of the American Dream. However, the homeownership rate among low-income families and minorities lags behind the national average. Therefore, to increase opportunities for homeownership, Governor Bush will permit government-subsidized renters to aggregate up to a year’s worth of rental vouchers to fund the down payment on a home. He will also establish a $1 billion “American Dream Down Payment Fund” to provide matching grants to lenders to help an additional 650,000 low-income families finance the purchase of a first home. Finally, Governor Bush will provide $1.7 billion in investor-based tax credits to encourage the rehabilitation or construction of new, affordable homes in distressed communities
Bill

Owensboro, KY

#846 Jul 30, 2014
,May 6, 2004
President Bush traveled Friday to New Mexico, the state that was decided by the closest margin in 2000, where he hailed a "growing" U.S. economy and record home ownership.

"Thanks to being the most productive workforce in America, and I might say, thanks to good policies, this economy is strong and it's getting stronger," Bush told supporters.

Noting that 68 percent of Americans own their own homes, Bush said, "Home sales were the highest ever recently. That's exciting news for the country."
Bill

Owensboro, KY

#847 Jul 30, 2014
BUSH: Good evening. This is an extraordinary period for America's economy.

Over the past few weeks, many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration.

We've seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse, and some have failed. As uncertainty has grown, many banks have restricted lending, credit markets have frozen, and families and businesses have found it harder to borrow money.

We're in the midst of a serious financial crisis, and the federal government is responding with decisive action. Under our proposal, the federal government would put up to $700 billion taxpayer dollars on the line.....

“Rope Swingin'”

Level 8

Since: Aug 08

Location hidden

#848 Jul 30, 2014
It wasn't down payments that caused this. It was AMRs and low AMRs and people taking them and the ability of banks to sell them as securities. Even if these people put money down, if their interest rate doubles or triples and they are poor and already stretching to get a house, they are going to be screwed.

This is a very good article about it and it acknowledges that no party is entirely blameless, which is true.

http://spectator.org/articles/42211/true-orig...

As you can see, most of the increase in home ownership occurred during the years Clinton was in office:

http://en.wikipedia.org/wiki/Homeownership_in...

Home ownership only rose by 1% while Bush was in office, before the bottom fell out. It rose by 5% during Clinton's term. The bubble only burst during the Bush years, because the interest rates rose while he was in office. The same thing would have happened to the economy in 1999, when Clinton was in office if rates had rose in the same manner. That's so very true.

“Rope Swingin'”

Level 8

Since: Aug 08

Location hidden

#849 Jul 30, 2014
Bill wrote:
We're in the midst of a serious financial crisis, and the federal government is responding with decisive action. Under our proposal, the federal government would put up to $700 billion taxpayer dollars on the line.....
And Obama should be thankful for that, because but for the bailouts things would be much worse today and many more people who don't understand how the system works would be blaming him.

As much as I am not a fan of Bush (his prescription drug plan for seniors was irresponsible (if he wanted another social program he should have funded it) and the war in Iraq was pure folly) and distasteful as the bail outs were, they prevented things from getting much worse. The Herbert Hoover approach of doing nothing during a massive financial crisis and watching the economy melt down was a much worse alternative. Many people didn't understand that at the time and still don't.
Ok then

Smarr, GA

#850 Jul 30, 2014
Sublime1 wrote:
It wasn't down payments that caused this. It was AMRs and low AMRs and people taking them and the ability of banks to sell them as securities. Even if these people put money down, if their interest rate doubles or triples and they are poor and already stretching to get a house, they are going to be screwed.
This is a very good article about it and it acknowledges that no party is entirely blameless, which is true.
http://spectator.org/articles/42211/true-orig...
As you can see, most of the increase in home ownership occurred during the years Clinton was in office:
http://en.wikipedia.org/wiki/Homeownership_in...
Home ownership only rose by 1% while Bush was in office, before the bottom fell out. It rose by 5% during Clinton's term. The bubble only burst during the Bush years, because the interest rates rose while he was in office. The same thing would have happened to the economy in 1999, when Clinton was in office if rates had rose in the same manner. That's so very true.
Well then Mr Brilliant attorney for the ages. The current American dream is roughly one home to live in, one car, 2 kids, the ability to have a weeks vacation and eat out once a week. Guess what? 1 in 7 families can achieve this. Down substantially from the 60s and 70s. What is YOUR blessed party going to do to help? I am all ears since YOU know EVERYTHING or so you want us all to believe. Go.

