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Desperate owners burn homes

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posted on Mar, 17 2008 @ 11:57 AM
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Originally posted by JoeinTX

To all the elite's or children on here who have never had to deal with money heres a scenario. The banks gave them a loan and said you owe (hypothetically) $750 a month. The people said ok we can do that. Signed. Then the bank said, oh sorry you owe us $1050 now. They however can't pay that, because they were told $750.


There is no way, none, that the details of the loan were not supplied and discussed during the buying process. I've bought property.....the process is long and detailed and thorough. In my current house, bought during the boom days of 2006, I made sure and certain that we bought on a fixed-rate loan even if it was initially more expensive on a monthly basis for the simple fact that I didn't want a surprise down the road. I'm no real estate tycoon or financial wiz....just some guy who knew what he could and could not reasonably expect to pay.

THESE PEOPLE DID NOT.

Those caught up in the subprime issue today did one of two things:

-signed up to buy FAR more house than they could legitimately afford and hoped like Hell they could pay down a good part of it before their rates changed and hopefully it would be many years down the road.

-or, again bought far more house than they could really afford, but did so on a speculative basis hoping to sell out in a few years with a nice gain based upon the real estate market as it appeared at the time....which didn't last.


These people, by and large, are learning a very dear lesson in personal responsibility. What? Their families are feeling the effect of this?

They've got no one else to blame but themselves and it is up to them to do right by them. Period!


How very rightous of you.

The banks and the investment community can do no wrong.


It's all those dirty, greedy borrowers fault.

Here let me sum it up for you. The bankers were stupid and the borrowers were stupid.

I can't wait to get my free handout from the government in may. Maybe they'll give out some more free money after that, so that we can all buy big screen tv's.


Now if they would just elminate the IRS we could all quit our jobs and just live off of free government handouts. The chinese and indians can do all of the work while we watch tv and get free money from the government.

Everyone is stupid.


That must be the plan keep us fat, lazy and stupid while we let them destroy the country. Or better yet they'll get us to destroy it for them. Three cheers for the bankers.


[edit on 17-3-2008 by In nothing we trust]




posted on Mar, 17 2008 @ 02:00 PM
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One thing that would help, and possibly save the US economy , would be to outlaw compound interest altogether, and for those who would have had their purchases payed off, they would be considered payed, for those who had payed more than they would have in total, on simple interest , reimbursed. That would turn the tables entirely
This would need to be retroactive back to around 1940

[edit on 17-3-2008 by DwnitsDwn]

[edit on 17-3-2008 by DwnitsDwn]



posted on Mar, 17 2008 @ 07:02 PM
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reply to post by GradyPhilpott
 


Yeah some people treat insurance companies like a bank.

College kid needs money for vacation and dents a fender.

Or WTC needed to re build.

Same type of people.

Home fire arson is nothing compared to 911.
Same for Federal disaster loans...they do not get repaid by the insiders.



posted on Mar, 17 2008 @ 07:19 PM
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reply to post by TeslaandLyne
 

I don't see where that makes a lot of difference, perhaps I would be more sympathetic if insurance companies didn't treat people like a paycheck, and a really big fat one, whats the motto now, deny deny deny!!



posted on Mar, 18 2008 @ 04:42 PM
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Originally posted by DwnitsDwn
One thing that would help, and possibly save the US economy , would be to outlaw compound interest altogether, and for those who would have had their purchases payed off, they would be considered payed, for those who had payed more than they would have in total, on simple interest , reimbursed. That would turn the tables entirely
This would need to be retroactive back to around 1940


How about a class action lawsuit against the federal reserve for allowing excessive interest to be charged on the american people?

It appears to me that the federal reserve has been engaged in usury against the american people.


Source: en.wikipedia.org...

Usury - comes from the Medieval Latin usuria, "interest" or "excessive interest", from the Latin usura "interest") was defined originally as charging a fee for the use of money. This usually meant paying interest on loans, although charging a fee for changing money was also included in the original meaning. Today, the word has changed its meaning to come to refer to the charging of unreasonable or relatively high rates of interest.



[edit on 18-3-2008 by In nothing we trust]



posted on Mar, 18 2008 @ 04:51 PM
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almost all burned their houses because of the current economy, since insurance pays much more then what the house is wroth now!



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