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you're paying for this schoolbus drivers $800k house
- Thread starter empee
- Start date
Quote from Renegen:
You're right, except the bankers were smarter. They is something you can still lose even with 0% no money down loans, aka the financial crisis and bank bailouts robbing you of future income and making this country become a banana economy.
that is the point i was trying to make.
blaming a guy who has no risk on taking a loan ( no net worth) is ridiculous
what does he care if he fails or not. The people that get hurt are the banks all the unnecessary risk in a lot of these cases were taking by the banks
but guys with no net worth or negative net worth have nothing to lose if the economy tanks
but the banks didn't care either as long as a greater fool bought it from them
Quote from antitrust:
that is the point i was trying to make.
blaming a guy who has no risk on taking a loan ( no net worth) is ridiculous
what does he care if he fails or not. The people that get hurt are the banks all the unnecessary risk in a lot of these cases were taking by the banks
but guys with no net worth or negative net worth have nothing to lose if the economy tanks
but the banks didn't care either as long as a greater fool bought it from them
I don't think that's quite right.
Bankers who made the loans (1) were forced to by Congress, and (2) knew they could offload ANY mortgage loan to Fannie/Freddie (Congress made that mandatory, too).
Therefore, bankers not only didn't need to be concerned about "prudent underwriting", they were DISCOURAGED from doing so. And that was the Congress' fault... specifically, the 1999 DemoCraps who initiated Afirmative Action Lending.
[OTE]Quote from gnome:
I don't think that's quite right.
Bankers who made the loans (1) were forced to by Congress, and (2) knew they could offload ANY mortgage loan to Fannie/Freddie (Congress made that mandatory, too).
Therefore, bankers not only didn't need to be concerned about "prudent underwriting", they were DISCOURAGED from doing so. And that was the Congress' fault... specifically, the 1999 DemoCraps who initiated Afirmative Action Lending. [/QUOTE]
ok i guess bankers don't have lobbyist or contribute to campaigns on both sides. they have no influence on the laws that are passed.
most bills concerning certain industries are written by the lobbyest .
I don't think that's quite right.
Bankers who made the loans (1) were forced to by Congress, and (2) knew they could offload ANY mortgage loan to Fannie/Freddie (Congress made that mandatory, too).
Therefore, bankers not only didn't need to be concerned about "prudent underwriting", they were DISCOURAGED from doing so. And that was the Congress' fault... specifically, the 1999 DemoCraps who initiated Afirmative Action Lending. [/QUOTE]
ok i guess bankers don't have lobbyist or contribute to campaigns on both sides. they have no influence on the laws that are passed.
most bills concerning certain industries are written by the lobbyest .
Quote from antitrust:
[OTE]Quote from gnome:
I don't think that's quite right.
Bankers who made the loans (1) were forced to by Congress, and (2) knew they could offload ANY mortgage loan to Fannie/Freddie (Congress made that mandatory, too).
Therefore, bankers not only didn't need to be concerned about "prudent underwriting", they were DISCOURAGED from doing so. And that was the Congress' fault... specifically, the 1999 DemoCraps who initiated Afirmative Action Lending.
What do you mean? Mortgage loan granters were in the cat bird seat... could make a loan to ANYBODY who could fog a mirror, then offload it to Fannie/Freddie. No moral concerns (Congress mandated that), no financial concerns as the loan would soon be somebody else's problem...
[/QUOTE]
Quote from Allen3:
Disturbing. It breaks my heart that this is what has become of America. Common sense is completely gone from the public square. I gotta stop being pulled into watching this crap. It ruins my whole day. Disgusting.
You're right of course. American "leaders" [cough, cough] are F'in UP, and half of ET thinks they're doing the right thing.
Quote from empee:
http://edition.cnn.com/video/#/video/politics/2009/02/17/acosta.housing.cnn?iref=videosearch
why are the ppl who need to be bailed out live better than the people who are bailing them out.. and im not just talking about wall st.
I probably make 15X what that bitch makes and my kitchen doesnt look like that. Brand new everything. F her...out on your ass and go rent you lazy, greedy cow.
[/B][/QUOTE]Quote from gnome:
What do you mean? Mortgage loan granters were in the cat bird seat... could make a loan to ANYBODY who could fog a mirror, then offload it to Fannie/Freddie. No moral concerns (Congress mandated that), no financial concerns as the loan would soon be somebody else's problem...
you got it
lenders wanted and congress gave it to them
to imply that lenders were victim's of laws that were past is naive