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#851 Jul 30, 2014
Sublime1 wrote:
<quoted text>
And Obama should be thankful for that, because but for the bailouts things would be much worse today and many more people who don't understand how the system works would be blaming him.
As much as I am not a fan of Bush (his prescription drug plan for seniors was irresponsible (if he wanted another social program he should have funded it) and the war in Iraq was pure folly) and distasteful as the bail outs were, they prevented things from getting much worse. The Herbert Hoover approach of doing nothing during a massive financial crisis and watching the economy melt down was a much worse alternative. Many people didn't understand that at the time and still don't.
The bank bailout was paid back with interest. Bush did the right thing

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#852 Jul 30, 2014
Bill wrote:
1/20/2004
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.
Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.
Nothing-down options are available on the private mortgage market, but, in general, they require the borrower to have pristine credit. Bush's proposed change would extend the nothing-down option to borrowers with blemished credit.
The only government loan that has ever had no down is VA. FHA has always had a down payment requirement
beatlesinthebog

Upper Hutt, New Zealand

#853 Jul 30, 2014
Matt Tabaii (or something like that) wrote a series of articles regarding the "global" meltdown which hurt everyone including our pissy little country at the bottom of the world. He writes in an accessible vein that the common man can understand and get some form of grasp on the sheer greed of the BIG monetary institutions that care not a whit for the human condition ....... scumbags from the top down to the lowliest trader,knowingly ruining peoples lives under the auspices of profit at all costs. The reason I tend to have an interest in this complete mess that changed the power vacuum of the planet ....... our present traitorous Prime Minister (who is looking like being re-elected this year) made his millions as a commodities trader for Merrill Lynch,the heap of shit !..... hey,as the U.S writhed in the throes of meltdown (as those at the top liked to call the common man being tipped on the street ....committing suicide etc) who was buying up Government Bonds ? No ?....one small hint then ......... very inscrutable lot ... who now own around 80% of the U.S.A.!!!!!!! Try and find pictures of Obama with their leaders...... in the right light you can just see the strings attached to him !
Kevin

United States

#854 Jul 30, 2014
Ok then wrote:
<quoted text>Well then Mr Brilliant attorney for the ages. The current American dream is roughly one home to live in, one car, 2 kids, the ability to have a weeks vacation and eat out once a week. Guess what? 1 in 7 families can achieve this. Down substantially from the 60s and 70s. What is YOUR blessed party going to do to help? I am all ears since YOU know EVERYTHING or so you want us all to believe. Go.
Stand by while he googles his opinion.
Kevin

United States

#855 Jul 30, 2014
Denny CranesPlace wrote:
<quoted text>The bank bailout was paid back with interest. Bush did the right thing
Bush is a dumbfk like you.
WhiteDevilKingOf Trolls

Lake City, FL

#856 Jul 30, 2014
I can send a message to Obama?.....OK!......you suck dude! Get the hell out of the whitehouse!......you're screwin up america you moron!........(did it get through?)

“Rope Swingin'”

Level 8

Since: Aug 08

Location hidden

#857 Jul 30, 2014
Ok then wrote:
<quoted text>Well then Mr Brilliant attorney for the ages. The current American dream is roughly one home to live in, one car, 2 kids, the ability to have a weeks vacation and eat out once a week. Guess what? 1 in 7 families can achieve this. Down substantially from the 60s and 70s. What is YOUR blessed party going to do to help? I am all ears since YOU know EVERYTHING or so you want us all to believe. Go.
I don’t have a party. I’m independent, but I'll tell you what I believe to be best:

Rather than more and more and more government handouts that just keep people poor and incentive poor decision making that leads to people being poor, outside of a fairly basic safety net, I prefer directing resources into programs that increase opportunity for people. Giving someone handouts doesn’t increase opportunities for them. It just makes their life better in poverty. I’d rather get people out of poverty.

How do you do this; you do this via policies that provide more opportunities for people, including job opportunities and training opportunities and education opportunities? That alone doesn’t fix the situation however, if individuals don’t live up to their part of the deal.

Part of the problem we face today is many people aren't living up to their end of the deal.
For a lot of the high end, good paying jobs, there aren't enough people with the skill set to do them. That's really a basic fact. That's why you have a lot of high tech businesses clamoring for immigration and visa reform. They have to bring people in from overseas to do these jobs, and they are good paying white collar jobs, often times.

Too many people, rather than putting thought into their life and figuring out what they want to do for a living (including researching what fields good job opportunities exist), go through life with blinders on and don’t put much thought into this.

You have a lot of people who only want to do the bare minimum and go work at McDonalds or Walmart or some other job that they know going in doesn’t pay well and will never pay well because any person on the planet can do with almost no training or skills. They don’t want to put in the effort it takes to acquire the skill or knowledge to get a good paying job, but at the same time they want to be paid as if they did acquire this skill or knowledge.

I read an article saying that there’s a huge shortage of truck drivers in this nation. They are 20,000 short. Those jobs pay good ... better than walmart or Mcdonalds ... but you can’t do drugs and you have to often times spend long hours on the road and away from home. People don’t want those jobs. That would entail sacrifices. It would be too hard. They would rather not inconvenience themselves and would rather work at McDonalds or Walmart, collect food stamps or whatever government aid they receive to raise children they probably shouldn't have had if they could only make minimum wage, and also complain how unfair it is that they don't get paid like the guy who sacrifices far more to get paid more than they get paid.

If we really want to improve people’s lives, then we need to be honest with ourselves about the nature of the problem.

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