This is the new reality. America is heading for a third world economy on the fast track.

This should be playing on MSM, but it's not because our leaders want everyone to spend those measly checks as fast as they get them.

It serves them right.
If you take out a loan you can't possibly repay, or you fail to read the fine print, then you lose your home.

Sure, the financial institutions offered loans in a way that made them look very attractive while markets were rising, but they didn't forge your signature on the papers.

If you can't pay you're out.
Go live in a tent if you're that stupid or rent an apartment, because you deserve it.

Originally posted by anxietydisorder
It serves them right.
If you take out a loan you can't possibly repay, or you fail to read the fine print, then you lose your home.

Sure, the financial institutions offered loans in a way that made them look very attractive while markets were rising, but they didn't forge your signature on the papers.

If you can't pay you're out.
Go live in a tent if you're that stupid or rent an apartment, because you deserve it.

you know, i agree with your concept and message. I agree in not taking out loans which you cannot repay, and not living in a state of debt.

But why are you using such harsh words towards people who have just lost their homes? Show a little compassion eh buddy?

It was a heavy-handed marketing scheme aimed at minorities (73% of all sub-prime) who were maybe a little less savvy in reading the small print, or conned by verbal promises of being able to refinance after several years. The NY governor who got caught for whoring was investigating the scheme as it appears to go all the way up to shrub.

Originally posted by 44soulslayer

But why are you using such harsh words towards people who have just lost their homes? Show a little compassion eh buddy?

I'm sorry if I sounded a bit harsh but I don't have much compassion in situations like this. Part of my job is to appear in court to evict tenants and recover the property for the landlord.

I see people on a regular basis that would rather spend their money on booze and drugs before they pay their rent, so where I come from these people deserve to be out on their ass.

My interests lie on the side of the rightful owner.

Originally posted by LLoyd45

The sad part is most Americans are that ignorant. I didn't say stupid, as there's a big difference between the two. They were simply taken in by the banks and mortgage companies stand line of BS. Most people have no idea of what a variable rate or a balloon payment is.

It is sad that their ignorance has put them in this position, but I still can't have compassion for someone that can't take a contract and read it.
In the era we live in anyone can search these terms on the internet or open a dictionary to define the word they don't understand.

I used to buy and breed livestock, and yes, I'm the guy that would look a gift horse in the mouth. I'd also have my veterinarian look at any stock before I added it to the barns.

Caveat emptor
Words to live by.............

Try not to be so smug, most people are less than two paychecks away from being in the same condition.

I'm honestly not being smug, don't assume that I'm not in the same position.

I don't think anyone expects to live in a house or apartment for free, and if you can't afford the place you have you need to find something you can pay for.

I've heard every excuse in the book, and I watch people outright lie to mediators, adjudicators, and judges on a regular basis. Sometimes it's pretty sad to watch people debase themselves to sniveling weasels because they want to live beyond their means.

Economies come and go.
This downturn might be an interesting point in history, but the sun will come up tomorrow.

It serves them right.

That was a bit harsh my friend. I would tend to point a finger at those who extended credit to people whom they knew couldn't possibly pay.

I also point a finger at the whole Government mismanagement that allowed such loose lending practices and NINJA loans (No Income, No Job loans).

Some of these loans worked in a boom economy but don't work when there is a liquidity crunch and the point is the mortgages seemed viable under previous circumstances.

I also agree that the US economy is headed for the Third World at warp speed.

Use the ballot box before it's too late.

Originally posted by sy.gunson

I also agree that the US economy is headed for the Third World at warp speed.

Use the ballot box before it's too late.

I'm beginning to think this could be one of the most important elections in the history of your country.

I really urge every American to get involved, and bloody hell, take an hour out of your precious lives and go vote. A 50% turnout is not a democracy.

America headed to be a Third World country? BS!!!! Homelessness is rampant in ALL countries.

Originally posted by sy.gunson
That was a bit harsh my friend. I would tend to point a finger at those who extended credit to people whom they knew couldn't possibly pay.

See I can't agree....we have to STOP blaming EVERYONE else in this country. You always see it, day in and day out...someone complaining about this and that, and pointing the finger. Never looking in the mirror.

Real Estate in the US is a scam and has been a scam for a LONG time...this is nothing new. What is new is the GREED / SOCIETY EXPECTATIONS we put on ourselves. We are sooooo concerned about the size, color, and decor of our homes we don't stop and think..CAN I ACTUALLY AFFORD THIS? We want to impress others, we want to be looked at as "important" or use it as "status". We prove it in the cars we drive as well...I see it everyday, women & men who drive huge SUV's and NEVER take them off the blacktop or will never put the thing into 4 wheel drive. They have it for status. So they can say "yeah my family has an expedition". We do it for others perceptions of us....IMO

Same goes for the housing market....people arent happy with the $130,000 2 bedroom home. They want 3000 square feet, vaulted ceilings, and a 2 car garage...WHY? Not because they NEED that much space...but because they can invite others over and play the rle of host and show off. Or its the new college graduate who thinks he/she needs to have the condo downtown in the city...so they buy it...they make $50,000 a year and their morgage is $3000 a month...thats without bills, insurance, auto payments, medical, etc....you do the math! It will never work....and before they know it...they get their first notice.

Now I do agree...its pretty stupid of the real estate lenders and builders to keep building houses they know 90% of America cannot afford...but people really do need to STOP...THINK...REVIEW...CHECK THEIR INCOME...REVIEW...THINK...THEN BUY...

Plus this is california...most expensive state in the country all because some crack head actors live there and it has that celeb vibe. My friend owns a 4 bedroom 1700sqf condo and it cost her.........$712,000

Yeah...i told her shes insane...lol

Wow. It's really getting bad. Some of the people on that vid looked like clean-living intelligent folk. Not bums. A family member got sick and they couldn't keep up repayments.

The net has been whispering about the coming melt-down for about the last 5 years. Judging by the news coming in, it seems like it might be about to actually happen.

Originally posted by sy.gunson

I would tend to point a finger at those who extended credit to people whom they knew couldn't possibly pay.

Absolutely. It's all about the origination fee. They don't care if the loan is ever repaid. Their fees are collected when the loan funds.

Originally posted by nyarlathotep

Originally posted by sy.gunson

I would tend to point a finger at those who extended credit to people whom they knew couldn't possibly pay.

Absolutely. It's all about the origination fee. They don't care if the loan is ever repaid. Their fees are collected when the loan funds.

But NOONE is forcing anyone to buy a home. They could rent and avoid the fees and morgage until they understand the real estate biz more and KNOW they have the income to afford whatever they then choose. I just can't see putting the blame on greedy banks when no bank is forcing you to buy.

Originally posted by rcwj75
But NOONE is forcing anyone to buy a home. They could rent and avoid the fees and morgage until they understand the real estate biz more and KNOW they have the income to afford whatever they then choose. I just can't see putting the blame on greedy banks when no bank is forcing you to buy.

So the whole subprime lending scams are the fault of the people who should not have taken out loans? I know people should read everything they sign, but people are gullible and will listen to people telling them they can afford a home.

Who's fault is it? I don't care who's fault it is. All I care about is the value of my home going down due to banks in my neighborhood selling homes 10's of thousands of dollars less than what they are worth to recover some of their money.

Who's fault is it when the banks start to fail like Bear Stearns? Who's next? Banks failing will shake the foundation of our financial system.

Edit to fix my bad grammar.

[edit on 3-14-2008 by nyarlathotep]